2nd Circuit Reverses; Evidence Needed On Automatic Stay Issue In ResCap Bankruptcy

2nd Circuit Reverses; Evidence Needed On Automatic Stay Issue In ResCap Bankruptcy

NEW YORK - A panel of the Second Circuit U.S. Court of Appeals on July 15 reversed a District Court ruling and held that more evidence was needed to determine whether the automatic stay applied in a case where the Federal Housing Finance Agency (FHFA) sued the parent and affiliates of Bankrupt Residential Capital (ResCap) related to home loans (Residential Capital v. Federal Housing Finance Agency $(In Re: Residential Capital LLC$), No. 12-3342, Chapter 11, 2nd Cir.).

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