2012-10-24foxbusiness.com

Homeowners with a gripe against Residential Capital LLC won't have an official voice in the company's bankruptcy, a judge said Tuesday.

Judge Martin Glenn of the U.S. Bankruptcy Court in Manhattan turned down a bid for the appointment of an official committee to represent borrowers in the Chapter 11 proceeding of the nation's fifth-largest home-loan servicer on the grounds the company's troubles, and those of the industry, have spawned sufficient safeguards.


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