News Release
      

GMAC Residential Funding of Canada Limited Completes
Purchase of ResMor Trust Company

TORONTO and CALGARY (November 5, 2007) – GMAC Residential Funding of Canada Limited, a subsidiary of Residential Capital, LLC (GMAC ResCap) has completed the purchase of ResMor Trust Company (ResMor), a leading provider of mortgages through Canada’s broker community.

The purchase of ResMor was approved by various Canadian regulatory agencies.  Terms of the acquisition were not disclosed.

ResMor Trust Company (www.resmor.com) is a federally licensed trust company operating across Canada focused on residential mortgage lending, mortgage servicing and deposit products. It currently has $4 billion of mortgages under administration representing almost 24,000 homeowners. ResMor originates all of its products through the brokerage community.  In addition, ResMor is a member institution of Canada Deposit Insurance Corporation (CDIC).

GMAC Residential Funding of Canada sought the acquisition to grow and diversify its Canadian business operations, according to Barry Dunleavy, Senior Managing Director of the Americas for GMAC ResCap’s International Business Group.  

ResMor Trust’s management team, led by James Clayton, President and Chief Executive Officer, and Gerry Wagner, Vice President and Chief Financial Officer, will continue with ResMor Trust in their current positions.


About GMAC Residential Funding of Canada Limited

Founded in 2002, GMAC Residential Funding of Canada (GMAC-RFC) has had mortgage originations in excess of $4.5 billion, with $3.2 billion currently under administration.  The company has issued over $1 billion of securities to the Canadian market since its arrival in 2002.  GMAC-RFC (www.gmacresidential.ca) is an independent subsidiary of GMAC ResCap (Residential Capital, LLC), a leading real estate finance company, focused primarily on the residential real estate market in the United States, Canada, Europe, Australia, and Latin America. The company’s diversified businesses cover the spectrum of the residential finance industry, from origination and servicing of mortgage loans through their securitization in the secondary market. GMAC ResCap also provides capital to other originators of mortgage loans, residential real estate developers, and resort and timeshare developers.

GMAC ResCap (http://www.gmacrescap.com) is an indirect wholly owned subsidiary of GMAC Financial Services. GMAC Financial Services is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and commercial finance businesses. GMAC was established in 1919 and currently employs about 31,000 people worldwide. At Dec.31, 2006, GMAC held more than $287 billion in assets and earned net income for 2006 of $2.1 billion on net revenue of $18.2 billion. For more information, please go to http://www.gmacfs.com. 

About ResMor Trust Company
ResMor Trust Company (www.resmor.com) is a federally licensed trust company operating across Canada focused on residential mortgage lending, mortgage servicing and deposit products. It currently has $4 billion of mortgages under administration representing almost 24,000 homeowners. ResMor originates all of its products through the brokerage community.

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