GMAC-RFC expands its business further into continental Europe

GMAC-RFC Europe Ltd has extended its European focus to include the French and German markets. And while the scope of its efforts in this preliminary stage will be limited to brokering mortgages, the depth of these growing markets is certain to promote the firm's presence there similar to the way the firm expanded in the U.K.

In England, the company operates as a lender. It does not initially expect to assume this role in Germany, explained Chris Nordeen, president of GMAC-RFC's international business group. "In Germany and France the mortgage food chain is starting to break down and we see now that the mortgage speciality companies can survive. Firms are choosing whether they want more of a speciality [provider] and our role will be to help these companies compete in each market," Nordeen said.