ResCap is a former residential mortgage loan originator and servicer that was a subsidiary of GMAC (now known as Ally Financial). The company was founded in 2005 and operated primarily in the United States.
In 2012, ResCap filed for bankruptcy as a result of a number of factors, including the collapse of the subprime mortgage market and legal issues related to mortgage-backed securities. As part of the bankruptcy proceedings, ResCap sold its loan servicing and origination businesses to Ocwen Financial Corporation and Nationstar Mortgage Holdings Inc. (now known as Mr. Cooper), respectively.
Today, ResCap no longer exists as a separate entity and its former operations have been absorbed by other companies.
Sunday, March 12, 2023
Rescap
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