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GMAC Commercial Finance Appoints new Executive VP

December 10, 2007

New York – GMAC Commercial Finance (GMAC CF) recently announced the appointment of Don Morrison as executive vice president, corporate development for the Commercial Services Division (CSD). The company also announced the hiring of a team of experienced factoring credit officers in the Greensboro, N.C. office.

In his new role, Morrison will be responsible for leading the development and launch of new products such as a new receivables management services product, developing new vertical markets, pursuing opportunities to grow CSD via acquisition, as well as continuing to manage the SEPP product and the Direct Marketing teams. Morrison will oversee day-to-day management of CSD's factoring business development initiatives to continue growing the CSD business. Morrison has been with GMAC Commercial Finance for nearly four years and has more than 20 years experience managing and participating in business development efforts.

In addition, Micah Wolfington, Peter Wilson and Michael Owings have joined CSD as credit officers in Greensboro, N.C., bringing nearly 60 years of factoring experience in the home furnishings, textiles, apparel and flooring industries. This veteran team is significant as this continues to be an area of growth for CSD, showing CSD's commitment to its clients, the region and industry.

“Don is an outstanding leader with the experience, skills and competitive spirit to spur the growth of the CSD business,” said Kevin McGarry, president of GMAC CF's Commercial Services Division. “Additionally, by adding Micah, Peter and Michael to our already strong Greensboro team, we hope to harness their extensive customer and market knowledge to improve the quality and responsiveness of our local customer service. I view the Southeast as a key market for CSD and believe that by bringing these talented people on board demonstrates our commitment to this critical market and positions us for significant growth.”

Morrison added, “I'm very excited to join the CSD team. We have great customers, strong credit principles and best-in-class capabilities and I look forward to leveraging those assets to grow the business.”

For more information, visit www.gmacfs.com.

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