ResCap Noteholders Say $1.8B Claim Must Be Allowed

Law360, New York (July 1, 2013, 2:31 PM EDT) -- UMB Bank NA and a group of junior secured noteholders on Friday urged a New York bankruptcy judge to find that Residential Capital LLC owes them nearly $1.8 billion related to a set of bonds and to reject the mortgage servicer’s contention that their claims are undersecured.

In a joint response to ResCap’s adversary proceedings against the bank and the ad hoc group of JSNs, the two defendants fired off counterclaims saying that of the $2.2 billion in claims they hold against ResCap, about $800 million...
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