Insurers, Mortgage Lender Challenge ResCap Ch. 11 Plan

Law360, New York (October 21, 2013, 7:18 PM EDT) -- Objections to Residential Capital LLC’s Chapter 11 plan came piling in Monday afternoon challenging provisions that the opponents say prohibit claims against the fallen mortgage lender’s former parent and don’t allow adequate protection for insurers.

The opposition to the plan came in hours before the plan’s objection deadline Monday evening. One of the challengers, Impac Mortgage Holdings Inc., alleged that the plan incorrectly blocks the mortgage lender from bringing unrelated claims against former parent Ally Financial Inc.

Impac said ResCap's Chapter 11 reorganization plan originally filed...
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