Press Release

ditech.com Names Powers General Manager

Costa Mesa, Calif. - September 27, 2006 -

ditech.com® (www.ditech.com), a leading direct mortgage lender, has named Richard D. Powers as Senior Vice President and General Manager.

 Powers joins ditech.com from Metrociti Mortgage Corporation, where he served as president of the company’s Western Division.  Prior to Metrociti, Powers served as president of KB Home Mortgage where he managed the captive mortgage business, which included responsibility for that company’s consumer direct subsidiary.  He also served as president and chief executive officer of Charter One Mortgage Corporation for seven years.

 “Rick is a proven leader in the financial services industry with demonstrated experience in mortgage lending,” said Jim Hillsman, Executive Vice President of Business-to-Consumer Operations of Residential Capital Corporation’s Residential Finance Group. “We look forward to Rick’s contributions to ditech.com as we aim not only to sustain our growth, but to also ensure that we continue to empower consumers by providing them with the home financing products and tools they need in the most convenient way possible.” 

 Powers earned a Bachelor of Arts degree from Excelsior College in Albany, N.Y. and an M.B.A. from the University of Chicago Graduate School of Business.

About ditech.com  
Founded in 1995, ditech.com® (http://www.ditech.com), based in Costa Mesa, Calif., is a business unit of Residential Capital Corporation, a leading real estate finance company.  ditech.com delivers excellent customer service along with the security of being part of one of the largest mortgage companies in America. ditech.com offers consumers a variety of products, including first mortgages, variable equity lines of credit and no closing cost equity seconds. ditech.com’s online capabilities allow customers to communicate with knowledgeable loan agents from home, work or on the road, 24-hours a day, 7-days a week.

Residential Capital Corporation is a leading real estate finance company, focused primarily on the residential real estate market in the United States, Canada, Europe and Latin America. The company’s diversified businesses -- GMAC-RFC, GMAC Mortgage, ditech.com, GMAC Bank, GMAC Real Estate GMAC-RFC Securities and Homecomings Financial -- cover the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their securitization in the secondary market. We also provide capital to other originators of mortgage loans, residential real estate developers, resort and timeshare developers and healthcare companies. Residential Capital Corporation is an indirect wholly owned subsidiary of GMAC Financial Services (GMAC LLC).  For more information about our company, visit http://www.rescapholdings.com. 

Back to Press Releases