GMAC-RFC reports record securitization volumes. (Business Alert).

GMAC RESIDENTIAL FUNDING Corporation (GMAC-RFC), Minneapolis, announced it closed a record volume of ABS in the United States during January, totaling $3.1 billion. The company's ABS issuance volume included a $1.9 billion subprime security, the second-largest subprime transaction in its history. GMAC-RFC's cumulative mortgage-related ABS and privately issued mortgage-backed security (MBS) issuance for January totaled $4.8 billion. For mortgage-related ABS in January GMAC-RFC issued $1.9 billion in residential subprime mortgage securities through the company's RASC shelf (KS series); $800 million A-quality home-equity loan securitizations, including high loan-to-value (HLTV), off its RFMSII shelf (HS and HI series); and $392 million of program exception product off its RAMP shelf (RS series). In privately issued MBS, GMAC-RFC issued $1.3 billion of jumbo A-quality first-lien mortgage loans securities off its RFMSI shelf (S series) and $424 million in alternative-A products through its RALI shelf (QS series). As the No. 1 issuer of HLTV, the second-ranked issuer of home-equity loan (HEL) ABS and the second-largest private issuer of MBS in 2001, GMAC-RFC claims 12.1 percent of combined HEL ABS/MBS market share. GMAC-RFC total ABS issuance last year was a record $10.9 billion, according to the company.

GMAC-RFC's total MBS and ABS issuance in 2001 reached $26.4 billion, the second highest in company history and a 41 percent increase over 2000. In the United States during 2001, GMAC-RFC issued $6.2 billion in residential subprime mortgage securities through the company's RASC shelf; $10.6 billion jumbo A-quality first mortgage loan securities off its RFMSI shelf; $2.4 billion A-quality home-equity loans securitizations, including HLTV, off its RFMSII shelf; and $2.2 billion ABS securities off its RAMP shelf. The company also securitized $4.9 billion in alt-A products through its RALI shelf. GMAC-RFC's cumulative U.S. securities issuance totaled $172 billion through December 2001. In addition, GMAC-RFC's warehouse lending operations ended a record-breaking year with $12.4 billion in managed commitments and $7.7 billion total managed outstandings in 2001, according to the company.