MINNEAPOLIS, July 20 /PRNewswire/ -- GMAC-Residential Funding Corporation
(GMAC-RFC) today announced it produced $6.4 billion in mortgage-backed (MBS)
and asset-backed securities (ABS) in the second quarter of 1999. In the first
quarter of 1999, GMAC-RFC produced a record $8.6 billion in MBS and ABS,
giving it a record six-month total of $15.0 billion in mortgage-backed and
asset-backed securities.
According to industry sources, GMAC-RFC ranked first in both MBS and HEL
securitizations, and first in combined MBS and ABS securitizations for the
quarter. GMAC-RFC has been the No. 1 issuer of private-label mortgage-backed
securities since 1995.
During the first six months, GMAC-RFC securitized the following products:
core "jumbo" 30-year and 15-year, expanded criteria, home equity and
125 percent loan-to-value, subprime, portfolio transactions and commercial
loans.
"We're extremely pleased with our volume for the second quarter and our
tremendous overall performance in the first half of the year," said Jeff
Detwiler, GMAC-RFC managing director of capital markets and risk management.
"As the dominant player in the HEL/asset-backed market, we've seen increased
demand for all of our products, and in particular HLTV (high-loan-to-value)
loans, which has become one of our strongest and fastest-growing portfolios."
Detwiler also noted, "We firmly believe that our strong capital position
and diversified array of products has helped contribute to our extraordinary
growth and strong position in this market, and we plan to expand that position
over the second half of the year." GMAC-RFC expects to securitize over
$2 billion in HLTV product in 1999.
GMAC-RFC, a wholly owned subsidiary of GMAC, is committed to providing
capital and investments worldwide through its core businesses in
securitization, lending and investment. The company is the leading non-agency
issuer of mortgage-backed securities and a leader in asset-backed securities
and warehouse lending. Headquartered in Minneapolis, the company has
operations nationwide, in the United Kingdom and Mexico.
SOURCE GMAC-Residential Funding Corporation
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Company News On-Call:
http://www.prnewswire.com/comp/138832.html or fax,
800-758-5804, ext. 138832
CONTACT:
Jodi Ehlers Swanson of GMAC-RFC,
612-832-7343, jehlers@rfc.com, or Nick Ragone of Shandwick
International, 212-591-9842, nragone@shandwick.com, for GMAC-RFC
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