Press Release

GMAC MORTGAGE EQUITY REWARDS MASTERCARD HELPS CARDHOLDERS PAY DOWN MORTGAGES FASTER

HORSHAM, Pa. and Wilmington, De. - May 11, 2004 - GMAC Mortgage today announced the GMAC Mortgage Equity Rewards MasterCard, a no-annual-fee Platinum Plus credit card, issued by MBNA American Bank, N.A. that helps cardholders pay down their mortgage balance with GMAC Mortgage by applying Equity Rewards directly to their mortgage principal.

Cardholders earn one point for every dollar in net retail purchases charged to the card. Each time a cardholder accumulates 2,500 points, $25 is credited automatically to the cardholder's mortgage principal with GMAC Mortgage. There is no annual limit on points and no annual limit on how many Equity Rewards can be applied to the reduction of mortgage principal. Redemption is automated and occurs once a quarter.

As an example, based on a $150,000 mortgage with a 30-year term and a 6.5% fixed APR, quarterly Equity Rewards payments of $50 will save a cardholder $16,975 and will reduce the term of their mortgage by 17 months.

"The GMAC Mortgage Equity Rewards MasterCard gives consumers a way to leverage the power of their everyday expenses to pay down their mortgages faster. Paying even a few hundred dollars extra a year toward principal can save thousands over the life of a 30-year mortgage," said Rick Gillespie, chief marketing officer, GMAC Mortgage. "Using the GMAC Mortgage Equity Rewards MasterCard for everyday purchases makes this effortless."

Mr. Gillespie continued, "Since we are offering this program in direct partnership with MBNA, Equity Rewards payments are automated and guaranteed to be applied as 'principal only.' There are no forms to complete and no calls to make. As cardholders use the card for their everyday purchases, Equity Rewards accumulate automatically."

The GMAC Mortgage Equity Rewards MasterCard is offered at a 7.9% APR and includes a low introductory rate of 0% on cash advance checks and balance transfers until April 2005, credit lines of up to $100,000, 24-hour customer service, fraud protection, secure Internet access to account information, electronic bill paying service, and worldwide acceptance. Applications for the GMAC Mortgage Equity Rewards Card are available by calling 1-800-821-8758.

MBNA group executive, Michael Rhodes, said, "Giving consumers a way to get greater value from their everyday spending demonstrates real leadership by GMAC Mortgage. MBNA is pleased and excited to be working with GMAC Mortgage to bring this one-of-its kind credit card to the marketplace. We look forward to serving the needs of GMAC Mortgage Equity Rewards cardholders now and for many years to come."

About GMAC Mortgage
GMAC Mortgage Corporation, headquartered in Horsham, Pa., is among the nation's top ten residential mortgage servicers and originators. The company originates first and second lien residential mortgage loans through a nationwide network of retail offices, direct lending centers, and Internet sites, under the brands gmacmortgage.com and ditech.com. 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 2003, GMAC Mortgage originated $112 billion in residential mortgages, representing 773,135 transactions. The company's servicing portfolio of more than $196 billion represents nearly 2 million customers throughout the nation.

About MBNA Corporation
MBNA (NYSE:KRB), the largest independent credit card lender in the work and the recognized leader in affinity marketing, is an international financial services company providing lending, deposit, and credit insurance products and services to more than 50 million customers. MBNA credit cards and related products and services are endorsed by more than 5,000 organizations worldwide. MBNA employs more than 29,000 people, each of whom is committed to satisfying the customer. For more information, visit the company's web site at www.mbna.com.

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