Residential Capital LLC said in court papers last week that it is changing the terms of its $1.45 billion bankruptcy loan to allow it to sell its "legacy" loan portfolio before unloading its mortgage-servicing portfolio, Dow Jones Newswires reported on Friday. The move comes just two weeks before scheduled auctions on the loan portfolios, the proceeds of which will serve as the linchpin to ResCap's exit from bankruptcy. Berkshire Hathaway Inc. is the lead bidder for the legacy loans, which are mortgages that ResCap is holding for sale. Fortress Investment Group subsidiary Nationstar Mortgage Holdings Inc. is the lead bidder for the mortgages. ResCap needs court approval for the changes quickly and asked for an expedited hearing on the matter. As part of the request, ResCap said it will pay $2.1 million more in fees to the bankruptcy lender group led by Barclays PLC.
