Berkshire Hathaway Inc Wins Residential Capital LLC Loan Portfolio With $1.5 Billion Bid-Reuters


Thursday, 25 Oct 2012 03:49pm EDT 

Reuters reported that Berkshire Hathaway, Inc won a bankruptcy auction for a Residential Capital LLC loan portfolio with a $1.5 billion bid. Berkshire had been the opening bidder for the loans at $1.44 billion. A second bidder participated in the auction. The sale needs bankruptcy court approval. A Berkshire Hathaway representative was not immediately available. ResCap, the mortgage lending unit of Ally Financial Inc, filed for bankruptcy in May. It will use proceeds of the auction to repay creditors, including its parent. 

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