When the bidding commenced for the mortgage servicing assets of Residential Capital Corp. (ResCap) on Tuesday morning just two firms showed up at the auction: Nationstar and Ocwen Financial, which is working with Walter Investment Management Corp., according to industry advisors tracking the deal.

Late Tuesday the bid process was still active up until 8 p.m. and was being held at the Sheraton Hotel in lower Manhattan, said one source. ResCap is in bankruptcy. It services roughly $365 billion of MSRs.

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