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GMAC MORTGAGE CORPORATION RESPONDS TO ATTORNEYS GENERAL

 GMAC MORTGAGE CORPORATION RESPONDS TO ATTORNEYS GENERAL
 ELKINS PARK, Pa., Jan. 27 /PRNewswire/ -- GMAC Mortgage Corporation


(GMACM) today issued the following release:
 Earlier today, GMAC Mortgage Corporation announced it has reached an agreement with the Attorneys General from 12 states with respect to prospective changes in the Company's administrative practices for handling homeowner escrow accounts.
 In concurrent press releases, the Attorneys General of some of the states involved have estimated the settlement will involve a payment of $100 million to Company's customers nationwide. This figure is solely an estimate by those Attorneys General made without consultation or substantiation by the Company. Although the Company has not made a determination of the nationwide reduction in its customers' mortgage escrow balances, it believes that the Attorneys General estimate is a gross exaggeration of the actual reduction. Regardless of the amount involved, it is the customers' accounts and not the assets of the Mortgage Company that will be affected. After the Court has approved the settlement, the Company will recalculate the escrows and individual customers will be notified of the status of their accounts within one year.
 /delval/
 -0- 1/27/92
 /CONTACT: Richard Gillespie of GMAC Mortgage Corporation, 215-881-1427/ CO: GMAC Mortgage Corporation ST: Pennsylvania IN: FIN SU:


JS-MK -- PH033 -- 3888 01/27/92 16:00 EST
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Publication:PR Newswire
Date:Jan 27, 1992
Words:215
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