Publication: Business News Americas – English News
Provider: Business News Americas
GMAC-RFC buys stake in Grupo Security to securitize mortgage loans
Chile, Friday, November 11, 2005 .- US home loan specialist Residential Funding Corporation (GMAC-RFC) will buy a stake in Chilean financial services group Grupo Security to develop mortgage loans and leasing securitizations in Chile, Grupo Security said in a statement. GMAC-RFC will subscribe new shares in Grupo Security’s securitization unit for 1.26bn pesos (US$2.37mn), or 49% of Securitizadora Security’s capital.
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