Mortgage company financial statement

Independent Auditor’s Report

Housing Capital, LLC

To the Board and a member of Residential Capital, LLC:

We have reviewed the accompanying consolidated financial statements of Residential Capital, LLC (the “Company”) (wholly owned by Ally Financial Inc.) on December 31, 2011 and 2010 and the associated consolidated financial statements, comprehensive income, changes in equity and cash flows for the years then. These financial reports are managed by the company. It is our responsibility to express an opinion on these financial statements based on our audits. Consolidated income statement of the Company, changes in equity and cash flows for the year ended 31 December 2009, before the effect of the retroactive adjustment for discontinued operations discussed in Note 2 to the consolidated financial statements, the reclassification in Note 1 to the consolidated accounts and changes to the annual report 2009 for applying the amendment to the financial statements retrospectively for presentation in Note 1 to the consolidated financial statements was audited by other auditors, but their report, dated 26 February 2010, declared an inappropriate opinion on these statements and included explanatory notes stating that the company’s liquidity and equity requirements , together with unstable market conditions, has raised significant doubts about its ability to continue as an operating center.

We conducted our audit in accordance with auditing standards generally accepted by the Audit Committee (United States) and the audit standards of the Audit Committee (United States). These standards require us to design and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. The Company is not required to audit its internal control over financial reporting, and we are not permitted to do so. Our audits include a consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate to the situation, and not to give an opinion on the effectiveness of control. Internal company financial statement. Accordingly, we do not express such an opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our studies provide a reasonable basis for our opinion. In our opinion, such consolidated financial statements for 2011 and 2010 reflect, in all material respects, the financial position of the company as at 31 December 2011 and 2010, and its business results and cash flows for the years ended in accordance with generally accepted U.S. Accounting Policy.

We also reviewed (1) As stated in Note 2 to the financial statements, revisions and changes in business ending in 2010 in the 2009 financial statements. (2) Reclassification as described in Note 1 to the consolidated financial statements, (3) Amendment in the accounting treatment for the 2009 financial statements to fully include income is discussed in Note 1 to the consolidated financial statements. Our procedures for reviewing and changing discontinued business include (i) obtaining a company accounting analysis of the regulatory agency’s forecast adjustments in discontinued business and comparing the amount adjusted for each 2009 financial statement with an analysis of such. Comparison, (ii)) previous comparison. (iii) Testing the mathematical accuracy of the accounting analysis, and (iv) Based on the test, compare the disclosed financial statement documents based on changes in the financial statements supported by the company. Our reclassification review procedures include (i) comparing previously reported amounts with changes to the financial statements previously issued for that year, and (ii) testing the mathematical accuracy of applying those changes. Our procedures regarding changes to the 2009 budget

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Independent Auditors’ Report

Residential Capital, LLC

Statements to retrospectively apply the change in accounting for the presentation of comprehensive income included (i) obtaining the Company’s statement of comprehensive income for 2009, (ii) comparing the amounts included in such statement to amounts included in the previously issued financial statements, and (iii) testing the mathematical accuracy of such statement. In our opinion, such retrospective adjustments, reclassifications, and changes in the presentation of comprehensive income are appropriate and have been properly applied. However, we were not engaged to audit, review, or apply any procedures to the 2009 consolidated financial statements of the Company other than with respect to the retrospective adjustments and reclassifications and, accordingly, we do not express an opinion or any other form of assurance on the 2009 consolidated financial statements taken as a whole. As discussed in Note 20 to the consolidated financial statements, the Company has entered into a number of significant agreements and transactions with its affiliates.

As discussed in Note 1 and Note 22 to the consolidated financial statements, the Company has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The accompanying financial statements do not purport to reflect or provide for the consequences of the bankruptcy proceedings. In particular, such financial statements do not purport to show (1) as to assets, their realizable value on a liquidation basis or their availability to satisfy liabilities; (2) as to prepetition liabilities, the amounts that may be allowed for claims or contingencies, or the status and priority thereof; (3) as to member’s interest accounts, the effect of any changes that may be made in the capitalization of the Company; or (4) as to operations, the effect of any changes that may be made in its business.

The accompanying 2011 and 2010 financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company’s liquidity and capital needs, combined with conditions in the marketplace, raise substantial doubt about its ability to continue as a going concern. Management’s plans concerning these matters are also discussed in Note 1 to the consolidated financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncerta. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company’s liquidity and capital needs, combined with volatile conditions in the marketplace raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1 to the consolidated financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncerta

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