GMAC-RFC Announces Record 2002 U.S. Securitization Volume of $34.5 Billion; Record-Breaking Volumes Issued in Most Product Categories.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Feb. 20, 2003 Residential Funding Corporation (GMAC-RFC) today announced that its total mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. (MBS See Mb/sec. MBS - mobile broadband services ) and asset-backed securities (ABS) issuance in 2002 reached $34.5 billion, the highest in company history and a 30.7 percent increase over 2001. Record-breaking volumes were issued in home equity loan (HEL), alternative-A and subprime product in 2002. "There were obviously many positive factors that contributed to a strong year in 2002," said Eric Scholtz, executive vice president and managing director of capital markets at GMAC-RFC's Residential Capital Group. "Aside from the extremely favorable interest rate environment, GMAC-RFC's focus on providing long-term stability The long-term stability of an oscillator, the degree of uniformity of frequency over time, when the frequency is measured under identical environmental conditions, such as supply voltage, load, and temperature. and value to our originator and investor partners helped differentiate our business model, which drove a successful year." In the U.S. during 2002, GMAC-RFC issued $11.5 billion in residential subprime mortgage securities through the company's 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; $7.6 billion jumbo A-quality first mortgage loan securities off its RFMSI shelf; $2.9 billion A-quality home equity loans securitizations, including high loan-to-value, off its RFMSII shelf; and $5.9 billion ABS securities off of its RAMP shelf. The company also 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. $6.7 billion in alternative-A products through its RALI shelf. GMAC-RFC's cumulative U.S. securities issuance totaled $207 billion through December 2002. In addition to the record $34.5 billion securitizations, the company generated $9.9 billion in whole-loan sales in 2002. GMAC-RFC's warehouse lending operations also set records for commitment levels and average outstandings of $14.8 billion and $9.8 billion, respectively. As the first-ranked issuer of home equity loans (HEL ABS) and the third-largest private issuer of MBS in 2002, GMAC-RFC claims 9.6% percent of combined HEL ABS/MBS private mortgage conduit market share, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. industry sources(a). "2002 was a year of fulfilled expectations for GMAC-RFC," said Mike Kozlak, president of GMAC-RFC's Residential Capital Group. "We were able to fully realize the benefits of an extraordinary mortgage finance market, which allowed us to work with our lender partners to meet the expectations of about 380,000 homeowners in the U.S. and Canada who chose to refinance or purchase a home in 2002 using our products. We plan to continue this momentum into 2003." ABOUT GMAC-RFC GMAC-RFC, a wholly-owned subsidiary 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 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 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 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. , 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, Canada, Mexico, United Kingdom and Continental Europe. www.gmacrfc.com (a)Inside Mortgage Finance Publications |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion