GMAC Commercial Mortgage Names Rowan to Agency Lending Post.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--July 11, 2001 GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Commercial Mortgage (GMACCM) announced today the appointment of James M. Rowan as Senior Vice President of its Agency Lending unit. Rowan will be responsible for expanding GMACCM's Fannie Mae Fannie Mae: see Federal National Mortgage Association. lending activities, particularly in the area of delegated underwriting and servicing (DUS DUS Driving Under Suspension (criminal charge) DUS Dwelling Unit (real estate) DUS Dynamic Underground Stripping DUS Dusseldorf, Germany - Dusseldorf (Airport Code) ) product lines, while continuing to grow GMACCM's Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. business. Rowan joins GMACCM from Capri Capital, Arlington, VA, where he served as a Senior Vice President. "We have set very ambitious goals to increase our market penetration with these agencies and we are looking to Jim and the other dedicated members of our Agency Lending staff to achieving these objectives," said Thomas P. MacManus, Senior Vice President/Managing Director. "Jim brings to his new position extensive background in agency lending, including six years experience with Fannie Mae, where he managed various activities within the DUS product line." It is important to emphasize that, "GMACCM wants to see our Fannie Mae and Freddie Mac business grow. The pie must be expanded rather than tolerating any cannibalization can·ni·bal·ize v. can·ni·bal·ized, can·ni·bal·iz·ing, can·ni·bal·iz·es v.tr. 1. To remove serviceable parts from (damaged airplanes, for example) for use in the repair of other equipment of the same of the business among these valued investor sources," MacManus added. Rowan served Fannie Mae from November 1991 through March 1997, where he held the title of Vice President, Multifamily Underwriting and Product Management. During his tenure Fannie Mae's DUS volume increased sharply, while delinquencies dropped. Fannie Mae DUS products developed during this period include: MBS/DUS, Multifamily Affordable Housing, Forward Commitments, Single Project Bond Credit Enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing , the ARM product, Seniors Housing and the Supplemental Loan product. He holds a B.A. in philosophy from the University of Pennsylvania (body, education) University of Pennsylvania - The home of ENIAC and Machiavelli. http://upenn.edu/. Address: Philadelphia, PA, USA. (1978). GMAC Commercial Mortgage, a unit of GMAC Commercial Holdings, is the leading one-stop financial resource in U.S. real estate capital markets and has operations in Europe, Canada and Japan. This diversified lending and servicing specialist has more than 50 offices in the U.S., and is an industry leader in loan origination, servicing, asset management and securitization of commercial mortgages. In addition to a worldwide servicing portfolio exceeding $107 billion, it originated nearly $15 billion in commercial mortgage loans in 2000. |
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