Bradford & Bingley lands mortgage portfolio
www.moneynews.co.uk > Mortgages > Bradford & Bingley lands mortgage portfolio
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Money News |
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Bradford & Bingley lands mortgage portfolio
Fri 25th Aug 2006
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Bradford & Bingley's fully owned subsidiary, Mortgage Express, purchased the mortgages in the multi-million pound mortgage deal from American company, GMAC-RFC, which is part of General Motors.
The acquisition was made using Bradford & Bingley's own existing finances and no other company was involved in the financing of the deal.
The purchase will increase Bradford & Bingley's total assets by an expected 1.4 per cent. The company's total assets were estimated at £43.4 billion in June this year.
Bradford and Bingley announced in January that it would begin buying mortgages off GMAC-RFC in four stages. The latest deal represents the third stage of the operation. The final cost of the deal could reach £2.2 billion when the fourth stage is completed.
The company secures all its lending against the UK residential property market. It assured the loan book met credit standards by testing it against its own credit scoring system.
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Related News : Bradford and Bingley |
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