MINNEAPOLIS - Residential Funding Corp., better known as GMAC-RFC, said its issuance of mortgage-backed and asset-backed securities issuance was a record $18 billion in the first half.
That included a record $6.8 billion of subprime securitizations for the General Motors unit, one of the nation's largest MBS and ABS issuers. The company led all subprime issuers in the first half with a 12% market share and ranked first in home equity securitizations with a 13% share.
GMAC-RFC's second-quarter issuance totaled $7.7 billion, including $3 billion of subprime loans and a record $1.6 billion of alternative A products.
Eric Scholtz, executive vice president and managing director of capital markets at GMAC-RFC's residential capital group, said in a news release Monday that "favorable market conditions and great client relationships put us in the position to have very successful business performance in the first half. We feel we can maintain good business momentum as long as we continue to focus our efforts on meeting our clients' and ultimately, the consumers' needs."
GMAC-RFC also announced that it had appointed Bill Acheson managing director of subprime trading. The 10-year veteran of the company had been managing director of risk management in the residential capital group.
