Press Release

Keychain Alliance Offers Keys to Hope for Homeowners: On the Ground Team Tackles Foreclosure Issue Head-On

MINNEAPOLIS - July 20, 2007 -

Homeowners struggling to make their mortgage payments have another source they can count on for assistance in staying in their homes. The Keychain Alliance (until recently known as the HOPE program) helps GMAC Mortgage and Homecomings Financial customers avoid foreclosure.

Formed in 2003, the Keychain Alliance is a 20-member special team whose members are embedded in 10 cities in the United States. These specialists provide local, face-to-face support to GMAC Mortgage and Homecomings Financial customers who are struggling with their mortgage payments. Keychain Alliance team members also form partnerships with nonprofits, local governments, faith-based organizations, other mortgage companies and interested parties, to educate homeowners facing financial difficulties about how to maintain the ownership in their homes, and avoid foreclosure.

"The Keychain Alliance is part of our broad loss mitigation strategy to help people stay in their homes," said Steve Nelson, director of foreclosure prevention for GMAC Mortgage and Homecomings Financial. "In addition to typical communications such as mail, outbound calling, inbound calling and educational campaigns, we rely on the Keychain Alliance to work directly with customers who are struggling to maintain their homeownership." 

When customers work with the Keychain Alliance, they can expect a face-to-face meeting with a Keychain Alliance team member during which ways to avoid foreclosure will be discussed. The Keychain Alliance team member will learn more about the homeowner's situation and explore possible solutions to help the homeowner avoid foreclosure.

"The Keychain Alliance is here to help," added Nelson. "Even if a homeowner has not missed a payment but thinks he or she may for any reason, we encourage them to work with us. The sooner a homeowner seeks our help, the more options a homeowner has in getting through a very challenging situation. In many cases, we can work with them to tailor a plan that can help them stay in their home."

 For more information, homeowners should call 800.799.9266

About Homecomings Financial and GMAC Mortgage
Homecomings Financial, LLC is a leading wholesale lender and mortgage servicer in the U.S. GMAC Mortgage, LLC is among the nation's top ten residential mortgage originators and servicers and originates first and second lien residential mortgage loans through a nationwide network of 300 retail offices, direct lending centers, and Internet sites, http://www.gmacmortgage.com and http://www.ditech.com. Both Homecomings Financial and GMAC Mortgage are indirect subsidiaries of GMAC ResCap (Residential Capital, LLC), a leading real estate finance company, focused primarily on the residential real estate market in the United States, Canada, Europe, Australia, and Latin America.

GMAC ResCap (http://www.gmacrescap.com) is an indirect wholly owned subsidiary of GMAC Financial Services. GMAC Financial Services is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, and insurance and commercial finance businesses. GMAC was established in 1919 and currently employs about 31,000 people worldwide. At Dec. 31, 2006, GMAC held more than $287 billion in assets and earned net income for 2006 of $2.1 billion on net revenue of $18.2 billion. For more information, please go to http://www.gmacfs.com.

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