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Press Release: GMAC-RFC
October 21, 2005
MINNEAPOLIS, MN -- Residential Capital Corporation (ResCap), one of the nation's largest real estate finance companies,
is refining its executive leadership team. Effective immediately, Bruce Paradis has been named chief executive
officer (CEO). Paradis, who has more than 30 years of experience in the real estate finance industry, has served
as GMAC-RFC's CEO since 1994. ResCap is the recently formed parent company of GMAC Mortgage and Residential Funding
Corporation (GMAC-RFC).
According to Eric Feldstein, chairman of the ResCap board of directors, and chairman of General Motors Acceptance
Corporation (GMAC), the executive changes are the next logical step in the launch of ResCap. ResCap's combined
operations reported net income of $968 million in 2004.
"After successfully accomplishing several key milestones in launching ResCap, including raising $4 billion
in a recent private bond offering," says Feldstein, "ResCap needs to focus on attacking market opportunities.
Bruce will be charged with leading all of ResCap's businesses and its 14,000 employees. One of his key roles will
be to drive ResCap's growth in real estate markets worldwide and to secure the capital resources to fuel that growth."
David Applegate, who previously shared CEO duties with Paradis, has been named chief operating officer of ResCap
and president of the company's U.S. Residential Finance Group. In this role, Applegate will have direct responsibility
for the company's U.S. residential real estate finance segments - the Residential Capital Group and GMAC Residential.
"Dave will leverage the strengths of the company's U.S. real estate finance business," says Feldstein.
"By integrating the skills, talents and resources of two premier organizations, ResCap will be better able
to capitalize on market opportunities and provide ResCap's consumer and business clients with superior products
and service."
Greg Schultz, president of the company's Business Capital Group, and Christopher Nordeen, president of the International
Business Group, will continue to report to Paradis.
"We have one of the most experienced and disciplined executive teams in the real estate finance industry,"
adds Feldstein. "This puts the right people in the right places to achieve our growth objectives."
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). For more information about our company, visit https://www.rescapholdings.com
----------------------------------------------
Contact:
GMAC-RFC
Media:
Laurie Zenner, 952-857-7531
laurie.zenner@gmacrfc.com
or
ResCap
Investors:
Diane Wold, 1-888-440-8851
952-857-7406
diane.wold@rescapholdings.com
Source: GMAC-RFC