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GMAC ANNOUNCES EXECUTIVE CHANGES AT MORTGAGE SUBSIDIARY

 DETROIT, Sept. 16 /PRNewswire/ -- Reflecting a planned succession of management in its mortgage banking activity, General Motors Acceptance Corporation (GMAC) today announced the appointment of Mark L. Korell as President and Chief Executive Officer of GMAC Mortgage Corporation, the holding company for its mortgage banking subsidiaries. Mr. Korell succeeds Geoffrey C. Thomas, who becomes Chairman of the group.
 The appointment follows GMAC's recent announcement that it will retain and build its mortgage banking businesses. "Led by this management team, we are confident that GMAC Mortgage is entering a new era of growth. With business growth comes the expectation of increasing the unit's contribution to overall GMAC Financial Services earnings," commented Robert T. O'Connell, General Motors Senior Vice President and Chairman and CEO of GMAC, the parent company of GMAC Mortgage. "We are excited with the prospect of expanding our currently prominent position in the national mortgage market."
 Three additional and related management appointments were also announced. Ralph J. Hall has been appointed General Manager and Chief Operating Officer of GMAC Mortgage Corporation of Pennsylvania and Iowa; Bruce J. Paradis has been appointed General Manager and Chief Operating Officer of GMAC Residential Funding Corporation (GMAC-RFC); and Michael D. Mangan will become Chief Financial Officer of the GMAC Mortgage Corporation group.
 Mark L. Korell has served as President and CEO of GMAC-RFC since 1986. His public and private sector experience includes positions with the Federal Home Loan Bank Board in Washington, D.C., and with FBS Mortgage Corporation in Minneapolis as President and CEO. Mr. Korell, 45, is a graduate of the University of Wisconsin at Madison and obtained his M.B.A. degree from Stanford University.
 Ralph J. Hall served as Executive Vice President, Residential Originations for GMAC Mortgage, since March 1993. Mr. Hall, 44, joined GMAC in 1988 as President and CEO of GMAC Capital Corporation in Salt Lake City. He holds a B.S. degree from Southeast Missouri State University and an M.B.A. from the University of Houston.
 Bruce J. Paradis served previously as Executive Vice President of Marketing for GMAC-RFC. Mr. Paradis, 44, joined RFC in 1983 after several public and private sector positions, with an emphasis in the residential mortgage industry. He holds a B.A. in Economics from Mankato State University.
 Michael D. Mangan has been Chief Financial Officer of GMAC Mortgage Corporation of Pennsylvania and Iowa since 1991.
 Mr. Mangan, 36, joined the General Motors Treasurers office in 1981 and has served GMAC as Director of Bank Relations, Corporate Financing and Strategic Planning. He is a graduate of the General Motors Institute with an M.B.A. from the Amos Tuck School at Dartmouth College.
 The combined production and servicing operations for GMAC Mortgage and Residential Funding Corporation rank it as one of the leading retail and wholesale mortgage lenders in the U.S. Through August, total production of the two units was $12.6 billion, while combined servicing and master servicing exceeds $57.4 billion. RFC's warehouse lending commitments exceed $2.1 billion year-to-date.
 GMAC Mortgage Corporation originates and services mortgages for customers in all 50 states. It has a retail branch network of 100 offices and is based in Elkins Park, Pa.
 RFC is one of the leading firms in the private mortgage securities market, purchasing residential mortgage loans from hundreds of correspondents nationwide. RFC, based in Minneapolis, is also a major warehouse lender to the mortgage banking industry.
 -0- 9/16/93
 /NOTE TO EDITORS: Biographies available upon request./
 /CONTACT: R.A. Gillespie of GMAC Mortgage, 215-881-1427; or J.M. McFall of GMAC Financial Services, 313-556-4171/
 (GM)


CO: General Motors Acceptance Corporation; GMAC Mortgage Corporation;
 GMAC Residential Funding Corporation ST: Michigan, Pennsylvania, Minnesota IN: FIN AUT SU: PER


ML-KE -- DE019 -- 2737 09/16/93 14:02 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
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