National Press Release

NEW YORK, June 13 /PRNewswire/ -- GMAC Financial Services has named Rajinder (Raj) Singh to the newly created role of chief credit risk officer. In this position, Singh is responsible for global credit risk management across the enterprise, including credit quality of approximately $243 billion in assets (as of March 31, 2008), setting policies for the organization, and overseeing credit activities and portfolio performance for all of GMAC's business units. He will report to GMAC Chief Risk Officer Sam Ramsey.

"Raj brings extensive experience and a proven track record in the area of risk management to GMAC. In this new role, he will continue to develop the global risk function, which is critically important to our current and future business growth and profitability," said Ramsey.

Brian Gunn has also joined GMAC in the global automotive finance business as risk officer for consumer credit and will jointly report to Singh and GMAC President Bill Muir. In this new role, Gunn will further enhance the risk management capabilities in the global automotive finance business by managing the consumer credit asset portfolio.

Singh joins GMAC from Genpact, where he served as the head of global analytics services. There, he spearheaded the development and delivery of the company's analytic and decision management solution. He also spent four years at GE where he was the chief risk officer for GE Money Americas, head of risk management and decision sciences, and an officer of GE Capital.

Singh also led risk management at U.S. Bancorp and gained international experience through assignments in Germany and India during his career. He was one of the founding board members of the Small Business Financial Exchange and served on the board of Banco de America Central (BAC) International Bank and on the client advisory board of Fair Isaac.

He holds a master's degree in business administration from the University of Rochester's Simon Business School, a master's degree in mechanical and aerospace engineering from Rutgers University and a bachelor's degree in mechanical engineering from the Indian Institute of Technology Kanpur.

Gunn joins GMAC from GE Money Canada where he recently served as chief risk officer. He earned a bachelor's degree from Providence College and a master's degree in business administration from Hofstra University.

About GMAC Financial Services

GMAC Financial Services is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and commercial finance businesses. GMAC was established in 1919 and employs approximately 26,700 people worldwide. For more information, go to http://www.gmacfs.com .

SOURCE GMAC Financial Services