GMAC-RFC Announces Record Securitization Volume of $10.2 Billion in First Quarter; Growth Reflects Company's Diverse Portfolio

GMAC-RFC Announces Record Securitization Volume of $10.2 Billion in First Quarter; Growth Reflects Company's Diverse Portfolio

		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 26 /PRNewswire/ -- Residential Funding Corporation (GMAC-RFC) today announced that its total mortgage-backed (MBS) and asset-backed securities (ABS) issuance in the U.S. in the first quarter of 2002 reached a company record of $10.2 billion. The volume exceeds the previous quarterly record set during the first quarter of 1999 by 25 percent. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) The company achieved several other first quarter records as well, including $3.8 billion in subprime, first-lien mortgage securitizations (KS Series) through its Residential Asset Securities Corp. (RASC) shelf. In addition, the company issued a record $1.4 billion quarter in first lien, A-credit high-loan-to-value (HLTV) (RZ series), program exceptions ranging from A-credit quality to subprime credit quality (RS Series) and seasoned assets ranging from performing to re-performing (RP Series) through its Residential Asset Mortgage Products (RAMP) shelf. The company also issued a record $1.1 billion quarter in second lien HLTV and home equity loan (HEL) securitizations (HI & HS Series) off its RFMSII shelf. "Our first quarter issuance volume was attributable to a combination of a favorable rate environment and good business momentum," said Eric Scholtz, executive vice president and managing director of capital markets at GMAC-RFC's Residential Capital Group. "We believe that our commitment to providing our lender and investor partners with a diverse menu of products that meet their needs regardless of fluctuations in the economy will allow us to continue to build additional momentum in the marketplace." According to industry sources, GMAC-RFC's first-quarter volume ranks second among private mortgage conduits. GMAC-RFC is also ranked second for its first quarter subprime issuance, and second in HEL issuance. "Our first quarter performance is important because it helps us drive results for our business partners," said Scholtz. "A continued emphasis on innovative, quality products and sound risk management ultimately leads to creating better value for homeowners." ABOUT GMAC-RFC GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance Corporation, 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, Canada, Europe and Latin America. http://www.gmacrfc.com