Wells Fargo, PNC Object To ResCap Business, Loan Sales

Law360, New York (October 30, 2012, 4:05 PM EDT) -- Wells Fargo Bank NA, PNC Bank NA and others objected Monday to bankrupt Residential Capital LLC's proposal to sell its mortgage servicing and origination business to Ocwen Financial Corp. for $3 billion and its loan portfolio to Berkshire Hathaway Inc. for $1.5 billion.

PNC's mortgage division, Wells Fargo and PHH Mortgage Corp. objected to the sales in filings with New York bankruptcy court Sunday and Monday, arguing that Ocwen and Berkshire Hathaway can't assume the servicing contracts they have with ResCap until more information about the...
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