GMAC Restructure Proposals

GMAC Considers New Structure for Residential Mortgage Operations 
 
    DETROIT, Jan. 13 -- General Motors Acceptance Corporation (GMAC), the 
financial services subsidiary of General Motors Corporation  (NYSE: GM), is 
considering a restructuring of its residential mortgage operations within a 
newly formed holding company to be named Residential Capital Corporation.  
GMAC's two residential mortgage operations, GMAC Mortgage Corporation and 
Residential Funding Corporation, would become wholly owned subsidiaries of 
Residential Capital Corporation. 
    Residential Capital Corporation, which is a wholly owned subsidiary of GMAC, 
would seek a stand-alone credit rating based on its separate capital structure 
and corporate governance protections.  The purpose of this restructuring would 
be to enhance the liquidity and cost effectiveness of the financing of 
Residential Capital Corporation's mortgage operations.  It is GMAC's intent that 
the restructuring be designed to avoid any adverse effect on the current and 
future holders of GMAC debt.   
    The proposed restructuring would require management and board approvals.  
GMAC would seek to implement the restructuring sometime in 2005.  No assurances 
can be given that any restructuring will be completed. 
    General Motors Acceptance Corporation and its subsidiaries, operating under 
the umbrella GMAC Financial Services, provide automotive financing, commercial 
finance, insurance and mortgage products, and real estate services, and have a 
presence in 41 nations.  A wholly owned subsidiary of General Motors since 1919, 
GMAC has extended more thaan US$1.3 trillion in credit to finance more than 158 
million vehicles. 
 
SOURCE  General Motors Acceptance Corporation 
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