MINNEAPOLIS, Oct. 11 /PRNewswire/ -- GMAC-Residential Funding Corporation
(GMAC-RFC) today announced it produced more than $4.8 billion in
mortgage-backed (MBS) and asset-backed securities (ABS) in the third quarter
of 1999. In the first two quarters of 1999, GMAC-RFC produced a record
$15 billion in mortgage-backed and asset-backed securities, giving the company
a nine-month total of $19.5 billion.
GMAC-RFC's year-to-date volume in 1999 includes a third-quarter
$558 million high-loan-to-value (HLTV) securitization, its third HLTV
transaction this year.
"Our performance for the first nine months of the year reflects continued
strong volume in the ABS category," said Jeff Detwiler, GMAC-RFC managing
director of capital markets and risk management. "Our portfolio-particularly
in HLTV loans-is among the strongest and fastest growing in the industry.
"We will expand our market position in the fourth quarter of this year,"
Detwiler added. "Our product mix, unique servicing capabilities and strong
capital position continue to support our tremendous growth. By year's end,
GMAC-RFC will reach its goal of $2 billion in HLTV securitization product."
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. GMAC-RFC is on the
World Wide Web at http://www.rfc.com
SOURCE GMAC-Residential Funding Corporation
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Related links:
http://www.rfc.com
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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