2012-11-09nasdaq.com

``The mortgage-industry settlement contained provisions meant to ensure that if a distressed servicer was forced to sell its assets in bankruptcy, as ResCap ultimately was, a buyer would be bound to the terms of the settlement, according to papers filed by lawyers for the U.S. this week.

In the template deal for its bankruptcy auction, however, ResCap proposed to take its buyer off the hook for some of the industry cleanup provisions. That deal was with Nationstar Mortgage Holdings Inc. (NSM), which ultimately lost to Ocwen at a bankruptcy auction.''


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