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GMAC Mortgage Creates New Mortgage Company to Serve California Homebuyers

Market Wire, May, 2003

GMAC Mortgage today announced the launch of CalDirect Home Loans(TM) (CalDirect), a new direct mortgage lender specifically created to meet the needs of California homebuyers. With the backing of GMAC Mortgage, CalDirect combines the stability and trust of working with one of the world's largest financial companies with the flexibility and personalized service of a local lender. This local focus allows CalDirect to provide the most competitive rates and service guarantees available to California homebuyers.

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"Californians' unique fast-paced and Internet-savvy lifestyle demands a new home financing option that emphasizes speed, responsiveness, and accountability," said Michael McCarthy, senior vice president, direct lending, GMAC Mortgage. "CalDirect's focus on the California marketplace allows us to deliver the greatest value for consumers through the most aggressive service and cost guarantees in the marketplace with the accountability and comfort of working with an established lender."

Aprolonged period of near record low interest rates has created an opportune environment in which to finance a home. CalDirect meets the unique needs of Californians, who demand increased ease and efficiency throughout the home financing process, by offering an alternative to higher cost banks, mortgage brokers and less-established direct lenders. Speed, responsiveness and competitive pricing, combined with CalDirect's extensive knowledge of the California marketplace, allows CalDirect to create a new and enhanced mortgage experience.

Californians typically make more home purchases and refinance more frequently than any other region in the nation, with 64 percent being repeat homebuyers. Home values in the state are amongst the highest in the nation (up 21.4% in 2002 to $333,240) and Californians carry the second highest amount of mortgage dollars per person in the United States ($11,211). These factors have resulted in a unique need for time- and cost-saving solutions. To provide buyers with increased confidence and flexibility in navigating the California housing market, CalDirect offers a closing guarantee of 25 days, and guaranteed low rates.*

"CalDirect is a natural outgrowth of GMAC Mortgage's investment in direct lending and in the California marketplace, where we continue to experience high demand for innovative financing solutions," commented Rick Gillespie, executive vice president, GMAC Mortgage. "We are committed to providing our California customers with a superior home financing experience and specialized, local service."

About CalDirect Home Loans(TM)

Designed specifically for California residents, CalDirect Home Loans is a direct mortgage lender committed to providing the lowest rates and the most aggressive service guarantees available. Backed by GMAC Mortgage, a division of General Motors Corporation and one of the nation's leading mortgage lenders, CalDirect combines the trust and stability of one of the world's largest organizations with the flexibility and personalized service of a 'local' lender. CalDirect is based in Costa Mesa, CA, and can be found online at www.CalDirect.com or1-800-CAL-DIRECT. CalDirect is an Equal Opportunity Lender.

About GMAC Mortgage

GMAC Mortgage Corporation, headquartered in Horsham, Pa., is among the nation's top ten residential mortgage servicers and originators. The company originates first and second lien residential mortgage loans through a nationwide network of retail offices, direct lending centers and internet sites, under the brands gmacmortgage.com and ditech.com. GMAC Mortgage also offers custom mortgage services to GM employees and their family members, retirees and dealers through the GM Family First program. As of December 2002, GMAC Mortgage originated $70 billion in residential mortgages, representing 553,994 transactions. The company's servicing portfolio of more than $198 billion represents 2 million customers throughout the nation. GMAC Mortgage is an Equal Opportunity Lender.

*CalDirect has the option of either beating the competing lenders' total fees by $50 or paying the applicant $500 when they close a loan with a competing lender and provide CalDirect with a copy of the signed Note and the final settlement statement. Complete credit application required. Max $500 per loan. Offer valid for 1st mortgages secured by properties located in California only. Lender comparison must be based on both the total rate (annual percentage rate) and fees. Applicant must provide competing lenders good faith estimate for verification and must be for a loan program that has the same terms and conditions being offered by CalDirect. Subject to credit approval. CalDirect guarantees to close your loan within 25 days of receiving verification of your income as stated in your application or we will credit $250 to your CalDirect closing costs. Max. $250 per loan. Guarantee only valid for loans secured by properties in the following Southern California Counties: Orange, Los Angeles, San Diego, Ventura, Riverside & San Bernardino counties. See website or call 800-CAL-DIRECT for further information. Terms and condition apply. See www.caldirect.com for further details or call 800-CAL-DIRECT. Offer expires 12/31/03.

GMAC Mortgage Creates New Mortgage Company to Serve California Homebuyers

Market Wire, May, 2003

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