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GMAC Home Services Names Terry Morris President of Its Company-Owned Real Estate Operations

Oak Brook, Ill., July 10, 2002 -- GMAC Home Services President and CEO John Bearden announced today that longtime industry veteran Terry Morris has been named president of GMAC Real Estate's company-owned division, one of the nation's largest real estate brokerage firms.

In his leadership role, Morris will direct the continued expansion of the company-owned operations, which includes more than 100 offices and 3,500 real estate professionals nationwide. In 2001, GMAC Real Estate's company-owned offices produced more than $10 billion in sales. In addition to its company-owned offices, GMAC Real Estate franchises 1,200 real estate offices with more than 17,000 agents nationwide.

GMAC Real Estate's company-owned offices are situated in major metropolitan markets, including the San Francisco Bay Area, Chicago, metro New York, Boston and elsewhere throughout New England.

"Terry Morris enjoys a well-deserved national reputation for innovation, vision and integrity," Bearden said. "Very few professionals in America can match his experience leading a real estate brokerage organization. Fewer still have integrated mortgage, title and other affiliated home services to create a complete, single-source transaction - the goal of GMAC Home Services - as Terry has done."

Steve Murray, a national real estate industry consultant said, "The addition of Terry Morris demonstrates the commitment GMAC is making to the future of its real estate operations and its agents. He is regarded as among the very, very best real estate operators in America."

Morris, who has more than 30 years of real estate industry experience, was formerly president of Atlanta-based Northside Realty. He began his tenure at Northside Realty as a branch manager, but spent 18 years in corporate management, serving as general sales manager, executive vice president and president. Morris was affiliated with real estate companies in Florida and the Midwest before moving to Atlanta and joining Northside Realty.

"GMAC Home Services' exceptional turnaround under John Bearden, along with the long-term financial commitment GM has made in the company, are just two of the many compelling reasons I accepted this opportunity," Morris said. "I'm excited by the prospect of putting my real estate experience to work on behalf of GMAC Real Estate, truly one of the nation's leading real estate companies."

Morris' time at Northside's helm was marked by steady sales gains and a significant increase in the company's value, culminating with its recent sale to Cendant's NRT Inc. Under Morris' leadership, Northside Realty developed a national reputation as a pioneer in the use of technology, home services, and new home sales and marketing programs.

Last fall, with Northside Realty's sale to NRT pending, Morris left the company and joined his wife's commercial real estate consulting and brokerage practice to add his network of Atlanta connections to her 20 years of national and international experience working with developers, financial institutions and city governments on high-end retail and mixed-use projects. The merger has been successful, and Morris said the firm is now working on eight "live, work, and play" projects in and around metro Atlanta.

"However," said Morris, "my past life kept chasing me. While my work with the family firm has been enjoyable and rewarding, other opportunities arose that deserved exploration. I was very impressed with GMAC Real Estate's significant untapped potential, its customer-service driven philosophy and strong vision for the future."

"The opportunity to apply my 30 years of real estate experience on a national level was just too enticing," Morris said. "The significant challenge, my ability to remain in Atlanta but work with a leading national real estate brokerage and with a respected long-time industry friend and leader, John Bearden, was simply too much to refuse."

Bearden, who joined the company late last year, has been the architect behind GMAC Home Service's impressive turnaround. It was recently announced that GMAC Home Services had made an initial commitment of $100 million to help franchisees and company owned offices grow their businesses. Also, GMAC Real Estate recently launched an agent centered, national TV, radio and billboard advertising campaign.

Additionally, Bearden created an entirely new franchise offering for real estate brokers and has built an entirely new executive management team comprised of real estate professionals who've built brands into powerhouse names.

About GMAC Home Services
GMAC Home Services is one of North America's largest real estate organizations, delivering premier service to homebuyers and sellers through its three operating companies: GMAC Real Estate, GHS Mortgage and GMAC Global Relocation Services. Backed by the resources of industry giant General Motors, the GMAC Home Services network has 1,300 franchised and owned residential real estate offices throughout the United States and Canada.