ResCap Liquidating Trust


If you are having problems viewing the website, please make sure that you are using Internet Explorer 11, Chrome 49, Safari 10, or Firefox 51, or newer.

About ResCap

Mission Statement

ResCap Liquidating Trust’s mission is to maximize returns to Unitholders by vigorously pursuing and resolving the mortgage correspondent litigation, monetizing the Trust’s remaining assets in a timely and efficient manner and finalizing resolution of remaining claims.

About Us

The ResCap Liquidating Trust was established in December 2013 under the Second Amended Joint Chapter 11 Plan of Residential Capital, LLC, et al. to liquidate and distribute assets of the debtors in the ResCap bankruptcy case.  The Liquidating Trust, through its agents, shall wind down the affairs of and dissolve the Debtors and their subsidiaries including the Non-Debtor subsidiaries.

The most current financial information can be found in the Consolidated Financial Statements section of this website.

Bios

John J. Ray III 
Liquidating Trust Manager

John J. Ray III was appointed Liquidating Trust Manager (“LTM”) on November 18, 2016. Prior to his appointment as LTM, Mr. Ray served as Chief Counsel to the Trust from September 2015. Mr. Ray is Senior Managing Director of Greylock Partners, LLC. Mr. Ray has served in various capacities with respect to Chapter 11 bankruptcy estates. From 2012 to 2014, Mr. Ray served as Chief Restructuring Officer of Overseas Shipping Group and from 2014 to 2015, Chairman of the Board of Overseas Shipping Group. From 2010, Mr. Ray has served as the principal officer of Nortel Networks, Inc. From 2014 to 2016, Mr. Ray served as the Chairman of the Restructuring Committee of the Board of GT Technologies. From 2004 to 2009, Mr. Ray was Chairman of the post confirmation Board of Enron Corporation and, from 2005 to 2009, President of post confirmation Enron Corporation.

Matt Doheny
Board Member

Matt Doheny has over twenty years of experience in the distressed investing, turnaround and restructuring industry. He is the founder of North Country Capital, an investment and advisory firm where he currently serves as President. Previously, he was a Managing Director and Co-Head of Special Situations Trading at HSBC Securities, where he headed up credit research. Mr. Doheny was a portfolio manager at Fintech Advisory Inc., a hedge fund focusing on undervalued securities and turnarounds in the U.S., until December 2010.

Prior to Fintech, Mr. Doheny served as a Managing Director and helped lead the Distressed Products Group of Deutsche Bank Securities Inc. for nine years. Prior to Deutsche Bank, he was a bankruptcy attorney in the corporate reorganization groups of Orrick and Kelley Drye.

Mr. Doheny currently serves on the boards of YRC Worldwide Inc, Affinity Gaming, Arcapita Inc (RA Holdings) and Eastman Kodak Inc. He received a BA from Allegheny College and a Juris Doctor from Cornell Law School.

David Pauker
Board Member

David Pauker is a turnaround manager and restructuring advisor with more than 25 years of experience advising underperforming companies and their investors. David was formerly the Executive Managing Director of Goldin Associates, a leading US restructuring advisory firm. He was CRO of Refco, a diversified financial services company that was one of the largest-ever US bankruptcies, and has acted as CRO, CEO, turnaround manager or financial advisor for companies in diverse industries, including apparel and textile, energy and natural resources, financial services, food and consumer products, information technology, manufacturing, media and telecommunications, professional services, real estate, retail and wholesale distribution. A Fellow of the American College of Bankruptcy, David has frequently been ranked among leading U.S. restructuring advisors.David is a director of TerraForm Power and reorganized Lehman Brothers. He is a graduate of Cornell University and the Columbia University School of Law.

Samuel L. Molinaro, Jr.
Board Member

Samuel L. Molinaro, Jr. is a Group Managing Director and heads the UBS Non-Core and Legacy division.  He joined UBS as the chief operating officer of the Investment Bank in March 2012.  Prior to joining UBS, he was the chief executive officer of Braver Stern Securities from 2010-2011.  Prior thereto, he spent 22 years at Bear Stearns, where he was executive vice president, chief operating officer and chief financial officer of The Bear Stearns Companies Inc. and its subsidiary Bear Stearns & Co. Inc.  Mr. Molinaro was appointed to the executive committee in 2001 and served as executive vice president of The Bear Stearns Companies Inc. and its subsidiary Bear Stearns & Co. Inc. from 2001 to 2008.  He was promoted to chief operating officer in 2007.  Mr. Molinaro was a member of the Bear Stearns’ Management and Compensation Committee from 1998 through 2008.  He was promoted to chief financial officer in 1996 and held that title through 2008.  Mr. Molinaro has also served as a director of the Securities Industry and Financial Markets Association (SIFMA).  He received a bachelor’s degree in business administration from St. Bonaventure University in 1980 and completed the Harvard Business School Advanced Management Program in 1992.

Mitchell I. Sonkin
Chairman of the Board

Mitchell I. Sonkin is currently a Senior Advisor to MBIA, Inc. Prior to his role as an advisor, he served as Executive Vice President and Chief Portfolio Officer for the company. In his capacity as Chief Portfolio Officer, Mr. Sonkin was responsible for the oversight of MBIA’s $778 billion global portfolio of insured municipal, corporate and structured finance credits, including, all workout, restructuring and litigation related remediation activities. He was also a member of the Board of MBIA Insurance Corporation and Capital Markets Assurance Corporation. Prior to this position, Mr. Sonkin was Managing Director and Head of the Insured Portfolio Management Division.

Mr. Sonkin was formerly senior partner and co-chair of the Financial Restructuring Department at the Wall Street law firm Cadwalader, Wickersham & Taft and a member of its Management Committee. Before joining MBIA in 2004, Mr. Sonkin was a senior partner at the international law firm, King & Spalding, where he was co-chair of King & Spalding’s Financial Restructuring Group and a member of the firm’s Policy Committee. He has over 30 years of experience in U.S. and international workouts and restructurings, corporate reorganization and insolvency matters, and has served as a court appointed examiner. Mr. Sonkin has played a significant role in complex structured finance, corporate, infrastructure, utility, healthcare and insurance company reorganizations and served as chief counsel in the rehabilitations of Mutual Benefit Life and Confederation Life Insurance (U.S.).

Mr. Sonkin has lectured and served on panels covering topics such as distressed debt trading, utility restructurings and life insurance company reorganizations. Mr. Sonkin is a cum laude graduate of the Temple University College of Liberal Arts where he earned a bachelor’s degree in political science and currently serves as a member of the Board of Visitors. He received his J.D. from the Syracuse University College of Law where he is a member of the Board of Advisors and its Executive Committee. A member of the Bar of the State of New York, Mr. Sonkin is also admitted to practice before the U.S. Supreme Court.

Paul J. Weber
Board Member

Paul J. Weber has over 35 years of experience in litigation support and expert witness work, restructuring consulting (both debtor and creditor) and auditing. Mr. Weber began his career at Price Waterhouse and served in a variety of positions and practices (including a 2-year foreign tour), leaving as a partner after 22 years.  After his time at Price Waterhouse, he served as a Senior Managing Director at FTI Consulting. After retiring in 2011, Mr. Weber has served on the Contra Costa Civil Grand Jury, performed occasional independent consulting projects and assumed board/trustee positions. Mr. Weber currently serves on Board of Directors of winery Truett Hurst, Inc., and chairs the audit committee.

General FAQ
What is the ResCap Liquidating Trust?

The ResCap Liquidating Trust was established in December 2013 under the Second Amended Joint Chapter 11 Plan of Residential Capital, LLC, et al. to liquidate and distribute assets of the debtors in the ResCap bankruptcy case. The Trust maintains a website at www.rescapliquidatingtrust.com, where Unitholders may obtain information concerning the Trust.

What is the goal of the Trust?

ResCap Liquidating Trust’s mission is to maximize returns to Unitholders by vigorously pursuing and resolving the mortgage correspondent litigation and monetizing the Trust’s remaining assets in a timely and efficient manner.

How has the Trust performed overall?

Since its creation, and as of August 7, 2017, the Liquidating Trust has, among other things:

  • Resolved the vast majority of Claims;
  • Yielded over $500 million in settlements to date;
  • Distributed $2.43 billion to Unitholders;
  • Complied and substantially completed regulatory obligations under the Office of Mortgage Servicing Oversight and the Department of Justice and Attorney General settlement;
  • Completed significant mortgage asset sales that yielded over $300 million in sale proceeds;
  • Resolved international litigations and dissolved the majority of non-debtor international entities resulting in $46.8 million for the Trust;
  • Resolved important litigation matters, including the settlement of the Cap Re class action;
  • Managed cost and increased operational efficiencies of the Trust, and
  • Reduced debtor entities from 51 to only three open entities.
Who is responsible for administrating the ResCap Liquidating Trust?

The current Trust Manager is John J. Ray III. Mr. Ray has extensive experience as a chief restructuring officer and plan administrator in notable bankruptcy cases and situations involving Overseas Shipholding Group Inc., Nortel Networks Inc. and the Enron Corporation.

What are ResCap Liquidating Trust Units?

“Units” are defined as units of beneficial interest issued by the Liquidating Trust, which entitle the holders thereof to receive from the Liquidating Trust a Pro Rata share of Distributable Cash.

How many ResCap Liquidating Trust Units are currently outstanding?

There are 100 million units outstanding.

What are the Trust’s mortgage assets?

The Trust’s mortgage assets include mortgage loans, servicer advances, interest income, real estate owned, trading securities, net of costs to sell the assets. The Trust continues to pursue strategies to maximize the recoveries of the Mortgage Asset portfolio for the benefit of the Unitholders.

Where can I find more information on the Trust’s current unresolved legal claims?

Please refer to the Liquidating Trust website section entitled Litigation Activity for information on legal claims.

What are the tax implications of being a ResCap unitholder?

Please refer to the Liquidating Trust website section entitled “Tax Information.

Who do I contact if I have more questions?

Please refer to the Liquidating Trust website section entitled “contact us.

Press Releases
Financial & Tax Disclosure
Financial Statements
Tax Information
Financial/Tax-Specific FAQs
The information below is provided to address frequently asked questions concerning the financial statements and expectations of the ResCap Liquidating Trust (the “Liquidating Trust”). It is not intended to constitute tax advice. The Liquidating Trust does not provide tax advice to Unitholders.
What are assets held in bailment?

Section 2.5(b) of the Liquidating Trust Agreement provides that if assets cannot be transferred to the Liquidating Trust by a Debtor entity, or it is impracticable or inadvisable to do so, the Debtor entity will continue to retain those assets until it is notified that the Liquidating Trust may receive the assets. Assets that are held by the Debtor entities under these circumstances are referred to as assets held in bailment.

Are the assets held in bailment consolidated in the Liquidating Trust financial statements?

Are the assets held in bailment consolidated in the Liquidating Trust financial statements?

Yes. The assets held in bailment are consolidated into the Liquidating Trust Financial Statements and are included in the appropriate line items on the Consolidated Statement of Net Assets in Liquidation, as follows: (in 000’s)

 

Assets: December 17, 2013

Opening Balance

Assets Held in Bailment

June 30, 2017

Assets Held in Bailment

Cash and cash equivalents $1,450,824
Restricted cash $109,311
Mortgage assets $695,498 $2,832
Other receivables $625 $12
Other assets
Total assets $2,256,258 $2,844
What is the reason for the reduction in the assets held in bailment following the effective date of the ResCap Chapter 11 plan?

The reduction in the assets held in bailment between December 17, 2013 and June 30, 2017 is primarily attributable to the initial distribution and the bank accounts of the Debtors being novated to the Liquidating Trust following the plan effective date.  Additional assets were transferred to the Trust as circumstances warranted.

When and to whom did the Liquidating Trust make its initial cash distribution?

The Liquidating Trust issued units beginning on December 17, 2013 and made an initial cash distribution to each person to whom units were issued. The initial cash distribution was $17.65 per unit.

Where can I find information concerning lawsuits that have been brought by the Liquidating Trust, including the damages being sought in each case?

Please refer to the Liquidating Trust website’s section entitled Litigation Activity for information on pending lawsuits.

What is Cap Re?

CAP RE of Vermont, LLC (“Cap Re” ) is a capt ive insurance company incorporated and licensed under the laws of the State of Vermont. Cap Re, which is taxed as a C corporation, was owned by GMAC Mortgage, LLC and is now owned by the Liquidating Trust. Cap Re provided reinsurance on mortgage loans originated by GMAC Mortgage LLC and its affiliates and correspondent lenders through entering into reinsurance agreements with various primary mortgage insurers in which the company assumed the risk of loss in excess of various loss percentages. Effective December 31, 2008, Cap Re ceased reinsuring new risk, placing the existing reinsurance agreements into run-off in accordance with their terms.

In which legal entity are mortgage servicing rights assets held?

As of June 30, 2017, the Trust no longer holds mortgage servicing rights.  Previously, the Liquidating Trust held the mortgage servicing rights.

Does the Liquidating Trust own any real property located in the United States?

As of December 17, 2013, the Effective Date of the Plan, the Liquidating Trust beneficially owned approximately 80 properties located in 34 states. Effective as of January 15, 2014, the Liquidating Trust contributed those properties (as well as certain interests in mineral rights that have only nominal value) to ResCap Securities Holdings Co., a wholly-owned U.S. corporate subsidiary. In addition, any real property acquired subsequent to that date in connection with foreclosure proceedings has been and will be conveyed directly to ResCap Securities Holdings Co., rather than to the Liquidating Trust. It is contemplated that the corporate subsidiary is a United States real property holding corporation within the meaning of section 897 of the U.S. Internal Revenue Code. Between December 17, 2013 and January 15, 2014, the Trust sold four properties, on which no gain or loss was recognized for income tax purposes.

Does the Liquidating Trust earn any trade or business income?

The Trust is a liquidating trust for federal and, if applicable, state income tax purposes. The Liquidating Trust Agreement provides that the Liquidating Trust was “established for the purpose of liquidating and distributing the Liquidating Trust Assets in accordance with Treasury Regulations Section 301.7701-4(d), with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, its liquidating purpose….” The Trust Agreement further provides that “no part of the Liquidating Trust Assets shall be … used or disposed of in furtherance of any trade or business.” Consistent with these provisions, and in light of the nature of the Liquidating Trust’s assets, the Liquidating Trust does not believe that to date it has recognized any income that would constitute trade or business income (or unrelated business taxable income or income that is effectively connected to the conduct of a trade or business in the United States, though such characterizations may depend in part on each Unitholder’s unique tax position) , and it does not anticipate that it will do so in the future. However, there can be no assurance that this will be the case.

Does the Liquidating Trust own any foreign subsidiaries?

The Liquidating Trust owns all of the stock of two US corporations – RFC Foreign Equity Holding Co. and ResCap Securities Holdings Co. – that own the stock of several foreign corporations (which are in the process of liquidating their assets and winding down). The Liquidating Trust does not directly own any stock of any foreign corporation.

What state tax filing obligations will Unitholders have as a result of owning Units?

The Liquidating Trust files income tax returns in those states in which it determines it has a filing obligation. The Liquidating Trust provides Tax Worksheets for Beneficiaries for each of the states in which the Trust files an income tax return via postings on the Trust’s website at: www.rescapliquidatingtrust.com. The Worksheets reflect the income and deductions that the Trust determines should be allocated to each state in which it files an income tax return. The Liquidating Trust does not provide tax advice. Each Unitholder should seek advice from its own tax advisor as to which state income tax returns, if any, it is required to file as a result of owning Units or otherwise and its share of Trust income and deductions, if any, that must be reported on any such state income tax return.

What do I do if I believe I am entitled to a distribution under the Plan?
  • If your Claim is Allowed and you are entitled to a distribution under the Plan, your distribution may be subject to applicable tax withholding. Accordingly, prior to receiving any distribution, you must submit the appropriate Internal Revenue Service (“IRS”) tax form.
    • If you are a U.S. person, you must provide the Liquidating Trust with your social security number or other taxpayer identification number. Please submit a completed IRS Form W-9 Request for Taxpayer Identification Number and Certification. See Q.15 below regarding where to get a copy of Form W-9.
    • If you are not a U.S. person, instead you must submit a completed IRS Form W-8BEN Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding (or other applicable Internal Revenue Service Form W-8).

In addition, if you are entitled to receive Units, you must also provide broker information. You must designate a broker, bank or other financial institution with which you maintain a securities account to receive your Units on your behalf. You may email the Trust at rescapliquidatingtrust@rescapestate.com to request a form on which to provide your securities account information or access such form on the Trust’s website here. A link to the Securities Account Information Form is provided under the section titled “Forms.”

The completed forms should be returned promptly to the following email or address:

ResCapLiquidatingTrust@ResCapEstate.com or
ResCap Liquidating Trust
P.O. Box 385220
Bloomington, Minnesota 55438

Where can I get copies of a Form W-9?

IRS Form W-9 is posted on the Trust’s website here. A link to the Form W-9 is provided under the section titled Distribution Info – Forms.  Copies of the W-9 form can also be found at ww.irs.gov.

How could the basis of a Beneficiary’s Units that were not acquired from the Trust in the initial distribution as of December 17, 2013, differ from the basis in Units that a Beneficiary acquired from the Trust in the initial distribution as of December 17, 2013?

A Beneficiary that did not acquire its Units from the Trust in the initial distribution as of December 17, 2013 may have an adjusted tax basis per Unit (and therefore an adjusted tax basis in the underlying Trust assets attributable to such Units) that differs from the adjusted basis of a Unit acquired from the Trust as of December 17, 2013. The basis difference per Unit, in general, should equal the difference Between (i) such Beneficiary’s tax basis in each of its Units at the time it acquired such Units and (ii) $28.02 (the December 17, 2013, tax basis per Unit), increased by the per Unit Trust items of taxable income and gains through the date that the Beneficiary acquired its Units and reduced by the per Unit Trust items of taxable deduction and loss and distributions made through the date that the Beneficiary acquired its Units, in each case as reported by the Trust and available on its website under the heading “financial and tax information.” Because the Trust, in general, does not know the price and date at which such a Beneficiary acquired its Units, it cannot provide this basis information for each Beneficiary.

What effect could this have on the Beneficiary’s share of the Trust’s income and loss?

A basis difference as described above could affect the Beneficiary’s taxable income and loss from holding Trust Units, because the basis difference in Units generally will also result in the Beneficiary having a tax basis in its share of the underlying Trust assets that differs from the basis that the Trust uses in computing its taxable income and loss. A Beneficiary with a basis difference should consult its tax advisor as to whether and how any adjustments should be made as a result of such differing basis to the per Unit Trust items of taxable income and loss as reported by the Trust for the periods that such Beneficiary holds its Units. In general, that may depend, in part, on the determination as to which Trust assets or liabilities the basis differential is attributable and how to calculate the recovery of basis that is allocable to multiple assets of the same class, such as the litigation claims. For example, a Beneficiary whose per Unit adjusted tax basis exceeds that of a Unit acquired from the Trust as of December 17, 2013 may conclude that the excess basis is attributable to the Trust’s litigation claims and that, therefore, its per Unit share of the income recognized from specific litigation recoveries is less than that reported by the Trust.

Distribution Info

Distribution Information

ResCap Liquidating Trust May 3, 2017 Distribution

ResCap Liquidating Trust
Summary of Distributions to Unitholders
Distribution # Date Declared Record Date Distribution Date Total Amount Distributed Amount Per Unit
1 N/A 12/17/2013 12/27/2013 $1,765,000,000 $17.65
2 5/15/2014 5/23/2014 6/9/2014 $115,000,000 $1.15
3 9/18/2014 10/2/2014 10/17/2014 $150,000,000 $1.50
4 3/6/2015 3/16/2015 3/31/2015 $200,000,000 $2.00
5 5/3/2017 5/18/2017 6/2/2017 $200,000,000 $2.00
6 8/2/2017 8/17/2017 9/1/2017 $150,000,000 $1.50

Timing of Distributions

In accordance with Sections 5.2 and 5.3 of the Liquidating Trust Agreement (“LTA”), distribution dates are determined by the Liquidating Trust Board (the “Board”), and are required to occur no less frequently than semi annually, unless the Board determines that the aggregate amount of cash distribution makes a distribution impracticable. In such a case, the cash will be distributed on a subsequent distribution date. Distributions are made to Unitholders as of a distribution record date established by the Board which will be between 15 to 30 days before the distribution date. The Trust will announce and post to the website the record date and distribution amount for an upcoming distribution at least 5 business days before each record date.

Tax Treatments

The Trust does not have the necessary information concerning the identity and tax status of its unit holders to complete any required tax withholding.  Thus, the Trust will distribute the gross amount of the distribution to brokers (through DTC) and anticipates that any required tax withholding will be effected by U.S. brokers (or other nominees).  Unit holders should refer to the Liquidating Trust website and consult with their tax advisors with respect to the tax treatment of any distribution.

Forms

Blank copies of the IRS Form W-9, W-8BEN, and the Securities Account Information Form are available for download here:

Any completed forms should be returned to the following email or address: ResCapLiquidatingTrust@rescapestate.com or
ResCap Liquidating Trust
P.O. Box 385220
Bloomington, Minnesota 55438

Litigation Activity

Summary

Since December 17, 2013, the ResCap Liquidating Trust (the “Trust”) has filed 96 actions against correspondent lenders to Residential Funding Company LLC (“RFC”) on grounds of indemnity and breach of contract. As of September 11, 2017, the Trust has settled 59 cases, recovering a total of $568 million for its creditors. A list of all active and resolved cases is provided below with links to the docket activity.

Active Cases
Case Name Case Number Case Location
ResCap Liquidating Trust v. BMO Harris Bank, N.A. as Successor to Amerus Home Lending, Inc. 17-cv-197 (D. Minn.)
Residential Funding Company, LLC and ResCap Liquidating Trust v. BMO Harris Bank, N.A. successor by merger to M&I Bank, FSB 13-cv-3523 (D. Minn.)
ResCap Liquidating Trust v. Cadence Bank, N.A. f/k/a Encore Bank, N.A. 14-cv-3946 (D. Minn.)
Residential Funding Company, LLC v. Colonial Savings, F.A. 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. CTX Mortgage Company, LLC, Pulte Homes, Inc. and PulteGroup, Inc. 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. Decision One Mortgage Company, LLC and HSBC Finance Corp. 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. Embrace Home Loans, Inc. f/k/a Advanced Financial Services, Inc. 13-cv-3457 (D. Minn.)
ResCap Liquidating Trust v. EquiFirst Corp. and EFC Holdings Corp. 15-cv-1569 (D. Minn.)
Residential Funding Company, LLC v. E*Trade Bank as successor to United Medical Bank, FSB 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. First Guaranty Mortgage Corp. 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. First Mortgage Corp. 13-cv-3451 (D. Minn.)
ResCap Liquidating Trust v. Freedom Mortgage Corp. 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. Home Loan Center, Inc. and Tree.com, Inc. 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. HSBC Mortgage Corp. (USA) 14-ap-1915  (S.D.N.Y. Bankr.)
Residential Funding Company, LLC v. Impac Funding Corp. 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC and ResCap Liquidating Trust v. InterLinc Mortgage Services, LLC, in its own capacity, and as successor to Hometown Mortgage Services, Inc., Douglas Rohn, and Edward Danielczyk 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. iServe Residential Lending, LLC as successor to United Residential Lending, LLC 13-cv-3451 (D. Minn.)
ResCap Liquidating Trust v. Origin Bank f/k/a Community Trust Financial Corporation as Successor to Cimarron Mortgage Company 13-cv-3451 (D. Minn.)
ResCap Liquidating Trust v. PNC Bank, N.A. as Successor to Community Bank of Northern Virginia 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. PNC Bank, N.A. as successor in interest to National City Mortgage Company, NCMC Newco, Inc. and North Central Financial Corp. 13-cv-3451 (D. Minn.)
ResCap Liquidating Trust v. Primary Residential Mortgage, Inc. 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. Provident Funding Associates, L.P. 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. Standard Pacific Mortgage, Inc. 13-cv-3451 (D. Minn.)
ResCap Liquidating Trust v. Synovus Mortgage Corp. 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. UBS Real Estate Securities, Inc. 14-ap-1926 (S.D.N.Y. Bankr.)
Residential Funding Company, LLC  and ResCap Liquidating Trust v. Universal American Mortgage Company, LLC 13-cv-3519 (D. Minn.)
ResCap Liquidating Trust v. U.S. Bank N.A. 16-cv-4067 (D. Minn.)
ResCap Liquidating Trust v. WMC Mortgage, LLC as successor to WMC Corp. f/k/a Weyerhaeuser Mortgage Company 17-cv-198 (D. Minn.)

 
 
 
 
 
 
 
 
 
 
 
 
 

Case Calendar
Case Name Date Time Judge
In re RFC and ResCap Liquidating Trust Litigation 9/28/2017 9:30am CST Judge Susan R. Nelson
Magistrate Judge Hildy Bowbeer
Separately Managed Actions 9/28/2017 2:00pm CST Magistrate Judge Hildy Bowbeer
In re RFC and ResCap Liquidating Trust Litigation 10/24/2017 9:30am CST Judge Susan R. Nelson
Magistrate Judge Hildy Bowbeer
Separately Managed Actions 10/24/2017 2:00pm CST Magistrate Judge Hildy Bowbeer
In re RFC and ResCap Liquidating Trust Litigation 11/16/2017 9:30am CST Judge Susan R. Nelson
Magistrate Judge Hildy Bowbeer
Separately Managed Actions 11/16/2017 2:00pm CST Magistrate Judge Hildy Bowbeer
In re RFC and ResCap Liquidating Trust Litigation 12/14/2017 9:30am CST Judge Susan R. Nelson
Magistrate Judge Hildy Bowbeer
Separately Managed Actions 12/14/2017 2:00pm CST Magistrate Judge Hildy Bowbeer

 
 
 
 
 
 
 
 
 
 
 
 
 

Resolved Cases
Case Name Case Number Court
Residential Funding Company, LLC v. Academy Mortgage Corp. 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. American Mortgage Network, LLC f/k/a American Mortgage Network, Inc. d/b/a Vertice, AmNet Mortgage, Inc. f/k/a American Residential Investment Trust, Inc., and Wells 14-cv-1760 (D. Minn.)
Residential Funding Company, LLC v. Americash 13-cv-3460 (D. Minn.)
Residential Funding Company, LLC v. Ark-La-Tex Financial Services, LLC 13-cv-3448 (D. Minn.)
ResCap Liquidating Trust v. Bank of America, N.A. and First Republic Bank 14-ap-2009 (S.D.N.Y. Bankr.)
Residential Funding Company, LLC v. Branch Banking & Trust Company 13-cv-3513 (D. Minn.)
Residential Funding Company, LLC v. Broadview Mortgage Corp. 13-cv-3463 (D. Minn.)
ResCap Liquidating Trust v. Capital One Home Loans, LLC, f/k/a Ranger Services, LLC, and Capital One, N.A. 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. Central Pacific Homeloans, Inc., Central Pacific Bank, and Central Pacific Financial Corp. 13-cv-3476 (D. Minn.)
Residential Funding Company, LLC v. Cherry Creek Mortgage Company, Inc. 13-cv-3449 (D. Minn.)
Residential Funding Company, LLC v. Circle Mortgage Corp. 13-cv-3545 (D. Minn.)
ResCap Liquidating Trust v. Citizens First Wholesale Mortgage Co. 13-cv-3522 (D. Minn.)
ResCap Liquidating Trust v. CMG Mortgage, Inc. 14-cv-3522 (D. Minn.)
Residential Funding Company, LLC v. Community West Bank, N.A. 13-cv-3468 (D. Minn.)
Residential Funding Company, LLC v. Cornerstone Home Lending, Inc. f/k/a Cornerstone Mortgage Company 13-cv-3504 (D. Minn.)
Residential Funding Company, LLC v. Countrywide Home Loans, Inc. f/k/a Countrywide Funding Corp., and Bank of America Corp. 14-cv-1743 (D. Minn.)
Residential Funding Company, LLC v. DB Structured Products, Inc. as successor to MortgageIT, Inc. 14-cv-0143 (D. Minn.)
Residential Funding Company, LLC v. E-Loan, Inc. 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. First Citizens Bankand Trust Company, Inc. 13-cv-3514 (D. Minn.)
Residential Funding Company, LLC v. First California Mortgage Company 13-cv-3453 (D. Minn.)
Residential Funding Company, LLC v. First Equity Mortgage Bankers, Inc. 13-cv-3473 (D. Minn.)
ResCap Liquidating Trust v. First Mariner Bank 15-cv-0092 (D. Minn.)
Residential Funding Company, LLC v. Fremont Bank 13-cv-3470 (D. Minn.)
ResCap Liquidating Trust v. First Tennessee Bank, N.A. 17-cv-194 (D. Minn.)
Residential Funding Company, LLC v. Gateway Bank, F.S.B. 13-cv-3518 (D. Minn.)
Residential Funding Company, LLC v. Golden Empire Mortgage, Inc. 13-cv-3466 (D. Minn.)
Residential Funding Company, LLC v. Greenpoint Mortgage Funding, Inc. 14-ap-1916 (S.D.N.Y. Bankr.)
Residential Funding Company, LLC v. Greenpoint Mortgage Funding, Inc., an affiliate of Capital One Bank 13-cv-3538 (D. Minn.)
Residential Funding Company, LLC v. GSF Mortgage Corp. 27-cv-14-4111 (Hennepin Cty. Dist. Ct.)
Residential Funding Company, LLC v. Guaranty Bank 13-cv-3450 (D. Minn.)
Residential Funding Company, LLC v. Guaranteed Rate, Inc. 27-cv-14-5216 (Hennepin Cty. Dist. Ct.)
Residential Funding Company, LLC v. Guidance Residential, LLC 27-cv-14-3208 (Hennepin Cty. Dist. Ct.)
Residential Funding Company, LLC v. Homestead Funding Corp. 13-cv-3520 (D. Minn.)
ResCap Liquidating Trust v. Honor Bank f/k/a The Honor State Bank 14-cv-3942 (D. Minn.)
Residential Funding Company, LLC v. Lake Forest Bank & Trust Company 13-cv-3497 (D. Minn.)
Residential Funding Company, LLC v. Lenox Financial Mortgage Corp. 13-cv-3495 (D. Minn.)
Residential Funding Company, LLC v. Mortgage Access Corp. d/b/a Weichert Financial Services 13-cv-3499 (D. Minn.)
Residential Funding Company, LLC v. Mortgage Capital Associates, Inc. 13-cv-3492 (D. Minn.)
ResCap Liquidating Trust v. Mortgage Investors Group, Inc. 14-ap-2004 (S.D.N.Y. Bankr.)
Residential Funding Company, LLC v. Mortgage Network, Inc. d/b/a MNet Mortgage Corp. 13-cv-3491 (D. Minn.)
Residential Funding Company, LLC v. National Bank of Kansas City 13-cv-3528 (D. Minn.)
ResCap Liquidating Trust v. PHH Mortgage Corp. 14-cv-4701 (D. Minn.)
Residential Funding Company, LLC v. Plaza Home Mortgage, Inc. 13-cv-3508 (D. Minn.)
ResCap Liquidating Trust v. Primary Capital Advisors, LLC 14-cv-3950 (D. Minn.)
Residential Funding Company, LLC v. Quicken Loans, Inc. f/k/a Rock Financial Corp. 27-cv-14-3111 (Hennepin Cty. Dist. Ct.)
ResCap Liquidating Trust v. RBC Mortgage Company 14-cv-3093 (D. Minn.)
Residential Funding Company, LLC v. Rescue Mortgage, Inc. 14-cv-1740 (D. Minn.)
Residential Funding Company, LLC v. Sierra Pacific Mortgage Company, Inc. 13-cv-3511 (D. Minn.)
Residential Funding Company, LLC v. SouthTrust Mortgage Corp., and Wells Fargo Bank, N.A. 13-cv-3524 (D. Minn.)
ResCap Liquidating Trust v. Summit Community Bank, Inc. as Successor to Shenandoah Valley Community Bank 13-cv-3451 (D. Minn.)
ResCap Liquidating Trust v. Summit Financial Mortgage, LLC f/k/a Summit Financial, LLC and Summit Community Bank, Inc. f/k/a Shenandoah Valley Bank, N.A. 14-ap-1996 (S.D.N.Y. Bankr.)
Residential Funding Company, LLC v. Stearns Lending, Inc. f/k/a First Pacific Financial, Inc. 13-cv-3516 (D. Minn.)
Residential Funding Company, LLC v. Suntrust Mortgage, Inc. 13-ap-1820 (S.D.N.Y. Bankr.)
Residential Funding Company, LLC v. T.J. Financial, Inc. 13-cv-3515 (D. Minn.)
Residential Funding Company, LLC v. The Mortgage Outlet, Inc. No. 13-cv-3451 (D. Minn.)
Residential Funding Company, LLC v. Ulster Savings Bank 13-cv-3530 (D. Minn.)
Residential Funding Company, LLC v. Wallick & Volk, Inc. 13-cv-3512 (D. Minn.)
Residential Funding Company, LLC v. Wells Fargo Bank, N.A. 13-cv-3521 (D. Minn.)
Residential Funding Company, LLC v. Wells Fargo Financial Retail Credit, Inc. f/k/a Norwest Financial Acceptance, Inc. 13-cv-3525 (D. Minn.)

 
 
 
 
 
 
 
 
 
 
 
 
 

Mortgage Portfolio

Regarding Servicing Transfer of Mortgage Asserts – The Trust transferred the Servicing of its loan portfolio and outstanding claims to LoanCare on November 1, 2016.

For more information related to LoanCare, please click on the links below to visit their website:

  1. For Borrowers
  2. For Unit Holders

 

Contact Details

For general inquiries, please contact ResCapLiquidatingTrust@rescapestate.com.

For Unitholders

Questions regarding your distribution under the Debtors’ Second Amended Joint Chapter 11 Plan should be directed to ResCapLiquidatingTrust@rescapestate.com.

For Borrowers

Important Note: If you are a borrower whose residential mortgage loan was serviced by the Debtors prior to or during the Chapter 11 proceedings and you timely filed a claim in those proceedings, it is highly likely that your questions are best directed to Peter S. Kravitz, as representative of the Borrower Claims Trust created under the Plan. The Borrower Claims Trust was established for the sole benefit of the holders of Allowed Borrower Claims and is administered by the Borrower Claims Trustee.

 

**If you are requesting a lien release or a corrected assignment on a loan liquidated prior to February 15, 2013, please note that the Joint Chapter 11 Plan (the “Plan”) approved and ordered by the bankruptcy court limits the Trust’s rights and obligations.

Pursuant to the Plan, the ResCap Liquidating Trust has been released from liability for pre-petition claims.   Accordingly, Paragraph 40(G) of the Order confirming the Plan bars any claims against the Debtors or the Liquidating Trust (the “Plan Injunction”).   A copy of the confirmation order can be found here.

In addition, on March 13, 2015, the Bankruptcy Court entered an Order Granting the Motion for Entry of an Order Establishing Procedures Enforcing Injunctive Provisions of Plan and Confirmation (“Procedures Order”).  The Procedures Order (i) bars parties from continuing to prosecute actions against the Debtors that violate the injunction provisions of the Plan and Confirmation Order, and (ii) permits the Liquidating Trust to seek further relief from the Bankruptcy Court in the event a party refuses to dismiss such an action with respect to the Debtors.  The procedures order can be found here.

In light of these court-approved orders, the ResCap Liquidating Trust is unable to assist with your request for a lien release or corrected assignment.  However, the ResCap Liquidating Trust will not seek to enforce the Plan Injunction or the Procedures Order where a party seeks only equitable relief relating to a property in which the Trust does not hold a current interest and where that party does not seek any monetary damages against any of the Debtors or the ResCap Liquidating Trust.

For Media

Christopher Mittendorf
Christopher.Mittendorf@edelman.com
(212) 704-8134