GMAC-RFC Announces Record 2003 U.S. Securitization Volume of $50.1 Billion.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--March 9, 2004 Third Consecutive Year of Record-Breaking Volumes; Cumulative Securitizations Stand at $256.9 Billion in the U.S. 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 mortgage related asset-backed securities (ABS) issuance in 2003 reached a record-high total of $50.1 billion, the highest in company history and a 45.1 percent increase over 2002 levels. Record-breaking volumes were issued in several product categories in 2003. "Our record performance is a reflection of our strong partnerships with our mortgage lenders and brokers as well as our consistent delivery of product," said Eric Scholtz, executive vice president and managing director of capital markets at GMAC-RFC's Residential Capital Group. "While the interest rate environment remained favorable last year, GMAC-RFC's continued focus on providing our business partners with stability, value, and innovative products are central to our business model and pivotal to our success this year." Scholtz added, "As we look ahead to 2004, we will leverage our expertise in risk assessment, our extensive product and market knowledge and world-class performance management to continue to deliver superior value to our investors." During 2003, GMAC-RFC issued $8.7 billion in alternative-A products through its RALI shelf; approximately $16.5 billion through its RAMP shelf, including high loan-to-value and program variance mortgages; $14.3 billion in fixed and adjustable subprime mortgage securities 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; $6.8 billion in jumbo A product through its RFMSI shelf, and $3.2 billion through its RFMSII shelf, consisting of high loan-to-value second lien A Second lien financing is a form of financing secured on a second ranking basis by (more or less) the same security, which secures the first ranking financing. The first lien lenders and the second lien lenders agree that, in the event of a security enforcement or bankruptcy, the closed-end loans, and open-end lines. 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), GMAC-RFC's mortgage-related ABS issuance of $34.0 billion accounted for nearly 12.7 percent of the total ABS market in 2003 and ranked the company as the No. 1 issuer of mortgage related ABS. In addition, GMAC-RFC's record 2003 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 makes it the second largest U.S. mortgage conduit and the third largest issuer of alternative-A product. GMAC-RFC was also the No. 1 warehouse lender in 2003, with $16.0 billion in 2003 commitments. "We are very proud of our record growth in 2003," Scholtz said. "We were able to continue to maximize the benefits of the strong mortgage finance market, allowing us to provide our lending partners with the products, services and tools they require, ultimately resulting in increased value for America's homeowners." 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 mortgage-related loan asset-backed securities, and the No. 1 warehouse lender in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . 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, Canada, Mexico, United Kingdom and Continental Europe. www.gmacrfc.com. (a) Inside Mortgage Finance |
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