GMAC-RFC Appoints Larry Pendleton and Don Russell to Executive Vice President; Company Veterans to Oversee Client Relationships With U.S. Mortgage Lenders

		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 DON RUSSELL Don Russell, executive vice president and managing director of client management for GMAC-RFC's Residential Capital Group. (PRNewsFoto)[AG] MINNEAPOLIS, MN USA

		GMAC-RFC LARRY PENDLETON Larry Pendleton, executive vice president and managing director of client management for GMAC-RFC's Residential Capital Group. (PRNewsFoto)[AG] MINNEAPOLIS, MN USA

MINNEAPOLIS, March 12 /PRNewswire/ -- Residential Funding Corporation (GMAC-RFC) today announced the appointment of two mortgage industry veterans, Larry Pendleton and Don Russell, to executive vice president and managing director of client management for GMAC-RFC's Residential Capital Group. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 http://www.newscom.com/cgi-bin/prnh/20010312/MNM013-a http://www.newscom.com/cgi-bin/prnh/20010312/MNM013-b ) Pendleton and Russell will co-lead the newly-formed area responsible for all aspects of client relationships, including sales, lending and strategic alliance initiatives. Pendleton, who has led GMAC-RFC's warehouse lending business since 1991, will oversee warehouse lending operations, residential and multifamily/commercial marketing and risk management activities. Russell, who has managed GMAC-RFC's mortgage banking client relationships over the past eight years, will oversee loan acquisition sales-related functions, including the company's Homecomings Financial(SM) wholesale lending business and private-label programs. "Larry and Don have tremendous knowledge about this industry and understand how to partner with our clients to create better value for homeowners," said Mike Kozlak, president of GMAC-RFC's Residential Capital Group. "Under their leadership, we will provide our clients with the tools they need to help consumers who need mortgage or home equity loans." According to Russell, "Our strategic focus is to expand value-added capital solutions for our client partners. By applying our capital, systems and asset management expertise -- plus the capabilities of a significantly expanded network of partners -- we will add value to other aspects of homeownership, creating exciting new opportunities for lenders and investors." "We are committed to remaining America's leading warehouse lender in the U.S.," Pendleton said, "offering our clients a diversified and tailored product mix. As both an investor and lender, we are positioned to provide warehouse facilities that support the origination of a variety of products, including jumbo, subprime, home equity and HLTV (high loan-to-value) products." Pendleton has served as senior vice president and managing director at GMAC-RFC. Under his management of the company's warehouse lending group, lending commitments have increased tenfold. Prior to joining GMAC-RFC, Pendleton was executive vice president at American Security Bank, Washington, D.C., where he worked for more than eight years. Russell joined GMAC-RFC in 1985. As managing director of sales for GMAC-RFC's Residential Capital Group, Russell has been responsible for loan acquisition, representing over $17 billion in volume from more than 700 clients. Before joining GMAC-RFC, Russell was senior vice president for FCA Mortgage Securities. GMAC-RFC's Residential Capital Group creates and manages a portfolio of loan products, acquires residential mortgages, home equity loans and lines from mortgage lenders, and provides competitively priced warehouse financing for mortgage lenders. It securitizes loans and sells them as fixed-income investments, and serves the needs of lenders and affinity groups with private-label programs. Homecomings Financial provides a portfolio of wholesale lending products to mortgage brokers and it originates mortgage loans and services the loans it acquires and originates. GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services, is America's largest non-agency issuer of mortgage-backed securities (MBS) and home equity loan (HEL) asset-backed securities (ABS) and 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