Press Release

Homecomings Financial Offers Emergency Mortgage Relief and Counseling to More Than 14,000 Households Affected by Hurricane Katrina

DALLAS/MINNEAPOLIS - September 2,  2005 -

Homecomings FinancialSM is offering mortgage relief, counseling and other assistance to more than 14,000 households in the 53 counties* and parishes that have been declared by the Federal Emergency Management Agency (FEMA) as disaster relief areas in Mississippi, Louisiana, and Alabama following the overwhelming devastation left in Hurricane Katrina?s path.

"Our hearts go out to everyone affected by Hurricane Katrina," says Bob Appel, Managing Director of Homecomings Financial (www.homecomings.com).  "We're prepared  to do whatever we can to lessen the burden for our customers as they cope with this devastating situation."

Homecomings Financial encourages its customers in the hurricane disaster area to call a toll-free hotline ? 800-206-2901 ? to speak with a specially trained agent who is prepared to provide information on relief efforts and support agencies, including the American Red Cross, governmental agencies, and shelters in their areas.  In addition, these agents can offer financial relief if necessary to customers who are experiencing financial hardships due to the hurricane and its aftermath.

"We encourage all of our customers throughout Louisiana, Mississippi and Alabama to call us," adds Appel.  "We hope that all is well, but if not, we'd like to do what we can to help."

Homecomings Financial also recommends that all homeowners adversely affected by Hurricane Katrina ? not just Homecomings Financial customers ? call 888-995-HOPE to speak with counselors who can provide free foreclosure prevention counseling.  This counseling service is offered through the Homeownership Preservation Foundation (www.hpfonline.org).

In addition to mortgage relief and other assistance for its customers, Homecomings Financial and its parent company, GMAC-RFC, which is owned by Residential Capital Corporation, plan to match hurricane relief donations made by its 4,700 employees, up to $1,000,000. These donations are in addition to those contributions by GMAC-RFC's sister companies owned by Residential Capital Corporation, and contributions made by GMAC Financial Services and General Motors Corporation.

About Homecomings Financial:

Homecomings Financial Network, Inc. (Homecomings Financial), a wholly owned subsidiary of Residential Funding Corporation (GMAC-RFC), is a leading wholesale lender and mortgage servicer in the U.S. GMAC-RFC, a wholly owned subsidiary of Residential Capital Corporation (ResCap), is a leading private issuer of mortgage-backed securities and mortgage related asset-backed securities and the No. 1 warehouse lender in the US. The company leverages its strengths in securitization, lending and investment to offer a broad portfolio of innovative capital solutions to businesses in a variety of markets. The company is headquartered in Minneapolis and operates in the United States, Canada, Mexico, United Kingdom and Continental Europe. Visit www.gmacrfc.com.

*AFFECTED COUNTIES AND PARISHES IN MISSISSIPPI, LOUISIANA AND ALABAMA:

Alabama: Baldwin, Choctaw, Clarke, Mobile, Sumter, and Washington counties.  Mississippi: Amite, Forrest, George, Greene, Hancock, Harrison, Jackson, Lamar, Marion, Pearl River, Perry, Pike, Stone, Walthall, Wilkinson counties.  Louisiana: Acadia, Ascension, Assumption, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Iberia, Iberville, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Orleans, Pointe Coupee, Plaquemines, St. Bernard, St. Charles, St. Helena, St. James, St. John, St. Mary, St. Martin, St. Tammany, Tangipahoa, Terrebonne, Vermilion, Washington, West Baton Rouge, West Feliciana.

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