Fannie Mae Says $3B ResCap Deal Has Left It In Dark

Law360, New York (November 8, 2012, 6:42 PM EST) -- Fannie Mae on Wednesday objected to bankrupt Residential Capital LLC’s proposed $3 billion sale of its mortgage servicing and origination platform to Ocwen Financial Corp., saying ResCap hasn’t said how joint bidder Walter Investment Management Corp. would assume Fannie Mae’s mortgage agreements.

In an objection filed in New York federal bankruptcy court, Fannie Mae said ResCap has proceeded with the Ocwen sale without properly informing the company as to how it plans to unload approximately $50.4 billion in unpaid balances tied to Fannie Mae’s mortgages....
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