MINNEAPOLIS, Feb. 11 /PRNewswire/ -- Residential Funding Corporation
(GMAC-RFC) today announced that its total mortgage-backed securities (MBS) and
asset-backed securities (ABS) issuance in 2001 reached $26.4 billion, the
second highest in company history and a 41 percent increase over 2000. Home
equity loan (HEL) ABS issuance volume in 2001 set a company record at
$10.9 billion.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 )
"Last year's favorable interest rate environment provided a great
opportunity for our business," said Eric Scholtz, executive vice president and
managing director of capital markets at GMAC-RFC's Residential Capital Group.
"More importantly, we were able to continue to extend the value we provide to
our consumer, origination and investor partners through a diverse menu of
mortgage products and investment alternatives."
In the U.S. during 2001, GMAC-RFC issued $6.2 billion in residential
subprime mortgage securities through the company's RASC shelf; $10.6 billion
jumbo A-quality first mortgage loan securities off its RFMSI shelf;
$2.4 billion A-quality home equity loans securitizations, including high
loan-to-value, off its RFMSII shelf; and $2.2 billion ABS securities off of
its RAMP shelf. The company also securitized $4.9 billion in alternative-A
products through its RALI shelf. GMAC-RFC's cumulative U.S. securities
issuance totaled $172 billion through December 2001.
In addition, GMAC-RFC's warehouse lending operations ended a
record-breaking year with $12.4 billion in managed commitments and
$7.7 billion total managed outstandings in 2001.
As the second-ranked issuer of home equity loans (HEL ABS) and the second
largest private issuer of MBS in 2001, GMAC-RFC claims 12.1 percent of
combined HEL ABS/MBS market share.
"GMAC-RFC will continue to lead with innovative technology, effective
asset management and superior loan servicing," said Mike Kozlak, president of
GMAC-RFC's Residential Capital Group. "In 2002, we will continue to work with
our lender partners to create better value for homeowners."
ABOUT GMAC-RFC
GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services, is a
leading private issuer of mortgage-backed securities and home equity loan
asset-backed securities, and the No. 1 warehouse lender in the United States.
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, Latin
America and Japan. http://www.gmacrfc.com
SOURCE GMAC Residential Funding
 back to top
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 212-782-2840
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/138832.html
CONTACT:
Jodi Ehlers Swanson of GMAC-RFC,
+1-952-857-7343, jodi.ehlers@gmacrfc.com , or Randy Sands of
Weber Shandwick, +1-952-346-6191, rsands@webershandwick.com , for
GMAC-RFC
|
