GMAC-RFC Announces $12 Billion Securitization Volume in First-Half 2001; Company Also Reports June as Record Issuance Month

GMAC-RFC Announces $12 Billion Securitization Volume in First-Half 2001; Company Also Reports June as Record Issuance Month

		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, Aug. 6 /PRNewswire/ -- Residential Funding Corporation (GMAC-RFC) today announced it surpassed $12 billion in issuance of asset-backed (ABS) and mortgage-backed securities (MBS) in first half 2001. The company also reported June was its largest issuance month ever, with $4.75 billion in securitizations. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) The first-half $12 billion total included a diversified mix of subprime, high-loan-to-value (HLTV), closed-end second, jumbo, alternative-A and program exception securitizations, a reflection of the company's dedication to providing a wider array of MBS and ABS securities to the mortgage financing marketplace. "To best serve our lender partners and investors, we provide a diversified product portfolio that meets consumer demand for flexible financing options, as well as providing investors with access to a broader range of products," said Eric Scholtz, executive vice president and managing director of capital markets for GMAC-RFC's Residential Capital Group, the company's U.S. mortgage banking and securitization business. GMAC-RFC has recorded a more even distribution of issuance volumes across its five shelves in the last six months, Scholtz said. In the first half of 2001, GMAC-RFC issued $6.3 billion in MBS and $5.8 billion in ABS. For MBS, $4.4 billion of jumbo loans were issued off the RFMSI shelf and $1.9 billion of alternative A product off the RALI shelf. On the ABS side, the company issued $3 billion in subprime mortgage securitizations through its RASC shelf, $1.6 billion in home equity and high LTV second liens off its RFMSII shelf, and $1.2 billion of negotiated products and high LTV first liens off its RAMP shelf. According to industry sources, GMAC-RFC is the top private mortgage conduit year-to-date, capturing a leading 13.8 percent market share. The company is also the leading home equity loan (HEL) issuer and second highest producer of private-label MBS for the first-half 2001. Mike Kozlak, president of GMAC-RFC's Residential Capital Group, said "While we're pleased to have had a strong first-half in 2001, it reinforces to our customers that we continue to effectively manage risk, invest in innovative technology and provide strong servicing operations. Our aim continues to be to focus on quality products, relationships and services that will ultimately provide better value to homeowners and improve the home-buying experience." ABOUT GMAC-RFC GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services, is America's largest non-agency issuer of mortgage-backed securities and home equity loan asset-backed securities (ABS), and No. 1 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, Japan and Latin America. http://www.gmacrfc.com