TOKYO, June 23 /PRNewswire/ -- GMAC Commercial Mortgage Saiken Kanri
Kaishu, K.K. ("GMACCM SKK"), has contracted to provide back-up servicing on
Japan's first securitization of residential mortgages. The $450 million
offering, underwritten by Bear Stearns International Limited and The Sanwa
Bank International plc, is collateralized by more than 5,000 Japanese single-
family residential mortgage loans. Sanwa Bank originated all of the mortgage
loans and will retain primary servicing of the loans.
The appointment of GMACCM SKK as a back-up servicer provided enhanced bond
rating value to the securitization, which was offered publicly in the United
States and European Markets and as a private placement in Japan. As back-up
servicer, GMACCM SKK stands ready to assume the primary servicer obligations
and will implement regular data compatibility testing to ensure a seamless
servicing transfer should Sanwa Bank be unable to continue primary servicing.
GMACCM SKK, based in Tokyo, Japan, is a Japanese subsidiary of GMAC
Commercial Holding Corp., which also is the parent corporation of GMAC
Commercial Mortgage Corporation ("GMACCM"), located in Horsham, Pennsylvania.
GMACCM is a leading one-stop financial resource in the United States
commercial mortgage banking industry and currently manages a servicing
portfolio of more than U.S.$56 billion (as of April 30, 1999) and is the only
servicer in the U.S. to have the highest rating from the major rating agencies
in all categories for servicing.
"We are quite pleased to have participated in Japan's first residential
mortgage securitization," said David Creamer, CEO and President of GMAC
Commercial Holding Corp., "We look forward to being an active international
player in MBS as well as CMBS in Japan."
GMACCM SKK will benefit from the servicing experience and industry
leadership of GMACCM as GMACCM SKK undertakes to provide the highest level of
customer service in the Japanese mortgage banking industry as primary and
master servicer for Japanese mortgage loans and securitizations and as
database manager or special servicer for nonperforming loans. GMACCM SKK was
issued its Japanese license as a third-party loan servicer in Japan on the
first day that such licenses were issued by the Japanese Ministry of Finance.
Press releases and other information about GMAC Commercial Mortgage and
its products and services are available at http://www.gmaccm.com on the
Internet. For GMACCM press releases by fax, call 800-758-5804, ext. 122720.
CONTACT: Scott Rombach of GMAC Commercial Mortgage, 215-328-3383.
SOURCE GMAC Commercial Mortgage
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Related links:
http://www.gmaccm.com
CONTACT:
Scott Rombach of GMAC Commercial Mortgage,
215-328-3383
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