NYM acquires GMAC-RFC mortgage assets

2 July 2007

North Yorkshire Mortgages has purchased a further £300m portfolio of mortgage assets from GMAC-RFC.

This is the latest in a series of acquisitions made by NYM in recent years.

The trade, consisting of a blended pool of prime, buy-to-let and self-certification assets, was completed on Friday June 29.

Martin Frazer, NYM managing director and Scarborough Group commercial director, says: "The Scarborough Group has a longstanding relationship with GMAC-RFC and this latest acquisition reaffirms our joint commitment to developing this established partnership.

"It also underpins NYM’s successful asset trading strategy and associated growth plans for its sister company Scarborough Mortgage Services.

"GMAC-RFC’s high quality assets will further support NYM’s and SMS’s ongoing success in nurturing relationships with a growing list of major international clients and we believe this will be the first of several such transactions taking place in our financial year 2007/8."

Craig Beresford, director of asset sales at GMAC-RFC, says: “It is great news to start Scarborough’s new financial year with another portfolio sale, further building on the relationship we have with NYM and the Scarborough Group as a whole.

“Our create and trade strategy is built on strong relationships at both ends of the business model, which in turn contribute to the growing maturity of the secondary trading sector as a whole.”

He adds: "GMAC-RFC continues to lead the UK market in creating and trading mortgage assets and looks forward to ongoing business with Scarborough and other partners in this field throughout 2007."