MINNEAPOLIS, June 5 /PRNewswire/ -- Residential Funding Corporation
(GMAC-RFC) today announced the appointment of Dennis Sheehan to managing
director of Continental Europe for GMAC-RFC's International Business Group.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020605/MNW006A
http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 )
Sheehan will oversee the company's securitization, mortgage lending,
servicing and investment operations in France, Germany and the Netherlands.
He will assume responsibility for the areas of asset management, mortgage
credit risk, product management and development and structured finance.
"The residential mortgage finance marketplace in France, Germany and the
Netherlands present GMAC-RFC with unique opportunities," said Chris Nordeen,
president of GMAC-RFC's International Business Group. "GMAC-RFC is committed
to providing consumers and our business partners with innovative capital
solutions that will grow our European operations. I am confident Dennis'
experience with this organization as well as his international expertise will
help us expand our presence into targeted European markets."
Sheehan joined the General Motors (GM) Treasurer's office in New York in
1985. He held a variety of treasury and capital market positions domestically
and internationally before moving to an operating role at Vauxahll Motors in
1992. In 1995, he was named chief financial officer (CFO) of the GMAC
Mortgage Group prior to being promoted to CFO of GMAC Financial Services'
International Operations in 1999.
Sheehan will be based in Europe.
GMAC-RFC's Continental Europe business is part of the company's
International Business Group, which has a market presence in the United
Kingdom, the Netherlands, Germany, France, Mexico and Brazil. The company
recently acquired Creditweb Limited, a leading provider of mortgage products
originated through brokers and financial intermediaries in both France and
Germany. GMAC-RFC is committed to transforming the delivery of products and
services to customers and business partners in underserved mortgage markets.
ABOUT GMAC-RFC
GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services, 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, Europe and
Latin America. http://www.gmacrfc.com
SOURCE GMAC-RFC
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Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20020605/MNW006A
http://www.newscom.com/cgi-bin/prnh/20000324/MNF002
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
Related links:
http://www.gmacrfc.com
Company News On-Call:
http://www.prnewswire.com/comp/138832.html
CONTACT:
Jodi Ehlers Swanson of GMAC-RFC,
+1-952-857-7343, jodi.ehlers@gmacrfc.com , or Randy Sands of
Weber Shandwick, +1-952-346-6191, rsands@webershandwick.com , for
GMAC-RFC
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