Increase Attributed to Company's Significant Issuance in Asset-Backed
Securities
MINNEAPOLIS, Dec. 13 /PRNewswire/ -- GMAC-Residential Funding Corporation
(GMAC-RFC) today announced that November securitization volume exceeded
$2.1 billion, bringing total issuance for the first 11 months of the year to
over $22 billion. November issuance for GMAC-RFC was bolstered by more than
$1.5 billion in asset-backed securities (ABS) volume.
GMAC-RFC continues in 1999 to rank number one in private-label
mortgage-backed (MBS), home equity (HEL) and subprime issuance. The firm is a
leading developer of the HEL market that includes high loan-to-value (HLTV),
subprime loans and home equity lines and loans. As a leader in each of these
areas, GMAC-RFC helps provide consistency and liquidity to the marketplace.
"GMAC-RFC is committed to supporting the HLTV market even while our
competitors drop off," said Jeff Detwiler, GMAC-RFC managing director of
capital markets and risk management. "Our objective is to continue to provide
a stable outlet for originators and supply for our investors. The stability
and uniformity we provide ultimately supports both.
"We're a one-stop shop for both our clients and our investors," Detwiler
added. "With our extensive diversification into multiple ABS and MBS
products, we offer a level of consistency in pricing and methodologies in the
marketplace that competitors have difficulty achieving."
GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance Corp.
(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 Latin America and Europe. GMAC-RFC
is on the World Wide Web at http://www.rfc.com
SOURCE GMAC-RFC
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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 Randy Sands of Shandwick
International, 612-841-6191, rsands@shandwick.com for GMAC-RFC
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