HomeBanc Mortgage Receives $225 Million Warehouse Line From GMAC-RFC And First Union

		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

GMAC-RFC Combines Forces With First Union to Create Credit Line MINNEAPOLIS, May 24 /PRNewswire/ -- GMAC-Residential Funding Corporation (GMAC-RFC) today announced the closing of a $225 million warehouse line of credit for HomeBanc Mortgage Corp. (HomeBanc), which recently separated from First Tennessee National Corp. GMAC-RFC will serve as co-arranger, credit agent and collateral agent for Atlanta-based HomeBanc's mortgage originations. (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 innovative capital solutions to its business partners. "HomeBanc provided us with the challenge of creatively meeting new demands in the market," Pendleton said. "I'm very pleased that we were able to assemble the credit resources HomeBanc needed -- as well as meet an aggressive schedule." GMAC-RFC combined forces with Charlotte, N.C.-based First Union Corp. to create the new credit line. First Union will serve as co-arranger of HomeBanc's mortgage origination financing facility. GMAC-RFC's partnership with First Union is the latest example of the company creating partnerships with other financial institutions in the mortgage lending industry. By combining resources with First Union, GMAC-RFC was able to meet HomeBanc's unique credit needs. According to HomeBanc senior vice president and treasurer Greg Herron, the transaction was completed in less than five weeks, including underwriting, obtaining approval, documenting and closing. Herron said that HomeBanc's long-term relationship with GMAC-RFC was a key factor in completing the arrangement quickly, and acknowledged that more time is usually allotted to finalize a transaction of this size. "We knew this would be a difficult transaction because it usually takes more than five weeks to get a deal of this size done," Herron said. "GMAC-RFC was able to step in and throw all of its resources behind us and make it happen. As a result, we're able to move forward with our plans for some new lines of business." 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