GMAC sells European mortgage book to asset manager
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GMAC Financial Services has agreed a deal with asset manager Fortress Investment Group to sell its European residential mortgage assets, signalling the lender’s exit from Europe.
The assets, which contain a mixture of performing and non-performing residential mortgage assets, come from the lender’s mortgage subsidiary Residential Capital, also known as ResCap.
The deal also includes mortgage platforms in Germany and the Netherlands, which amounts to approximately 6,000 residential mortgage whole loans.
The deal is subject to approval by the US regulator.
Fortress investment Group co-chairman Peter Briger says: “These servicing platforms, combined with other Fortress owned servicers, provide our firm with expertise throughout Europe. Our platforms will not only maximise the value of European assets currently owned in Fortress funds but provide us with an increased ability to source and identify attractive investment opportunities.”
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