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GMAC Real Estate Chairman Tom Koenig Stepping Down, Not Out

Contact: Hugh Siler
Siler & Company Public Relations
(949) 646-6966
hsiler@aol.com

Oak Brook, Ill., August 5, 2002 - He's spent the past 30 years working in the real estate industry and the last three overseeing the sale and integration of his former company, but this month Tom Koenig says he will "take a much needed breather" from his role as chairman of GMAC Real Estate and become a consultant to the company.

Koenig, whose family owned the venerable Chicago-based Koenig & Strey real estate firm until its sale to GMAC Real Estate in 1999, is completing a planned three-year tenure in which he was responsible for successfully integrating the firm into GMAC Real Estate.

"My grandmother lived to be 100 and my father is still going strong at 80 years of age working every day at Koenig & Strey GMAC Real Estate - my plans are to keep moving forward for a long, long time," said Koenig. "After doing some traveling in the coming months, I look forward to my role as a consultant to John Bearden and GMAC Real Estate," Koenig said.

"Not only is Tom an excellent business person -- building one of the premier real estate brokerages in the nation -- he is a man of integrity and widely respected as one of the true leaders in this industry," said John Bearden, GMAC Home Services' President and CEO.

"I am extremely grateful to have had the opportunity to work with Tom. This marks a new beginning in our relationship as we turn to him to help GMAC Real Estate continue rolling out broker-specific products and services," said Bearden.

"Over the past 12 months, John Bearden has done a remarkable job of building a company that will propel GMAC Home Services to the next level," Koenig said. "I look forward to continuing my relationship with John and GMAC Real Estate, as well as other brokers from throughout the country as I embark on the next phase of my career."

With 13 offices and 750 sales associates who handled nearly $3 billion in sales last year, Koenig & Strey GMAC Real Estate is a key pillar in GMAC Real Estate's company-owned real estate operations which are situated in major metropolitan markets, including the San Francisco Bay Area, Chicago, metro New York and New England. In North America, GMAC Real Estate has more than 1,300 offices and 20,000 sales associates.

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.