GMAC-RFC Enters Chile Real Estate Finance Market; Launches Joint Venture with Grupo Security

MINNEAPOLIS -- GMAC-RFC, a subsidiary of Residential Capital Corporation, a leading, globally diverse real estate finance company, has entered into a joint venture with Grupo Security, an international financial services company based in Santiago, Chile, to develop and grow the secondary market (through securitization) for residential mortgages in the Chilean market.

Under the terms of the joint venture agreement, GMAC-RFC Chile Inversiones Limitada, a subsidiary of GMAC-RFC, has agreed to purchase a minority share interest (49%) in Securitizadora Security S.A., a subsidiary of Grupo Security, and one of the three largest debt securitization companies in Chile, for CLP$1,254,590,750 (approximately US$2.5 million).

The joint venture operation is subject to Securitizadora Security S.A. raising approximately US$4.5 million in capital through the authorization of Chilean regulator SVS. In addition, Grupo Security must subscribe to at least $2 million of the new shares to be issued by Securitizadora Security, S.A.

"We are very pleased to partner with Securitizadora Security S.A. and Grupo Security," said Jose Landa, managing director of GMAC-RFC's Latin America operations. "We believe this joint venture will bring more capital solutions to the Chilean housing market, which in turn, will create more opportunities for Chilean consumers."

In addition to Chile, GMAC-RFC also maintains real estate finance operations in Mexico and Brazil.

About Securitizadora Security S.A. and Grupo Security

Securitizadora Security S.A., founded in 1997, securitizes various types of assets and general debt titles. The company is among the three largest companies within its industry, which has experienced dynamic growth and is recognized for its competitiveness.

Grupo Security is a financial services conglomerate that participates in various segments of the financial services market, in particular in the areas of investment and credit, through its banking operations; and in the administration of financial resources through the "Administradora General de Fondos", Corredora de Bolsa, Securitizadora and Asesorias. The company also participates in the insurance market through Vida Security, Penta Security, and Corredora de Seguros Security; and other complementary businesses in the areas of travel and real estate.

About GMAC-RFC

GMAC-RFC, is a wholly owned subsidiary of Residential Capital Corporation, a leading real estate finance company focused primarily on the residential real estate market in the United States, Canada, Europe and Latin America. Our diversified businesses - GMAC-RFC, GMAC Mortgage, Ditech.com, GMAC Bank, and Homecomings Financial - cover the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their securitization on the secondary market.

We also provide capital to other originators of mortgage loans, residential real estate developers, resort and timeshare developers and healthcare companies. ResCap is an indirect wholly owned subsidiary of General Motors Acceptance Corporation (GMAC).