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ResCap receives approval to sell defaulted loans

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Residential Capital, the bankrupt mortgage company whose parent is owned by the U.S. government, won court approval to try to sell a pool of defaulted loans with a balance of about $130 million.

The mortgages are the best of about $1 billion in bad loans that ResCap was forced to repurchase after borrowers quit paying, according to papers the company filed earlier this month in U.S. Bankruptcy Court in Manhattan.

Source: Bloomberg
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