GMAC-RFC Invests in Leading Canadian E-Commerce Company

		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

Marks the Second Investment by GMAC Venture Capital Fund MINNEAPOLIS, June 13 /PRNewswire/ -- GMAC-Residential Funding Corporation (GMAC-RFC) today announced a private placement investment of equity and warrants in Basis100, Inc., a Toronto-based e-commerce technology solution provider for the financial services industry. The announcement marks the second mortgage technology investment to be made by the company's new GMAC Venture Capital Fund. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) According to Nathan Kornfeld, managing director, merchant banking for GMAC-RFC, Basis100 provides GMAC-RFC with an opportunity to invest in an early-stage company that provides mortgage technology, including state-of-the-art automated appraisals through its Solimar subsidiary. "The first commitment by the fund was in HomeAdvisor Technologies, Inc.," Kornfeld said, "and we look forward to working with both companies to improve the mortgage-closing and home-buying processes for consumers and business partners." Through this strategic investment, assuming the exercise of the warrant position, GMAC-RFC will hold nearly a 10 percent equity position in Basis100. The Basis100 investment is part of a larger GMAC-RFC investment and technology development strategy. The capital provided by GMAC-RFC will help Basis100 achieve its goal of establishing an "e-marketplace" infrastructure that links the mortgage origination, vendor services and whole-loan fixed-income trading markets in the United States and Canada. "Our decision to invest in Basis100 was based on its understanding of the financial services sector and ability to drive e-commerce technology," said Kornfeld. "Basis100's experience in Canadian mortgage technology is a foundation for potential growth in the United Kingdom and Australia, which are similar to the Canadian market and of great interest to U.S. lenders." Basis100 provides e-commerce technology solutions for financial institutions and service providers-enabling them to build, distribute, buy and sell their products and services in innovative new ways. The company is focused on the mortgage origination, consumer credit, fixed income trading and automated property valuation markets across North America. GMAC-RFC, a subsidiary of General Motors Acceptance Corporation, is America's largest non-agency 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. http://www.gmacrfc.com