ResCap's $2.3B Mortgage Unit Sale Plan Draws Scrutiny

Law360, New York (June 11, 2012, 8:05 PM EDT) -- Residential Capital LLC’s Chapter 11 asset sale plans don’t address privacy concerns over assets containing customers’ personal information, and include terms that could deter rival bidders to a planned $2.3 billion asset sale to Fortress Investment Group LLC, a U.S. trustee said Monday.

In a filing in New York bankruptcy court, U.S. Trustee Tracy Hope Davis argued that ResCap had not sufficiently shown that the proposed sales, which would involve transferring its customers’ personal information, would comply with consumer privacy restrictions, and called for additional information...
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