GMAC-RFCChris Nordeen

Presentation to the IFC – March 2006

Worldwide Capital Partner

Corporate StructureResCap has obtained investment grade credit ratings as an independent finance subsidiary of GMAC

Organizational Structure

ResCap History (RFC & Resi)

1982

Residential Funding Corporation (RFC) Founded as a private mortgage conduit

1990

GMAC Acquires RFC

1995

Acquired Wholesale Lending Business

1989

Established U.S. Broker-Dealer

1992

Established Residential Construction Finance Business

1991

Acquired Warehouse Lending Business

1996

Acquired Distressed Asset Resolution Business

1997

Established U.K. Broker-Dealer

1985

Acquired Master Loan Servicing Business

1998

Established Residential Equity Business

1999

Acquired Model Home Finance Business

1995

GM Family Members: Family First Offered

Acquired Primary Loan Servicing Business

2004

Established Manufactured Housing Finance Business

Entered the U.K. & Mexico

2002

Entered Canada & Germany

Established Resort Finance Business

2001

Entered The Netherlands

Acquired Healthcare Finance Business

1996

GMAC Commercial Mortgage largest US

commercial lender

GMAC Mortgage Issues First Asset Backed

Security

1998

GMAC Mortgage Acquires Wells

Fargo’s portfolio & Servicing

GMAC Home Services

Better Homes & Gardens Real Estate

Service Network Acquired

GMAC Home Services purchases Argonaut

Relocation

GMAC Mortgage Enters Correspondent Business

1999

GMAC Mortgage Becomes largest Servicing-Only Acquisition in Company’s History

GMAC Mortgage Acquires DiTech

Better Homes & Gardens Real Estate Service Network Transitions to GMAC Real Estate

GMAC Home Services Acquires GMAC Global Relocation Services

GMAC Mortgage Enters Broker Business

Enterprise Named GMAC Residential

2000

GMAC Residential Homeownership

GMAC Bank formed

2001

GMAC Bank Opens

GMAC Residential Purchases Warehouse Group

GMAC Mortgage Forms Home Connects Lending Services

2002

GMAC Mortgage Achieves Record Volume

2003

GMAC Residential launches CalDirect

GMAC Residential Sponsors Ditech NASCAR

2004

GMAC Residential Converts Servicing to Single Platform (DSU).

GMAC Residential Acquires Pacific Republic Mortgage

2005

GMAC Residential 20th Year with GMAC

ResCap is Launched

2006

ResCap Continues its Amazing Race

Mission - International Business GroupCreate Sustainable growth for ResCap through

product and market diversification

Market LeaderBecome a market leader in each market in which

we operateSustainable Growth

Create sustainable growth through diversificationDisciplined Leadership

Extend ResCap’s core competencies into new markets through disciplined leadership

Traditional Mortgage Market

Borrower

SaverBANK

GMAC-RFC Business Model

We move capital between businesses and investors in select global markets.

Government can influence along the value chain

Borrower Bank Investor

Direct subsidies Capital requirements Pension reformTax breaks Tax laws Guarantee debtMortgage insurance Mandate lending

Asset/liquidity Lender Common standards oversight

All of these actions can positively or negatively affect the development

of a securitization market.

Sustainable Growth

Why did GMAC-RFC go International?

Provide sustainable growth

International Parent

GSE Expansion

Diversification

Why go Beyond U.S. Border?

GSE encroachment in US market

Credit Grade A A- B C

1 million

417,000***

360,000**187,000*

Private Sector

FNMAFHLMC

* Approximate conforming loan limit in 1990

** 2005 Conforming Loan Limit

*** 2006 Conforming loan limit

Loan S

ize (

US

D)

What ResCap brings to New Markets

Value both local and Enterprise perspective in expanding our

Global Reach

Where is GMAC-RFC Internationally?

RussiaCanada

China

Brazil

Australia

United States

India

Mexico

Sweden

Egypt

Chile

Turkey

South Africa

Poland

Italy

Germany

Thailand

Japan

United Kingdom

GreeceSouth Korea

Netherlands

Czech Rep.Hungary

Argentina

Switzerland

Taiwan

Spain

France

RussiaCanada

China

Brazil

Australia

United States

India

Mexico

Sweden

Egypt

Chile

Turkey

South Africa

Poland

Italy

Germany

Thailand

Japan

United Kingdom

GreeceSouth Korea

Netherlands

Czech Rep.Hungary

Argentina

Switzerland

Taiwan

Spain

France

RFC Established Businesses

Joint Ventures

Where is GMAC-RFC Internationally?

RussiaCanada

China

Brazil

Australia

United States

India

Mexico

Sweden

Egypt

Chile

Turkey

South Africa

Poland

Italy

Germany

Thailand

Japan

United Kingdom

GreeceSouth Korea

Netherlands

Czech Rep.Hungary

Argentina

Switzerland

Taiwan

Spain

France

RussiaCanada

China

Brazil

Australia

United States

India

Mexico

Sweden

Egypt

Chile

Turkey

South Africa

Poland

Italy

Germany

Thailand

Japan

United Kingdom

GreeceSouth Korea

Netherlands

Czech Rep.Hungary

Argentina

Switzerland

Taiwan

Spain

France

RFC Established Businesses

Joint Ventures

RFC Personnel in Country

Where is GMAC-RFC Internationally?

RussiaCanada

China

Brazil

Australia

United States

India

Mexico

Sweden

Egypt

Chile

Turkey

South Africa

Poland

Italy

Germany

Thailand

Japan

United Kingdom

GreeceSouth Korea

Netherlands

Czech Rep.Hungary

Argentina

Switzerland

Taiwan

Spain

France

RussiaCanada

China

Brazil

Australia

United States

India

Mexico

Sweden

Egypt

Chile

Turkey

South Africa

Poland

Italy

Germany

Thailand

Japan

United Kingdom

GreeceSouth Korea

Netherlands

Czech Rep.Hungary

Argentina

Switzerland

Taiwan

Spain

France

Countries Under Consideration

RFC Established Businesses

Joint Ventures

RFC Personnel in Country

GMAC-RFC Screening process

Size of the Opportunity

– Size of Current (Outstanding) Mortgage Market– Margins Available– Size of Projected Mortgage Market– State of Development of Debt and Securitization Market

Regulatory Environment

– Regulatory Framework for Securitization– Foreign Ownership Regulations– Profit Repatriation Regulations– Foreclosure Regulations– Licensing Requirements

Business Environment– Role of Government– Intermediaries– Ability of GMAC to fund locally

Others– Macroeconomic stability– Level of corruption

GMAC-RFC Screening process (cont)

Government can influence along the value chain

Borrower Bank Investor

Direct subsidies Capital requirements Pension reformTax breaks Tax laws Guarantee debtMortgage insurance Mandate lending

Asset/liquidity Lender Common standards oversight

All of these actions can positively or negatively affect the development

of a securitization market.

Assessing the countries in each screen helps us quantitatively evaluate the relative attractiveness of countries

7.35

6.70 6.66

5.565.34

4.72 4.594.39 4.29 4.12 3.96

3.75 3.68 3.61 3.45 3.36 3.29 3.162.85

2.10

1.62

0

2

4

6

8

10

AU CH JP IT SE CL TW ZA KR BR GR IN CZ HU CN AR TR TH PL EG RU

Final Scores

11 least attractive10 most attractive

As one would expect, the attractiveness varies by bucket

CountrySize of

Opportunity(40%)

Reg. Environment

(20%)

Buss. Environment

(30%)

Others (10%)

Comments

Australia 2 1 2 2

Switzerland 3 5 3 1

Japan 1 7 13 4 Low local funding of GMAC. Market concentration

Italy 4 11 7 6 Foreclosure difficult

Sweden 5 2 6 3

Chile 15 4 4 7 Small market but scores high on other factors

Taiwan 8 8 7 5

South Africa 12 13 1 14 Significant (and growing) intermediary channel

Korea 6 3 19 13 High government involvement

Brazil 9 6 12 18 Unstable macroeconomic environment

Greece 11 10 9 10

India 10 15 11 12

Czech Republic 18 18 4 11 Small market. Regulations yet to “develop”

Hungary 17 9 10 15 Small market but good buss. and regulatory environment

China 7 19 18 9

Argentina 13 11 14 19

Turkey 14 13 14 20

Thailand 16 16 16 17

Poland 19 17 17 16

Egypt 21 20 21 8

Russia 20 21 20 21

Market Leader

United Kingdom Overview

Began with purchase of small B2B Lending platform in 1998

First bond issue September 1999 - Mix of own origination and Acquired Loans

First UK non-conforming mono-line wrapped deal November 2000

First major UK lender to make whole loan trading an active business strategy

Development of self-cert. market (Low Doc.)

First Point Of Sale Decision system in UK

Launch of securitization/whole loan hybrid program in 2005

Netherlands Overview

De novo start up in 2000

Created a risk-based approach to lending in the Netherlands

Offered products through multiple channels

Innovated European securitizations with EMAC program

Germany Overview

Began in 2002 with the purchase of Creditweb

Expanded Broker offerings with product from GMAC-RFC Bank gmbh

Focus on underserved product sectors

Creation of new mortgage instruments - briefgundschulden

Issued Germany’s first true sale securitization in 2005 (E-MAC DE 2005-I)

Latin America Overview

MexicoOperate as two entities: GMAC Financiera & GMAC HipotecariaFirst private warehouse lender to mortgage banks (Sofoles)Construction Lending to Sofoles and Large DevelopersFirst ever Mexican RMBS completed in December 2003Partnership with regional and multi-national bodies to actively develop

MBS market (IFC/IADC/FMO)Established whole-loan trading market with first acquisition in 2004Expanded investor base including international investorsBi-National Mortgages

Brazil and ChileJoint Ventures in Brazil and Chile to continue growth

Canada Overview

Purchased Mortgage Intelligence in 2002, the largest independent mortgage broker in Canada

Formed GMAC RFoC to lend expanded criteria and expanded credit products in Canada

Offered products through Mortgage Intelligence and expanded to other institutions

Completed three securitizations through the GMAC RFoC program

Crafted a structure funding program for pipeline assets

United Kingdom (Production and Sales)

GMAC-RFC Origination, Securitization and Portfolio Sale Volumes

5.7 66,614 GMAC-RFC3

Originator

Total

Bancaja

3CIF Group

Bradford & Bingley

Kensington Mortgages

Paragon

Fortis

Abbey National

Northern Rock

HBOS

2.2

2.5

2.5

2.8

3.4

3.8

5.1

13.9

17.7

Share (%)

22,590 10

Period: 1 January 2004 to 22 December 2004

Includes: MBS, ABS and CDO’s

Source: MCM and RBS

116,911

22,871 9

12,881 8

33,326 7

33,932 6

24,397 5

15,963 4

316,263 2

320,727 1

No of IssuesTotal EURm

5.7 66,614 GMAC-RFC3

Originator

Total

Bancaja

3CIF Group

Bradford & Bingley

Kensington Mortgages

Paragon

Fortis

Abbey National

Northern Rock

HBOS

2.2

2.5

2.5

2.8

3.4

3.8

5.1

13.9

17.7

Share (%)

22,590 10

Period: 1 January 2004 to 22 December 2004

Includes: MBS, ABS and CDO’s

Source: MCM and RBS

116,911

22,871 9

12,881 8

33,326 7

33,932 6

24,397 5

15,963 4

316,263 2

320,727 1

No of IssuesTotal EURm

U.K. and Continental Europe RMBS Issuer rankings - 2004 and 2005

3.122,775Bankinter7

5.865,144GMAC-RFC*3

3.423,056SNS Bank5

4.123,680Bancaja4

3.412,990 UniCredit Banca6

Originator

Total

3CIF Group

Caja de Ahorros del Mediterraneo

Standard Life Bank

HBOS

Northern Rock

2.1

2.3

2.3

14.2

20.5

Share (%)

* Includes EMAC NL and EMAC-DE transactions & RMAC 2005-NC3

Period: 1 January 2005 to 21 September 2005

Includes: MBS

Source: MCM and RBS

89,030

11,834 10

12,000 9

12,056 8

212,6052

418,1841

No of IssuesTotal EURm

3.122,775Bankinter7

5.865,144GMAC-RFC*3

3.423,056SNS Bank5

4.123,680Bancaja4

3.412,990 UniCredit Banca6

Originator

Total

3CIF Group

Caja de Ahorros del Mediterraneo

Standard Life Bank

HBOS

Northern Rock

2.1

2.3

2.3

14.2

20.5

Share (%)

* Includes EMAC NL and EMAC-DE transactions & RMAC 2005-NC3

Period: 1 January 2005 to 21 September 2005

Includes: MBS

Source: MCM and RBS

89,030

11,834 10

12,000 9

12,056 8

212,6052

418,1841

No of IssuesTotal EURm

Disciplined Leadership

Why we have been successful

Common risk management practices

Common lending policies

Common approach to capital factors and financial metrics

Worldwide relationships with rating agencies and strategic funding partners

Ability to share credit and prepayment data across different markets

Success driven by “disciplined leadership” approach to market expansion

New markets – what’s next

Spain/Australia Dedicated Personnel B-to-B Alt “A” Products Future Work

• Eastern Europe• India• China

Mission – International Business group

Market LeaderMultiple channel mortgage banking businesses Risk-based pricing

Sustainable growthDiversification

• Market• Income source fee gain-on-sale, financing• Lending and Mortgage Banking

Disciplined leadershipExpand ResCap Core competencies into selected new marketsControl over the front and back of the mortgage process