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GMAC takes over sub-prime lender

GMAC-RFC is buying sub-prime lender High Street Home Loans as part of

its strategy to build its business through partnerships in the UK.

HSHL was set up two years as a correspondent lender and has

negotiated deals with a number of lenders including GMAC-RFC.

It will move to being a lender in its own right selling a range of

products through brokers, targeting non-conforming, self-cert and

buy-to-let clients. It says having the backing of one of the world&#39s

biggest financial institutions will enable it to launch new product

ranges.

Some commentators suggest the move may be a sign that GMAC is hedging

its risk as it is still unclear how correspondent lending will be

treated by mortgage regulation.

Until the acquisition GMAC-RFC was a minority shareholder in HSHL,

with managing director Gary Forrest and board director David Purdie

the majority shareholders. HSHL will keep its brand name and become a

division of GMAC-RFC. Forrest remains as a director but Purdie is

leaving.

GMAC-RFC executive chairman Stephen Knight says: “Many of the top

lenders in the UK have several different brands, each with its own

proposition, are jostling against each other at the same time and in

the same marketplace, and HSHL will become one of our brands.”

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