GMAC completes portfolio sale
The deal worth £729 million comprises of a blended pool of mainstream, buy-to-let and self-certification products. This deal comes just weeks after GMAC-RFC announced record breaking portfolio sales performance figures for the first quarter of 2006.
The total of number of portfolios sold to Bradford & Bingley is now worth over £5 billion. This is the second sale of 2006 and the sixteenth over the last three-and-a-half years.
Craig Beresford, director of asset sales at GMAC-RFC, said: “Our relationship with Bradford & Bingley is one of our strongest and most effective and we are delighted to have transacted our largest ever deal with them. Forging mutually beneficial partnerships in the secondary market such as the one with Bradford & Bingley is key to sustaining both our growth and to maintaining our position as the number one creator and trader of mortgage assets.”