Insurer: ResCap's Motion To Strike Objection To Securities Deal Is 'Frivolous'

Insurer: ResCap's Motion To Strike Objection To Securities Deal Is 'Frivolous'

NEW YORK - MBIA Insurance Corp. (MBIA), an unsecured creditor in the Chapter 11 bankruptcy of Residential Capital LLC (ResCap), on May 14 filed a brief contending that as a member of the Committee of Unsecured Creditors, it had "every right" to express its views about the reasonableness and fairness of the proposed Residential Mortgage-Backed Securities settlement and that ResCap's motion to strike is "frivolous" (In Re: Residential Capital LLC, No. 12-12020, Chapter 11, S.D. N.Y. Bkcy.).

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