GMAC-RFC Announces Trade Finance Program for Mexico; Program Will Provide Financing for the Purchase of U.S. Exports

GMAC-RFC Announces Trade Finance Program for Mexico; Program Will Provide Financing for the Purchase of U.S. Exports

		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, Oct. 18 /PRNewswire/ -- Residential Funding Corporation (GMAC-RFC) today announced a new program that establishes revolving lines of credit to qualified Mexican businesses through GMAC-RFC's affiliate, GMAC Trade Finance, Inc., in order to provide financing for purchases of U.S. exports. GMAC-RFC executed an insurance agreement with the Export-Import Bank of the United States (the Export-Import Bank) that will serve as the cornerstone for the innovative trade finance program. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) Each of the lines of credit to Mexican businesses will extend for three years and can be accessed to provide short term, U.S. dollar denominated funding. GMAC Trade Finance will fund the program through its own resources and through the capital markets. As the program succeeds, GMAC Trade Finance expects the outstanding lines of credit to exceed $1 billion. The development of the program was made possible by the involvement of the Export-Import Bank and its commitment to insure financings made directly to Mexican importers. An important feature of the financing program is that there will be an emphasis on achieving increased levels of U.S. exports from the small business sector. The lines of credit to participating Mexican businesses will be originated and serviced on behalf of GMAC Trade Finance by Representaciones Auritec, an affiliate of GMAC-RFC's Mexican subsidiary, GMAC-RFC-Auritec, S.A. "GMAC-RFC is pleased that it can play a leading role in bringing capital markets efficiencies that can serve the interests of both U.S. exporters and the Mexican businesses who are the purchasers of U.S. products," said Alejandro Schwedhelm, president of GMAC-RFC's Latin American Group. "Our goal is to provide competitively priced financing to businesses with very little access to capital today." 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 ).