Government support, most notably in the form of TARP, TLGP, and expanded 23A exemption In automotive finance, heavy concentration in problem-plagued GM products Near-term challenges faced by Residential Capital LLC in offsetting weakness in the U.S. mortgage sector Questionable long-term viability of business model as currently constructed Funding profile Standard&Poor's Ratings Services' ratings on GMAC Inc. reflect the significant risks facing the company, including recent asset-quality deterioration in its auto portfolio; the ongoing stress at GMAC's 100% mortgage lending subsidiary, Residential Capital LLC (CCC/Developing/C); uncertainty related to any benefits from GMAC's close business ties to General Motors (GM; D/--); and funding, which is a long-term issue relieved in the near term by government support. Longer-term, we believe current
