Residential Capital, LLC Chapter 11 Confirmation and Effective Date

24 January 2014

...25 RMBS Trusts for which Residential Capital or one of its subsidiaries has repurchase liability for the securitization of defective mortgages.  On December 11, 2013 the United States Bankruptcy Court for the Southern District of New York entered an order confirming Residential Capital’s Chapter 11 Plan. 

The Effective Date of the Plan occurred on December 17, 2013.  The claims of the RMBS Trusts against the Debtors are classified as non-subordinated general unsecured claims.  Pursuant to the Plan, RMBS Trust Certificateholders will receive distributions of cash from time to time.  The date and amount of the First Interim Distribution is currently being determined and will be communicated in due course.

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