ResCap is given a reprieve

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A judge yesterday gave bankrupt mortgage lender Residential Capital another 30 days to file a reorganization plan over the objections of a group of junior bondholders that includes Warren Buffett’s Berkshire Hathaway.
ResCap, a unit of government-owned Ally Financial, has until June 6 to submit a plan for exiting… …read more
Source: NY Post

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