Corporate Report: December 7

Court approves bid for ResCap assets from Walter Investment, Ocwen Loan Servicing
Tampa-based Walter Investment Management Corp. announced that its joint bid with Ocwen Loan Servicing LLC to buy some of the assets of Residential Capital LLC (ResCap) was approved by the U.S. Bankruptcy Court for the Southern District of New York. The transaction is expected to close in the first quarter.

Walter Investment Management agreed to acquire the Fannie Mae mortgage servicing rights portion of ResCap's servicing portfolio, which has $50.4 billion in unpaid principal balance as of Aug. 31. Walter Investment also plans to acquire related servicing advances, and origination and capital markets platforms.

The purchase still requires additional governmental approvals.