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Edeus in society deal that will empty warehouse

Edeus is set to “virtually empty” its £1.2bn warehouse line at the start of next year after it completes another wholeloan book sale to a building society in January.

Chief executive Michael Bolton says the firm is lining up the deal with a society, which will carry out due diligence in December to complete in the first week of January. This follows Edeus’ recent wholeloan book sale to Stroud & Swindon. A series of trades is thought to amount to £500m once completed.

Bolton has hit out at the FSA for phoning every building society chief executive last month to impress on them the importance of prudence in the current market conditions. He says: “The FSA was effectively trying to persuade each and every one of the building societies to declare they would not buy any more mortgage books for the rest of this year.”

Bolton also hints that Edeus will be branching out into different product areas next year. He says: “We are in advanced negotiations with several counter-parties around the fact that the dynamics of the market have changed.”


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