GMAC-RFC completes portfolio sale

The ‘whole loan’ sale was acquired by Amber Homeloans Limited.

The deal is the fourth in three years between the two organisations. The Amber Homeloans Group acquired similar portfolios from GMAC-RFC in May 2002 (£150 million), November 2001 (£130 million) and July 2000 (£30 million) bringing the total sale value to £445 million.

The transaction reinforces GMAC-RFC's position as the UK's leading "creator and trader" of mortgage assets and represents its sixteenth portfolio sale in the last three years. Other portfolio sales from GMAC-RFC have been acquired by a range of lenders that vary in size - from large high street names, to smaller building societies.

Stephen Hynes, capital markets director at GMAC-RFC commented: "We are delighted that Amber Homeloans has partnered with us for a fourth portfolio acquisition and, as the leading all-status lender, we are looking to establish similar relationships with other clients. This type of sale is becoming increasingly popular in the UK mortgage industry and the creator and trader technique is revolutionising the market."