Judge To Sign Off On 2 Key ResCap Sales Worth $4.5B

Law360, New York (November 19, 2012, 8:36 PM EST) -- A New York bankruptcy judge on Monday reportedly all but approved Residential Capital LLC's $4.5 billion plan to sell off two businesses, including the $3 billion sale of its mortgage-servicing platform to Ocwen Financial Corp.

At a hearing that took up most of the day, U.S. Bankruptcy Judge Martin Glenn said he planned to approve that deal and the $1.5 billion sale of the debtor's legacy loan portfolio to Warren Buffett's Berkshire Hathaway Inc., which together will garner $1 billion in incremental value for ResCap's estates,...
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