Press Release: GMAC Residential Funding Corporation
April 11, 2002
MINNEAPOLIS, MN -- Residential Funding Corporation (GMAC-RFC) yesterday announced that Jeff Owings and Teresa Mortensen
have accepted leadership roles with the company's recently formed GMAC-RFC Resort Finance business. Together, the
executives bring more than 30 years of resort finance management expertise to GMAC-RFC's Business Capital Group.
``Jeff and Teresa are veterans of the resort finance industry with extensive experience in loan origination, servicing
and administration, as well as active leadership roles in a key timeshare trade association,'' said Greg Schultz,
president of GMAC-RFC's Business Capital Group. ``We are thrilled that they bring this depth of industry knowledge
to our resort finance business and our client partners.''
As managing director, Owings will lead the Phoenix, Ariz.-based GMAC-RFC Resort Finance business. Before joining
GMAC-RFC, Owings was senior vice president of FINOVA Capital Corporation's resort finance division, managing more
than $1.6 billion in assets, secured primarily by timeshare properties. Prior to his 19-year tenure with FINOVA,
Owings was with the Bank of America in Los Angeles. He serves on the board of directors for the timeshare industry's
trade association, American Resort Development Association (ARDA).
Mortensen, director of GMAC-RFC Resort Finance, will manage operations for the division. Previously, Mortensen
served as vice president of loan servicing and administration for FINOVA Capital Corporation's resort finance division.
During her 13 years there, Mortensen held several leadership positions, including chief information officer and
director of human resources. She is a certified public accountant in the state of Arizona, as well as a chairman's
league member for ARDA.
Earlier this year, GMAC-RFC announced the formation of GMAC-RFC Resort Finance, which provides capital solutions
to resort developers across the country, including acquisition, development and construction financing, as well
as revolving receivables lines of credit secured by timeshare loans. Through its expertise in the resort finance
market and access to unregulated capital, the company offers a wide variety of innovative capital solutions designed
for specific goals of its long-term builder and developer partners.
ABOUT GMAC-RFC
GMAC-RFC's Business Capital Group (BCG) is a leading provider of unregulated capital solutions such as construction
loans, project equity and model leases to leading U.S. homebuilders and developers. In addition, BCG provides working
capital lines and terms loans secured by receivables and other assets for U.S. healthcare enterprises. GMAC-RFC,
a wholly owned subsidiary of GMAC Financial Services, is a leading private issuer of mortgage-backed securities
and home equity loan asset-backed securities, and the No. 1 warehouse lender in the United States. The company
leverages its strengths in securitization, lending and investment to offer a broad portfolio of innovative capital
solutions. The company is headquartered in Minneapolis and operates in the United States, Europe, and Latin America.
http://www.gmacrfc.com
SOURCE: GMAC Residential Funding Corporation