MINNEAPOLIS, Feb. 23 /PRNewswire/ -- Residential Funding Company, LLC
("RFC"), formerly known as Residential Funding Corporation, in its capacity
as master servicer, will transfer the subservicing of the loans currently
being subserviced by Mortgage Lenders Network USA, Inc. ("MLN") on behalf
of RFC or its securitization trusts to Wells Fargo Home Mortgage. The
subservicing will be transferred to Wells Fargo Home Mortgage on March 1,
2007.
Previously, on January 24, 2007, RFC delivered notices terminating the
servicing rights of Emax Financial Group, LLC ("EMAX") and the subservicing
rights of Mortgage Lenders Network USA, Inc. ("MLN") with respect to loans
serviced for RFC or its securitization trusts. MLN previously agreed to the
termination of the subservicing agreement between MLN and EMAX as noted in
the report on Form 8-K filed with the Securities and Exchange Commission on
January 4, 2007. Residential Funding Company, LLC is an indirect wholly
owned subsidiary of Residential Capital, LLC.
About Residential Capital, LLC
Residential Capital, LLC ( http//:www.rescapholdings.com ) is a leading
real estate finance company, focused primarily on the residential real
estate market in the United States, Canada, Europe, Latin America and
Australia. The company's diversified businesses -- GMAC-RFC, GMAC Mortgage,
ditech.com, and Homecomings Financial -- cover the spectrum of the U.S.
residential finance industry, from origination and servicing of mortgage
loans through their securitization in the secondary market. It also
provides capital to other originators of mortgage loans, residential real
estate developers, resort and timeshare developers and healthcare
companies. Residential Capital, LLC is an indirect wholly owned subsidiary
of GMAC LLC.
About Wells Fargo Home Mortgage
Wells Fargo Home Mortgage is the nation's No. 1 retail mortgage lender*
and servicer** of home mortgages. As a division of Wells Fargo Bank, N.A.,
it has a local presence in more than 2,500 mortgage stores and bank
branches, plus the capabilities to serve the home financing needs of
customers nationwide through its call centers, Internet presence and
wholesale lending operations. Wells Fargo Home Mortgage services loans for
more than 7.6 million servicing customers.
* Based on year-end 2006 statistics compiled by Inside Mortgage Finance -
Feb. 23, 2007
** Based on year-end 2006 statistics compiled by Inside Mortgage Finance -
Feb. 9, 2007
SOURCE Residential Capital, LLC
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CONTACT:
Media contact, Stephen Dupont,
+1-952-857-6643, or stephen.dupont@gmacrescap.com , or Debora
Blume, +1-515-213-4185, or debora.k.blume@wellsfargo.com , or
Investor contact, Julie Steinhagen, +1-952-857-7433, or
julie.steinhagen@gmacrfc.com , all for Residential Capital, LLC
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