AP News

ResCap wraps asset sale to Walter Investment Mgmt.


NEW YORK (AP) — Residential Capital LLC said Thursday that it has completed the sale of certain assets, including servicing rights to a portfolio of Fannie Mae loans, to Walter Investment Management Corp.

The transaction included Residential Capital, or ResCap's, loan origination and capital markets platform, as well as the portfolio of Fannie Mae loans, which represents an unpaid principal balance of roughly $50.4 billion as of Aug. 31.

The court overseeing ResCap's bankruptcy approved the asset sale in November.

ResCap, once the mortgage lending and servicing subsidiary of Ally Financial Inc., filed for bankruptcy protection in May under the weight of toxic mortgages. The move severed its ties to Ally.

In November, the bankruptcy court approved a joint $3 billion bid from Ocwen Loan Servicing and Walter Investment to buy out ResCap.


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