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GMAC RFC Nederland launched the first Dutch securitisation to include subprime mortgages yesterday (Thursday), via ABN Amro.
Compartment NL 2007-I out of GMAC's MTN shelf E-MAC Program BV, a Eu600m securitisation of Dutch mortgages, featured a pool that for the first time included loans to borrowers with negative credit histories with the Bureau Krediet Registrasie (BKR), the national Dutch credit register.
GMAC only accepts BKR borrowers with light credit derelictions, whose registration has been recovered or loan has been repaid. It does not lend to borrowers in BKR categories reflecting payment arrears on mortgage loans.
While the amount of subprime collateral in this transaction is tiny, representing...