GMAC-RFC has started its mortgage lending business in Germany. It acquired DFH Eigenheimbank GmbH, Saarbruecken and renamed it, GMAC-RFC Bank GmbH. The bank will offer residential mortgages to private customers throughout Germany. GMAC-RFC will distribute its products through intermediaries including mortgage brokers, insurance companies and other retail financial service companies.
GMAC-RFC German Country Manager Matthias Bergmann says: “The German residential mortgage market is going through a period of significant change, as exemplified by the KfW True Sale Initiative. GMAC-RFC is a worldwide leader in the true-sale securitisation of residential mortgages. This acquisition is a great opportunity to enter the German residential mortgage market and expand GMAC-RFC's geographical footprint in Europe.”