GMAC-RFC Announces Record $27.3 Billion Year-To-Date Securitization Volume; Company Nears $200 Billion Cumulative Issuance Mark.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Nov. 4, 2002 Residential Funding Corporation (GMAC-RFC) today announced its total asset-backed (ABS) and mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. (MBS See Mb/sec. MBS - mobile broadband services ) issuance reached $9.2 billion in third-quarter 2002. This marked the second largest quarterly 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. volume in company history and pushed year-to-date 2002 volume to a record $27.3 billion. GMAC-RFC also marked $199.5 billion in cumulative ABS/MBS issuance since its inception in 1982. "In our 20-year history, we have demonstrated our commitment to providing steady, reliable capital that contributes to our partners' success," said Eric Scholtz, executive vice president and managing director of capital markets at GMAC-RFC's Residential Capital Group. In the third-quarter, GMAC-RFC closed a company-record $1.7 billion in Alt- A products through its RALI shelf, creating a record year-to-date total of $4.8 billion. The company's RAMP shelf securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. a record $1.8 billion in negotiated and high loan-to-value first lien products, a record $4.1 billion year-to-date. GMAC-RFC also reported $2.9 billion in subprime mortgage securitizations through its RASC RASC Royal Astronomical Society of Canada RASC Reconfigurable Application Specific Computing RASC Royal Army Service Corps (British) RASC Royal Agricultural Society of the Commonwealth (UK) shelf. An additional highlight includes a year-to-date record for the company's RFMSII shelf at $2.6 billion in A-quality home equity and high loan-to-value second lien products. Year-to-date, the company has issued $5.9 billion of jumbo A-quality first mortgage loan securitizations off of its RFMSI shelf. In addition, the company's warehouse lending operations reported a record $12.7 billion in commitments and $8.1 billion outstanding as of Sept. 30. "In addition to favorable economic conditions, our volumes were supported by diverse product offerings and a dedication to helping our clients succeed," Scholtz said. "We remain committed to providing a consistent resource of capital and investment products for our lender and investor partners." According to industry sources(a), GMAC-RFC's year-to-date volume makes it the third largest securitizer in the market, with a 10.7 percent market share and programs for virtually every mortgage product. 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 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 Financial Services, is a leading private issuer of mortgage-backed securities and home equity loan asset-backed securities, and the No. 1 warehouse lender in the United States. The company leverages its strengths in securitization, lending and investment to offer a broad portfolio of innovative capital solutions to businesses in a variety of markets. The company is headquartered in Minneapolis and operates in the United States, Europe and Latin America. www.gmacrfc.com (a) Thomson Financial Thomson Financial A major provider of information, analytical tools, and consulting services to the financial community. The firm, a division of Thomson Corporation, is best known to investors for its First Call segment, which publishes consensus earnings Publications and Inside Mortgage Finance Publications |
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