Ally selling collection rights on mortgages

Jessica Toonkel and Rick Rothacker, Washington Post Ocwen Financial is in the lead to buy a portfolio of mortgage-collection rights from Ally Bank worth about $1 billion, three people familiar with the situation said Thursday. The deal would help Ally, the bailed-out auto lender that is 74 percent owned by the U.S. government, raise money […]

U.S. Objects to Ocwen Buy of ResCap Loan

Dow Jones Newswires The U.S. is worried Ocwen Financial Corp. (OCN) won’t abide by a home-lending industry overhaul that was “designed to protect homeowners from future occurrences of mortgage-related abuse and fraud” when it takes over Residential Capital LLC’s servicing platform as part of a $3 billion deal. Papers filed in advance of a Nov. 19 […]

Judge Denies Request for ResCap Borrowers’ Panel

Fox Business via Dow Jones Newswires Homeowners with a gripe against Residential Capital LLC won’t have an official voice in the company’s bankruptcy, a judge said Tuesday. Judge Martin Glenn of the U.S. Bankruptcy Court in Manhattan turned down a bid for the appointment of an official committee to represent borrowers in the Chapter 11 […]

Homeowners Want Their Own Committee in ResCap Bankruptcy

Dow Jones Newswires Homeowners with mortgages serviced by Residential Capital LLC want to form an official committee in the company’s bankruptcy case, which would give them a louder voice in the company’s complicated Chapter 11 proceedings. In a Friday filing with U.S. Bankruptcy Court in Manhattan, a lawyer for the group of homeowners said they’re […]

ResCap Goes Broke Leaving Families In Limbo

Catherine Curran, NY Post Two weeks ago, a Westchester family had finally reached the end of seven years in foreclosure hell. Then the plate tectonics of the massive bank that controls their fate shifted. Ally Financial, formerly GMAC, filed Chapter 11 bankruptcy for its troubled Residential Capital mortgage unit last Monday. Ally owes taxpayers roughly […]

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