GMAC-RFC announces ninth portfolio sale worth £165 million

GMAC-RFC today announces its ninth portfolio sale to West Bromwich Mortgage Company Ltd.

This £165 million deal was completed on the 30th November 2006.

Craig Beresford, Director of Asset Sales at GMAC-RFC, says: “We are delighted to have been able to trade over such a long period of time with our partners at the West Bromwich. It is testament to both parties’ commitment to the secondary trading market that we have continued to grow our relationship so effectively”

Beresford continued: “GMAC-RFC continues to lead the UK market in the creating and trading of mortgage assets and looks forward to championing the market throughout 2007.”

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 Acquisitions Director, Peter Davies, as a further indication of the Group’s capacity to acquire mortgage portfolios.

Peter Davies goes on to say: “We are delighted to continue our relationship with GMAC-RFC by completing our ninth 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.”