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GMAC Names New Chief Operating Officer

August 21, 2007

NEW YORK — GMAC Financial Services recently announced that Alvaro G. de Molina has been named GMAC chief operating officer, effective immediately. In this newly created role, de Molina will be responsible for GMAC's real estate finance and commercial finance businesses, and for all of GMAC's global finance and risk functions. He will report to GMAC Chief Executive Officer Eric Feldstein.

De Molina will join the GMAC Executive Committee and will become a member of the boards of GMAC ResCap, GMAC Commercial Finance and GMAC Bank (subject to normal corporate and regulatory approvals).

De Molina’s experience includes 17 years with Bank of America as chief financial officer, chief executive officer of Banc of America Securities, president of global capital markets and investment banking, and corporate treasurer. He has also held key roles at J.P. Morgan and PriceWaterhouse.

Reporting to de Molina will be Jim Jones, GMAC executive vice president and president of Residential Capital LLC (ResCap); Bill Hall, president of GMAC Commercial Finance LLC; and Sanjiv Khattri, GMAC executive vice president and chief financial officer of GMAC and ResCap. There will be no change in the reporting relationship of the global automotive finance and insurance business units, which will continue to be led by GMAC president Bill Muir who will continue to report directly to Feldstein.

Other members of the GMAC leadership team who continue to report directly to Feldstein include: William Solomon, general counsel; Cherri Musser, chief information technology officer; Glenn Gienko, chief human resource officer; and Toni Simonetti, chief communications officer.

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