ResCap Completes Sale of $50B of Fannie MSRs
Residential Capital completed the sale of the originations and capital markets platform to Walter Investment Management Corp., which includes the Fannie Mae mortgage servicing rights portion of ResCap’s servicing portfolio.
The MSR portfolio represents approximately $50.4 billion in unpaid principal balance at Aug. 31, 2012, the subsidiary of Ally Financial Inc. said.
The sale was completed roughly two months after the United States Bankruptcy Court, Southern District of Manhattan, approved it last November.
Since, ResCap CEO Thomas Marano said the firm has been working with the buyer and Fannie “to ensure a smooth transition for homeowners.”
The transfer is only one of several court-approved sales ResCap has already signed on. Given the large number of assets changing hands the process will continue in the coming months of this year.
The court-approved sale of ResCap’s servicing platform and related assets to Ocwen Loan Servicing along with the sale of a whole loan portfolio to Berkshire Hathaway “are still pending completion,” executives said.