Berkshire wins ResCap loan portfolio with $1.5 billion bid

October 26, 2012 in STOP FORECLOSURE FRAUD

What happens to homeowners... remains to be seen. But seeing he backs other banks, not much.

Reuters-

Warren Buffett's Berkshire Hathaway Inc (BRKa.N) won a bankruptcy auction for a Residential Capital LLC loan portfolio with a $1.5 billion bid, ResCap said on Thursday.

Berkshire had been the opening bidder for the portfolio of 47,000 whole loans at $1.44 billion. A second bidder participated in the auction, a source familiar with the situation said, but details weren't available.

A Berkshire Hathaway representative was not immediately available. A sale approval hearing is scheduled for November 19 before the bankruptcy court.

[REUTERS]

image: cherylmarlow.com