Struggling Bradford & Bingley must honour £2.1 billion mortgage deal

Struggling UK lender Bradford & Bingley need to be able to raise some extra cash, so that they can honour a 2006 deal. The deal amounts to £2.1 billion of mortgages, they need to raise the money by the end of next year so that they can purchase these mortgages from GMAC LLC.

Payments for customers are about three months late now on 5 per cent of loans that are already purchased. These have been purchased from Detroit-based GMAC, this is the car and home lender who are trying to get themselves out of bankruptcy in their residential mortgage unit.

The main problem with Bradford & Bingley, is the rise in defaults in mortgage payments, this has now prompted the UK lender to sell a 23 percent stake in their business to TPG.

For more details visit: The Irish Times

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