GMAC-RFC Offers Relief to Borrowers Affected by Terrorist Attacks

		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

MINNEAPOLIS, Sept. 25 /PRNewswire/ -- Residential Funding Corporation (GMAC-RFC) today announced it is instructing its servicers to extend relief to borrowers who have suffered personally and financially in the wake of the Sept. 11 terrorist attacks on America. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) GMAC-RFC has instituted a special relief program that includes waiving late charges, suspending foreclosures, extending repayment plans and forbearance of loan payments for affected borrowers. The program provides relief to victims and family members of victims, as well as rescue and medical professionals involved in the recovery who request relief. GMAC-RFC will also consider relief for other affected borrowers on a case-by-case basis. More information can be found at http://www.gmacrfc.com "We express deep sympathy for those affected by this tragedy and we understand they will need time to get their lives back in order," said Mike Kozlak, president of GMAC-RFC's Residential Capital Group. "Accordingly, we are extending the program to as many affected homeowners as possible." The Department of Housing and Urban Development and the Mortgage Bankers Association of America have endorsed such relief measures. "I am proud of the efforts of GMAC-RFC and its partners during this time of enormous difficulty for our country," said Kozlak. "Hopefully the relief measures we have put in place will assist those who need it most right now." ABOUT GMAC-RFC GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services, is a leading non-agency issuer of mortgage-backed securities (MBS) and home equity loan (HEL) 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 and Latin America. http://www.gmacrfc.com