MINNEAPOLIS, Jan. 3 /PRNewswire/ -- Residential Funding Corporation
(GMAC-RFC) today announced the first securitization of its new Home
Solution(SM) program. The $175 million first lien high-loan-to-value (HLTV)
securitization was issued off of GMAC-RFC's new Residential Asset Mortgage
Products (RAMP) shelf.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 )
Total GMAC-RFC RAMP issuance in 2000 was $1.5 billion, which includes the
Home Solution product. GMAC-RFC also issued more than $2.6 billion of 125%
second lien HLTV product securitizations off its RFMSII shelf.
"Home Solution benefits both qualifying first-time homebuyers with limited
funds and borrowers who have sufficient funds for downpayment but prefer to
leave those funds in other, more flexible investment vehicles," said Eric
Scholtz, GMAC-RFC managing director, capital markets. "We are offering
borrowers more options and greater access to capital."
Home Solution, available since May 2000, allows for loan-to-value (LTV) up
to 107 percent of the purchase price and borrowing limits up to $400,000.
Borrowers can use the financing in excess of 100% LTV for expenses such as
closing costs and debt consolidation.
GMAC-RFC's RAMP shelf was created to allow issuance of a wider variety of
mortgage-backed and asset-backed securities, providing investors with access
to a more diversified array of products. The RAMP shelf is one of five
GMAC-RFC shelves designed to match specific risk and return profiles desired
by investors.
About GMAC-Residential funding corporation
GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance
Corporation, is America's largest issuer of non-agency mortgage-backed and
mortgage related asset backed securities and a leading residential warehouse
lender. The company leverages its strengths in securitization, lending and
investment to offer a broad portfolio of innovative capital solutions. The
company is headquartered in Minneapolis and operates in the United States,
Europe and Latin America. http://www.gmacrfc.com
SOURCE GMAC-RFC
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Related links:
http://www.gmacrfc.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20000324/MNF002
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 201-369-3467
Company News On-Call:
http://www.prnewswire.com/comp/138832.html or fax,
800-758-5804, ext. 138832
CONTACT:
Jodi Ehlers Swanson of GMAC-RFC,
952-832-7343, jodi.ehlers@gmacrfc.com , or Randy Sands of
Shandwick International, 952-346-6191, rsands@shandwick.com , for
GMAC-RFC
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