FGIC Completes First Monoline-Wrapped RMBS Transaction in Mexico

FGIC Corporation, the parent company of Financial Guaranty
Insurance Company, announced today that FGIC has guaranteed its first
residential mortgage-backed securities (RMBS) transaction in Mexico.
This transaction also marks Mexico's first monoline-wrapped RMBS
transaction. The deal closed on October 26, 2006.

FGIC guaranteed the Series A tranche of a transaction for GMAC
Financiera, a leading player in the Mexican mortgage market. The
FGIC-wrapped tranche had an initial balance of UDI 178,435,700,
equating to approximately USD $62 million. Credit Suisse was the
Structuring and Placement Agent, with GMAC RFC Europe as the co-lead
for international distribution. GMAC Financiera will act as the master
servicer for the transaction.

Jose Landa, Senior Managing Director for Latin America at GMAC
Financiera, commented, "This was an important transaction in the
evolution of the Mexican RMBS market. By combining a
senior/subordinate structure with a full FGIC wrap, GMAC was able to
achieve an excellent capital markets execution. We are pleased to
pioneer this type of structure in Mexico."

"For FGIC, this is another step forward as we expand our product
offering in this region," said Eric Rosensweig, Managing Director of
Emerging Markets & the Americas at FGIC. "After focusing on
international future flow securitization in the Americas since June of
last year, FGIC has decided to pursue select RMBS transactions in
Mexico to extend our franchise."

Thomas Adams, Senior Managing Director and head of FGIC's Consumer
Asset-Backed Group, added, "We have successfully worked with GMAC and
GMAC RFC around the globe, and it's great to add its Mexican affiliate
to our list of active business partners. We consider this a logical
step in our expansion of FGIC's mortgage-related business."

Company Profile

FGIC Corporation is an insurance holding company whose wholly
owned subsidiary, Financial Guaranty Insurance Company, provides
credit enhancement on public finance and structured finance securities
in the U.S. and internationally. Established in 1983, FGIC is one of
the four leading monoline financial guarantors. FGIC typically
guarantees the scheduled payments of principal and interest on an
issuer's obligation. FGIC's financial strength is rated triple-A by
Moody's Investors Service, Standard & Poor's and Fitch Ratings.