MINNEAPOLIS, March 6 /PRNewswire/ -- GMAC-Residential Funding Corporation
(GMAC-RFC) today announced the closing of a $105 million securitization issued
off the company's new Residential Asset Mortgage Products (RAMP) shelf.
The transaction, which is made up of first-lien high-loan-to-value (HLTV)
products, is RAMP's first issuance. The shelf was created to allow GMAC-RFC
to issue a wider variety of mortgage-backed and asset-backed securities (MBS
and ABS), providing investors with access to a more diversified array of
products. RAMP was declared effective in December, 1999.
"The RAMP shelf will offer securities backed by an array of residential
loan assets, which will benefit all of our customers," said Terry Farley,
managing director, capital markets. "RAMP will allow us to maintain the
purity of our existing shelves while being competitive on those products that
fall outside our guidelines for those shelves.
"RAMP provides investors the confidence that they're purchasing bonds
backed by collateral with consistent credit and speed performance," Farley
said. "The shelf also benefits GMAC-RFC customers because it means we're
looking to purchase additional types of loans from them and can price them
better."
GMAC-RFC was the first MBS and ABS issuer to differentiate products and
deliver them to the market via distinct shelves. Each shelf is designed to
match specific risk and return profiles desired by investors.
GMAC-RFC's current shelves consist of Residential Funding Mortgage
Securities I (RFMSI), which securitizes jumbo A-quality first mortgage loans;
Residential Accredit Loans I (RALI), which securitizes alternative A products;
Residential Asset Securities Corp. (RASC), which securitizes subprime
products; and Residential Funding Mortgage Securities II (RFMSII), which
securitizes A-quality home equity loans, including high loan-to-value loans.
GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance
Corporation, is America's largest non-agency 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.
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 GMAC-RFC,
952-832-7343, jehlers@rfc.com , or Randy Sands of Shandwick
International, 952-346-6191, rsands@shandwick.com , for GMAC-RFC
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