Residential Capital's (ResCap), Ally Financial's troubled mortgage unit, missed coupon payment indicated that it is heading toward bankruptcy. The firm might also be using the threat of a bankruptcy to get investors to reduce ResCap's debt burden, according to a Barclays Capital securitization research note.

ResCap parent Ally announced yesterday that its wholly owned subsidiary did not make a scheduled interest payment on its 6.5% notes due April 2013 with $473 million outstanding. ResCap now has a 30-day grace period before creditors can accelerate the debt and declare an event of default.   

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