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ResCap Sues Bondholders Over Bid for Control of Bankruptcy

Residential Capital LLC is suing a group of junior bondholders to block them from wresting control of the subprime mortgage lender's bankruptcy case.In a lawsuit filed Friday evening in U.S. Bankruptcy Court in New York, ResCap sued the bondholder group--dubbed the ad hoc group of junior secured noteholders--asking a judge to reject their claims on some of lender's assets securing the bonds.Lawyers for ResCap, a subsidiary of government-owned lender Ally Financial Inc., say the bondholders are attempting to take over the Chapter 11 case by manufacturing an "oversecured" position that would entitle them to hundreds of millions of dollars in interest payments.At issue is the bondholders' claim that they're owed $2.2 billion in principal and interest, which includes so-called post-petition interest accruing at about $250 million a year. Bankruptcy law gives so-called oversecured creditors the right to post-petition interest.ResCap's lawyers, however, said the value of the collateral secur...

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  1. Stress Test: Banks Could Survive Economic Meltdown

    The Federal Reserve on Thursday said stress test results compiled on 18 of the largest U.S. banks show all but one could easily withstand a hypothetical economic mel...

  2. Ally Financial's ResCap Wants to End Foreclosure Review Process

    Residential Capital LLC, the mortgage subsidiary of government-owned lender Ally Financial Inc., wants a bankruptcy judge's assurance that the Federal Reserve and ot...

  3. Regulators move forward on foreclosure relief

    Borrowers whose homes were foreclosed on during the U.S. housing crisis will start receiving payments in April from a $3.6 billion fund under a previously announced ...

  4. Regulators Set March Deadline For Foreclosure-Settlement Fund

    U.S. banks that have agreed to halt a sweeping review of foreclosure files must put $3.6 billion into a fund to be distributed to homeowners in two weeks, according ...

  5. Will Corzine Be Banned for Life?

    FBN’s Liz MacDonald weighs in on whether the National Futures Association will ban Jon Corzine for life.

  6. States Investigate Potential Fraud in Lifeline Program

    Wall Street Journal’s Spencer Ante on allegations of fraud and government waste in the government program that provides free phones to the poor.

  7. GMAC Bank Plans Euro Auto Loan-Backed Bond Issue

    GMAC Bank GmbH is planning to sell a bond backed by German car loans, one of the banks running the deal said Monday.The two-part, euro-denominated asset-backed bond ...

  8. ResCap Seeks Restructuring Officer amid Creditor Unrest

    Residential Capital LLC wants court approval to hire a chief restructuring officer as creditors try to block a settlement with parent Ally Financial Inc.The company,...

  9. Ally Financial Swings to 4th Quarter Profit On Tax Benefit, Mortgage Moves

    Ally Financial Inc., the government-owned auto lender formerly known as GMAC, swung to a fourth-quarter profit on tax-related benefits, moves distancing itself from ...

  10. Ally Financial Swings to Profit On Tax Benefit

    Ally Financial Inc., the government-owned auto lender formerly known as GMAC, swung to a fourth-quarter profit on tax-related benefits, moves distancing itself from ...

  11. Treasury needs exit plan for Ally Financial: watchdog

    The U.S. Treasury needs to develop a concrete plan for exiting its 74 percent stake in auto lender Ally Financial Inc, the second-largest remaining recipient of fede...

  12. U.S. Treasury Weighs Ally Exit as Company Sells Assets, Unit Completes Bankruptcy

    The U.S. Treasury plans to start winding down its investment in Ally Financial Inc. as the bailed-out auto lender sells off international holdings and its mortgage s...

  1. BofA, Wells Sued Over Mortgage Deal Violations

    NY Attorney General  Eric T. Schneiderman will announce today a new lawsuit filed against Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) for allegedly violati...

  2. 3 Job-Hunting Tips for MBA Grads to Land a Job

    For 2013 MBA grads, employment prospects are looking up.According to the Graduate Management Admission Council (GMAC), 76% of employers plan to hire MBA grads, up fr...

  3. Foreclosure Payments Of Up To $125,000 To Start

    Payments to 4.2 million borrowers whose homes were in any stage of foreclosure in 2009 or 2010 will begin Friday, the Federal Reserve and the Office of the Comptroll...

  4. Ally, ResCap Spar Over Federal Foreclosure-Review Program

    Government-owned lender Ally Financial Inc. is sparring with its Residential Capital mortgage subsidiary over the unit's efforts to get out of a federal foreclosure-...

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    Some car insurance companies offer discounts to motorists who drive fewer miles. As mileage rises, at a certain point -- it differs from company to company -- you no...

  6. BB&T, Ally Fail Fed Stress Tests

    BB&T Corp. and government-owned Ally Financial failed final Federal Reserve stress test results released Thursday, while J.P. Morgan Chase & Co. and Goldman Sachs & ...

  7. All but one major U.S. bank passes Fed's stress test

    U.S. banks have enough capital to withstand a severe economic downturn, the Federal Reserve said on Thursday, with all but one major bank passing the regulator's ann...

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