In what is being called record issuance, mortgage giant GMAC-Residential Funding Corp. said it churned out $6.4 billion in mortgage-related securitizations during the quarter to become the most active issuer of mortgage-related securitization for the period.

According to the Minneapolis-based lender of first- and second mortgages, while GMAC-RFC's second-quarter production was off 26% from the first-quarter volume of $8.6 billion worth of deals, the second-quarter's results were enough for the company to produce $15 billion worth of mortgage-related product for the 1999 first half, a record number and the highest of any issuer in its sector, the company said.

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