Press Release

SMART COMMUTE PROGRAM PROMOTES HOMEOWNERSHIP NEAR PUBLIC TRANSPORTATION THROUGH FAVORABLE FINANCING TERMS. GMAC Mortgage to participate in Fannie Mae's Smart Commute initiative in New Jersey

Horsham, PA - September 30, 2004 - GMAC Mortgage today announced it is participating in Fannie Mae's New Jersey Statewide Smart Commute™ Initiative, which provides area home buyers with financial incentives to purchase a home near public transportation. GMAC Mortgage joins NJ Transit, the New Jersey Realtor Association and other national mortgage lenders to provide the program to New Jersey homeowners.

Through the Smart Commute program, GMAC Mortgage will provide eligible New Jersey homeowners, who purchase a home within a half-mile of a rail or light rail station or a quarter-mile of a bus stop, with additional qualifying income based on pre-calculated transportation savings. The Smart Commute mortgage also allows for a low down payment as low as three percent of the home value. These features have been designed to increase the accessibility of homeownership for more New Jersey residents.

According to the Bureau of Transportation Statistics, Americans who commute by car to work spend $1,280 per year on total vehicle operation costs such as fuel and maintenance, while those who use public transportation spend only $765 per year. The significant cost savings achieved through the use of public transportation can allow homeowners to divert those funds to the cost of a down payment or mortgage payment.

"For many households, transportation costs are the second largest expense after a mortgage or rent payment. The Smart Commute program allows GMAC Mortgage to increase the accessibility of home ownership for New Jersey families and offer financial solutions that address the rising cost of homes in the area," said Alberto Fernandez, district manager, GMAC Mortgage. "We are proud to partner with Fannie Mae to offer New Jersey homeowners a program that meets their financing needs and promotes homeownership in established urban communities."

Through the program, eligible borrowers can qualify for fixed-rate loans worth up to $333,700. Smart Commute allows GMAC Mortgage to add the potential transportation cost savings, an additional $200 per month for one-wage earner household or $250 per month for two-wage earner households, to the borrower's qualifying income. Borrowers also receive added incentives from other Smart Commute partners, such as a one-month pass from New Jersey Transit.

For more information on Smart Commute, New Jersey based consumers can contact their local GMAC Mortgage loan office.

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.

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