NYM and GMAC-RFC Re-Affirm Mutual Commitment With Latest £300 Million Deal

Press release published on 2 July 2007 by Scarborough Building Society

North Yorkshire Mortgages (NYM) has purchased a further £300 million portfolio of mortgage assets from GMAC-RFC, the latest in a series of acquisitions made by NYM in recent years.

The trade, consisting of a blended pool of prime, buy-to-let and self-certification assets, was completed on Friday, 29 June and will further boost the Scarborough Building Society subsidiary’s ambitious growth plans for the year ahead.

NYM Managing Director and Scarborough Group Commercial Director, Martin Frazer, said: ‘The Scarborough Group has a longstanding relationship with GMAC-RFC and this latest acquisition reaffirms our joint commitment to developing this established partnership.

‘It also underpins NYM’s successful asset trading strategy and associated growth plans for its sister company Scarborough Mortgage Services (SMS).

‘GMAC-RFC’s high quality assets will further support NYM’s and SMS’s ongoing success in nurturing relationships with a growing list of major international clients and we believe this will be the first of several such transactions taking place in our financial year 2007/8.’

Craig Beresford, Director of Asset Sales at GMAC-RFC, said: ‘It is great news to start Scarborough’s new financial year with another portfolio sale, further building on the relationship we have with NYM and the Scarborough Group as a whole.

‘Our ‘create and trade’ strategy is built on strong relationships at both ends of the business model, which in turn contribute to the growing maturity of the secondary trading sector as a whole.’

He added: ‘GMAC-RFC continues to lead the UK market in creating and trading mortgage assets and looks forward to ongoing business with Scarborough and other partners in this field throughout 2007.’

For further information regarding GMAC-RFC, please visit www.gmacrfc.co.uk.

Background Briefing GMAC-RFC Limited:

• GMAC-RFC is a wholly owned subsidiary of GMAC ResCap which is in turn an indirect wholly owned subsidiary of GMAC Financial Services.
• GMAC ResCap's lending has been confirmed at $162bn for 2006.
• GMAC ResCap is capitalised at $6.4bn and made pre tax profits in excess of $1.5bn in 2005.
• In the UK, GMAC-RFC is an all-status lender offering competitive mortgages in all product sectors. GMAC-RFC is the UK's 10th largest lender based on gross advances over the calendar year 2005.
• In the UK, GMAC-RFC is an all-status lender offering competitive mortgages in all product sectors. GMAC RFC is the UK's 10th largest lender based on gross advances over the calendar year 2005.
• GMAC-RFC is also the largest non-conforming lender in the UK.
• Worldwide, GMAC-RFC is the world's number one warehouse lender, and one of the world's largest securitisers; in Europe it is the 4th largest issuer of residential MBS.
• In the US, GMAC-RFC is the 5th largest mortgage lender and the 6th largest mortgage servicer. It is also the 9th largest mortgage lender in the Netherlands and the largest mortgage brokerage in Canada.
• GMAC-RFC is committed to improving and informing its markets in all of the countries in which it operates. GMAC-RFC therefore funds research which is of contemporary interest. The most recent HIPs research was the third such exercise after GMAC-RFC published work on non conforming borrowers and first time buyers.
• GMAC-RFC’s public policy work involves supporting more than 140 charities in the UK and additionally provides funds for debt counsellors for the Citizens Advice Bureau to help mortgage borrowers in difficulty, whoever their lender may be.

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