MINNEAPOLIS, Oct. 11 /PRNewswire/ -- GMAC-Residential Funding Corporation
(GMAC-RFC) today announced the closing of a $558 million, high-loan-to-value
(HLTV) home equity loan securitization, its third HLTV transaction of the
year. For the first three quarters of 1999, GMAC-RFC has securitized more
than $1.42 billion in HLTV product, placing GMAC-RFC among the largest HLTV
issuers to date. This volume demonstrates GMAC-RFC's continued dominance in
the HLTV securitization business.
GMAC-RFC issued a $440 million HLTV securitization in March and a
$425 million HLTV securitization in June. Despite last year's industry
turbulence, GMAC-RFC continues as an active buyer of HLTV product.
"We have every intention of reaching our goal of $2 billion of HLTV
securitization product this year," said Jeff Detwiler, GMAC-RFC managing
director of capital markets and risk management. "We have closed a
transaction in every quarter of 1999 and we expect to place another before the
end of the year. This market continues to generate great opportunities for
GMAC-RFC.
"High-quality product is our primary focus," Detwiler continued. "Our
unique servicing capabilities and strict underwriting standards are our
advantages to effectively managing our portfolios."
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 warehouse
lending and construction 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-RFC
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Company News On-Call:
http://www.prnewswire.com/comp/138832.html or fax,
800-758-5804, ext. 138832
Related links:
http://www.rfc.com
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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