Company Reports $8.6 Billion in Securitizations Across all Products
MINNEAPOLIS, April 22 /PRNewswire/ -- GMAC-RFC (Residential Funding
Corporation) today announced that it produced a record $8.6 billion in
mortgage-backed (MBS) and asset-backed securities (ABS) in the first quarter
of 1999. Of this volume, $5.1 billion was securitized in the month of March,
also a record.
According to industry sources, GMAC-RFC ranked first in both MBS and HEL
securitization for the quarter. GMAC-RFC has been the No. 1 issuer of
private-label mortgage-backed securities since 1995.
During this record quarter, GMAC-RFC securitized a wide range of products,
including core "jumbo" 30-year and 15-year, expanded criteria, home equity and
125 percent loan-to-value, subprime, portfolio transactions and commercial
loans.
"It has been an extraordinary quarter for our securitization business, and
in particular an incredible month of March, where we securitized a record
$5.1 billion," commented Jeff Detwiler, managing director of capital markets
and risk management. "We're seeing a tremendous demand for our full range of
products across all asset classes, plus a lot of strength in the price we've
been able to get in the marketplace."
Detwiler also noted, "Given the liquidity issues of last year that
resulted in a market shakeup, our strong capital position, multiple shelves
and servicing expertise are important considerations for investors."
GMAC-RFC's broker/dealer affiliate, Residential Funding Securities
Corporation (RFSC), underwrote and directly distributed $1.1 billion of the
record volume to institutional investors in the United States and Europe.
"GMAC-RFC's broad product menu allowed RFSC the opportunity to offer our
direct investors a portfolio of securities including senior and subordinate
classes of MBS, senior floating classes of ABS, senior and subordinate CMBS,"
commented Rod McGinniss managing director and president of RFSC. "Plus,
through RFSC International Limited, we offered a Sterling denominated senior
ABS as a part of GMAC-RFC's first European securitization."
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 a leader in asset-backed securities
and warehouse lending. Headquartered in Minneapolis, the company has
operations nationwide, in the United Kingdom and Mexico.
SOURCE GMAC-RFC
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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 or
miverso@rfc.com; or Nick Ragone of Shandwick International,
212-591-9768, or nragone@shandwick.com
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