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

I know that its debts and assets will be sold to other banks. The question is when? Will the sale of its mortgages have to wait until the bankruptcy proceedings are over and it is decided what goes to what bank?
If so, what would happen with delinquent mortgages during this time which is sometimes more than a year ?
Another example would be New Century Financial which has already started bankruptcy last year in April. What happened with some of their mortgages that became delinquent while the bankruptcy was going on?

Tags: bankrupt, Bankruptcy, Countrywide, During, goes, Happens, Mortgages, Process