MINNEAPOLIS, March 19 /PRNewswire/ -- Residential Funding Corporation
(GMAC-RFC) today announced the appointment of Christopher Nordeen to president
of its International Business Group (IBG), effective immediately. In
addition, Bill Fagan, a former executive at Dell Europe, was named the group's
managing director and chief financial officer (CFO).
(Photo: http://www.newscom.com/cgi-bin/prnh/20020319/MNTU004-a
http://www.newscom.com/cgi-bin/prnh/20020319/MNTU004-b
http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 )
As president of the newly-formed IBG, Nordeen will oversee GMAC-RFC's
securitization, lending and investing in the Europe, Latin America, and Japan
as well as other targeted international markets. The global distressed assets
business will remain under GMAC-RFC's Investment Capital Group. Nordeen, who
was previously president of GMAC-RFC's European Group, will be forming a core
international team headquartered in Bethesda, Md.
"Chris's new, expanded role is an indication of our confidence in his vast
understanding of the global residential mortgage finance industry and our
delight in his success at building our European business in a few short
years," said Bruce Paradis, president and chief executive officer of GMAC-RFC.
"Chris is committed to understanding the changing product and service needs of
his international business partners and consumers."
Nordeen joined GMAC-RFC in 1990 as vice president of special ventures. He
has also served as a managing director responsible for securitization and as
chairman of RFC Mortgage Services Ltd. until its integration with Private
Label in July 2000. Previously, Nordeen worked for Drexel Burnham Lambert in
Dallas and Mortgage Guaranty Insurance Corp. in Houston and Milwaukee.
In addition, Nordeen appointed Bill Fagan as managing director and CFO of
IBG to be responsible for the business group's overall financial and risk
management. Fagan, who currently lives in London, will relocate to Bethesda.
"Bill's experience in structured transactions, treasury and operational
metrics will support our strategies to provide innovative capital solutions to
our business partners around the world," Nordeen said.
GMAC-RFC's IBG has residential mortgage finance operations in the United
Kingdom, Netherlands, Germany, France, Mexico and Brazil. The company also
has a minority interest in a joint venture consumer finance company in Japan
called Priva.
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
SOURCE GMAC-RFC
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Related links:
http://www.gmacrfc.com
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NewsCom:
http://www.newscom.com/cgi-bin/prnh/20020319/MNTU004-a
http://www.newscom.com/cgi-bin/prnh/20020319/MNTU004-b
http://www.newscom.com/cgi-bin/prnh/20000324/MNF002
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CONTACT:
Jodi Ehlers Swanson of GMAC-RFC,
+1-952-832-7343, jodi.ehlers@gmacrfc.com , or Randy Sands of
Weber Shandwick, +1-952-346-6191, rsands@webershandwick.com , for
GMAC-RFC
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