GMAC Mexico, CI Founders Buy Control of CI

GMAC-RFC's Mexican affiliate, GMAC-RFC Auritec S.A., and original shareholders (led by Gerardo Sierra) in Credito Inmobiliario, a Mexican nonbank mortgage company, have purchased a majority interest in CI.The two entities bought the stake in the nonbank mortgage company (sociedad financiera de objeto limitado) from Equity International Properties, ZN Mexico Funds, and Grupo Chartwell S. de R.L. de C.V. for $924.3 million pesos (about $87.2 million). "This new partnership will benefit CI with the experience of GMAC-RFC in underwriting and securitizing mortgages," said Mr. Sierra, who is CI's chief executive officer. "In addition, the partnership will diversify CI's sources of funding." GMAC-RFC can be found online at http://wwww.gmacrfc.com.