We have talked about it for months, but here is the official press release announcing GMAC's entrance into manufactured home financing:

MINN, 02/09 ( BUSINESS WIRE )- Residential Funding Corporation (GMAC-RFC) today announced the creation of GMAC Manufactured Housing, a new business unit dedicated to delivering capital and providing operational infrastructure to the manufactured housing market. GMAC Manufactured Housing, along with select industry partners, plans to originate, acquire and service manufactured housing loans. GMAC Manufactured Housing will ensure that manufactured homes are sold, delivered and financed so as to preserve value to the customer and to investors in the manufactured housing market.

"Based on the affordability of manufactured housing as a vehicle to homeownership, we expect there to be high demand for capital resources, committed leadership and transparent operational platforms in this sector," said Chris Gilson, executive vice president and business leader of GMAC Manufactured Housing. "GMAC Manufactured Housing, along with our strategic partners, including Fannie Mae, is committed to providing an influx of capital to this underserved housing segment with the goal of establishing the highest standard for non-conforming and conforming manufactured housing financing across the industry and helping hundreds of thousands of families qualify for affordable, high-quality manufactured homes."

GMAC-RFC brings its risk management expertise and rational business model, proven through its more than 20 years' experience in the non-conforming residential mortgage sector, to its manufactured housing business. The company's lending strategy will be based on a partnership model, which is central to its core residential mortgage businesses in the U.S. and Europe. Through these targeted partnerships with manufacturers, communities and selected intermediaries, GMAC Manufactured Housing will provide innovative capital solutions intended to deliver more value to consumers. In the future, the company intends to leverage GMAC-RFC's expertise in securitization to issue asset-backed securities (ABS) backed by pools of manufactured housing loans.

"GMAC-RFC is committed to providing homebuyers with better value and a viable homeownership option through manufactured housing," said Mike Kozlak, president of GMAC-RFC's Residential Capital Group. "Homeowners will benefit from access to consistent, risk-based lending standards and a strong emphasis on customer satisfaction".

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This is clearly great news for our industry!  When a new lender enters the market, competition escalates, resulting in more affordable  interest rates and more favorable loan terms.  It all spells good news for consumers, retailers, community owners and manufacturers.

REMINDER:  The Oregon Manufactured Home Show is just two weeks away.  Industry Days are Tuesday, March 2 and Wednesday, March 3.  Public Days are Thursday, March 4 through Sunday, March 7, 2004.  Tour the large display of state-of-the-art manufactured homes, equipped with the latest high-tech conveniences and built using the most modern techniques and materials available.  For more information contact the Oregon Manufactured Housing Association at 503-364-2470. 

Greg Harmon - President
Commonwealth Real Estate Services
E-mail: greg@cwres.com
Telephone 503.244.2300 Ext. 101