MINNEAPOLIS, Feb. 17 /PRNewswire/ -- RFC Commercial, a unit of Residential
Funding Corporation, today announced it has collaborated with Prudential
Mortgage Capital Company and Heller Financial, Inc. on a $957 million
commercial mortgage-backed securitization. The collateral includes
234 fixed-rate loans on 241 multi-family and commercial properties.
Fitch Investor Service and Moody's Investor's Service both gave the
transaction high marks. Fitch cited above-average collateral equity and
exceptional issuer underwriting, income verification and escrow practices.
Moody's reported an above-average economic diversity score, as compared to
other recent conduit transactions.
Lorna Gleason, managing director, Residential Funding Corporation, said
"We're extremely pleased the ratings agencies, subordinate-class buyers and
investment grade bond investors have reacted so favorably to this transaction.
This is a testament to the quality of our customers' products and our
employees' underwriting and processing expertise."
Gleason said she was also "encouraged by the results of this joint effort
with Prudential Mortgage Capital Company and Heller Financial. We leveraged
the strengths of all three companies and created an excellent investment."
Residential Funding Corporation, a wholly owned subsidiary of General
Motors Acceptance Corporation, is America's largest non-agency issuer of
mortgage-backed securities (MBS) and a leading asset-backed securities (ABS)
issuer and 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.rfc.com
SOURCE GMAC-RFC
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Related links:
http://www.rfc.com
Company News On-Call:
http://www.prnewswire.com/comp/138832.html or fax,
800-758-5804, ext. 138832
CONTACT:
Jodi Ehlers Swanson of Residential Funding
Corporation, 612-832-7343, jehlers@rfc.com
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