GMAC Mortgage Expands Hardest Hit Fund Support to Include All Participating States

FORT WASHINGTON, Pa., May 24, 2011 /PRNewswire/ -- GMAC Mortgage, the mortgage subsidiary of Ally Financial Inc., today announced that it has signed contracts with all 19 states participating in the Hardest Hit Fund (HHF). The program was established to provide targeted aid to homeowners in states hit hard by the economic and housing market downturn. Since the HHF was established in February 2010, GMAC Mortgage has worked continuously to ensure that HHF funds can be delivered to distressed borrowers in every eligible state.

The HHF participating states are: Alabama, Arizona, California, Washington D.C., Florida, Georgia, Kentucky, Indiana, Ohio, Michigan, New Jersey, Rhode Island, South Carolina, Tennessee, North Carolina, Nevada, Oregon, Illinois, and Mississippi. These states were chosen to participate in the HHF either because they are struggling with unemployment rates at or above the national average, or experienced steep home price declines since the housing market downturn. Customers who are interested in this program should work with their state housing finance agencies to determine their eligibility.

"GMAC Mortgage is committed to helping borrowers in distress, and we continue to prove this through our dedication to such programs as the Hardest Hit Fund and the Emergency Home Loan Program," said Tom Marano, chief executive officer of Ally Financial's mortgage operations. "Providing our customers with as many options as possible for affordable and sustainable payment relief remains our top priority. Both of these programs are fully operational and we have already been able to assist borrowers throughout the country."

GMAC Mortgage continues to demonstrate a leadership position in preserving home ownership and has the highest HAMP conversion rate.  Since 2008, GMAC Mortgage has completed more than 675,000 default workouts for borrowers, which comprises approximately 25 percent of loans serviced during that period.

About GMAC Mortgage LLC

GMAC Mortgage LLC is a subsidiary of Residential Capital, LLC (ResCap), specializing in residential mortgage finance.  GMAC Mortgage LLC originates and services residential mortgage loans under the GMAC Mortgage and ditech(SM) brand names. 

Contacts:

Jim Olecki
646-781-1008
[email protected]

Susan Fitzpatrick
215-734-4400
[email protected]

SOURCE GMAC Mortgage