Residential Capital LLC won bankruptcy court approval to sell its mortgage servicing unit to Ocwen Financial Corp. for $3 billion after putting off a fight with loan investors and resolving other objections, Bloomberg News reported yesterday. Bankruptcy Judge Martin Glenn said that he will sign an order as early as today approving the sale after the company works out the final wording with creditors. The ruling comes after ResCap resolved the main objections from the servicing unit's biggest customers, including mortgage- owners Fannie Mae and Freddie Mac. ResCap will continue negotiating with Fannie Mae and other mortgage holders over their demands for cure payments, cash payments that compensate creditors for actual and potential losses caused by a bankruptcy filing.
