Foreclosure Defense Florida


The bankruptcy of the mortgage lending arms of GMAC/Residential Capital is one of the most significant bankruptcy filings ever to impact American consumers.   With this filing, the rights of millions of Americans will be dramatically impacted.   Perhaps the worst thing about the entire process is the fact that the consumers who are being so impacted by this will have little say in the Orders being handed down or the way in which they will be impacted.
That will all change on September 27, if the judge assigned to the case decides to allow the formation of a Borrower’s Committee, a special group that will serve the interests of consumers all across this nation.   But whatever happens at that hearing, Americans need to understand that the current claims deadline is fast approaching.
Details on that below…but here’s the press release and details on the bankruptcy itself:
May 14, 2012, New York, NY””(Business Wire)””Residential Capital LLC, known as ResCap,
a subsidiary of Ally Financial Inc. and one of the country’s largest mortgage originators and
servicers, today announced that its Board of Directors voted to file for Chapter 11 protection
along with fifty (50) of its subsidiaries. ResCap’s mortgage origination, servicing and other
business activities, conducted through its subsidiaries, including GMAC Mortgage, will continue
to operate as the Chapter 11 proceeds.
ResCap, like others in the mortgage industry, has faced continuing industry challenges, rising
litigation costs and claims, and regulatory uncertainty. This Chapter 11 process is designed to:
 Permit ResCap to continue as a going concern during the reorganization process, and to
continue to provide uninterrupted, high quality service to its mortgage customers and
business partners;
 Permit ResCap to continue to originate new mortgage loans, service its more than 2.4
million consumer mortgage loans, and offer loan modifications that allow homeowners to
stay in their homes;
 Permit the ResCap business, post-reorganization and under new ownership, to continue to
play an important role in preserving home ownership, providing necessary financing for
home ownership, and contributing to bringing increasing stability to the U.S. mortgage
 Provide ResCap with the opportunity to maximize value for its stakeholders;
 Permit ResCap to address legacy litigation and other liabilities in a manner that is fair to
creditors; and
 Preserve the existing jobs of ResCap’s employees, and contribute to the creation of
additional jobs in the United States in the mortgage sector when ResCap’s business
operations emerge from the reorganization process under new ownership.

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