1. GMAC-RFC Chris Nordeen Presentation to the IFC – March 2006 Worldwide Capital Partner

2. Corporate Structure ResCap has obtained investment grade credit ratings as an independent finance subsidiary of GMAC

3. Organizational Structure

4. ResCap History (RFC & Resi) 1982 Residential Funding Corporation (RFC) Founded as a private mortgage conduit 1990 GMAC Acquires RFC 1995 Acquired Wholesale Lending Business 1989 Established U.S. Broker-Dealer 1992 Established Residential Construction Finance Business 1991 Acquired Warehouse Lending Business 1996 Acquired Distressed Asset Resolution Business 1997 Established U.K. Broker-Dealer 1985 Acquired Master Loan Servicing Business 1998 Established Residential Equity Business 1999 Acquired Model Home Finance Business 1995 GM Family Members: Family First Offered Acquired Primary Loan Servicing Business 2004 Established Manufactured Housing Finance Business Entered the U.K. & Mexico 2002 Entered Canada & Germany Established Resort Finance Business 2001 Entered The Netherlands Acquired Healthcare Finance Business 1996 GMAC Commercial Mortgage largest US commercial lender GMAC Mortgage Issues First Asset Backed Security 1998 GMAC Mortgage Acquires Wells Fargo’s portfolio & Servicing GMAC Home Services Better Homes & Gardens Real Estate Service Network Acquired GMAC Home Services purchases Argonaut Relocation GMAC Mortgage Enters Correspondent Business 1999 GMAC Mortgage Becomes largest Servicing-Only Acquisition in Company’s History GMAC Mortgage Acquires DiTech Better Homes & Gardens Real Estate Service Network Transitions to GMAC Real Estate GMAC Home Services Acquires GMAC Global Relocation Services GMAC Mortgage Enters Broker Business Enterprise Named GMAC Residential 2000 GMAC Residential Homeownership GMAC Bank formed 2001 GMAC Bank Opens GMAC Residential Purchases Warehouse Group GMAC Mortgage Forms Home Connects Lending Services 2002 GMAC Mortgage Achieves Record Volume 2003 GMAC Residential launches CalDirect GMAC Residential Sponsors Ditech NASCAR 2004 GMAC Residential Converts Servicing to Single Platform (DSU). GMAC Residential Acquires Pacific Republic Mortgage 2005 GMAC Residential 20 th Year with GMAC ResCap is Launched 2006 ResCap Continues its Amazing Race

5. Mission - International Business Group Create Sustainable growth for ResCap through product and market diversification Market Leader Become a market leader in each market in which we operate Sustainable Growth Create sustainable growth through diversification Disciplined Leadership Extend ResCap’s core competencies into new markets through disciplined leadership

6. Traditional Mortgage Market Borrower Saver BANK

7. GMAC-RFC Business Model We move capital between businesses and investors in select global markets.

8. Government can influence along the value chain BorrowerBankInvestor Direct subsidiesCapital requirementsPension reform Tax breaksTax lawsGuarantee debt Mortgage insuranceMandate lending Asset/liquidity LenderCommon standards oversight All of these actions can positively or negatively affect the development of a securitization market.

9. Sustainable Growth

10. Why did GMAC-RFC go International? Provide sustainable growth International Parent GSE Expansion Diversification

11. Why go Beyond U.S. Border? GSE encroachment in US market Credit Grade A A- B C 1 million 417,000** * 360,000** 187,000* Private Sector FNMA FHLMC * Approximate conforming loan limit in 1990 ** 2005 Conforming Loan Limit *** 2006 Conforming loan limit Loan Size (USD)

12. What ResCap brings to New Markets Value both local and Enterprise perspective in expanding our Global Reach

13. Where is GMAC-RFC Internationally? Russia Canada China Brazil Australia United States India Mexico Sweden Egypt Chile Turkey South Africa Poland Italy Germany Thailand Japan United Kingdom Greece South Korea Netherlands Czech Rep. Hungary Argentina Switzerland Taiwan Spain France Russia Canada China Brazil Australia United States India Mexico Sweden Egypt Chile Turkey South Africa Poland Italy Germany Thailand Japan United Kingdom Greece South Korea Netherlands Czech Rep. Hungary Argentina Switzerland Taiwan Spain France RFC Established Businesses Joint Ventures

14. Where is GMAC-RFC Internationally? Russia Canada China Brazil Australia United States India Mexico Sweden Egypt Chile Turkey South Africa Poland Italy Germany Thailand Japan United Kingdom Greece South Korea Netherlands Czech Rep. Hungary Argentina Switzerland Taiwan Spain France Russia Canada China Brazil Australia United States India Mexico Sweden Egypt Chile Turkey South Africa Poland Italy Germany Thailand Japan United Kingdom Greece South Korea Netherlands Czech Rep. Hungary Argentina Switzerland Taiwan Spain France RFC Established Businesses Joint Ventures RFC Personnel in Country

15. Where is GMAC-RFC Internationally? Russia Canada China Brazil Australia United States India Mexico Sweden Egypt Chile Turkey South Africa Poland Italy Germany Thailand Japan United Kingdom Greece South Korea Netherlands Czech Rep. Hungary Argentina Switzerland Taiwan Spain France Russia Canada China Brazil Australia United States India Mexico Sweden Egypt Chile Turkey South Africa Poland Italy Germany Thailand Japan United Kingdom Greece South Korea Netherlands Czech Rep. Hungary Argentina Switzerland Taiwan Spain France Countries Under Consideration RFC Established Businesses Joint Ventures RFC Personnel in Country

16. GMAC-RFC Screening process Size of the Opportunity –Size of Current (Outstanding) Mortgage Market –Margins Available –Size of Projected Mortgage Market –State of Development of Debt and Securitization Market Regulatory Environment –Regulatory Framework for Securitization –Foreign Ownership Regulations –Profit Repatriation Regulations –Foreclosure Regulations –Licensing Requirements

17. Business Environment –Role of Government –Intermediaries –Ability of GMAC to fund locally Others –Macroeconomic stability –Level of corruption GMAC-RFC Screening process (cont)

18. Government can influence along the value chain BorrowerBankInvestor Direct subsidiesCapital requirementsPension reform Tax breaksTax lawsGuarantee debt Mortgage insuranceMandate lending Asset/liquidity LenderCommon standards oversight All of these actions can positively or negatively affect the development of a securitization market.

19. Assessing the countries in each screen helps us quantitatively evaluate the relative attractiveness of countries Final Scores 11 least attractive10 most attractive

20. As one would expect, the attractiveness varies by bucket Country Size of Opportunity (40%) Reg. Environment (20%) Buss. Environment (30%) Others (10%) Comments Australia2122 Switzerland3531 Japan17134Low local funding of GMAC. Market concentration Italy41176Foreclosure difficult Sweden5263 Chile15447Small market but scores high on other factors Taiwan8875 South Africa1213114Significant (and growing) intermediary channel Korea631913High government involvement Brazil961218Unstable macroeconomic environment Greece11109 India10151112 Czech Republic18 411Small market. Regulations yet to “develop” Hungary1791015Small market but good buss. and regulatory environment China719189 Argentina13111419 Turkey14131420 Thailand16 17 Poland1917 16 Egypt2120218 Russia20212021

21. Market Leader

22. United Kingdom Overview Began with purchase of small B2B Lending platform in 1998 First bond issue September 1999 - Mix of own origination and Acquired Loans First UK non-conforming mono-line wrapped deal November 2000 First major UK lender to make whole loan trading an active business strategy Development of self-cert. market (Low Doc.) First Point Of Sale Decision system in UK Launch of securitization/whole loan hybrid program in 2005

23. Netherlands Overview De novo start up in 2000 Created a risk-based approach to lending in the Netherlands Offered products through multiple channels Innovated European securitizations with EMAC program

24. Germany Overview Began in 2002 with the purchase of Creditweb Expanded Broker offerings with product from GMAC-RFC Bank gmbh Focus on underserved product sectors Creation of new mortgage instruments - briefgundschulden Issued Germany’s first true sale securitization in 2005 (E-MAC DE 2005-I)

25. Latin America Overview Mexico Operate as two entities: GMAC Financiera & GMAC Hipotecaria First private warehouse lender to mortgage banks (Sofoles) Construction Lending to Sofoles and Large Developers First ever Mexican RMBS completed in December 2003 Partnership with regional and multi-national bodies to actively develop MBS market (IFC/IADC/FMO) Established whole-loan trading market with first acquisition in 2004 Expanded investor base including international investors Bi-National Mortgages Brazil and Chile Joint Ventures in Brazil and Chile to continue growth

26. Canada Overview Purchased Mortgage Intelligence in 2002, the largest independent mortgage broker in Canada Formed GMAC RFoC to lend expanded criteria and expanded credit products in Canada Offered products through Mortgage Intelligence and expanded to other institutions Completed three securitizations through the GMAC RFoC program Crafted a structure funding program for pipeline assets

27. United Kingdom (Production and Sales) GMAC-RFC Origination, Securitization and Portfolio Sale Volumes

28. U.K. and Continental Europe RMBS Issuer rankings - 2004 and 2005

29. Disciplined Leadership

30. Why we have been successful Common risk management practices Common lending policies Common approach to capital factors and financial metrics Worldwide relationships with rating agencies and strategic funding partners Ability to share credit and prepayment data across different markets Success driven by “disciplined leadership” approach to market expansion

31. New markets – what’s next Spain/Australia Dedicated Personnel B-to-B Alt “A” Products Future Work Eastern Europe India China

32. Mission – International Business group Market Leader Multiple channel mortgage banking businesses Risk-based pricing Sustainable growth Diversification Market Income source fee gain-on-sale, financing Lending and Mortgage Banking Disciplined leadership Expand ResCap Core competencies into selected new markets Control over the front and back of the mortgage process