Q3 Securitizations 2nd Highest Ever at RFC
ABS issuance $9.2 billion November 6, 2002 By MortgageDaily.com staff |
Residential Funding Corporation (RFC) announced Monday its total asset-backed and mortgage-backed securities issuance reached $9.2 billion during third quarter 2002. This marked the second largest quarterly securitization volume in company history.
The third quarter figure also pushes year-to-date volume to a record $27.3 billion for RFC, a subsidiary of GMAC Financial Services. The company reported in May that wholly owned subsidiary Homecomings Financial(SM) was assigned Moody’s highest primary servicer rating of SQ1 for residential prime, subprime and second-lien mortgage loans based on experienced leadership team, well-trained staff, extensive technology resources and performance in servicing special loan products. That announcement went on to say that Homecomings has also been given top servicer ratings by rating agency Fitch and top master servicing designations by Standard & Poor’s. RFC, which says it is the No. 1 warehouse lender in the U.S., noted that its year-to-date volume makes it the third largest securitizer in the market, with a 10.7 percent market share. |
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