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B&B buys loan portfolio from GMAC-RFC

Bradford & Bingley subsidiary Mortgage Express has bought a loan portfolio of 6000 mortgages for £650 million from GMAC-RFC.

B&B says this acquisition will complement its growing selective lending business and improve return on equity for shareholders.

This will increase the group&#39s managed assets, which stood at £19.1 billion on June 30 by 3 per cent.

Of the mortgages approximately one third by value is buy to let, one fifth is self certified and the remainder consists of standard mortgages.

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