GMAC-RFC Enters Chile Real Estate Finance Market; Launches Joint Venture with Grupo Security.MINNEAPOLIS -- GMAC-RFC, a subsidiary of Residential Capital Corporation, a leading, globally diverse real estate finance company, has entered into a joint venture with Grupo Security, an international 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. company based in Santiago, Chile Santiago, officially Santiago de Chile (Spanish: (helpinfo)), is the capital of Chile, and the center of its largest conurbation (Greater Santiago). , to develop and grow the secondary market (through 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. ) for residential mortgages in the Chilean market. Under the terms of the joint venture agreement, GMAC-RFC Chile Inversiones Limitada, a subsidiary of GMAC-RFC, has agreed to purchase a minority share interest (49%) in Securitizadora Security S.A., a subsidiary of Grupo Security, and one of the three largest debt securitization companies in Chile, for CLP 1. CLP - Cornell List Processor. 2. CLP - Constraint Logic Programming. $1,254,590,750 (approximately US$2.5 million). The joint venture operation is subject to Securitizadora Security S.A. raising approximately US$4.5 million in capital through the authorization of Chilean regulator SVS SVS - OS/VS2 . In addition, Grupo Security must subscribe to Verb 1. subscribe to - receive or obtain regularly; "We take the Times every day" subscribe, take buy, purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; at least $2 million of the new shares to be issued by Securitizadora Security, S.A. "We are very pleased to partner with Securitizadora Security S.A. and Grupo Security," said Jose Landa, managing director of GMAC-RFC's Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. operations. "We believe this joint venture will bring more capital solutions to the Chilean housing market, which in turn, will create more opportunities for Chilean consumers." In addition to Chile, GMAC-RFC also maintains real estate finance operations in Mexico and Brazil. About Securitizadora Security S.A. and Grupo Security Securitizadora Security S.A., founded in 1997, securitizes various types of assets and general debt titles. The company is among the three largest companies within its industry, which has experienced dynamic growth and is recognized for its competitiveness. Grupo Security is a financial services conglomerate that participates in various segments of the financial services market, in particular in the areas of investment and credit, through its banking operations; and in the administration of financial resources through the "Administradora General de Fondos", Corredora de Bolsa, Securitizadora and Asesorias. The company also participates in the insurance market through Vida Security, Penta Security, and Corredora de Seguros Security; and other complementary businesses in the areas of travel and real estate. About GMAC-RFC GMAC-RFC, 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 Residential Capital Corporation, a leading real estate finance company focused primarily on the residential real estate market in the United States, Canada, Europe and Latin America. Our diversified businesses - GMAC-RFC, 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, Ditech.com, GMAC Bank, and Homecomings Financial - cover the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their securitization on the secondary market. We also provide capital to other originators of mortgage loans, residential real estate developers, resort and timeshare developers and healthcare companies. ResCap is an indirect wholly owned subsidiary of General Motors Acceptance Corporation (GMAC). For more information about Residential Capital Corporation, visit https://www.rescapholdings.com. |
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