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GMAC starts education finance unit

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An old name in the ABS market is prepping its first-ever foray into the student loan sector of the ABS market, sources confirmed. General Motors Acceptance Corp., unit Education Loan Finding Trust filed its preliminary shelf registration last week with the Securities & Exchange Commission and plans to bring its first student loan securitization sometime this year.

While the trust may be new, the man running it is not. Former Nelnet and Union Financial Services CFO Ron Page is heading the securitization program as managing director and senior vice president of GMAC ELF LLC. GMAC ELF is actually a subsidiary of GMAC Commercial Holding Corp., based in Horsham, Pa. GMAC ELF is based in the Denver, Co. offices of Newman Financial Services, also a unit of GMAC Commercial Holdings.

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