- Posted October 29, 2012
- Tweet This | Share on Facebook
Buffett's firm wins auction for ResCap's loans from Ally
OMAHA, Neb. (AP) -- Warren Buffett's company won the auction for Residential Capital's loan portfolio with a $1.5 billion bid last week.
That means the conglomerate Berkshire Hathaway Inc. will acquire the loans as long as a bankruptcy judge approves.
ResCap's board of directors said last Thursday that Berkshire had submitted the best bid for its portfolio of 47,000 loans.
Berkshire's winning bid is slightly higher than the $1.442 billion minimum Berkshire promised when it became the lead bidder for ResCap's loan portfolio in June.
ResCap's parent company is Ally Financial, which is 74 percent owned by the U.S. government as a result of bailouts. ResCap has been a drain on Ally's finances for years because it has struggled to make payments on its debt ever since the U.S. housing market collapsed in 2007.
Published: Mon, Oct 29, 2012
headlines Oakland County
- Whitmer signs gun violence prevention legislation
- Department of Attorney General conducts statewide warrant sweep, arrests 9
- Adoptive families across Michigan recognized during Adoption Day and Month
- Reproductive Health Act signed into law
- Case study: Documentary highlights history of courts in the Eastern District
headlines National
- Protecting Attorney-Client Relationships: ABA advocacy helps safeguard the right to effective assistance of counsel
- Did ‘corporate speak’ and PowerPoint lead to complacency at GM?
- Ex-employee sues Sheppard Mullin over cyberattack exposing sensitive personal data
- Ropes & Gray allows more attorneys to count AI testing toward billable hours
- Plaintiff who filed fraudulent case, trashed desktop computer hit with sanctions
- Man who threatened Supreme Court justices avoids prison time
