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U.S. Bank Home Mortgage Named Tier One Servicer by Freddie Mac

MINNEAPOLIS--(BUSINESS WIRE)--March 9, 2005--U.S. Bank Home Mortgage recently achieved Freddie Mac's prestigious 2004 Tier One performance ranking for excellence in investor reporting and default management for two or more quarters during the year. Freddie Mac, the nation's second largest investor in mortgages, recognized U.S. Bank and only 23 other servicing companies for this distinction among 1,500 lenders that service Freddie-Mac owned loans nationwide.

"We are honored to be recognized by Freddie Mac with this distinction," said Dan Arrigoni, president of U.S. Bank Home Mortgage. "To be a Tier One service provider represents our commitment to deliver Five Star Guaranteed Service to every customer and every home owner. We applaud Freddie Mac for upholding outstanding service as a trait to be valued and admired."

"I want to personally congratulate U.S. Bank for achieving Tier One status through hard work, persistence and commitment to be the best," said Janet Eakes, senior vice president of mortgage sourcing operations for Freddie Mac. "U.S. Bank is one of our heroes for its dedication to high quality servicing standards so more families are succeeding as long-term homeowners."

Freddie Mac ranks its servicers each month on the basis of performance benchmarks that cover a wide range of activities, such as investor reporting and minimizing credit losses by helping delinquent borrowers to overcome short-term financial difficulties and avoid foreclosure. Based on their management of active and delinquent loans, servicers are ranked in four tiers ranging from Tier One (superior results) to Tier Four (unacceptable results).

Servicers who achieve the top Tier One rating for at least two quarters in a calendar year receive a number of benefits, such as enhanced workout incentives, fee waivers, financial rewards and national recognition. Freddie Mac is a stockholder-owned corporation established by Congress in support of homeownership and rental housing.

Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage passthrough securities and debt instruments in the capital markets. Over the years, Freddie Mac has opened doors for one in six homebuyers and more than two million renters in America. For more information, visit freddiemac.com.

U.S. Bank Home Mortgage is part of U.S. Bancorp (NYSE:USB). With assets of $195 billion, U.S. Bancorp is the 6th largest financial holding company in the United States. The company operates 2,370 banking offices and 4,620 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. Visit U.S. Bancorp on the web at usbank.com.

Teri Charest, 612-303-0732


"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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