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Bradford & Bingley strikes a deal
24 September, 2008
Bradford & Bingley Plc said it has re-negotiated the terms of its forward mortgage sale agreement with GMAC-RFC
In an amendment to a deal Bradford & Bingley signed in December 2006 they will now buy £500 million pounds of loans in the fourth quarter of 2008 and between £225 million and £250 million in the first quarter of 2009, after which the agreement expires.
Under the original terms of the agreement, the company agreed to purchase a minimum of £350 million of UK mortgage assets per quarter, with £1.75 billion remaining to be purchased before the end of 2009.
The new deal means that Bradford and Bingley will not have to buy the last £1 billion worth of mortgages of the original £12 billion deal.