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GMAC-RFC confirms it is not changing sub-prime lending criteria

GMAC-RFC says it will not be reducing its maximum LTV to 75 per cent for packagers and will not be putting up its rates imminently.

Yesterday, the lender alerted packagers by email that it could be potentially pulling all of its sub-prime products over 75 per cent LTV but this afternoon it confirmed it would not be doing this.

GMAC corporate relations manager Julie Gaskin said yesterday that the lender was also considering putting rates up again, just a week after it announced it was increasing rates by 0.75 per cent on its sub-prime range and 0.5 per cent on its mainstream, self-cert and buy-to-let products.

But this afternoon GMAC has announced that after consideration it has decided to leave rates unchanged for the moment – though it has not ruled out any future rate changes.

GMAC is now looking at rates on a daily basis.

Last week GMAC announced that it will no longer accept unlimited adverse business and reduced its maximum LTV to 90 per cent from 95 per cent.


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