Press Release

GMAC Mortgage Survey Reveals Consumers Want More Information on Home Financing. Financial Concerns are the Greatest Obstacle to Achieving Homeownership.

Horsham, PA - March 16, 2005 - GMAC Mortgage today announced the results of its first quarterly customer survey, which polled 1,000 consumers nationwide to assess their barriers to homeownership and home ownership education needs. The survey found that 24 percent of consumers cite a lack of financial security as a primary obstacle to homeownership, while 23 percent named saving for a down payment. Together, respondents find these financial issues to be nearly as challenging as trying to find the right house to meet their needs (37 percent).

Additionally, the survey revealed that consumers see a need for greater homeownership education, particularly regarding the numerous financial aspects of the home buying process. The survey found that consumers were more likely to want to learn new information about financial home buying issues than real estate and house hunting concerns. Specifically, they indicated the need for greater education in regard to:

Finding the right loan (20 percent)
Managing debt (18 percent)
Evaluating credit (17 percent)
Finding the right house (16 percent)
Saving for a down payment (10 percent)
Finding a qualified realtor (7 percent)

"Educating consumers on the complexities of the home financing and mortgage process is the responsibility of established leaders in the housing industry,ý said Mike Mahfouz, senior vice-president and northeastern division manager, GMAC Mortgage. ýAt GMAC Mortgage, we are committed to educating both existing and potential homeowners on how to properly manage debt and evaluate their financial well-being. Our loan officers work directly with our customers to identify the mortgage product that best meets their financing needs."

Credit Concerns
Credit concerns and the evaluation of FICO scores also dominated the survey results, as 12 percent of consumers named past or current credit problems as an obstacle to homeownership. The importance of achieving good credit early in life is clearly understood by younger consumers, as 43 percent of survey respondents aged 18 to 24 want to learn more about FICO scores and the evaluation of credit during the home financing process, which is significantly higher than the 17 percent average for all consumers.

Financial Stability
Consumers aged 25 to 34 were more likely to cite saving for a down payment (36 percent) and achieving financial security (39 percent) as an obstacle to homeownership than their older counterparts. Notably, a household income of $75,000 emerged as the financial diving line for consumers who felt financially stable enough to buy a home and those that did not. An average of 30 percent of consumers with a household income of less than $75,000 cited a lack of financial stability as their obstacle to achieving homeownership. Comparably, only 14 percent of households earning more than $75,000 per year viewed this as their primary barrier.

Consumers who want to learn more about the financial aspects of the home financing process and discover which mortgage product best suits their needs can visit any of the more than 330 GMAC Mortgage offices throughout the country. GMAC Mortgage's more than 1,600 qualified loan officers are well versed in addressing the facets of the home financing process and can educate consumers about their financial options. To find a local mortgage office, consumers can visit www.gmacmortgage.com for more information.

GMAC Mortgage and CARAVAN Opinion Research Corporation conducted a national telephone survey of 1,000 households nationwide between January 20 and 23, 2005. For a sample of 1,000, the margin is plus or minus three percentage points at the 95% confidence level.

About GMAC Mortgage
GMAC Mortgage Corporation, headquartered in Horsham, Pa., originates first and second lien residential mortgages through a nationwide network of retail offices, direct lending centers and Internet sites under the brands gmacmortgage.com and ditech.com. The company services loans for 2 million customers throughout the nation.

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