Australian Mortgage That Can Save Thousands Now Available in U.S. from CMG Mortgage; Pioneered Down Under, Innovative All-in-One Home Loan Combines Personal Checking with Mortgage to Pay off Mortgage Years Earlier.

SAN RAMON, Calif. -- American homeowners are taking advantage of a popular Australian home loan program that is available in the U.S. for the first time from CMG Mortgage. The powerful new tool combines a mortgage and a full-service checking account. The new "all-in-one" type loan has the ability to produce large interest savings and loan payoffs in as little as half the time without changing the borrower's spending habits.

The CMG Home Ownership Accelerator is based on a fast-growing Australian model now used by nearly a third of homeowners in that country. Homeowners deposit their paychecks directly into the new line of credit mortgage account, and they write all of their expenses out of the mortgage as well. While they are not using their money, it reduces their daily loan balance, on which interest is computed. Over the life of the loan, this can save tens or hundreds of thousands in interest, compared to a traditional loan. Interest saved equals more money for principal, so borrowers could build equity faster and own their home sooner -- without changing their monthly budget.

Homeowners can access their funds to pay expenses just like they would with a checking account, using the unlimited checks, ATM/Visa point-of-sale card, and free online bill-pay that comes with the account. While the homeowner's funds are not being used, they simply keep the principal balance lower, thereby saving interest. It essentially creates a higher effective return on those funds.

"This is a huge win for homeowners," said Chris George, CMG President and CEO. "With today's creative loans, consumers are taking on more and more debt -- debt that will probably be with them well into retirement. Finally, here's an opportunity to shift the focus from simply minimizing payments to actually paying off efficiently, quickly, and with no change to lifestyle. It's not magic. It simply takes the interest spread the banks had and gives it to the consumer."

The CMG Home Ownership Accelerator loan is offered exclusively by CMG.

"This is the most revolutionary product to hit the U.S. mortgage industry in years," said Ted Grose, COO of All Nationwide Funding Group, a mortgage industry analyst. "The CMG Home Ownership Accelerator offers consumers a unique opportunity to significantly reduce the amount of interest paid on their home loans without any change to their spending habits."

"It's not for everyone," said Doug Nesbit, CMG Vice President of Marketing. "You need to have positive cash flow and be disciplined about your use of equity. But for those people, the benefits can be amazing." Homeowners and mortgage professionals can evaluate the Accelerator themselves by using the company's powerful online simulator, which allows people to model unlimited borrowing scenarios based on their actual finances and lifestyles. The simulator is found at www.cmghome.com.

CMG is partnering with Horsham, PA-based GMAC Bank, which will handle the servicing side of the loan, including transactions, statementing, online access, and customer service.

"GMAC Bank is the ideal partner for us in terms of stability, integrity, and technical resources," said George.

CMG is currently distributing the Home Ownership Accelerator in 10 states in the West and Midwest, with gradual expansion to 20-25 additional states by October.

About CMG: CMG Financial Services (www.cmgfs.com) is the holding company for CMG Mortgage, Inc., one of the nation's leading wholesale mortgage banks with offices in San Ramon CA, Concord CA, San Diego CA, Las Vegas NV, Phoenix AZ, Spokane WA, and Chicago IL. It also owns CMG Mortgage Services, Inc., a leading retail mortgage broker with offices in San Ramon, Walnut Creek, and Foster City, CA, and Pacific Guarantee Mortgage, the nation's leading branch network with 51 offices in 17 states. CMG, a privately-held company founded in 1993, employs over 600 people, and closed nearly $5 billion in loans during 2004. It is headquartered in San Ramon, CA and lends in 40 states.

About GMAC Bank: GMAC Bank (www.gmacbank.com) is a federal savings bank formed in 2001, based in Horsham, Pennsylvania, and is an indirect wholly owned subsidiary of GMAC Financial Services. GMAC Bank is regulated by the Office of Thrift Supervision with deposits insured by the Federal Deposit Insurance Corporation. GMAC Bank, with total assets of over $4.6 billion, offers wholesale, retail, and commercial lending products and services to the mortgage banking industry, as well as a wide array of deposit products for consumers.