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Most subprime lenders that went kaput ended up selling off their assets in fire sales, but Residential Capital (ResCap) is telling a different story in bankruptcy, Reuters said Wednesday.
The former mortgage lender is expected to raise at least $4 billion when it auctions off its assets during a bankruptcy auction this month, according to the report.
The article from Reuters claims ResCap, a subsidiary of Ally Financial, is coasting through Chapter 11 bankruptcy with two major bidders – Fortress Investment Group's Nationstar Holdings ($42.25 -0.87%)and Berkshire Hathaway ($0.00 0%). Both firms want to acquire the bankrupt lender's assets, including ResCap's mortgage loan servicing and origination businesses.
Proceeds from the sale will be used to reimburse Ally and other investors.
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