It’s been only a little more than a month since GMAC Financial Services announced it was rebranding under the name Ally Financial, amid myriad liquidity difficulties. The institution, however, wasted no time coming to market with a new mortgage-backed securitization platform. According to a source close to the deal, GMACM Mortgage Loan Trust 2010-1 priced yesterday. However, the deal is a 144a, meaning it’s a private placement among large institutional investors. The listing also means the bonds can be traded among other, similar large investors. Settlement is expected June 24th, the source tells HousingWire. The originator is currently listed as GMACM Mortgage and Ally Financial, though the servicer will remain GMAC. Lead manager is Bank of America, and the co-manager is Residential Funding Securities. The deal is worth close to $170m in senior class A notes, as yet unrated. The weighted average life is 0.78, with a 4.25% coupon. None of this information could be immediately confirmed with GMAC or Ally Financial. Write to Jacob Gaffney. The author holds no relevant investments.
Now Ally Financial, New GMAC Brand Prices Mortgage Securitization
June 23, 2010, 8:47am
Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
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Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio