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RAC MORTGAGE INVESTMENT ANNOUNCES CONTINUOUS OFFERING PROGRAM

 RAC MORTGAGE INVESTMENT ANNOUNCES CONTINUOUS OFFERING PROGRAM
 COLUMBIA, Md., Feb. 18 /PRNewswire/ -- RAC Mortgage Investment Corporation (NYSE: RMR) today announced it has filed a registration statement with the Securities and Exchange Commission relating to a continuous offering of 1.3 million shares of the company's common stock.
 The shares will be sold through Lehman Brothers as exclusive sales agent. A copy of the offering prospectus may be obtained from Lehman Brothers.
 The company said it expects to use the net proceeds from the continuous offering to fund the purchase of mortgage loans, to invest in mortgage securities and to purchase additional participations in mortgage warehouse lines of credit.
 RAC Mortgage is a publicly held real estate investment trust that purchases and securitizes residential mortgage loans, invests in residential mortgage-related securities and provides funding for mortgage warehouse lines of credit.
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 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sales of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 2/18/92
 /CONTACT: Sylvia R. Gillan of RAC Mortgage Investment, 410-730-6851/
 (RMR) CO: RAC Mortgage Investment Corporation ST: Maryland IN: FIN SU: OFR


MK-MP -- PH027 -- 0113 02/18/92 16:26 EST
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Publication:PR Newswire
Date:Feb 18, 1992
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