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ResCap Statement in Response to Moody's Review of Residential Mortgage-Backed Securities
MINNEAPOLIS, March 5 /PRNewswire/ -- Residential Capital, LLC (ResCap) has been in discussions with Moody's with respect to the company's serviced residential mortgage-backed securities (RMBS) rated Baa3 and higher, and is currently taking measures to address the agency's concerns regarding the practice of netting cash flows of multiple RMBS deals in a shared custodial bank account. The company is in the process of separating the trusts into individual custodial bank accounts, which it believes will resolve any issues. ResCap has presented this change to Moody's and is awaiting their review.
Contacts: | |
Jim Olecki | |
212-884-7955 | |
SOURCE GMAC Financial Services
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