GMAC-RFC Acquires Creditweb Businesses in France and Germany; Lenders, Brokers And Consumers Will Benefit From Broader Range of Service

GMAC-RFC Acquires Creditweb Businesses in France and Germany; Lenders, Brokers And Consumers Will Benefit From Broader Range of Service

		GMAC-RFC LOGO GMAC-RFC (Residential Funding Corporation) logo. GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance Corporation, is America's largest private-label issuer of mortgage-backed securities and a leading 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, Latin America and Japan. Contact: http://www.rfc.com. (PRNewsFoto)[KI] MINNEAPOLIS, MN USA

MINNEAPOLIS, Feb. 4 /PRNewswire/ -- Residential Funding Corporation (GMAC-RFC) today announced that its European subsidiary, GMAC-RFC Europe Limited, has acquired the mortgage distribution operations of Creditweb Limited in France and Germany. The acquisition follows the successful establishment by GMAC-RFC of residential mortgage businesses in the United Kingdom and the Netherlands and strengthens the company's European presence. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) "Germany and France were targeted as part of our global expansion strategy," said Chris Nordeen, president of GMAC-RFC's International Business Group. "This acquisition provides an excellent next step to continue building our business in Europe." Creditweb is a leading provider of mortgage products originated through brokers and financial intermediaries in both France and Germany. GMAC-RFC will provide a broader range of products and services to serve lenders, brokers and consumers. Frank Nickel, CEO of Creditweb Limited will join GMAC-RFC as part of the acquisition. Nickel has more than 16 years experience in the German banking and mortgage industry. "Creditweb is already a leading provider of mortgage products through the B2B channel in Germany and France. As part of GMAC-RFC we will be able to provide a broader range of products and services to our lenders, brokers and consumers," said Nickel. ABOUT GMAC-RFC GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services, is a leading private issuer of mortgage-backed securities, home equity loan asset-backed securities, and the No. 1 warehouse lender in the U.S. 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 ABOUT CREDITWEB Creditweb was formed in March 2000 from the combination of existing businesses in Germany and the UK and the recruitment of a senior management team in France. After this divestiture, the company will continue to own The Mortgage Operation ("TMO") which is the largest mortgage packager and one of the largest mortgage wholesalers in the UK. The company's UK B2C operation will be transitioning away from the name of Creditweb. http://www.creditweb.com ABOUT VENTURION Venturion is a New York headquartered venture capital fund specializing in the financial services sector in North America and Europe. Previously, Venturion has sold its investments in i.e. group plc to Misys plc and Sharespeople plc to American Express. In addition to the UK operations of Creditweb, Venturion has investments in Forcesgroup plc, an insurance and financial services broker/agent for the UK military and police and ProCapital SA, a sharebroker and securities processor based in France.