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Chelsea chooses GMAC-RFC for sub-prime offerings

The Chelsea Building Society is now have sub-prime mortgage offerings for
customers falling outside its lending criteria. It is using &#39non-conforming&#39 products
from GMAC-RFC.
The firm says the decision to introduce customers to GMAC-RFC was taken after
lengthy research of the non-conforming lending market, following a number of
approaches from different lenders.
It says the agreement with GMAC-RFC will augment, not replace, the Chelsea&#39s
existing non-conforming products.
Initially the arrangement will only be available to direct customers via the Society&#39s
GMAC general manager (sales) Marilyn Corke says: “We&#39re confident with the
service and menu style products that GMAC-RFC has on offer and the depth of
experience they have in dealing with building society customers.”


Tigue elected to AITC board

Jeremy Tigue has been elected to the Association of Investment Trust Companies board. Tigue is manager of foreign & colonial investment trust. Tigue replaces Ewen Macpherson who has retired by rotation in accordance with the AITC&#39s articles. The AITC has also re-elected Richard Burns, chief investment officer at Baillie Gifford & Co and investment trust […]

Can&#39t see scandal for the trees

The FSA&#39s inaction over structured products may be a case of the regulator being unable to see the misselling scandal for the consultation papers. It was warned in 2001 by IFA Kerry Nelson that there were serious problems with structured products. The responding letter from chairman and chief executive Howard Davies discussed consumer alerts and […]

NPI tells WP investors to contract out of its fund

NPI is recommending that all its with-profits policyholders stop making contractedout payments into the fund because it is unlikely to outperform the state scheme. A letter to clients seen by Money Marketing gives three options, none of which involve remaining in the NPI with-profits fund. They are redirecting future National Insurance contribution payments to other […]

Unipass bringing in charges for portals

Unipass is to introduce charges of up to £100,000 for IFA portals and product providers using its digital certificate system this year. Standards body Origo, which runs Unipass, is introducing the charges to cover future costs. Until now, providers have acted as sponsors for the system, paying £50,000 each annually to cover the running costs. […]

European Opportunities: 'It’s nice when stock selection results in a macro tailwind'

Amid significant macro headwinds in August, Mark Page explains why his fund’s focus on stock selection has helped it outperform a falling market in August. BESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswy


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