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GMAC-RFC – What it stands for

Bill Armstrong&#39s letter (Mortgage Strategy August 30) asks for clarification regarding GMAC-RFC&#39s name. The letters stand for General Motors Acceptance Corporation, Residential Funding Corporation. GMAC is the financial arm of General Motors (which at last count included Vauxhall, Opel, Saab and Daewoo) and the RFC bit identifies its mortgage activity.

No doubt someone from GMAC(colloquially) will tell Bill but as an ex-employee (and also to prove I read your excellent magazine) I&#39m doing my bit to help a fellow broker.

Howard Wilson

Director

Mortgages Made Simple

By email

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Monthly house price growth slows to two and a half year low

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CML report on equity withdrawal

In an article in the latest issue of the CML&#39s economics journal Housing Finance, the CML analyses data from the Survey of English Housing to show that of all equity withdrawn between 1998 and 2003, just under two-thirds was attributable to last-time sales and tradingdown. Nearly a quarter was attributable to remortgaging and further advances, […]

Building societies record strongest growth for seven years

A 14.6% increase in assets took total building society sector holdings past the £200bn mark to £224.8bn. These figures are drawn from building society accounts for year ends between August 2003 and April 2004. The growth of the sector was again powered by the performance of Nationwide, which with assets of over £100bn at April […]

TMW lowers rental income ratio on B2L deals

The previous ratio was 130%, which has now dropped to 125%. This will be based on a nominal rate of 5.99% or the actual pay rate if higher up to 80% LTV. Paul Howard, associate director for Portman Group Intermediary says that after the recent interest rate rises it didn&#39t seem right to factor in […]