Saturday, 23 May 2015
Last updated 19 hours ago
Mar 20 2012 | 1:04pm ET
Fortress Investment Group is poised to buy parts of Ally Financial's mortgage unit, having beaten out Centerbridge Capital Partners and other would-be bidders.
The New York-based alternative investments giant could pay more than $1 billion for the Residential Capital assets it wants. Once a deal is struck, ResCap could file for bankruptcy, possibly in the next few weeks. Ally had wanted a resolution by the end of the month, but matters could extend into April.
According to Bloomberg News, Fortress would only buy a small part of ResCap. The rest of the lender would be wound down. Fortress could merge the parts it does buy with Nationstar Mortgage Holdings, the mortgage servicer it took public earlier this month, but which it still owns 77% of.
Fannie Mae and Freddie Mac are looking into Fortress to ensure it can handle ResCap's servicing volume.
Ally is selling ResCap as part of its plan to repay $17.2 billion in government bailout financing. The bank's continued ownership of the unit has also delayed its planned initial public offering, which CEO Michael Carpenter has said won't move forward until there is progress on ResCap.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…