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GMAC-RFC completes non-conforming securitisation, valued at £500m

This is GMAC-RFC&#39s 16th transaction in the UK RMBS market, and total issuance since 1998 exceeds £8.3bn. This deal is backed by 100% non-conforming first lien residential mortgages.

This transaction has been divided into six publicly funded tranches. The issued notes, which have been given long-term ratings by Standard & Poors, Moody&#39s Investors Service and Fitch Ratings.

Stephen Hynes, capital markets director at GMAC-RFC says: “We are delighted to bring to market our latest deal under the RMAC programme. It gives investors an opportunity to buy notes collateralised by our non-conforming collateral at various credit levels.

“The deal was extensively marketed across the UK, Europe and the US and we are delighted with the response from investors, particularly in the mezzanine and junior tranches. This transaction demonstrates our commitment to being a creator and trader of mortgage assets.”

This transaction assumes a senior subordinate structure whereby the issued notes hold different credit ratings, thus the senior A notes are supported by Mezzanine and B notes with lower credit ratings. This is RFC&#39s 5th senior subordinate transaction. The last transaction which assumed this structure was RMAC 2000-NS2 which closed in June 2000.

The issuance was lead managed by Barclays Capital and Credit Suisse First Boston and co-managed by HSBC, Bear Stearns, Royal Bank of Scotland, Deutsche Bank, Merrill Lynch & Co and GMAC-RFC&#39s broker dealer GMAC-RFC Securities Europe.


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