GMAC Mortgage and Dewey Companies Raise $150,000 to Pay Py Family Mortgage

GMAC Mortgage and Dewey Companies Raise $150,000 to Pay Py Family Mortgage

ABC-TV's 'Extreme Makeover: Home Edition' Participants Mark Milestone With "Mortgage Burning" Celebration

WEST CHESTER, Pa., and HORSHAM, Pa., July 6 /PRNewswire/ -- Dewey Companies and GMAC Mortgage, in a continuation of the companies' commitment to the building of the Py family home in northeast Philadelphia as part of ABC-TV's "Extreme Makeover: Home Edition," will mark the completion of the Py's existing mortgage by burning the family's mortgage paperwork outside the Py's new home in the Bustleton area of Philadelphia today at 3:00 p.m.

During the ceremony, the Py's will be accompanied by GMAC Mortgage and Dewey Companies representatives, along with neighbors, family and friends. The Py family home is located at 9963 Haldeman Avenue at Red Lion Road, Philadelphia.

"As mortgage lenders, our employees felt strongly that by helping to pay off the Py's existing mortgage, we can provide this deserving family with another very important gift -- the freedom of owning their new home outright," said Jim Goldstein, district manager, GMAC Mortgage. "Now, the Py's will not be burdened by their mortgage payment and can devote more financial resources to their family. We are proud to contribute to both the completion of the Py's new home and to ensure their ability to keep their home for their family."

GMAC Mortgage employees donated $50,000, and along with Dewey Companies and its business partners, contributed over $150,000 to complete the Py's existing outstanding mortgage balance of approximately $123,000. The remaining funds, approximately $27,000, will go toward the upkeep of the Py family's new home.

"GMAC Mortgage continues to be an outstanding partner in our efforts to support William and Carole Py and their family," added John Dewey, chairman and CEO of Dewey Companies. "We are proud that we, along with our partners, can provide this deserving family with the means to fully enjoy and maintain their new, safe home."

The Py's were selected by "Extreme Makeover: Home Edition" from thousands of applicants. After raising four children of their own and putting them all through college, the retired Philadelphia couple is now raising their three grandchildren after the tragic deaths of their daughter and son-in-law. Prior to the construction of their current home, the Py family lived with the health hazards of asbestos and lead paint.

Throughout the week-long build, more than 2000 men and women from Dewey Companies and their trade contractors worked around the clock for a week volunteering their time to create a beautiful and safe new home for the Py family. GMAC Mortgage employees played an integral role in the build through on-site support throughout the project.

GMAC Mortgage and Dewey Companies both have strong traditions of being involved in numerous charitable events throughout the Delaware Valley, including strong ties to Habitat for Humanity.

GMAC Mortgage was a local Grand Contributor to the Dewey Companies' "Extreme Makeover: Home Edition" effort, contributing $50,000. The Dewey Companies and Py family episode aired on Sunday, April 30, 2006, from 7:00 to 9:00 p.m., on ABC-TV.

For photographs of the week-long build or the mortgage burning ceremony, please visit http://www.deweyextreme.com/.

About GMAC Mortgage

GMAC Mortgage Corporation, headquartered in Horsham, Pa., is among the nation's top ten residential mortgage servicers and originators, and is a wholly owned subsidiary of Residential Capital Corporation (ResCap), which is owned by GMAC Financial Services. The company originates first and second lien residential mortgage loans through a nationwide network of retail offices, direct lending centers, and Internet sites, under the brands, gmacmortgage.com and ditech.com. GMAC Mortgage also offers custom mortgage services to GM employees and their family members, retirees and dealers through the GM Family First program. As of December 2005, GMAC Mortgage originated $94 billion in residential mortgages, representing over 580,000 transactions. The company's servicing portfolio of more than $262 billion represents nearly 2 million customers throughout the nation.

About Dewey Companies

Dewey Companies has grown from the two brothers constructing two houses in 1990 to seventy employees and a well-known and respected company in the real estate development industry. Dewey Companies has three subsidiaries. Dewey Homes -- builder of award-winning communities in Chester, Delaware and Montgomery Counties; Dewey Commercial -- a full service commercial real estate company with development, construction and property management expertise, and Dewey Land, a land acquisition and development company that has developed approximately 3,000 new home sites in more than 30 new home communities since 1990, including Raven's Claw Golf Course in Limerick.

Source: GMAC Mortgage Corporation

CONTACT: Abby Aylman Cohen, +1-212-850-5710, for GMAC Mortgage; or Glenn
Gleason, +1-610-209-7172, for Dewey Homes

Web site: http://www.deweyextreme.com/
http://www.gmacmortgage.com/
http://www.ditech.com/

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