GMAC-RFC Announces New Warehouse Lending Credit Facility

		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

Lender Assumes Lead Role in $304 Million Warehousing and Secured-Credit Transaction MINNEAPOLIS, May 11 /PRNewswire/ -- GMAC-Residential Funding Corporation (GMAC-RFC) today announced the closing of a new $304 million warehouse lending credit facility. The company will serve as credit and collateral agent for Provident Funding Associates, L.P, a Burlingame, Calif.-based lender and the single borrower in the transaction. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) According to Larry Pendleton, GMAC-RFC managing director of warehouse lending, the announcement demonstrates the company's long-term commitment to providing and servicing syndicated credit facilities for its clients. "We're pleased to have the operating and collateral systems needed to support Provident. Over the years, we've carefully developed our systems to help our clients move ahead with a high level of confidence that their credit facilities are being properly managed," Pendleton said. "Our systems also allow us to differentiate ourselves from the competition in today's warehouse lending environment." While GMAC-RFC will serve as Provident Funding's lead lender, it has gained support from four other financial institutions-Bank of America, U.S. Bancorp, Colonial Bank and National City Bank of Kentucky. Bank of America will serve as a Managing Agent for the transaction. "As a result of this new credit facility, our relationship with GMAC-RFC has grown," said Craig Pica, Provident Funding chief executive officer. "GMAC-RFC has also allowed us to grow our company. I am very pleased that we were able to close one of the few syndications within the last year." GMAC-RFC's arrangement with Provident Funding is representative of a larger trend in the mortgage lending marketplace -- consolidation of credit operations. "Our goals in syndicating the Provident facility were to simplify their day-to-day banking and enhance their back office," said John Gott, GMAC-RFC director of warehouse lending, who was instrumental in closing the Provident Funding transaction. GMAC-RFC, a subsidiary of General Motors Acceptance Corporation, is America's largest non-agency 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. http://www.gmacrfc.com