GMAC Financial Services Appoints Jeffrey Brown as Corporate Treasurer

NEW YORK, March 3 /PRNewswire/ -- GMAC Financial Services today announced that Jeffrey Brown has been appointed to the position of corporate treasurer. In this role, he will have responsibility for all treasury activities, including funding and balance sheet management. He will report to GMAC Chief Risk Officer Sam Ramsey.

"Jeff's experience and leadership will be a valuable asset to the organization, as we build our business and enhance our treasury function," said Ramsey.

Prior to joining GMAC, Brown spent more than 10 years at Bank of America, most recently serving as corporate treasurer. Prior to his role as corporate treasurer, he worked in a number of other capacities at Bank of America. He led the Balance Sheet Management division and prior to that traded mortgage and derivative products in the Corporate Investments division. In addition, he was a member of Bank of America's Asset/Liability Management Committee.

Brown serves on the executive advisory board of the College of Business and Behavioral Sciences at Clemson University. He received a bachelor's degree in economics from Clemson University and an executive master's degree in business administration from Queen's College of Charlotte.

"I am pleased that we continue to attract high-caliber talent to our company, which enhances our capabilities during this crucial turnaround effort. The strength of our leadership team is the reason I am optimistic about the future of GMAC," said Alvaro G. de Molina, chief executive officer of GMAC.

About GMAC Financial Services

GMAC Financial Services is a bank holding company with operations in North America, South America, Europe and Asia-Pacific. GMAC specializes in automotive finance, real estate finance, insurance, commercial finance and online banking. As of Dec. 31, 2008, the organization had $189 billion in assets and serviced 15 million customers around the world. Visit the GMAC media site at http://media.gmacfs.com for more information.

Forward-Looking Statements

In this press release, the use of the words "expect," "anticipate," "believe," or similar expressions is intended to identify forward-looking statements. All statements herein, other than statements of historical fact, including without limitation, statements about future events and financial performance, are forward-looking statements that involve certain risks and uncertainties.

While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, these statements are not guarantees of any events or financial results, and GMAC LLC's ("GMAC") actual results may differ materially due to numerous important factors that are described in our most recent reports on SEC Forms 10-K, which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, among others, the following: securing low cost funding for GMAC and Residential Capital, LLC ("ResCap") and maintaining the mutually beneficial relationship between GMAC and General Motors Corporation ("GM"); our ability to maintain an appropriate level of debt; the profitability and financial condition of GM; our ability to realize the anticipated benefits associated with our recent conversion to a bank holding company, and the increased regulation and restrictions that we will be subject to; uncertainty concerning our ability to access additional federal liquidity programs; recent developments in the residential mortgage and capital markets; continued deterioration in the residual value of off-lease vehicles; the continuing negative impact on ResCap of the decline in the U.S. housing market; changes in U.S. government-sponsored mortgage programs or disruptions in the markets in which our mortgage subsidiaries operate; disruptions in the market in which we fund GMAC's and ResCap's operations, with resulting negative impact on our liquidity; changes in our accounting assumptions that may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; changes in the credit ratings of ResCap, GMAC or GM; changes in economic conditions, currency exchange rates or political stability in the markets in which we operate; and changes in the existing or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations.

Investors are cautioned not to place undue reliance on forward-looking statements. GMAC undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other such factors that affect the subject of these statements, except where expressly required by law.

    Contacts:
    Beth Coggins Office: 313-656-6964
    Mobile: 313-410-0284
    beth.coggins@gmacfs.com

    Chris McNamee
    Office: 917-369-2389
    christopher.mcnamee@gmacfs.com

SOURCE GMAC Financial Services