Residential Capital LLC is seeking court permission to sell about $130 million in loans insured by the Federal Housing Administration, Dow Jones Newswires reported on Friday. In a Jan. 2 court filing, ResCap's lawyers said that it selected the mortgages from a larger lot of about $1 billion in loans. ResCap said that if it doesn't get the prices it wants for the loans, it will hold on to them until they are monetized, a process that usually takes between 30 and 36 months. The company said its unsecured creditors' committee supports the sale of the loans, which ResCap says are less risky because the collateral documentation for them is readily available.
