GMAC-RFC announces portfolio sale

Amanda Jarvis

March 31, 2006

This £130 million deal comprises a blended pool of mainstream, buy-to-let and self-certification products.


Craig Beresford, director of asset sales at GMAC-RFC, said: “Our relationship with the West Bromwich is one of our longest and most effective; we are delighted to be building on it yet again with this trade. We hope that we can continue to add value to all our partners with our create and trade model throughout the year and beyond.

Beresford continued: “Completing repeat sales such as these to key partners is part of our key strategic goal and this deal complements our buoyant new business.”

 The West Bromwich Mortgage Company Limited, a wholly-owned subsidiary of the West Bromwich Building Society, is going from strength to strength and this latest acquisition is regarded by the company’s managing director, David Mackay, as a further indication of the Group’s capacity to acquire mortgage portfolios.

David Mackay added: “We are delighted to continue our relationship with GMAC-RFC by completing our eighth portfolio sale with them.  Portfolio acquisitions and the trading of mortgage assets are integral parts of our business and enable us to achieve business growth in a controlled and structured manner. We look forward to completing more of these deals in the future with GMAC-RFC.”

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