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GMAC-RFC completes its largest securitisation at £1.5bn

GMAC-RFC yesterday closed its latest and largest securitisation valued at £1.5bn through its RMAC programme.

This is GMAC-RFC&#39s 15th transaction in the UK RMBS market, and total issuance since 1998 now exceeds £7.8bn. This is the second mixed collateral deal to involve prime, near-prime and non-conforming collateral and the first to involve a tranche intended to be eligible for investment under Rule 2a-7 of the US Investment Company Act of 1940.

Stephen Hynes, capital markets director at GMAC-RFC, says: “We are delighted to bring to market our largest deal under the RMAC programme. It gives investors an opportunity to see our prime and near-prime collateral together with our non-conforming loans, which we have securitised in the programme previously.

“The deal was extensively marketed across the UK, Europe and the US and we are delighted with the response from investors particularly from the 2a-7 investors in the US. This transaction demonstrates our commitment to being a creator and trader of mortgage assets.”


C&G to hike interest rates

The rates payable on all C&G variable rate accounts will increase. Most accounts will increase by 0.25%, the exceptions being Direct Transfer and Direct 30, which will increase by 0.15%. C&G&#39s bonus tracker, which guarantees to track the Bank of England base rate until January 2008 will increase by 0.25% to 4.95% per year gross […]

Is the mortgage market slowing down?

This dramatic drop in gross lending has been driven by a fall in house purchase. News of the decline comes in the wake of the recent warning by Bank of England governor Mervyn King that house price rises might now have peaked. So, Mortgage Strategy asks: Are the CML figures indicative of a slowing down […]

Music to lose customers by

From Brian HumphreysHow I agree with Mark Osland (Mortgage Strategy June 7) about poor service. Not only have I just spent 10 minutes on hold to Mortgage Express but the music I was treated to featured the lyrics: “It&#39s a rat trap Billy – and you&#39ve been caught!” I half expected the next record to […]

BMS moves to grab more of the B2L market

• One-year money is down 0.13% to 5.25%• Two-year money is down 0.17% to 5.36%• Three-year money is down 0.18% to 5.43%• Five-year money is down 0.17% to 5.47% Due to previous swaps rises we saw the following lenders pull their fixed rates last week: Northern Rock, Bank of Ireland, The Woolwich, Cheltenham & Gloucester […]


What employers should expect over the next five years

A major feature of our articles is looking into the Jelf Employee Benefits crystal ball to predict changes and trends that may influence the short and medium term shape of UK employee benefits.  By flagging such changes early we aim to provide our followers with the tools to make sensible and informed decisions on their benefits offerings.


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