View more on these topics

B&B says arrears high in GMAC mortgage book

Bradford & Bingley says arrears in the more recently acquired mortgages from GMAC have been higher than anticipated.

This comes as the buy-to-let specialist lender announced its trading update for the first four months of the year and that US private equity house Texas Pacific Group has acquired a 23 per cent stake in the business.

B&B says the arrears performance of the organically originated loans, particularly buy to let, proved substantially better than the acquired mortgages.

It says: “Arrears in the more recently acquired mortgages from GMAC have been higher than anticipated.”

The lender says it has already cut back its purchases from GMAC to the minimum commitment under its contract.

Recommended

The games we play

Politicians, lorry drivers, brewers and some fund managers are as one. The price of commodities is ridiculous and someone had better do something soon before everyone gets very angry. It is worth remembering that a much smaller group comprising farmers, oil sheikhs and another bunch of fund managers thinks high and rising commodity prices are a blessing. “Bring it on,” they cry.

System failures

Steve Bee is not the only critic of the system of personal accounts being proposed by the Government but he is one of the most vociferous. Scottish Life head of pensions strategy Bee says: “What you are doing, if you’re not careful as a Government, is your wasting an opportunity to fix the pension system […]

Scheme pays explained

By Fiona Hanrahan, senior product insight and technical support analyst We’ve received lots of queries on scheme pays and when it can be used. This article explains how it works and the conditions which apply. What is ‘scheme pays’? If an individual exceeds the annual allowance (AA) and an AA tax charge is due, they […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment