ResCap $130M FHA Loan Sale Proceeds, But Protests Linger

Law360, New York (January 16, 2013, 6:39 PM EST) -- The U.S. government’s concerns over Residential Capital LLC’s proposed sale of a $130 million loan portfolio insured by the Federal Housing Administration will live another day after a New York bankruptcy judge approved ResCap's auction procedures Wednesday but held off on ruling on the sale itself.

U.S. Bankruptcy Judge Martin Glenn signed off on the structure of the auction process, moving ResCap one step closer to getting rid of at least one subset of the $1 billion in FHA-insured defaulted loans it has sitting in its...
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