GMAC-RFC Announces First Quarter Securitization Volume of $5.2 Billion; ABS Issuance Is Second Largest in Company's History

GMAC-RFC Announces First Quarter Securitization Volume of $5.2 Billion; ABS Issuance Is Second Largest in Company's History

		GMAC-RFC LOGO GMAC-RFC (Residential Funding Corporation) logo. 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. Contact: http://www.rfc.com. (PRNewsFoto)[KI] MINNEAPOLIS, MN USA

MINNEAPOLIS, April 19 /PRNewswire/ -- Residential Funding Corporation (GMAC-RFC) today announced total first quarter asset-backed (ABS) and mortgage-backed securities (MBS) issuance surpassing $5.2 billion. This includes the issuance of $2.9 billion in ABS, marking the second largest ABS issuance quarter in the company's history. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) As of first quarter 2001, GMAC-RFC ranks as the number one U.S. issuer of ABS home equity loan (HEL) and B&C product. The company also ranks in the top five in private-label MBS, according to industry sources. GMAC-RFC retains its ranking as the overall number one private mortgage conduit in 2001 with issuance that includes jumbo, subprime, high loan-to-value (HLTV) and other mortgage-related deals. "We have a commitment to consistently deliver diverse, quality products to our clients," said Eric Scholtz, executive vice president and managing director, capital markets at GMAC-RFC's Residential Capital Group, the company's U.S. mortgage banking and securitization business. "Our goal is to continue to create mortgage products that meet consumer demand for flexible financing alternatives." First quarter securitization was bolstered by eight separate issues amounting to $3.4 billion in March. These issues included a $1.5 billion subprime mortgage securitization through the company's RASC shelf, a $226 million high-loan-to-value (HLTV) securitization and a $315 million closed-end second securitization off the RFMSII shelf, and $421 million in program exceptions issued off of the RAMP shelf. Other issuance included $668 million in jumbo mortgages issued through the RFMSI shelf and a $318 million securitization issued through GMAC-RFC's RALI shelf. "Our historical marketplace volume is a result of our success in delivering the best value to homeowners and investors," said Scholtz. "This includes constant development of new products and process innovation, prudent risk management and a continuous emphasis on maintaining strong ongoing performance of the loans through our servicing and special servicing capabilities." About GMAC-RFC GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services, is America's largest non-agency issuer of mortgage-backed securities (MBS) and home equity loan (HEL) asset-backed securities (ABS), and number one warehouse lender. The company leverages its strengths in lending, securitization, 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