gfn.com, GMAC Mortgage Enters Agreement to Offer Mortgage Products to Gay and Lesbian Web User

Business Wire, April 20, 1999

NEW YORK--(BUSINESS WIRE)--April 20, 1999--

gfn.com, (the Gay Financial Network), today announced that it had entered into an agreement with GMAC Mortgage Corporation, exclusive for one year, to offer mortgage products and information related to home-financing to gfn.com members.

gfn.com and GMAC Mortgage will host a customized Web page which will include frequently asked questions people face when applying for a mortgage. Questions not addressed can be submitted via e-mail to gfn_web@gmacm.com or by calling the gfn.com Home Financing Program at GMAC Mortgage, 877-415-4622. A future enhancement to the site may include an online mortgage application.

"Our partnership with GMAC Mortgage adds a critical component to gfn.com's service offerings: tools and information for gays and lesbians to help them make the most informed financial decisions," said Jeffrey L. Newman, President of gfn.com. "We have been working very closely with GMAC Mortgage to develop a first-of-a-kind comprehensive resource for gays and lesbians."

"GMAC Mortgage has a longstanding policy of promoting diversity at all levels of the business. And the opportunity to partner with gfn.com allows us take it one step further by offering mortgage services to gfn.com members, said Peter Conners, Vice President of Affinity Sales and Marketing, GMAC Mortgage. "gfn.com understands the gay and lesbian market, their needs and sensitivities, and their financial concerns. We applaud gfn.com and its principals for their efforts in providing a cutting-edge financial services platform for the gay and lesbian community and we look forward to helping their members fulfill their home-financing needs."

Launched in 1998, gfn.com (the Gay Financial Network) is the leading online resource devoted to the unique financial needs of the gay and lesbian community. The site exclusively provides free daily and weekly comprehensive financial news and information, as well as a variety of specially tailored financial and investment services. In addition, through a partnership with GAYBC, gfn.com President Jeffrey L. Newman delivers a daily radio show on gay and lesbian financial issues. Recently, gfn.com announced a partnership with Conseco to offer annuity products to gays and lesbians. The company's headquarters are located in New York City.

GMAC Mortgage Corporation, based in Horsham, Pa., is an indirect wholly owned subsidiary of General Motors Acceptance Corporation (GMAC). It is one of the nation's leading mortgage bankers, servicing first and second mortgage loans for more than 1.5 million customers and originating loans from a nationwide retail branch network of more than 280 offices.