MINNEAPOLIS, March 14 /PRNewswire/ -- GMAC-Residential Funding Corporation
(GMAC-RFC) today announced the closing of a $426 million, high-loan-to-value
(HLTV) securitization, its first HLTV issuance of the year. The transaction
reinforces GMAC-RFC's strong commitment to the HLTV marketplace.
In 1999, GMAC-RFC issued more than $1.5 billion in HLTV product, making it
the largest HLTV issuer nationwide. According to industry sources, GMAC-RFC
holds a market share of approximately 20 percent.
"We are committed to remaining the leading player in the HLTV market,"
said Eric Scholtz, GMAC-RFC managing director, capital markets. "We see
tremendous opportunity in this market for GMAC-RFC as well as our partners.
We believe the demand for HLTV product from the perspective of both
originators and investors will remain strong."
The $426 million securitization is made up of 12,132 second lien HLTV
loans with an average loan balance of $35,000.
"High-quality product is the primary focus at GMAC-RFC," Scholtz said.
"We are dedicated to prudent asset management and strict loan standards and
are unwilling to sacrifice quality for volume. Our stringent underwriting
guidelines have enabled us to put together a product that makes sense and that
the market has an appetite for."
In 1999, GMAC-RFC ranked number one in private-label mortgage backed
securities (MBS), home equity loan (HEL) and subprime issuance. The firm is a
leading developer of the HEL market that includes HLTV, subprime loans and
home equity lines and loans. As a leader in each of these areas, GMAC-RFC
helps provide liquidity and consistency to the marketplace.
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.
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, 612-346-6191, rsands@shandwick.com , for GMAC-RFC
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