November 20, 2002

GINNIE MAE REACHES $2 TRILLION IN MORTGAGE-BACKED SECURITIES

Agency President Honors Partner GMAC Commercial Mortgage

HORSHAM, PA - Ginnie Mae marked the achievement of $2 trillion in mortgage-backed securities today at an event with GMAC Commercial Mortgage (GMACCM), the company that originated the milestone security.

"Reaching this milestone means that more than 27 million families have had access to affordable housing or lower mortgage costs since Ginnie Mae began in 1968," Ginnie Mae President Ronald Rosenfeld said.

Rosenfeld commemorated the achievement today by recognizing GMAC Commercial Holding Corp. Chairman and Chief Executive Officer David E. Creamer and GMACCM employees at company's headquarters.

"We have a productive and successful, long-term relationship with Ginnie Mae," said Creamer. "Ginnie Mae is a valued business partner, and we're honored to be a part of this significant event."

GMAC Commercial Holding Corp. is a leading financial services resource for the global commercial real estate industry. The company, through its varied business units and subsidiaries, is unparalleled as a single-source provider of loan originations, servicing, asset management, investment management and technology services. GMACCH has a servicing portfolio approaching $160 billion and offers a comprehensive array of innovative financial solutions.

Ginnie Mae, part of the U.S. Department of Housing and Urban Development, pioneered mortgage-backed securities, issuing the first one in 1970. Ginnie Mae securities are backed by the full faith and credit of the U.S., and thus have the same credit risk as U.S. Treasury securities.

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities, creating affordable housing opportunities for low-income Americans, supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov.

Ginnie Mae President Ronald Rosenfeld (right) recognizes GMAC Commercial Holding Corporation Chairman and Chief Executive Officer David Creamer for helping Ginnie Mae reach $2 trillion in mortgage-backed securities.

Ginnie Mae and GMAC Commercial Holding Corporation executives at recognition ceremony for Ginnie Mae's milestone achievement of $2 trillion in mortgage-backed securities.

(from left to right) President Rosenfeld, Karl Reinlein, Senior Vice President, FHA Managing Director/Regional Director for GMAC Commercial Holding Corp., Theodore B. Foster, Vice President of Mortgage-Backed Securities and GMAC Commercial Holding Corp. Chairman and CEO David Creamer.