MINNEAPOLIS, April 10 /PRNewswire/ -- Residential Funding Corporation
(GMAC-RFC) today announced that Jeff Owings and Teresa Mortensen have accepted
leadership roles with the company's recently formed GMAC-RFC Resort Finance
business. Together, the executives bring more than 30 years of resort finance
management expertise to GMAC-RFC's Business Capital Group.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002
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"Jeff and Teresa are veterans of the resort finance industry with
extensive experience in loan origination, servicing and administration, as
well as active leadership roles in a key timeshare trade association," said
Greg Schultz, president of GMAC-RFC's Business Capital Group. "We are
thrilled that they bring this depth of industry knowledge to our resort
finance business and our client partners."
As managing director, Owings will lead the Phoenix, Ariz.-based GMAC-RFC
Resort Finance business. Before joining GMAC-RFC, Owings was senior vice
president of FINOVA Capital Corporation's resort finance division, managing
more than $1.6 billion in assets, secured primarily by timeshare properties.
Prior to his 19-year tenure with FINOVA, Owings was with the Bank of America
in Los Angeles. He serves on the board of directors for the timeshare
industry's trade association, American Resort Development Association (ARDA).
Mortensen, director of GMAC-RFC Resort Finance, will manage operations for
the division. Previously, Mortensen served as vice president of loan
servicing and administration for FINOVA Capital Corporation's resort finance
division. During her 13 years there, Mortensen held several leadership
positions, including chief information officer and director of human
resources. She is a certified public accountant in the state of Arizona, as
well as a chairman's league member for ARDA.
Earlier this year, GMAC-RFC announced the formation of GMAC-RFC Resort
Finance, which provides capital solutions to resort developers across the
country, including acquisition, development and construction financing, as
well as revolving receivables lines of credit secured by timeshare loans.
Through its expertise in the resort finance market and access to unregulated
capital, the company offers a wide variety of innovative capital solutions
designed for specific goals of its long-term builder and developer partners.
ABOUT GMAC-RFC
GMAC-RFC's Business Capital Group (BCG) is a leading provider of
unregulated capital solutions such as construction loans, project equity and
model leases to leading U.S. homebuilders and developers. In addition, BCG
provides working capital lines and terms loans secured by receivables and
other assets for U.S. healthcare enterprises. 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, and Latin America.
http://www.gmacrfc.com
SOURCE GMAC Residential Funding Corporation
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Related links:
http://www.gmacrfc.com
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NewsCom:
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http://www.newscom.com/cgi-bin/prnh/20020410/MNW004-a
http://www.newscom.com/cgi-bin/prnh/20020410/MNW004-b
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Company News On-Call:
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CONTACT:
Jodi Ehlers Swanson of GMAC-RFC,
+1-952-857-7343, jodi.ehlers@gmacrfc.com , or Randy Sands of
Weber Shandwick, +1-952-346-6191, rsands@webershandwick.com , for
GMAC Residential Funding Corporation
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