ResCap's Mortgage Loan Borrower Deal Gets Green Light

Law360, New York (November 26, 2013, 6:41 PM EST) -- Residential Capital LLC received final approval from a New York bankruptycy judge on Tuesday for its settlement with a class of mortgage loan borrowers, a deal that reduces the class' $1.9 billion in claims to a $300 million allowed claim against a ResCap unit.

U.S. Bankruptcy Judge Martin Glenn signed off on the accord after language was added to the document to placate PNC Bank NA, which worried that the deal could interfere with its rights in a related multidistrict litigation pending in Pennsylvania federal court....
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.