MINNEAPOLIS, May 7 /PRNewswire/ -- GMAC-RFC Europe today announced it has
formed a company that will distribute residential mortgage products through
insurance companies, mortgage brokers, pension funds and other intermediaries
who lend directly to consumers in the Netherlands. The new company, which is
named GMAC-RFC Nederland b.v. and operates under the brand GMAC Hypotheken,
extends GMAC-RFC's strong presence in European mortgage markets.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 )
"We're a leading source of fairly priced capital for mortgage lenders and
homebuyers in several markets around the world, including the United States,
the United Kingdom and Mexico," said Chris Nordeen, president of GMAC-RFC
Europe. "In each of those markets, we leverage our expertise in lending and
securitization to make the mortgage process more efficient and more productive
for both consumers and our lender partners. Now, we intend to offer those
same benefits to business partners and consumers in the Netherlands.
"We believe the breadth of our product line and the unique efficiencies we
bring to the mortgage process will make us a preferred capital partner in the
Dutch market," Nordeen added. "We expect to accomplish great things through
GMAC Hypotheken."
GMAC Hypotheken will fund its mortgage business through the issuance of
mortgage-backed securities. Mortgages will be pooled to form securities,
which will be sold to institutional investors throughout Europe and the rest
of the world. During 2000, the company financed mortgages with a value of
$23 billion globally.
GMAC Hypotheken will be directed by Robert van den Berg, Ferdinand Veenman
and Edsel de Graaf. "Each of these individuals have extensive experience in
all aspects of the Dutch mortgage market," Nordeen said. "We believe they
have a deep understanding of the needs of our lending partners and consumers
in the Netherlands."
About GMAC-RFC
GMAC-RFC Nederland b.v. is part of GMAC-RFC, a wholly owned subsidiary of
GMAC Financial Services, and 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 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-RFC
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Related links:
http://www.gmacrfc.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20000324/MNF002
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 201-369-3467
Company News On-Call:
http://www.prnewswire.com/comp/138832.html or fax,
800-758-5804, ext. 138832
CONTACT:
Jodi Ehlers Swanson of GMAC-RFC,
952-857-7343, jodi.ehlers@gmacrfc.com , or Randy Sands of Weber
Shandwick Worldwide, 952-346-6191, rsands@webershandwick.com ,
for GMAC-RFC
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