Residential Funding Corp.'s Canadian business unit has closed a $278 million transaction that the company said is the first term securitization of prime alternative-A credit residential mortgages in Canada. The transaction is also the first public, nongovernment term MBS issuance in Canada since 1998, RFC reported. Residential Funding Corp.'s Canadian unit, GMAC Residential Funding of Canada, can be found online at http://www.gmacrfc.ca.

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