UK financial services group Bradford & Bingley has acquired a mortgage loan portfolio from General Motors-owned financial services company GMAC-RFC for around GBP670 million.
The acquisition has been funded from Bradford & Bingley’s existing resources by its wholly owned subsidiary Mortgage Express.
The purchase of the loan portfolio will increase the banking group’s total assets by approximately 1.5%.
Under the portfolio, all lending is secured on UK residential property.
Bradford & Bingley has tested the loan portfolio against its own credit scoring system to ensure that it meets the group’s credit standards, as well as reviewing the credit controls of GMAC-RFC employed in originating the portfolio.