The deal was worth £330 million and comprised of a blended pool of prime, buy to let and self-cert products.
Craig Beresford, director of asset sales at GMAC-RFC, said: “It is great news to complete our second deal of 2006 with Oakwood Homeloans and the Credit Suisse team. The success of our strategy depends on getting deals done quickly and effectively and Oakwood’s contribution to the process compliments our approach and attitude to forging successful partnerships and our commitment to fair play.”
Beresford continued: “As our UK origination business grows so does our delivery of mortgage assets to the secondary trading market, cementing not only our commitment to our 'create and trade' philosophy but to our partners, be they new or long-standing. GMAC-RFC looks forward to continuing to successfully trade with all our partners and to further developing the now maturing mortgage trading market.”
James Bamber, board member of Oakwood Homeloans and director at Credit Suisse, added: “We are delighted to continue our excellent relationship with GMAC-RFC by completing this second portfolio sale with them. Mortgage asset trading is an increasingly important part of Credit Suisse’s asset finance platform and we recognise the increasing role of the secondary market. This purchase represents another significant step in our strategy of continued growth and of delivering value to our clients.”
