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.

The company will initially concentrate on providing technology-enabled brokering services in both France and Germany, much like a financial intermediary or B2B mortgage distribution, through its acquisition of Creditweb Limited. "In England we started as non-conforming lender," said Nordeen. "In Germany and France we will begin as a broker where we can create another way outside bank branches for consumers to finance home ownership. It may lead GMAC-RFC to cecomen a lender in these markets.

"Securitization will increase as capital flows become more mobile," added Nordeen. "Assets won't age like fine wine; creating and trading assets will be valuable and that is where we step in - to create and trade financial assets."

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