Berkshire Hathaway Inc. (NYSE:BRK.A) agreed to acquire the loan portfolio of first and second lien mortgage loans from Residential Capital, LLC, GMAC ResCap, Inc., GMAC Mortgage, LLC and Executive Trustee Services, LLC for $1.5 billion on June 11, 2012. Berkshire Hathaway Inc. entered into an agreement to acquire the loan portfolio on June 28, 2012. Berkshire Hathaway was the winner of the auction in a stalking horse bid. The sell side termination fee is $24 million. The Residential Capital Board of Directors and Bankruptcy Court have given the approval. The deal is subject to definitive documentation, third part approval and anti-trust approval. The sale approval hearing before the Bankruptcy Court will commence on November 19, 2012.

As of November 21, 2012, the transaction was approved by the US Bankruptcy court. Centerview Partners LLC and FTI Consulting acted as financial advisors to Residential Capital. Larren M. Nashelsky, Gary S. Lee and Lorenzo Marinuzzi of Morrison & Foerster LLP and Morrison Cohen LLP acted as legal advisors to Residential Capital and ResCap's Independent Directors respectively in the transaction. Thomas B. Walper, Seth Goldman and Bradley R. Schneider of Munger, Tolles & Olson acted as the legal advisor for Berkshire Hathaway.

Berkshire Hathaway Inc. (NYSE:BRK.A) completed the acquisition of the loan portfolio of first and second lien mortgage loans from Residential Capital, LLC, GMAC ResCap, Inc., GMAC Mortgage, LLC and Executive Trustee Services, LLC on February 5, 2013.