Leading market position in the mortgage sector Entrenched position in automotive finance as a provider of financing support to General Motors Corp.'s (GM) dealers and retail customers Promising long-term growth prospects Moderate capital structure In automotive finance, heavy reliance on problem-plagued GM, with little presence as yet among non-GM brands Near-term challenges faced by Residential Capital LLC in offsetting weakness in the U.S. mortgage sector, Need for GM and Cerberus Capital Management L.P. (Cerberus) to demonstrate GMAC can prosper under the current ownership structure The ratings on GMAC LLC (GMAC) reflect the significant risks facing the company, including the acute stress at GMAC's 100% mortgage lending subsidiary, Residential Capital LLC (B/Negative/C); recent asset quality deterioration in its auto portfolio; increased
