While many issuers have avoided the high loan-to-value market following last year's liquidity crisis, Minneapolis-based General Motors Acceptance Corp.-Residential Funding Corp. has stood their ground, emerging as one of the most powerful and dedicated players in the business.

With the goal of completing an ambitious $2 billion of high loan-to-value securitization for 1999 - and increasing that amount even further after the millennium - the company last week completed a $560 million offering and expects to issue another high-LTV transaction between $600 million and $650 million before year-end, company officials say.

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