Homeowners Seek Committee In ResCap Ch. 11 Case

Law360, New York (August 27, 2012, 8:08 PM EDT) -- A group of homeowners with mortgages from bankrupt Residential Capital LLC asked a New York bankruptcy judge Friday to appoint an official committee of borrowers, arguing that the official unsecured creditors' committee cannot represent their varied interests.

While creditors such as warehouse lenders, securitizers and third-party servicers may seek to maximize the borrowers' liability, the borrowers argue that many among them may wish to argue that their mortgage terms were illegal and that some of the creditors are jointly liable with the debtor for their damages....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.