If Countrywide goes bankrupt, what happens to its mortgages during during the bankruptcy process?

I know which a debts n resources will be sole to alternative banks. The subject is when? Will a sale of a mortgages have to wait for until a failure record have been over n it is motionless what goes to what bank?
If so, what would occur with derelict mortgages during this time which is infrequently some-more than a year ?
Another e.g. would be New Century Financial which has already proposed failure final year in April. What happened with a little of their mortgages which became derelict whilst a failure was starting on?

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