ResCap To Close $3B Mortgage Biz Sale By Mid-Feb.

Law360, New York (January 29, 2013, 6:53 PM EST) -- Residential Capital LLC on Tuesday told a New York bankruptcy judge that it expects to close the $3 billion sale of its mortgage servicing and origination business to Ocwen Financial Corp. by Feb. 15 after weeks of smoothing out various protests to the deal.

ResCap attorney Todd Goren of Morrison & Foerster LLP told U.S. Bankruptcy Judge Martin Glenn that the fallen mortgage company has reached a tentative resolution to objections to the sale filed by Freddie Mac and Wells Fargo Bank NA. An earlier challenge...
To view the full article, register now.