On the asset management side, we are the primary servicer for more than three million loans, which we originated or acquired, and provide master servicing for investors in our securities and whole loan packages. We also act as a subservicer for other lenders, servicers and investors on approximately 300,000 loans.

Beyond our core mortgage banking business, the Residential Finance Group offers real estate brokerage and relocation services to consumers through a network of more than 1,000 franchises and company-owned real estate offices. Through GMAC Bank, an FDIC member, we provide high-yield money market savings accounts, certificates of deposit and education loans.

GMAC ResCap’s Business Capital Group provides innovative capital solutions to some of the nation’s largest homebuilders and land developers for the acquisition, development and construction of residential housing projects, as well as financing to other businesses in niche markets. Our residential construction finance businesses offer debt and equity financing, subordinated debt financing for residential construction projects and manufactured housing communities to finance a portion of their project equity, and model home leasing and lot option contracts.

In the resort finance space, we provide revolving lines of credit for timeshare developers, secured by timeshare receivables. Our health capital business is a financing resource for healthcare-related businesses to provide working capital or support growth through acquisition.

Our International Business Group exports proven U.S. platforms and processes for residential mortgage and construction finance to markets outside the United States, including the United Kingdom, the Netherlands, Germany, Canada and Mexico. We offer a wide range of mortgage lending solutions through a variety of channels and, in certain oversees markets, construction finance solutions. We are a top-10 residential mortgage lender in the United Kingdom and the Netherlands and operate the largest mortgage brokerage in Canada. In 2006, we expanded our global presence to Australia, Spain, Brazil and Chile and continue to pursue strategic opportunities to grow our international presence through joint ventures, acquisition or de novo expansion.

GMAC ResCap, like many other companies in the U.S. real estate finance market, experienced a very challenging environment in 2006, which was marked by pressure on home prices and weakening consumer credit. Nonetheless, our diversified business helped the company maintain a profitable bottom line for 2006.  We will continue to seek opportunities within our core U.S. mortgage banking operations, as well as expansion of our international business.