NEW YORK – NCUA has asked a federal bankruptcy court in the huge Residential Capital Chapter 11 bankruptcy to expedite more than $300 million of claims related to the 2009 collapse of WesCorp FCU, one of dozens of investors in mortgage-backed securities issued by the one-time subprime mortgage subsidiary of GMAC.

NCUA, which is agent of the liquidation of the one-time $34 billion corporate credit union, asked the U.S. Bankruptcy Court yesterday to categorize it and other MBS investors with unsecured creditors of the giant mortgage company, since rebranded as Ally Financial, instead of creditors of the various trusts that the MBS were issued through. A ruling in NCUA’s favor would entitle the credit union agency to a pro rata share of the bankruptcy proceeds, improving prospects for recovery of some of its more than $300 million claim. Otherwise, recoveries for MBS investors could be nill.

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