Billionaire investor Warren Buffett is beginning to overtake
hedge-fund maestro Wesley Edens in a heated bidding war to scoop up bankrupt
mortgage lender ResCap. The Oracle of Omaha, who had been named as the lead bidder
for part of ResCap — a portfolio of mortgage loans being auctioned as a part
the company’s reorganization — is now emerging as a front-runner for the entire
operation, sources tell The Post.
That’s a stark turn of events for Buffett, who earlier had
been rejected by ResCap. The bankrupt
arm of Ally Financial had expressed support for Edens’ publicly traded mortgage
arm, Nationstar Mortgage Holdings, prior to government-owned Ally placing it
into bankruptcy two months ago.
However, Buffett is starting to surface as the man to beat
for the entire ResCap operation, according to sources following the mortgage
entity’s bankruptcy. Buffett may be
willing to pony up nearly $4 billion to complete a purchase.
Read all about it at: http://www.nypost.com/p/news/business/oracle_leads_bidding_A5WeRoSEtkrb5gxp9mNpJM
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