ResCap Trust Sues BofA, RBC Over Bad Loans

Law360, New York (May 14, 2014, 6:53 PM EDT) -- The liquidating trust of Residential Capital LLC filed a slew of adversary suits in New York bankruptcy court Tuesday against Bank of America NA, RBC Mortgage Corp. and other financial institutions over defective residential mortgage loans sold to ResCap.

In a dozen similarly worded complaints filed just one day before the two-year statute of limitations ended, the trust said Bank of America, RBC, Cadence Bank NA, Summit Financial Mortgage LLC and others should bear some of the burden for the loans they collectively sold to ResCap,...
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