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MEX buys second tranche of GMAC portfolio

Mortgage Express has completed the purchase of a mortgage loan portfolio from GMAC-RFC for around £114m.

The purchase is the second arising from an agreement announced in last December to acquire from GMAC-RFC between £400m and £1.4bn of loans during 2004 in four tranches.

The total acquired by Mortgage Express so far in 2004 is £594m.

All lending in the portfolio is secured on UK residential property and has a similar credit risk profile to previous portfolio acquisitions.

The acquired mortgages are expected to be, by value, approximately 30% buy-to-let, approximately 46% self-certified, with the remainder of the book consisting of standard mortgages.

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