GMAC-RFC collecte 301,5 millions d'euros gr?ce ? la premi?re titrisation en cession parfaite en Allemagne

Business Editors

WIESBADEN, Germany--(BUSINESS WIRE)--June 23, 2005--GMAC-RFC a levé des fonds s’élevant à 301,5 millions d’euros sur les marchés internationaux en procédant à la titrisation de ses prêts hypothécaires résidentiels allemands à travers une entité juridique néerlandaise portant le nom de E-MAC DE 2005-1 B.V. La mise sur le marché de la transaction a eu lieu en mai 2005 et a entraîné un nombre conséquent de souscriptions parmi les investisseurs internationaux. Elle a également intéressé un large éventail d’acteurs sur la scène européenne.

GMAC-RFC raises EUR 301.5 million with first German True-Sale securitization

WIESBADEN, Germany--(BUSINESS WIRE)--xx--GMAC-RFC has raised EUR 301.5 million in the international markets by securitizing its German residential mortgage loans through a Dutch legal entity named E-MAC DE 2005-1 B.V. The transaction was marketed in May 2005 and has received solid subscription levels among international investors as well as wide distribution across Europe.This German mortgage-backed bond is a "true securitization" or "true sale," meaning GMAC has successfully navigated complicated German fiscal-, transfer- and data privacy legislation to repay bond investors with cash from its German mortgage portfolio. Typically, German structured finance deals use credit derivatives to transfer risk from the loan originators to the end investors

"We are proud to bring the first true de-linked German securitization after years of only synthetic transactions," says Ferdinand Veenman, Managing Director of GMAC-RFC's Continental Capital Markets Group.

"This gives institutional investors an opportunity to diversify their portfolio with first lien home loans originated in Germany, a real estate market that is well regarded for its stability." The loans backing the transaction have been exclusively originated in the last year by GMAC-RFC Bank GmbH, a division of GMAC-RFC, a leading U.S.-based real estate finance company

"This transaction reflects the strong development of our business model in Germany since February 2004. Listening to the market and to our partners needs is the foundation of our success story," says Dr Matthias Bergmann, Country Head of GMAC-RFC Germany, "and it will be in the future." The bond proceeds are EUR 301.5 million (US$364.2 million).

The bond, E-MAC DE 2005-I, is the third issue for GMAC-RFC under the E-MAC program in 2005, and the first for GMAC-RFC using collateral originated by its German origination platform, GMAC-RFC Bank GmbH

Deutsche Bank was the sole lead manager for the offering.

The bond's settlement date is June 23, 2005

All five of the publicly offered tranches have been rated by Standard & Poors, Moody's and Fitch.

The privately placed class F note has been rated by Standard & Poors and Fitch.

The transaction is fully de-linked from GMAC-RFC, its U.S. parent, or GMAC-RFC's parent company, GMAC Financial Services

The securitization pool consists of 100% first lien residential mortgage loans.

All loans in the portfolio are serviced by Aareal Hypotheken-Management GmbH

With an outstanding mortgage volume of approximately EUR1.083 trillion, Germany is the second largest mortgage market in Europe, after the United Kingdom.

GMAC-RFC views Germany as a core market with its growing home ownership levels (currently at 41% in comparison to 67% in the U.S.), combined with the increasing need from German home buyers for more differentiated mortgage products

GMAC-RFC recently issued bonds in the United Kingdom and the Netherlands.

Since 1999, GMAC-RFC has issued more than EUR 24 billion of mortgage-backed securities in Europe.

The company also securitises loans in the United States, Canada and Latin America.

The following are the terms and conditions for E-MAC DE 2005-I:

E-MAC DE 2005-I