Residential Capital LLC, the bankrupt mortgage company whose parent is owned by the U.S. government, won court approval to try to sell a pool of defaulted loans with a balance of about $130 million, Bloomberg News reported yesterday. The mortgages are the best of about $1 billion in bad loans that ResCap was forced to repurchase after borrowers quit paying, according to papers the company filed in bankruptcy court earlier this month. ResCap picked about 650 loans that have the best information about the value of the homes.
