Residential Capital Corporation Extends Exchange Offer

MINNEAPOLIS--Residential Capital Corporation ("ResCap") today announced that it has extended until 5:00 p.m. New York City time on October 31, 2005, unless further extended, the offer to exchange (the "Exchange Offer") any and all of its unregistered Floating Rate Notes due 2007 (the "Private Floating Rate Notes"), 6.375% Notes due 2010 (the "Private 6.375% Notes") and 6.875% Notes due 2015 (the "Private 6.875% Notes") for its registered Floating Rate Notes due 2007, 6.375% Notes due 2010 and 6.875% Notes due 2015. As of 5:00 p.m. New York City time on October 27, 2005, $999,400,000 of the $1 billion aggregate Private Floating Rate Notes, $2,481,971,000 of the $2.5 billion aggregate Private 6.375% Notes and $499,860,000 of the $500 million aggregate Private 6.875% Notes had been tendered for exchange in the Exchange Offer.

Questions and requests for assistance and requests for copies of the Offer to Exchange relating to the Exchange Offer, a Letter of Transmittal or a Notice of Guaranteed Delivery should be directed to Deutsche Bank Trust Company Americas, the exchange agent for the Exchange Offer, at 1 (800) 735-7777.

About ResCap:

Residential Capital Corporation (ResCap) is 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).

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.