GMAC-RFC Names Eric Scholtz Executive Vice President of Capital Markets; GMAC-RFC Veteran Takes on Expanded Role in Company's Largest Business

		GMAC-RFC LOGO GMAC-RFC (Residential Funding Corporation) logo. GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance Corporation, is America's largest private-label issuer of mortgage-backed securities and a leading warehouse lender. The company leverages its strengths in securitization, lending and investment to offer a broad portfolio of innovative capital solutions. The company is headquartered in Minneapolis and operates in the United States, Europe, Latin America and Japan. Contact: http://www.rfc.com. (PRNewsFoto)[KI] MINNEAPOLIS, MN USA

		GMAC-RFC ERIC SCHOLTZ Eric Scholtz, executive vice president of capital markets for GMAC-RFC's Residential Capital Group, the company's U.S. mortgage banking and securitization business. (PRNewsFoto)[AG] MINNEAPOLIS, MN USA

MINNEAPOLIS, Feb. 14 /PRNewswire/ -- Residential Funding Corporation (GMAC-RFC) today announced the appointment of Eric Scholtz as executive vice president of capital markets for GMAC-RFC's Residential Capital Group, the company's U.S. mortgage banking and securitization business. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 http://www.newscom.com/cgi-bin/prnh/20010214/MNW027) As executive vice president and managing director of capital markets, Scholtz will continue to oversee trading, analytics, commitment management and investor relations for the company's Residential Capital Group. He will take on responsibility for the areas of asset management, mortgage credit risk, product management and development, and structured finance. "In Eric's 14 years with GMAC-RFC, he has developed a thorough understanding of the mortgage industry and our company," said Mike Kozlak, president of GMAC-RFC's Residential Capital Group. "He is committed to providing innovative solutions that will enhance the home-buying experience, and to understanding and fulfilling the needs of both originators and investors." According to Scholtz, "Capital markets needs to excel at balancing the needs of our originator clients and consumers with those of the investor. We intend to deliver high value-added products to all of our clients." Scholtz joined GMAC-RFC in 1987. He has held several positions with the company since starting in operations, most recently becoming managing director of capital markets in 1996. Before joining GMAC-RFC, Scholtz graduated with a degree in finance from the University of Iowa. The Residential Capital Group acquires residential mortgages, home equity loans and lines from mortgage lenders, and provides competitively priced warehouse financing for mortgage lending partners. It securitizes mortgages and then sells them as investments and is the top private conduit, with $18.6 billion combined securities issuance in 2000. Residential Capital Group is also the leading private issuer of mortgage-backed and home equity loan asset-backed securities with cumulative issuance in excess of $145 billion, and is the largest B&C securities issuer with $7.4 billion in 2000. The group provides a full spectrum of mortgage broker and loan origination services, as well as primary and special loan servicing administration, through Homecomings Financial(SM). It also provides debt consolidation solutions directly to homeowners through Residential Money Centers. GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance Corporation, is America's largest issuer of non-agency mortgage-backed securities (MBS), home equity loans (HEL), asset-backed securities (ABS) and is the number one warehouse lender. The company leverages its strengths in lending, securitization and investment to offer a broad portfolio of innovative capital solutions. The company is headquartered in Minneapolis and operates in the United States, Europe and Latin America. http://www.gmacrfc.com