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Two firms waiting in the wings to acquire Residential Capital's mortgage servicing rights out of bankruptcy are nearing the final bid deadline of 5 p.m. on Friday afternoon.
It's well known that Nationstar Mortgage Holdings ($41.89 -0.44%) agreed to become the stalking-horse bidder for ResCap's mortgage servicing rights after Ally Financial placed its ResCap mortgage unit in bankruptcy. But the firm is facing competition from Warren Buffett's Berkshire Hathaway ($0.00 0%), which tried to outbid Nationstar in June.
Bids will no longer be accepted after Friday's deadline.
Analysts with Compass Point Research & Trading said debtors and a credit committee will work through the weekend to determine the starting bid, which will be used to launch the court-led bidding process when the auction opens at 10 a.m. on Oct. 23.
The minimum bid for the MSR platform is $5 million, Compass Point Research & Trading said. That minimum cannot be changed without the approval of the creditor's committee and Nationstar.
Nationstar, a mortgage servicing firm out of Texas, initially offered to purchase $201 billion in servicing unpaid principal for $700 million, and $173 billion in subservicing UPB for $180 million.
After the Berkshire Hathaway bid surfaced, Nationstar upped its bid price by $125 million.
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