Berkshire Lays Down $1.5B For ResCap Loan Portfolio

Law360, New York (October 25, 2012, 9:47 PM EDT) -- Berkshire Hathaway Inc. has won the auction for Residential Capital LLC's legacy loan portfolio with a $1.5 billion bid, one day after the bankrupt real estate finance firm sold its mortgage servicing and origination platform for $3 billion, ResCap said Thursday.

In a notice filed in New York bankruptcy court, ResCap said Berkshire, which had been named the stalking horse bidder for the loan portfolio, "offered the highest and best bid" and won the auction.

The sale, coupled with the $3 billion earned from Wednesday's sale...
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