GMAC-RFC Announces First Quarter Securitization Volume of $5.2 Billion; ABS Issuance Is Second Largest in Company's History

Apr 19, 2001, 01:00 ET from GMAC-RFC

    MINNEAPOLIS, April 19 /PRNewswire/ --
     Residential Funding Corporation (GMAC-RFC) today announced total first
 quarter asset-backed (ABS) and mortgage-backed securities (MBS) issuance
 surpassing $5.2 billion.  This includes the issuance of $2.9 billion in ABS,
 marking the second largest ABS issuance quarter in the company's history.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 )
     As of first quarter 2001, GMAC-RFC ranks as the number one U.S. issuer of
 ABS home equity loan (HEL) and B&C product.  The company also ranks in the top
 five in private-label MBS, according to industry sources.  GMAC-RFC retains
 its ranking as the overall number one private mortgage conduit in 2001 with
 issuance that includes jumbo, subprime, high loan-to-value (HLTV) and other
 mortgage-related deals.
     "We have a commitment to consistently deliver diverse, quality products to
 our clients," said Eric Scholtz, executive vice president and managing
 director, capital markets at GMAC-RFC's Residential Capital Group, the
 company's U.S. mortgage banking and securitization business.  "Our goal is to
 continue to create mortgage products that meet consumer demand for flexible
 financing alternatives."
     First quarter securitization was bolstered by eight separate issues
 amounting to $3.4 billion in March.  These issues included a $1.5 billion
 subprime mortgage securitization through the company's RASC shelf, a
 $226 million high-loan-to-value (HLTV) securitization and a $315 million
 closed-end second securitization off the RFMSII shelf, and $421 million in
 program exceptions issued off of the RAMP shelf.  Other issuance included
 $668 million in jumbo mortgages issued through the RFMSI shelf and a
 $318 million securitization issued through GMAC-RFC's RALI shelf.
     "Our historical marketplace volume is a result of our success in
 delivering the best value to homeowners and investors," said Scholtz.  "This
 includes constant development of new products and process innovation, prudent
 risk management and a continuous emphasis on maintaining strong ongoing
 performance of the loans through our servicing and special servicing
 capabilities."
 
     About GMAC-RFC
     GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services, is
 America's largest non-agency issuer of mortgage-backed securities (MBS) and
 home equity loan (HEL) asset-backed securities (ABS), and number one warehouse
 lender.  The company leverages its strengths in lending, securitization, 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
 
 

SOURCE GMAC-RFC
    MINNEAPOLIS, April 19 /PRNewswire/ --
     Residential Funding Corporation (GMAC-RFC) today announced total first
 quarter asset-backed (ABS) and mortgage-backed securities (MBS) issuance
 surpassing $5.2 billion.  This includes the issuance of $2.9 billion in ABS,
 marking the second largest ABS issuance quarter in the company's history.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 )
     As of first quarter 2001, GMAC-RFC ranks as the number one U.S. issuer of
 ABS home equity loan (HEL) and B&C product.  The company also ranks in the top
 five in private-label MBS, according to industry sources.  GMAC-RFC retains
 its ranking as the overall number one private mortgage conduit in 2001 with
 issuance that includes jumbo, subprime, high loan-to-value (HLTV) and other
 mortgage-related deals.
     "We have a commitment to consistently deliver diverse, quality products to
 our clients," said Eric Scholtz, executive vice president and managing
 director, capital markets at GMAC-RFC's Residential Capital Group, the
 company's U.S. mortgage banking and securitization business.  "Our goal is to
 continue to create mortgage products that meet consumer demand for flexible
 financing alternatives."
     First quarter securitization was bolstered by eight separate issues
 amounting to $3.4 billion in March.  These issues included a $1.5 billion
 subprime mortgage securitization through the company's RASC shelf, a
 $226 million high-loan-to-value (HLTV) securitization and a $315 million
 closed-end second securitization off the RFMSII shelf, and $421 million in
 program exceptions issued off of the RAMP shelf.  Other issuance included
 $668 million in jumbo mortgages issued through the RFMSI shelf and a
 $318 million securitization issued through GMAC-RFC's RALI shelf.
     "Our historical marketplace volume is a result of our success in
 delivering the best value to homeowners and investors," said Scholtz.  "This
 includes constant development of new products and process innovation, prudent
 risk management and a continuous emphasis on maintaining strong ongoing
 performance of the loans through our servicing and special servicing
 capabilities."
 
     About GMAC-RFC
     GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services, is
 America's largest non-agency issuer of mortgage-backed securities (MBS) and
 home equity loan (HEL) asset-backed securities (ABS), and number one warehouse
 lender.  The company leverages its strengths in lending, securitization, 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
 
 SOURCE  GMAC-RFC