With the status of Residential Capital assets ongoing in bankruptcy court, CEO Tom Marano expects more bidders to emerge after a judge determines the sale process in a hearing on June 18, according to Reuters.
ResCap plans to sell its servicing and origination businesses to Nationstar Mortgage (NSM) and its portfolio loans to Ally Financial at roughly $4 billion total.
However, Marano said other names might join the list of potential buyers.
According to The Street, mortgage servicer Ocwen Financial (OCN) sees “plenty of room to participate” in the bidding process. In the past year, Ocwen has served an active bidder in the mortgage business, purchasing Goldman Sachs’ Litton Loan Servicing (GS) and Morgan Stanley’s Saxon Mortgage Services (MS).
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— Paul Dang