Homecomings Financial Receives Servicer Designation From Standard & Poor's

		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

Company Recognized for Above Average Residential Mortgage Loan Servicing Operations MINNEAPOLIS, July 12 /PRNewswire/ -- Homecomings Financial(SM), a wholly owned subsidiary of GMAC-RFC, announced today that it received "above average" rankings in the categories of Residential Loan Servicer, Residential Subprime Loan Servicer and Residential Special Servicer from international rating agency Standard & Poor's (S&P). (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) S&P issued the ranking after an extensive evaluation of Homecomings Financial's primary mortgage loan servicing capabilities. The rankings reflect the company's seasoned management team and staff, comprehensive training programs, solid technology platform, high level of customer service, continued emphasis on risk management strategies and the strong capital base of parent company GMAC Financial Services. "Investors consider rankings from agencies like S&P a critical measure of a servicer's expertise in managing assets and risk," said Chris Gilson, managing director and president, Homecomings Financial. "S&P's rankings are a clear confirmation that our focus on risk management, developing human capital, implementing global best practices and investing in technology is achieving results." S&P ranks residential mortgage servicers on a five-point scale, ranging from "weak" to "strong." According to S&P, an "above average" ranking signifies a very high degree of ability, efficiency and competence in managing mid- to large-sized portfolios and solid management experience; designates an acceptable track record, as well as internal practices and policies that meet industry or regulatory standards, and a performance history of managed portfolios that is similar to industry averages. According to industry reports, Homecomings Financial ranks as one of the top 25 residential mortgage servicers and top 10 subprime servicers in the United States. ABOUT HOMECOMINGS FINANCIAL Homecomings Financial, the home loan origination and servicing arm of GMAC-RFC, operates three loan servicing centers located in Dallas, San Diego and Blue Bell, Pa. ABOUT GMAC-RFC GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services, is America's largest non-agency issuer of mortgage-backed securities and home equity loan asset-backed securities (ABS), and No. 1 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, Japan and Latin America. http://www.gmacrfc.com