GMAC-RFC Announces Record ABS Securitization Volume of $3.1 Billion In January; Includes Second-Largest Subprime Transaction in its History

GMAC-RFC Announces Record ABS Securitization Volume of $3.1 Billion In January; Includes Second-Largest Subprime Transaction in its History

		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. 19 /PRNewswire/ -- Residential Funding Corporation (GMAC-RFC) today announced it closed a record volume of asset-backed securities (ABS) in the U.S. during January, totaling $3.1 billion. The company's ABS issuance volume included a $1.9 billion subprime security, the second largest subprime transaction in its history. GMAC-RFC's cumulative mortgage related ABS and privately-issued MBS issuance for January totaled $4.8 billion. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) "Our business performed very well in 2001, which allowed us to carry over a portion of our normal fourth quarter issuance into January 2002," said Eric Scholtz, executive vice president and managing director of capital markets in GMAC-RFC's Residential Capital Group. "While we are pleased with these record volumes, our focus remains on the quality of our products and services, rather than quantity." For mortgage related ABS in January, GMAC-RFC issued $1.9 billion in residential subprime mortgage securities through the company's RASC shelf (KS series); $800 million A-quality home equity loans securitizations, including high loan-to-value (HLTV), off its RFMSII shelf (HS and HI series); and $392 million of program exception product off of its RAMP shelf (RS series). In privately-issued MBS, GMAC-RFC issued $1.3 billion of jumbo A-quality first lien mortgage loans securities off its RFMSI shelf (S series) and $424 million in alternative-A products through its RALI shelf (QS series). As No. 1 issuer of HLTV, 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. The company's total ABS issuance last year was a record $10.9 billion. "We are pleased with our strong start to 2002, and we will continue to focus on diversifying our product offerings for our business partners," said Mike Kozlak, president of GMAC-RFC's Residential Capital Group. "GMAC-RFC's commitment to high quality product, superior asset management and strong ongoing servicing will remain a key part of our ongoing strategy as we partner 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