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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


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


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.”


GE Life adds options with FTSE100 plans

GE Life is rolling out the second of its growth option plans offeringa return of up to 200 per cent of the increase in the FTSE 100 indexover six years.Available in two versions, both paying out on June 1, 2009, the firstoffers capital protection returning the higher of 100 per cent of theinitial investment or […]

Morley offers property fund

Aviva subsidiary Morley Fund Management is offering a highincome property fund.The Morley high-income property unit trust will be available fromMarch and minimum investment is £10,000. The fund will invest ina mix of direct commercial property and propertyrelated corporatebonds.Morley says it is taking a medium-term view of the commercialproperty market and adopting a diversified investment portfoliowhich […]

54% opt for critical illness cover over income protection

More than a half of all protection policies sold through IFAs includea critical-Illness element, according to research by LiverpoolVictoria Friendly Society.Fifty-four per cent of IFA-distributed protection policies have somedegree of CI but the research also shows that 23 per cent includeincome protection.Liverpool Victoria says it expects the balance to tip more towardscritical-illness cover primarily for […]

Jelf Group buys SLF Insurance Services

The Jelf Group has bought general insurance broker SLF Insurance Services. The purchase is part of plans for Jelf, which includes Jelf Insurance Services, a corporate health division, a corporate credit company and a financial planning company to expand its independent insurance advice arm. Managing director Gary Chandler says: &#34This is a significant development for […]


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