The portfolio was acquired by E-Mex Home Funding Limited, a subsidiary of the Cheshire Building Society.
Stephen Hynes, Capital Markets Director at GMAC-RFC says: "We are pleased to announce the completion of this portfolio sale to E-Mex Home Funding Limited, one of a number of transactions with them. This long standing partnership has proved mutually profitable for all parties and we hope to continue with the further transferring of assets in 2004."
Stephen Hynes adds: "This type of sale is becoming increasingly popular within the UK mortgage industry and re-enforces our position of the UK's leading "creator and trader" of assets. It's a "win-win" situation for all parties involved. Our mortgage products are enormously competitive and popular with intermediaries and their clients. The transfer of these mortgage loans sees our key terms, which are extremely customer friendly, remain unchanged. This ensures that both customers and intermediaries are also set to benefit from the deal."
Jason Gaunt, Director of E-Mex Home Funding Limited commented: "Sourcing mortgage assets through GMAC-RFC is proving to be an important component in E-Mex's growth strategy, as we continue to build on the success that the subsidiary has achieved to date".)
