Homeowners Fight For Own Committee In ResCap Ch. 11

Law360, New York (September 24, 2012, 3:39 PM EDT) -- Homeowners seeking a borrowers committee in Residential Capital LLC's bankruptcy countered the debtor's protests Friday, saying ResCap is wrongfully presuming them sophisticated creditors able to represent their own interests in a Chapter 11 case.

The borrowers, a group of homeowners whose mortgage loans were sold and securitized and are held by Ally Financial Inc. mortgage affiliate ResCap, asked a New York bankruptcy judge Aug. 24 to appoint an official committee of borrowers, arguing the official unsecured creditors committee can't represent their varied interests.

The homeowners are...
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