MINNEAPOLIS, Dec. 15 /PRNewswire/ -- GMAC-Residential Funding Corporation
(GMAC-RFC) today announced it has added a fifth shelf that will allow the
company to issue a wider variety of mortgage-backed and asset-backed
securities (MBS and ABS), providing investors with access to a more
diversified array of products. The new Residential Asset Mortgage Products
(RAMP) shelf has been declared effective as of December 10, 1999.
Terry Farley, managing director, capital management group, said the new
shelf allows GMAC-RFC to accommodate a very broad range of residential loan
assets. "It gives us the versatility to offer a mix of products on a
deal-by-deal basis. RAMP will be a great benefit to our clients because we
will now be more aggressively in the market for products which don't meet the
parameters of our first four shelves. Investors will also benefit because
RAMP gives them access to yet another investment opportunity -- this time
backed by a different and diverse array of product."
In addition, GMAC-RFC expects that RAMP will become the primary issuance
vehicle for its sister company, GMAC Mortgage Corporation.
GMAC-RFC was the first issuer to differentiate products and deliver them
to the market via four separate and distinct shelves. By issuing securities
backed by collateral that is consistent in terms of credit and speed
performance, each shelf is designed to match specific risk and return profiles
desired by investors.
GMAC-RFC's current shelves consist of Residential Funding Mortgage
Securities I (RFMSI), which securitizes jumbo A-quality first mortgage loans;
Residential Accredit Loans I (RALI), which securitizes alternative A products;
Residential Asset Securities Corp. (RASC), which securitizes subprime
products; and Residential Funding Mortgage Securities II (RFMSII), which
securitizes A-quality home equity loans, including high loan-to-value loans.
"By segregating our products and maintaining strict shelf purity, we're
able to provide investors with confidence that they will receive predictable
speed and credit performance on bonds they purchase," Farley said. "RAMP will
complement our four other shelves by providing our clients with additional
flexibility and options."
GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance
Corporation, is America's largest non-agency issuer of mortgage-backed
securities (MBS) and a leading asset-backed securities (ABS) issuer and
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. For more information, visit
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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