Berkshire Hathaway Inc. won an auction for a portfolio of Residential Capital LLC’s loans with a $1.5 billion bid, Bloomberg News reported yesterday. The competing bidder was a group that included a unit of Credit Suisse Group AG. ResCap auctioned its mortgage- servicing business to Ocwen Financial Corp. yesterday for $3 billion. Ally Financial Inc., a Detroit-based auto lender majority owned by U.S. taxpayers, allowed its New York-based ResCap unit to file for bankruptcy in May to distance itself from the mortgage lender's losses and help repay its 2008 bailout following the U.S. housing crash and subsequent credit crisis. Ally was previously owned by General Motors Corp.
