Ally Financial and Fortress Investment Group (FIG) are negotiating a $1 billion deal for portions of Ally mortgage subsidiary Residential Capital, according to Bloomberg.
Jeffrey McCracken and Dakin Campbell write Fortress could fold the acquired assets, including mortgage servicing rights, into Nationstar Mortgage (NSM). Fortress still owns a large majority of the newly public, Texas-based mortgage company.
A report last week from the New York Post said the agreement could go through a bankruptcy court-administered sale, through which Fortress would acquire ResCap's assets but not liabilities.
Ally CEO Michael Carpenter told investors earlier this year that the bank planned to resolve the troubled ResCap by the end of 2012.
An Ally spokeswoman wrote in an email that the bank declined to comment on "speculation in the press." A spokesman for Fortress did not immediately respond to a request for comment.
— Andrew Scoggin