GMAC ResCap Offers Mortgage Relief to Californians Affected by Wildfires

GMAC Press Release

Minneapolis, MN

25 October 2007

About GMAC ResCap:

GMAC ResCap is an indirect wholly owned subsidiary of GMAC Financial Services. GMAC Financial Services is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and commercial finance businesses. GMAC was established in 1919 and currently employs about 31,000 people worldwide.

GMAC ResCap Offers Relief to Southern California Wildfire Victims:

GMAC ResCap will offer mortgage relief counseling, and other assistance to about 330,000 gmac mortgage and Homecomings Financial customers that may be affected by the Southern California wildfires within the areas that have been declared federal disaster areas.

"Mobile HOPE":

The company also will dispatch its "Mobile HOPE" operation, a group of specially trained customer service specialists, who will meet face-to-face with customers whose homes have been damaged by the wildfires. This is the first time the Mobile HOPE team has been mobilized since it assisted homeowners affected by Hurricane Katrina in September 2005. "We are keenly focused on doing everything possible to make it easier for our customers to get through this tragic situation," said Tony Renzi, executive vice president and head of servicing operations for GMAC ResCap, which services the mortgages of more than 3.4 million customers throughout the United States.

CALIFORNIA DISASTER HOTLINE:

Customers affected by the fires should call the "California Disaster Hotline" at 1-866-262-5363, toll-free, for assistance. The hotline will be maintained 24 hours a day starting today and will be maintained until further notice.

Customer care advocates staffing the hotline, as well as members of the Mobile HOPE team, are prepared to work with each customer and offer assistance such as loan modifications, alternative payment options, and other financial relief, to assist customers affected by the wildfires.