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GMAC-RFC buys stake in Grupo Security to securitize mortgage loans

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.

Securitizadora Security has called an extraordinary shareholders' meeting to approve a 2.32bn-peso capital increase.

Grupo Security boosted profits 44.1% from January-September to 15.6bn pesos compared to the same period in 2004 thanks to the strong performance of its banking unit.

Grupo Security is also active in insurance, factoring, stock brokering and mutual funds.

GMAC-RFC is a subsidiary of General Motors Acceptance Corporation (GMAC).

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