Fortress Funds Complete Acquisitions of European Mortgage Assets and Platforms from Residential Capital
Company Release - 10/1/2010 12:30 PM EDT
NEW YORK--(BUSINESS WIRE)-- Fortress Investment Group LLC (NYSE: FIG) announced today that affiliates of certain Fortress managed funds have acquired portfolios of performing and non-performing European residential mortgage assets from affiliates of Residential Capital, LLC (ResCap), as well as the ResCap mortgage platforms located in Germany, the Netherlands and the United Kingdom. ResCap is a subsidiary of Ally Financial Inc. (formerly GMAC Inc.).
The acquired companies include GMAC-RFC Limited in the UK, GMAC-RFC Investments B.V., GMAC-RFC Nederland B.V., Atlas Funding B.V. and Quion 20 B.V. in the Netherlands and GMAC-RFC Deutschland GmbH and GMAC-RFC Servicing GmbH in Germany. Following the closing of the transactions, each of the acquired companies will operate on a stand-alone basis without shareholder guarantees or other shareholder group support. Such entities were the originators of and currently act as servicers to, amongst others, the mortgage backed securities transactions entered into by the various issuance vehicles established under the EMAC DE, EMAC NL, RMAC and Rathmount names.
Fortress is a leading global investment manager with approximately $41.7 billion in assets under management as of June 30, 2010. Fortress offers alternative and traditional investment products and was founded in 1998. For more information regarding Fortress Investment Group LLC or to be added to our e-mail distribution list, please visit www.fortress.com.
Source: Fortress Investment Group LLCContact:
Fortress Investment Group
Lilly H. Donohue, 212-798-6118
Gordon E. Runté, 212-798-6082