Skip to main content

Berkshire offers to buy Bloomington-based ResCap mortgages

Warren Buffett's Berkshire Hathaway Inc. is eyeing a $374 billion mortgage-servicing portfolio of Residential Capital LLC. The bankrupt lending unit, a subsidiary of government-owned Ally Financial, filed for Chapter 11 protection in May. Dow Jones News Wires reports Minnesota-based ResCap already has a proposed agreement to sell the mortgage unit to NationStar Mortgage Holdings Inc. Berkshire says it will match the $2.4 billion bid, but offer a lower breakup fee.
  • Author:
  • Updated:
    Original:

Warren Buffett's Berkshire Hathaway Inc. is eyeing a $374 billion mortgage-servicing portfolio of Residential Capital LLC. The bankrupt lending unit, a subsidiary of government-owned Ally Financial, filed for Chapter 11 protection in May. Dow Jones News Wires reports Minnesota-based ResCap already has a proposed agreement to sell the mortgage unit to NationStar Mortgage Holdings Inc. Berkshire says it will match the $2.4 billion bid, but offer a lower breakup fee.

Next Up

tornado
MN Weather

Tornado watch issued in Twin Cities, southern Minnesota

The watch will remain in place until midnight.

Wild fox.
MN News

Wild fox in Minnesota tests positive for highly contagious avian flu

This is the first confirmed case of highly pathogenic avian influenza in a wild mammal in the state, the Department of Natural Resources said.

New COVID-19 testing site in Midway neighborhood.
MN Coronavirus

New COVID-19 testing site in St. Paul; 3 others to close as cases rise

Testing sites in Stillwater, Hutchinson, and St. Paul are closing as part of moves to adjust testing resources.

Screen Shot 2022-05-11 at 4.47.49 PM
MN News

St. Joseph man dies in motorcycle crash

The 27-year-old motorcyclist struck a curb, causing him to lose control before he crashed.

Downtown-Bike-Day_WS_No-logo
Sponsored Story

Downtown bike day—city biking at its best!

Move Minneapolis and ABC Ramps Mobility invite you to come along for the ride at Target Plaza on June 1, 2022

Anthony Skelley
MN News

Charges: South St. Paul teen killed during apparent marijuana sale

The individual accused of killing Skelley is a 17-year-old from St. Paul.

Anthony Edwards
TV, Movies and The Arts

Anthony Edwards among NBA stars in Adam Sandler's Netflix film, 'Hustle'

The Timberwolves point guard stars alongside other NBA players LeBron James, Trae Young, Juancho Hernangomez and more.

police lights
MN News

Armed man found barricaded inside Brooklyn Park home, negotiators on scene

An active police presence remains in the area as negotiators speak with the suspect.

Anthony Skelley
MN News

17-year-old South St. Paul homicide victim is identified

The medical examiner determined that Skelley died of multiple gunshot wounds.

tornado, severe weather
MN Weather

Tornado watch issued in Minnesota, South Dakota, Iowa, Nebraska

Severe storms are expected to push into southwest Minnesota this afternoon.

Screen Shot 2021-05-27 at 9.08.37 AM
MN Food & Drink

Korean chicken chain Bonchon's 6th MN location set to open

The South Korean-based franchise has steadily increased its presence across the country.

Historic Fort Snelling
MN Lifestyle

Revamped Historic Fort Snelling to fully reopen for first time since 2019

A $34.5 million revitalization project has been completed.

Related

MN News

Bloomington mortgage firm exec charged with bank fraud

Federal prosecutors Joseph Traxler, formerly the chief financial officer and senior vice president of Centennial Mortgage and Funding, defrauded American Bank of St. Paul of about $8 million.

MN News

Minn.-based Woodbury Financial Services acquired by AIG

Oakdale-based independent broker-dealer Woodbury Financial Services has agreed to be purchased by New York-based insurance giant American International Group, Inc. (AIG). Woodbury Financial, a subsidiary of The Hartford Hartford Financial Services Group, Inc., will now become a part of AIG subsidiary Advisor Group.

MN News

Fewer Minnesotans delinquent on their mortgages

5.4 percent of Minnesota mortgage holders were behind by at least one payment during the third quarter. That's almost a full percentage point lower than during the same period last year. It's also one of the lowest delinquency rates among the states.

MN News

Insurers buy Minneapolis-based Bloom Health

The Star Tribune reports Bloom Health has been purchased by WellPoint Inc. and two Blue Cross Blue Shield nonprofits. Bloom now works with about 50 employers in Minnesota, Michigan and Indiana but aims to be in all 50 states by 2012 now that it has a national network.

MN News

Mortgage rates’ new low lures new buyers

Mortgage rates have slipped to a new low, bolstering hopes that the beleaguered housing market will continue to strengthen. The latest numbers suggest that this will be one of the busiest spring housing markets in several years.

MN News

Report: 8 percent of Minnesota mortgages end in foreclosure

The Center for Responsible Lending says Minnesota's foreclosure rate on bubble-era loans was higher than most other states. The report also found 5.5 percent of the Minnesota mortgages made during the housing bubble are delinquent.

MN News

Minnesota boy uses mortgage payment for pool admission

When 5-year-old Brandon Chartrand, of Farmington, went into his mother’s purse to find the $4 he needed to get into a local pool, he found the family's $1,400 cash mortgage payment and stuffed it all in his swim trunks. An alert pool cashier notified his parents that their son was trying to gain admission with huge wads of cash.

MN News

St. Cloud-based bank buys failed Georgia-based bank

Stearns Bank agreed to take over Covenant Bank & Trust after regulators shut it down Friday. The nationwide tally of bank failures is now 15 for the year, including two in Minnesota.