GMAC-RFC and Japan-Based Lender Partners Invest in Priva Corp.; Partnership Establishes Company Presence in Japan's Consumer Finance Market

GMAC-RFC and Japan-Based Lender Partners Invest in Priva Corp.; Partnership Establishes Company Presence in Japan's Consumer Finance Market

		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 and TOKYO, May 23 /PRNewswire/ -- Residential Funding Corporation (GMAC-RFC), Credia Co. Ltd., Itochu Finance Corporation, and United Asia Finance Ltd. today announced that they have made an investment in Priva Corp., an emerging consumer finance company based in Japan. Priva Corp. will focus on originating consumer finance loans via the Internet and call centers. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) "This partnership brings together a long-standing, respected Japanese institution; recognized consumer finance players; and an established U.S. financial services company," said Chris Nordeen, managing director of Asia Business Development for GMAC-RFC. "We will work closely with our business partners in Japan to deliver high levels of customer service by remaining flexible and responsive to consumer needs." GMAC-RFC will own 13.5 percent of the joint venture. Priva Corp. will offer its products nationwide via targeted advertising in selected national publications. Priva Corp. will offer consumers speedy and reliable consumer loans with lower initial rates than those currently offered in the market. Proprietary technology will enable credit decisions and loan closings within 30 minutes. "The creation of Priva Corp. increases the Japanese borrower's access to fairly-priced credit and uses technology to make access fast and easy," said Katsuhiro Saito, president and CEO of Priva Corp. and a member of the board of directors of Credia Co., Ltd. ABOUT THE INVESTORS 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 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 Credia Co. Ltd. is a Shizuoka (Japan)-based consumer finance company offering unsecured personal and small business loans. Credia is one of Japan's leading consumer lenders and is widely recognized for its technological and operating expertise. http://www.credia.co.jp Itochu Finance Corporation is the finance subsidiary of Itochu Corporation, one of the largest trading companies in Japan. Itochu Finance is an established wholesale lender to Japanese consumer finance companies. The company is also active in venture investments and provides strategic advisory services to new ventures. Itochu Finance is headquartered in Tokyo, Japan. http://www.itochu.co.jp United Asia Finance Ltd. is one of the largest consumer finance companies in Hong Kong and is a recognized provider of unsecured personal loans. United Asia Finance aims to expand its consumer loan offerings to other countries in Southeast Asia. http://www.uaf.com.hk