GMAC Mortgage Statement on Ohio Lawsuit

MINNEAPOLIS -- GMAC Mortgage believes there was nothing fraudulent or deceitful about its foreclosure practices. If procedural mistakes were made in the completion of certain legal documents, GMAC Mortgage reacted proactively to the issue and immediately undertook steps to remedy the situation.

As previously stated, there have not been any inappropriate foreclosures. Typically a foreclosure is not filed until the borrowers are six to 12 months delinquent, and all other alternatives to foreclosure have been pursued such as loan modifications, repayment plans, short sales or deeds in lieu. The fact of default and the right to foreclose are not in dispute.

GMAC Mortgage will vigorously defend this lawsuit and expects to be fully vindicated by the Ohio courts.