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GMAC RFC offloads multi-million sale to West Bromwich Mortgage Company

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  • 06/10/2003
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GMAC RFC has announced both a £250m portfolio sale to the West Bromwich Mortgage Company, and a secu...

GMAC RFC has announced both a £250m portfolio sale to the West Bromwich Mortgage Company, and a securitisation of non-conforming mortgage assets worth £550m.

The West Bromwich portfolio deal is made up of both mainstream and non-conforming mortgage loans. This is the third deal between the two lenders. Andrew Messenger, chief executive of West Bromwich, said: “The purchase represents the company’s sixteenth purchase in the last eight years and is another step in the Group’s reputation for acquiring quality mortgage portfolios.”

The securitisation, GMAC’s twelfth in the UK market, brings the lender’s total securitisation in this country to £5bn. It is divided into five tranches, given triple A ratings and divided into both US Dollars and Sterling. Stephen Hynes, capital markets director at GMAC, said: “This transaction follows our record £1bn issuance in March and demonstrates the volumes we are achieving in the non-conforming market, where we are the UK’s number one lender.”

Hynes hoped further deals could be reached as portfolio acquisitions become increasingly popular.

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