GMAC-RFC is looking to hire securitization structurers for its U.K. operation, according to an industry official familiar with the plans. The company, which originates residential mortgages in the U.K. and Europe, would like to broaden its capital markets group, enabling it to structure its own securitizations. Ultimately, GMAC would like to distribute its own deals as well, says the official. Several calls to Stephen Hynes, head of securitization at GMAC in Bracknell, Berkshire, were not returned. It could not be learned how many people the company is seeking to add.
GMAC recently bought a £1 billion residential mortgage-backed securitization to market and is actively in the market looking to buy mortgage portfolios. Most recently, it bought a £75 million mortgage portfolio from Yorkshire Building Society. GMAC has also been expanding its U.K. origination business through acquisitions, most recently buying High Street Home Loans.