Minneapolis-based GMAC-RFC recently issued its first securitization off of its newly created Residential Asset Mortgage Product (RAMP) shelf, a mixed-bag product designed by the company to accommodate a broad range or residential loan assets.

"This shelf was designed by the company to accommodate a broader range of residential loan assets while allowing RFC to maintain purity on existing shelves," said Diane Wold, a managing director in the structured finance group at RFC.

Bear, Stearns & Co. managed the $105 million deal, which featured a guaranty by Ambac Assurance.

This transaction consisted of first-lien high-loan-to-value (HLTV) products, although future transactions off of the RAMP shelf may feature different forms of collateral.

RAMP, which became effective in December 1999 with a $3 billion capacity, was created to allow the company to issue a wider variety of mortgage-backed and asset-backed securities, providing investors with access to a more diversified array of products.

And so far, investors have been interested. A trader who worked on the transaction described it as having "strong interest all across the Treasury curve."

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