Amber sells 18m portfolio to GMAC-RFC

Amber Homeloans has announced the sale of a further 18m portfolio of sub-prime mortgage assets to GMAC-RFC. This is the fourth whole loan transaction completed this year between the two organisations.

Mark Smitheringale, associate director of asset trading at Amber, says: This transaction represents the second portfolio sale to GMAC during 2005, whilst Amber has also bought assets from GMAC on two separate occasions this year. We already have an extremely strong working relationship with GMAC and look forward to continuing to develop this further in the new year.

Craig Beresford, head of asset sales at GMAC-RFC, says: This trade is part of an ongoing forward purchase agreement that we have with Amber. Such mutually beneficial arrangements play an integral role in our trading strategy, and demonstrate the importance of building key partnerships within the market. Building on and maintaining the type of relationship that we have with the team at Amber is key to our success.

The mortgage book transaction has been handled by Taylor Wessing on behalf of GMAC, and by Pinsent Masons on behalf of Amber.