MINNEAPOLIS, April 8 /PRNewswire/ -- GMAC-RFC (Residential Funding
Corporation) today announced it recently closed its largest-ever home-equity
loan (HEL) securitization, a $1.3 billion transaction. The size of this deal
is clear evidence of GMAC-RFC's leadership position in the home equity
securitization market.
According to industry sources, market conditions for HEL product remain
strong as non-mortgage debt and home prices continue to rise. GMAC-RFC expects
to significantly grow this segment of its securitization business in 1999.
The company is one of only a few issuers aggressively securitizing HEL product
following the liquidity crisis last fall that caused many thinly capitalized
players to exit the business.
"Our push into the home equity market is made possible by our strong
capital position and conservative approach to the business," said Jeff
Detwiler, managing director of capital markets and risk management. "Access
to capital and the ability to manage risk on the loans we buy are key to our
staying power," explained Detwiler. "This is a good business and we're in it
for the long haul."
GMAC-RFC, a wholly owned subsidiary of GMAC, is committed to providing
capital and investments worldwide through its core businesses in
securitization, lending and investment. The company is the leading non-agency
issuer of mortgage-backed securities and the leader in warehouse lending in
the United States. Headquartered in Minneapolis, the company has operations
nationwide, in the United Kingdom and Mexico.
SOURCE GMAC-RFC
 back to top
Company News On-Call:
http://www.prnewswire.com/comp/138832.html or fax,
800-758-5804, ext. 138832
CONTACT:
Mark Iverson of GMAC-RFC, 612-857-6366,
miverso@rfc.com, or Melody Townsel of Shandwick International,
212-591-9768, mtownsel@shandwick.com, for GMAC-RFC
|
