edeus Mortgage Book Purchase
Stroud & Swindon Building Society and edeus mortgage creators today announce the successful completion of a book purchase of edeus assets by the Society
Whilst the background of the two businesses may appear quite different, they share many common values. There is no substitute for experience, and the two organisations have it in abundance (see footnote). Both have a great understanding of risk adjusted returns, the importance of brand reputation over the long term, and the need to make sound commercial decisions based on the fundamentals of asset quality, margin, and performance.
Having been active in this market since the early 1990s, Stroud & Swindon is a long-standing purchaser of UK mortgage assets and is highly experienced in selecting originators that are able to provide mortgage asset that is both valuable and sustainable. edeus is delighted that the Society has become the fifth trading partner this year in its whole loan trading programme.
Commenting on the trade, Michael Bolton, edeus CEO, said: “This deal with Stroud & Swindon shows there is still appetite for good quality mortgage assets in the secondary market. For those originators who take a prudent approach and produce good quality assets, the outlook for 2008 will be a marked improvement on the experience of the 2nd half of 2007.”
Paul Chafer, Sales and Marketing Director at Stroud & Swindon added: “We have been conducting whole loan trades for almost 20 years and we know our market. As a mutual organisation, we always have our members’ interests at heart and our actions represent this. edeus has a strong model, writes high quality, attractive loans, and we are extremely pleased to have forged this relationship with them”.
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For further information please contact:
Paul ChaferSales & Marketing Director
Stroud & Swindon
01453 768407
Lee Blackwell / Brian Thorn / Karen Butcher
The Wriglesworth Consultancy
020 7845 7900
Notes for Editors:
About Stroud & Swindon Building Society:
Stroud & Swindon is the 14th largest building society in the UK with assets in excess of £2.8 billion. The Society operates through a dedicated team of intermediary business development managers, with a branch network of 22 offices and 20 agencies in the South West, complemented by a direct call centre based in Stroud and website
www.stroudandswindon.co.uk.