Press Release

GMAC Mortgage Survey Shows That Americans Will Take Control of Holiday Purchases

Minneapolis, MN - November 21, 2006 -

Americans may be sharing a little less yuletide cheer this holiday, according to a national survey conducted by GMAC Mortgage, which revealed that Americans plan to cut back on their holiday spending this year. One in three consumers surveyed plan to spend at least 10 percent less on gifts this year as compared to last year and one in six plans to spend at least 20 percent less, according to a Harris Interactive poll of more than 2,800 Americans sponsored by GMAC Mortgage. In addition, 77 percent plan to spend less than $1,000 on holiday gifts and nearly half (47 percent) plan to spend less than $500 or less.

Other key findings of the survey include:

- 67 percent of respondents admit to having done something financially "out of control." However, the survey discovered consumers are ready to stop letting spending spin out of control and indicators are strong that they plan to take control of their finances this holiday season.

- Americans still enjoy giving. When asked how they expect to feel after finishing their shopping, only 7 percent said, "Ouch. Can't believe I spent that much!" Over 50 percent expect to feel "fine or "great" after purchasing gifts.

"Many Americans go into unnecessary debt during the holiday season with studies showing that the average American racks up $2,000 of credit card debt during the holidays and then takes 10 months to pay it all off," said Mike Piazza, vice president at GMAC Mortgage. "These survey findings indicate that Americans are prepared to take control this holiday season by planning ahead, spending less, and shopping smarter."

Fortunately, the proper tools and support can help Americans achieve their goal to take control of spending this year. If consumers make the choice to pay with credit, GMAC Mortgage offers several options to help them stay more in control of their finances. With the GMAC Mortgage Equity Rewards MasterCard?, users earn one point for every dollar in net retail purchases charged to the card, and when they accumulate 2,500 points, they qualify for a $25 reduction of principal on their mortgage with GMAC Mortgage. There are no restrictions on the number of points that can be earned on an annual basis, so the more they shop, the further they go toward reducing their mortgages. Also, given that interest rates are still relatively low, home equity loans and home equity lines of credit, which allow consumers to borrow against the equity of their home, are becoming a more popular option to help cover the expenses associated with spreading the holiday cheer.

About GMAC Mortgage
GMAC Mortgage, LLC (http://www.gmacmortgage.com) 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 300 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. GMAC Mortgage is an indirect subsidiary of Residential Capital, LLC (http://www.rescapholdings.com), a leading real estate finance company that operates through diversified businesses covering the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their securitization in the secondary market. Residential Capital, LLC is an indirect wholly owned subsidiary of GMAC LLC.

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