GMAC Mortgage Corp. pledges purchase of $147 million in reverse mortgage loans.IRVINE, Calif.--(BUSINESS WIRE)--Oct. 21, 1996--Financial Freedom Senior Funding Corp. and parent company ULLICO ULLICO Union Labor Life Insurance Company Inc. announced that 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 Mortgage Corp. of Horsham, Pa., purchased $47 million in home-equity conversion loans and committed to an additional $100 million in future loan purchases. "ULLICO and Financial Freedom are delighted to be working with GMAC Mortgage in this important endeavor to help seniors," said Michael Steed steed see nag. , president of Financial Freedom and ULLICO's senior vice president of investments. "This purchase agreement and future commitment is significant because it reflects GMAC Mortgage's commitment to the reverse mortgage market and the housing needs of senior homeowners," said Harris Turkel, senior vice president of GMAC Mortgage. GMAC Mortgage's purchase was for a $47-million loan portfolio, which ULLICO sponsored in its successful test of the California market from 1993 to 1995. ULLICO recently announced formation of its own home-equity conversion direct lending firm, Financial Freedom Senior Funding, source of GMAC Mortgage's future loan purchase commitment. ULLICO is a 70-year-old, $2.5-billion diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services corporation engaged primarily in life, health and property and casualty insurance, investment services and third-party benefits administration. GMAC Mortgage is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of General Motors Acceptance Corp. They are one of the nation's leading mortgage bankers Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. with a residential servicing portfolio in excess of $53 billion and a nationwide network of more than 80 offices. CONTACT: Financial Freedom Senior Funding Corp., Irvine John Vogt, 714/262-7171 or Barrett & Associates, Orange, Calif. Art Barrett, 714/973-9000 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion