GMAC Residential Funding Announces Its First Public Canadian MBS Securitization.MINNEAPOLIS -- $278 Million MBS See Mb/sec. MBS - mobile broadband services Issue Pivotal to Enhancing Consumers' Access to Capital Through Alternative Mortgage Products Residential Funding Corporation (GMAC-RFC) today announced that its Canadian business Canadian Business is the longest-publishing business magazine in Canada. It was founded in 1928 as The Commerce of the Nation, the organ of the Canadian Chamber of Commerce. The magazine was renamed Canadian Business in 1933. unit, 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 Residential Funding of Canada, has closed its first mortgage-backed-securitization (MBS). The Cdn. $278 million securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. marks the first term securitization of prime alternative, or "Alt-A" residential mortgages in Canada and the first public, non-government, term MBS issuance in Canada since 1998. This securitization serves to further develop the secondary mortgage market in Canada, providing investors with a new asset class to consider. In addition, the securitization will allow GMAC Residential Funding to continue to make capital available to consumers through its business partners and to offer alternative mortgage products for consumers in the Canadian market. Other international markets in which GMAC-RFC supports a secondary mortgage market through MBS offerings include Mexico, the United Kingdom and the Netherlands. "We are committed to providing Canadian consumers with a broader array of mortgage options than previously available through established Canadian lenders," said Bob Conway, managing director, GMAC Residential Funding of Canada. "Using GMAC-RFC's underwriting guidelines and approach to quality control, we can provide Canadian borrowers with new mortgage finance opportunities and provide new capital to the mortgage industry." Since 2002, GMAC Residential Funding has introduced innovative, Alt-A mortgage products such as iDeclare (for self-employed borrowers), iRelax (for vacation properties), iInvest (for investment properties) and i107 (a no downpayment mortgage) through its subsidiary Mortgage Intelligence. GMAC Residential Funding has also brought more conventional mortgage products, such as iAdjust (an adjustable rate mortgage This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. that adjusts based on a Banker's Acceptance Banker's Acceptance A short-term credit investment created by a non-financial firm and guaranteed by a bank. Notes: Acceptances are traded at a discount from face value on the secondary market. index) and iSecure (a fixed-rate offering), to the marketplace. The MBS offering is comprised of non-traditional Alt-A products offered by GMAC Residential Funding. "We continue to believe in the importance of a secondary mortgage market to provide access to capital to mortgage lenders, and in turn, consumers. We are excited to play such a pivotal role in this step in the development of Canada's mortgage market, as we have previously done in the UK, Netherlands and Mexico," said Mike Kozlak, president, Residential Capital Group, GMAC-RFC. "GMAC-RFC's continued focus on providing our business partners with stability, value, and innovative products around the world are essential to our success and the success of our partners." After surveying the Canadian marketplace for several years, GMAC-RFC established Residential Funding of Canada in 2002, to service the underserved niche financial markets in Canada. The company funded its first loan in Canada in January 2003, and in May 2004 RFOC RFOC Real Food on Campus formed the Canadian Mortgage Acceptance Corp. (CMAC CMAC Cerebellar Model Articulation Controller CMAC Cambodia Mine Action Centre CMAC Canadian Marine Advisory Council CMAC Confectionery Manufacturers Association of Canada CMAC Capital Military Assistance Command CMAC Contemporary Medical Archives Centre ) to fund the originations of its suite of mortgage products. About GMAC Residential Funding of Canada GMAC Residential Funding of Canada, a wholly-owned subsidiary of GMAC Residential Funding Corporation of Minneapolis, offers a variety of residential mortgage products across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. through Mortgage Intelligence, Canada's largest and fastest growing mortgage brokerage firm. In November 2002, the company entered the Canadian market with the ideclare mortgage. Underwriting has grown to include conventional and sub-prime mortgage lending and other alt A mortgage products. www.gmacrfc.ca About GMAC-RFC GMAC-RFC, 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 GMAC Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , is a leading private issuer of residential mortgage-backed securities and mortgage related asset-backed securities in the U.S. The company has cumulative MBS/ABS issuance of $270 billion in the U.S. and $11.3 billion cumulative MBS issuance in the U.K., and $1.5 billion in the Netherlands. GMAC-RFC leverages its strengths in securitization, lending and investment to offer a broad portfolio of innovative capital solutions to a variety of markets including real estate finance and business finance. The company is headquartered in Minneapolis and operates in the United States, Europe and Latin America www.gmacrfc.com |
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