B&B purchases 599m portfolio

Bradford & Bingley has purchased a mortgage loan portfolio from GMAC-RFC for 599m.

The purchase, funded from Bradford & Bingley’s existing resources, has been made by Mortgage Express, its wholly owned subsidiary.

This latest loan portfolio acquisition will increase the Bradford & Bingley Group’s total assets, which stood at 43.4bn on June 30, by around 1.4%.

All lending in the portfolio is secured on UK residential property and in addition to reviewing the credit controls GMAC-RFC employed in originating the loan portfolio, Bradford & Bingley has tested the loan book using its own credit scoring process to confirm that it meets the group’s credit standards.