GMAC-RFC Remains Top Issuer With Year-To-Date Securitization Volume Of $19.9 Billion

		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

A Number of Records Set, Including ABS Issuance, Warehouse Lending Commitments MINNEAPOLIS, Oct. 15 /PRNewswire/ -- Residential Funding Corporation (GMAC-RFC) today announced that its year-to-date total asset-backed (ABS) and mortgage-backed securities (MBS) issuance surpassed $19.9 billion, a near-record for the company. The company also reported that September marked a record issuance month, $4.8 billion, including a $2 billion subprime deal, the largest single transaction GMAC-RFC has issued to date. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) According to industry sources, GMAC-RFC's YTD volume makes it the top securitizer in the market, with a 13.2 percent market share and programs for virtually every mortgage product. GMAC-RFC issued $2.9 billion of home equity, high loan-to-value second lien and subprime ABS loan product in September, and $8.8 billion of ABS through the first three quarters of 2001, both company records. GMAC-RFC's total MBS and ABS issuance YTD marks a 42.1 percent increase over 2000. In addition, GMAC-RFC's warehouse lending operations reported a record $10.5 billion in commitments and $6.15 billion outstanding as of Sept. 30. "In times of economic uncertainty, it's more important than ever that we offer a diversified product portfolio that meets consumer demand for flexible financing options," said Eric Scholtz, executive vice president and managing director of capital markets at GMAC-RFC's Residential Capital Group, the company's U.S. mortgage banking and securitization business. "A fundamental part of our role in the market is to facilitate the flow of efficient capital. Our strong quarter and record September are an indication of our continued commitment to provide a reliable, steady resource of capital and investment products for our lender and investor partners." According to industry sources, GMAC-RFC is the leading home equity loan issuer and the No. 2 ranked ABS issuer. In the first three quarters of 2001, GMAC-RFC closed over $8.8 billion in ABS product, including $5 billion in subprime mortgage securitizations through the company's RASC shelf; $2.4 billion A-quality home equity and high loan-to-value second lien off its RFMSII shelf; and $1.4 billion of negotiated products and high loan-to-value first lien off of its RAMP shelf. This marks rapid growth for the RAMP shelf, introduced in 1999 to provide investors with access to a more diversified array of products. In addition, GMAC-RFC delivered more than $11 billion in MBS year to date, including $7.6 billion jumbo A-quality first mortgage loans securitizations off its RFMSI shelf and $3.4 billion in alternative A products through its RALI shelf. According to industry sources, GMAC-RFC posted the largest increase of any top five MBS issuers between the second and third quarters at 33 percent. "We've been a reliable private mortgage conduit and warehouse lender for 20 years, largely because we place such a high value on effectively managing risk, investing in innovative technology and providing strong servicing operations," said Mike Kozlak, president of GMAC-RFC's Residential Capital Group. "This long-term strategy serves our business partners and investors well and helps them remain strong even during economic downturns. It also allows us to continue to focus on our commitment to quality products, partnerships and services that provide better value to homeowners." 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, 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