TORONTO, Ontario, July 12, 2006 — To help families in need achieve their dream of homeownership, volunteers from GMAC Residential Funding of Canada and Mortgage Intelligence plan to put down their calculators and cell phones and pick up hammers to lend a hand with other volunteers in support of Habitat for Humanity Toronto.
Taking place on July 13th and 14th, approximately 25 GMAC-RFOC and Mortgage Intelligence employees will come together at 8 Elsinore Path in Etobicoke to make a tangible difference to the lives of low-income families. Ten new affordable homes are currently being built on land donated by The Daniels Corporation, valued at $700,000. This gift represents the single-largest donation of land by a private company in Habitat Canada's history.
"We are committed to making a difference to the housing crisis, not just in Canada, but around the world," said Karl Wondrak, President, Mortgage Intelligence, a GMAC company. "Our international partnership with Habitat for Humanity allows us to give back to families and get involved in the community. When you've made a family's dream come true, you know that everyone involved has accomplished a great thing."
GMAC Residential Funding's involvement with Habitat for Humanity globally has spanned the last 16 years and has mobilized thousands of volunteers around the world. In 2006, GMAC Residential Funding will be involved with 16 builds in Canada, the United States, Mexico and the U.K.
"Strong partnerships like the one we share with GMAC help to make these builds possible and break the cycle of poverty for families that need a hand," said Neil Hetherington, CEO, Habitat for Humanity, Toronto. "Our success is thanks to everyone involved including donors, volunteers and of course the partner families."
Today, Habitat for Humanity Canada has 30,000 volunteers spanning from coast to coast and have built more than 1,000 homes for Canadian families. Internationally, Habitat for Humanity builds a new home every 24 minutes, making a significant contribution and difference to thousands of families in need around the world.
About GMAC Residential Funding of Canada, Limited
Founded in 2002, GMAC Residential Funding of Canada (GMAC RFOC) has had mortgage originations in excess of $2.1 billion. The company offers a wide variety mortgages, and specializes in mortgages for self-employed Canadians. The company has issued over $1 billion of securities to the Canadian market since its arrival in 2002. GMAC RFOC is a subsidiary of Residential Capital Corporation (www.rescapholdings.com), which is an indirect wholly owned subsidiary of General Motors Acceptance Corporation. For more information, visit: www.gmacresidential.ca.
About Mortgage Intelligence, Inc.
Mortgage Intelligence Inc. is among the largest and fastest growing mortgage brokers in Canada, with more than 900 independent consultants and associates in offices across Canada. Mortgage Intelligence consultants help clients make better mortgage decisions for their home, revenue or vacation properties, renewals, home renovations, debt consolidation needs, and specialized mortgage requirements. Mortgage Intelligence has become a leader in introducing innovative mortgage products that cater to niche segments such as the self-employed. The company had funded volumes in excess of $8 billion in fiscal year 2005. Mortgage Intelligence is a GMAC company. For more information, visit: www.mortgageintelligence.ca.