The US Bankruptcy Court gave an order approving the sale of certain assets of Residential Capital, LLC on November 21, 2012. The debtor has been authorized to sell its whole loan portfolio to Berkshire Hathway, Inc. the stalking horse bidder for a purchase price of $1.5 billion for a loan portfolio made up of approximately 50,000 whole loans. The sale of the assets, subject to satisfaction of customary closing conditions including certain third party consents, is expected to close in the first quarter of 2013.