GMAC-RFC in £60m folio sell-off

GMAC-RFC has announced the completion of a portfolio sale worth £60m, made up of fixed and discounted mainstream mortgages and self-certification loans.

The &#39whole loan&#39 sale was acquired by Derbyshire Home Loans, a subsidiary of The Derbyshire, one of the UK&#39s top ten building societies.

The deal is the second this year between the two organisations. In June 2002, Derbyshire Home Loans acquired a £54m portfolio from GMAC-RFC, bringing the total transaction value to over £100m.

The new transaction enhances GMAC-RFC&#39s position as a creator and trader of mortgage assets and represents its 14th portfolio sale in the last two years.

Stephen Hynes, capital markets director at GMAC-RFC, says: “We are delighted that The Derbyshire has partnered us for a second portfolio acquisition, and we are looking to establish similar relationships with other clients.

“This type of sale is becoming popular in the UK, and the creator and trader technique is revolutionising the market.”

Gina Collman, head of corporate communications at GMAC-RFC, adds: “It&#39s a win-win situation for all parties involved – the intermediary, the customer and the acquiring lender.”