ResCap Creditors Sue UMB Bank, Wells Fargo Over Liens

Law360, New York (March 1, 2013, 3:51 PM EST) -- Residential Capital LLC creditors on Thursday sued UMB Bank NA and Wells Fargo Bank NA saying certain property of the bankrupt mortgage servicer wasn’t subject to liens, a day after ResCap urged a judge to hold that it doesn't have to conduct costly foreclosure reviews anymore.

In the adversary proceeding against the banks, the official committee of unsecured creditors seeks a declaratory judgment finding certain ResCap property is free of liens or security interests asserted by Wells Fargo, the collateral agent for a group of junior...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.