In a few weeks we’ll know whether the Treasury Department’s third largest investment in housing/mortgages will file for bankruptcy protection. I’m talking about Residential Capital Corp./GMAC, which recently missed a bond payment and has 30-days to make good on it. But bondholders will be bondholders and we know full well that ResCap’s investors will only be patient for so long. The current betting is that Nationstar will swoop in and buy ResCap through a pre-packaged bankruptcy arrangement, which means the bondholders must already be on board. But are they? Have any intelligence? Drop me a line at:
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