ResCap jobs in Waterloo have an uncertain future Wednesday - KTTC Rochester, Austin, Mason City News, Weather and Sports

ResCap jobs in Waterloo have an uncertain future Wednesday


The futures of more than 900 Waterloo workers are very uncertain Wednesday night, following a bankruptcy auction.

CNN reports that Residential Capital LLC., or ResCap, owns the GMAC Mortgaging facility in Waterloo. 

Ocwen financial won the bankruptcy court auction, giving Ocwen the right to service ResCap's $365 billion mortgage portfolio.

Ocwen, based in the Virgin Islands for tax purposes, outsourced thousands of  U.S. jobs to India after buying other mortgage portfolio's from Bank of America, Goldman Sachs, and J.P. Morgan Chase.

We asked about the fate of the Waterloo jobs at ResCap-GMAC, but our calls to Ocwen financial were not returned.

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