MINNEAPOLIS, March 22 /PRNewswire/ -- GMAC-RFC (Residential Funding
Corporation) today announced that it has been awarded the "Special Servicer"
designation from international rating agencies Standard & Poors (S&P) and
Fitch IBCA (Fitch). Concurrently, S&P awarded GMAC-RFC the "Sub-Prime
Servicer" designation.
    According to GMAC-RFC officials, both S&P and Fitch conducted
comprehensive evaluations of GMAC-RFC's special servicing capabilities as part
of the assessment process. The two rating agencies independently approved
GMAC-RFC as a special servicer based upon a number of factors, including the
experience and depth of GMAC-RFC's management team, its commitment to
training, the deployment of proprietary technology and analytical tools within
its loan resolution process, and the strong capital base of its parent, GMAC.
    GMAC-RFC executives stressed the significance of the designations, which
are considered by investors to be a critical measure of a servicer's expertise
in managing seriously delinquent assets, improving loan resolution rates and
reducing overall loss severity.
    "The 'Special Servicer' designations are clear evidence of GMAC-RFC's
commitment to state-of-the-art risk management practices," stated Dan
Thompson, managing director of GMAC-RFC's Asset Resolution Division (ARD).
"This is a capital intensive business requiring strong financial backing, a
commitment to innovation and the widespread use of technology in the loan
resolution process.  The 'Sub-Prime Servicer' designation from S&P reflects
GMAC-RFC's capabilities in managing all aspects of sub-prime loan
administration, including servicing set-up, customer service, collections and
investor reporting."
    GMAC-RFC securitization managing director of capital markets Jeff Detwiler
welcomed the news.  "These designations confirm GMAC-RFC's commitment to asset
performance," explained Detwiler.  "We believe that our newly recognized
special servicing capabilities will positively impact asset performance of the
underlying collateral placed in GMAC-RFC's mortgage-backed securities and
asset-backed securities.  We care deeply about the performance of the
securities we create.  GMAC-RFC's economic interests are directly aligned with
those of investors in its securities as GMAC-RFC is a significant holder of
its own securities and shares in both the credit and prepayment risk.  Our
special servicing capability aligns perfectly with and complements the firm's
overall asset management strategy."
    GMAC-RFC is a wholly owned subsidiary of GMAC, and is committed to
providing capital and investments worldwide through its core businesses in
securitization, lending and investment. The company is currently an industry
leader in the mortgage-backed securities, warehouse lending and housing
finance markets, and is headquartered in Minneapolis with offices nationwide,
in the United Kingdom and Mexico.

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