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GMAC-RFC SECURITIES NAMES ROBERT COLE HEAD OF TRADING
MINNEAPOLIS, MN - May 24, 2006
- GMAC-RFC Securities, the broker/dealer affiliate of Residential Capital Corporation (ResCap), today announced that it has hired Robert Cole as managing director, head of trading and John Glessner as director, senior trader MBS. The new hires mark GMAC-RFC Securities’ continued focus to expand its direct connection with investors and enhance its investment and risk management practices. The expansion aims to optimize market pricing and to be more competitive with the leading players in the residential mortgage marketplace.
Most recently, Cole served as senior managing director/head trader for Fixed Income Sales and Trading at Friedman, Billings, Ramsey and Company (FBR) in Arlington, VA, where he was responsible for developing and managing the trading team within the broker/dealer, which trades, securitizes and distributes prime and subprime MBS/ABS. He brings more than 18 years of capital markets experience to GMAC-RFC Securities.
“The addition of Rob Cole in a critical leadership role will enhance our ability to execute across all the mortgage products of the Residential Finance Group,” said Rod McGinnis, managing director and president, GMAC-RFC Securities. “We are excited to welcome such a skilled and talented individual to our team.”
John Glessner most recently served as managing director/senior trader at Friedman, Billings, Ramsey and Company (FBR) in Arlington, VA, where he was responsible for building and managing the agency ARM and CMO trading position.
“The current expansion of skills in GMAC-RFC Securities solidifies our commitment to building direct investor transaction capabilities,” says Eric Scholtz, executive vice president and managing director, Capital Markets.
In early 2006, GMAC-RFC Securities was restructured to align with the Capital Markets business unit of the U.S. Residential Finance Group of ResCap. Aligning the key skills and activities from product development, asset acquisition pricing and direct investor distribution ensures the delivery of competitively priced, market leading products to the marketplace.
“The synergy created by aligning the skills in our broker/dealer with the skills of our Capital Markets team positions the Residential Finance Group to create competitive advantage in our market,” adds Scholtz.
About GMAC-RFC Securities
GMAC-RFC Securities (GRS) is the securities distribution unit of Residential Capital Corporation (ResCap), comprised of two broker/dealer affiliates. GRS offers securities through Residential Funding Securities Corporation, its NASD registered broker dealer and RFSC International Limited, the UK registered broker dealer. GRS has offices in Bethesda, MD, Minneapolis, New York, San Diego and London. In 2006, GRS structured and distributed mortgage assets in the U.S., UK and the Netherlands. Its capacity to structure and transact in multiple currencies across the entire capital structure of a deal provides unique opportunities to respond to investor inquiries and deliver competitive capital solutions. ResCap is a leading real estate finance company, operating through its diversified businesses – GMAC-RFC, GMAC Mortgage, Ditech.com, GMAC Bank, Homecomings Financial and GMAC-RFC Securities. ResCap is an indirect wholly owned subsidiary of General Motors Acceptance Corporation (GMAC).
| Real Estate and moving services offered by GMAC Home Services, LLC and GMAC Global Relocation Services, LLC. Residential Capital, LLC is the parent of GMAC Mortgage, LLC and GMAC Home Services, LLC, GMAC Mortgage, GMAC Real Estate, and GMAC Global Relocation Services, LLC. Because of these relationships, any of these referrals may provide Residential Capital, LLC with a financial or other benefit. |
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© 2008 Homecomings Financial, LLC (f/k/a Homecomings Financial Network, Inc.). All rights reserved.
Homecomings and GMAC are registered service marks.
© 2008 Homecomings Financial, LLC (f/k/a Homecomings Financial Network, Inc.). All rights reserved. Homecomings and GMAC are registered service marks.