GMAC-RFC Announces Record $2.5 Billion ABS Issuance; September Asset-Backed Securities Issuance is Largest in Company's History

GMAC-RFC Announces Record $2.5 Billion ABS Issuance; September Asset-Backed Securities Issuance is Largest in Company's History

		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, Sept. 28 /PRNewswire/ -- Residential Funding Corporation (GMAC-RFC) today announced the issuance of a record-breaking $2.5 billion in asset-backed securities (ABS), marking the largest issuance month in the company's history. September issuance included a $583 million, high-loan-to-value (HLTV) home equity loan securitization, $1.4 billion subprime securitization, $138 million home equity line of credit (HELOC) deal, and $380 million issued from the new RAMP (Residential Asset Mortgage Products) shelf. (PHOTO: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) For the first nine months of 2000, GMAC-RFC has securitized more than $8 billion in ABS, including over $2 billion in HLTV product, making GMAC-RFC the leading HLTV issuer to date. This recent transaction, the company's fourth of the year, demonstrates GMAC-RFC's ongoing commitment to the HLTV securitization business. Year-to-date subprime issuance exceeds $4.9 billion. "This record issuance confirms our commitment and support of the HLTV, HEL and subprime markets," said Eric Scholtz, managing director, capital markets at GMAC-RFC. Scholtz said the company fully expects to continue its support of the HLTV, HEL and subprime markets into the future. "We are dedicated to delivering a diversified product line through separate and distinct shelves on a consistent basis to our investor customers," said Scholtz. "We have every intention of building on our current success to deliver even more investment alternatives in the future." In 1999, GMAC-RFC issued more than $1.75 billion in HLTV product, making it the largest HLTV issuer nationwide, according to industry sources. In addition, as of first half 2000, GMAC-RFC ranks as the number three issuer of ABS overall, as the number one issuer of HEL and subprime B&C product, and number two issuer of private-label MBS. About GMAC-RFC GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance Corporation, is America's largest non-agency issuer of mortgage-backed securities and a leading residential 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 and Latin America. http://www.gmacrfc.com