GMAC Institutional Capital Selects Bischoff to Head Trading Desk and Stinner To Lead Research

		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, July 6 /PRNewswire/ -- GMAC Institutional Capital today announced that Steven Bischoff has been named managing director and head of trading for the division's direct distribution and portfolio transaction business. Bischoff most recently served as founder, principal and head of trading for Amherst Securities in Houston, Texas. In addition, David Stinner has been appointed director of research and portfolio strategy. Stinner most recently was vice president of mortgage strategy at Salomon Smith Barney. The appointments are two of nine executive hires announced today by GMAC Institutional Capital, a division of GMAC Residential Funding Corporation (GMAC-RFC). (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) "At a corporate level, GMAC has committed the capital resources we need to accelerate the growth of our direct distribution and portfolio transaction businesses. We're building a strong customer base -- including some of the world's premier financial institutions -- and we continue to enjoy excellent relationships with traditional investment customers throughout the U.S. and Europe. As we take our business to a new level, we will add high caliber, proven individuals such as Steve and David to our group," said Rod McGinniss, managing director for GMAC Institutional Capital and president of Residential Funding Securities Corporation (RFSC), GMAC-RFC's wholly owned broker-dealer. "We've distributed more than $30 billion in whole loan and mortgage- and asset-backed securities over the last five years -- and with GMAC's investment and some new strategies we're implementing, we expect strong, sustained growth for the next several years," McGinniss said. GMAC Institutional Capital has distributed whole loans and through RFSC, has distributed mortgage- and asset-backed (MBS and ABS) securities directly to institutional investors for more than nine years as part of GMAC RFC. In the first quarter of 2000, RFSC was lead and sole underwriter on $1.4 billion of home equity ABS. Now, the company is leveraging its established investment and securitization expertise to create new offerings of whole loan and structured products -- designed for all of GMAC-RFC's businesses and for financial institutions with seasoned portfolios. "New capital, expanded balance sheet capacity and enhanced analytics will allow us to extend our capabilities and acquire a variety of performing and non-performing residential assets," McGinniss said. "These are activities we have been involved with for the past four years. Now, we are simply applying additional resources to provide financial institutions with a complete portfolio of solutions. We will provide them with liquidity for seasoned residential assets, reinvestment options from our proprietary sources or the marketplace and pre- and post-portfolio analytics." In addition to Bischoff and Stinner, GMAC Institutional Capital added John Randolph, from Coastal Securities Corp. and Eric Seasholtz, formerly of Redwood Financial and Ocwen Financial, to its trading desk. Hu Benton joins GMAC Institutional Capital from the Andrews & Kurth law firm to lead structured and contract finance. John Getchis, formerly of Redwood Financial, has been hired to lead the portfolio transactions sales and marketing team which is comprised of Michael Dulin, formerly of Cendent and Salomon Brothers, Merritt Connell, formerly of GE Capital Mortgage Insurance and Jerome Dvorak, formerly of Redwood Financial. GMAC Institutional Capital is engaged in trading, institutional sales, structuring, whole loan analytics, structured finance and research. The division is based in Bethesda, Md., a suburb of Washington, D.C., and is part of GMAC-RFC, a subsidiary of General Motors Acceptance Corporation. GMAC-RFC is a national leader in non-agency issuance 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. GMAC-RFC is headquartered in Minneapolis and operates in the United States, Europe, Latin America and Japan. http://www.gmacrfc.com