GMAC Mortgage Corp. Commemorates TAMACC’s 30th Anniversary with Special Mortgage Offer

GMAC Mortgage Corp. Commemorates TAMACC’s 30th Anniversary with Special Mortgage Offer

Special Home-Buying Services Now Available to Chamber Members and their employees


Houston, TX–(HISPANIC PR WIRE)–October 12, 2005–To celebrate the Texas Association of Mexican American Chamber of Commerce’s (TAMACC) 30th Anniversary, GMAC Mortgage Corp. today announced a unique mortgage services program with competitive pricing designed to lower costs for new homebuyers and existing homeowners who are TAMACC members or employees.

GMAC Mortgage and General Motors have a strong partnership with TAMACC. “We are very pleased to offer chamber members a variety of home-buying offers that can significantly impact the costs of purchasing a home,” said Ennio A. García-Miera, vice president, New Markets Group, GMAC Mortgage Corporation. “Through these special offers we are excited to take our relationship with TAMACC to the next level. We believe this new program will contribute to the growth and success of TAMACC members.”

García-Miera announced the program during the organization’s annual business convention and expo in Houston in which General Motors was a major sponsor.

The GMAC Mortgage home-buying services available to chamber members and their employees include:

— $250.00 off home closing fees by GMAC Mortgage

— $3 per $1000 reduction on sale or purchase of a home through GMAC Real Estate Realtor or when using a participating Realtor

— Competitive pricing on homeowners insurance policy through GMAC Insurance

— $100 reduction on title insurance at closing from GMAC Home Connects

— A special rate reduction for the life of student loans, and a no-minimum amount for new consumer accounts at GMAC Bank

TAMACC members can access the services through a dedicated bilingual telephone line, 1-866-389-0443.

“The support that corporations like GMAC Mortgage and GM provide TAMACC, allows us to reach out to our 12,000 members and bring them quality services that create value and make a difference in their lives,” said Paula Mendoza, newly elected TAMACC Chair.

“Hispanic-owned businesses in Texas contribute an estimated $40 billion to the state’s economy and have a total payroll valued at $5 billion. We believe that TAMACC is a dynamic economic force in the Texas economy that has played a vital role in the state’s progress for three decades,” stated García-Miera.

About GMAC Mortgage

GMAC Mortgage Corporation, a wholly owned subsidiary of Residential Capital Corporation (ResCap), is among the nations’ top ten residential mortgage servicers and originators. The company, headquartered in Horsham, Pa., originates first and second lien residential mortgage loans through a nationwide network of retail offices, direct lending centers, and Internet sites, under the brands, and GMAC Mortgage also offers custom mortgage services to GM employees and their family members, retirees and dealers through the GM Family First program. As of December 2004, GMAC Mortgage originated $89 billion in residential mortgages, representing over 588,000 transactions. The company’s servicing portfolio of more than $214 billion represents nearly 2 million customers throughout the nation.

GMAC Mortgage Corp. Commemorates TAMACC’s 30th Anniversary with Special Mortgage Offer