Nationstar Stalking Horse for ResCap Servicing, Berkshire Will Lead Bids for Loan Portfolio, in Heated Auction
June 21, 2012
While Nationstar Mortgage was named by the bankruptcy court as the stalking horse for Residential Capitals mortgage servicing rights and origination platform, Berkshire Hathaway ousted parent company Ally Financial as the lead bidder for ResCaps loan portfolio. Nationstar outbid Berkshire Hathaway for the mortgage banking business with a revised $2.45 billion bid that was $125 million higher than it originally offered when the bankruptcy plan was announced, and it also lowered its breakup fee to $24 million. In the initial bankruptcy plan with Ally and ResCap, Nationstar would have collected a $72...