For the reasons explained below, the Court denies the Motion.
I suppose we shouldn’t really have suspected anything more…with what this nation has become.
God Help Us All…..
The Court has approved two stalking horse purchase agreements: one with Nationstar
Mortgage LLC as the stalking horse bidder for the sale of the Debtors’ ” mortgage loan
origination and servicing businesses” (the ” Platform Sale”); the other with Berkshire Hathaway
Inc. as the stalking horse bidder for the sale of Debtors’ ” legacy” portfolio ” consisting mainly of
mortgage loans and other residual financial assets” (the ” Legacy Sale” and together with the
Platform Sale, the ” Asset Sales”). Id. ¶ 7. Both the Platform Sale and the Legacy Sale are
subject to higher and better offers. An auction is currently scheduled for October 23 and 24,
2012. Assuming successful auction sales, it will likely be many months before the Platform Sale
closes. In order to maximize value for the estate, the Debtors have emphasized the importance of
conducting ” business as usual” as the sales process moves forward.
Recognizing the challenges in operating in chapter 11 and conducting a large loan
servicing business subject to the additional constraints imposed by the Debtors’ FRB and DOJ
settlements, the Debtors filed a motion for approval of the Supplemental Servicing Order. The
Order addresses important issues, such as how the automatic stay would apply in any state or
federal court actions in which the Debtors seek to foreclose on mortgages they own or service.
While the Court approved the Supplemental Servicing Order, approval was granted after
numerous objections were resolved or overruled. Counsel for homeowners raised important
issues about that motion, bringing to bear the important perspectives of consumers that were not
otherwise raised by any other parties in interest.
BankruptcyCommittee
