NEW YORK--(BUSINESS WIRE)--March 2, 2006--U.S. Bank Corporate
Trust Services has received the ratings needed from Standard & Poor's
and Moody's to offer master servicing for mortgage-backed
transactions. By expanding its product capability in this way, U.S.
Bank reaffirms its commitment to the mortgage-backed services (MBS)
market and enables clients to receive comprehensive business solutions
under one umbrella.
As a master servicer, U.S. Bank will be responsible for trustee
reports and for overseeing third party primary servicers. The ratings
approvals reflect the readiness of U.S. Bank's master servicing
procedures and systems, as well as its overall financial strength, the
experience and structure of its management team, and its demonstrated
ability to service mortgage loans.
"U.S. Bank is a strong player in the MBS and asset-backed
securities business and is known for providing great service. We are
excited to add master servicing capabilities to our complete line of
products and services available to our mortgage-backed securities
clients," said Diane Thormodsgard, president of U.S. Bank Corporate
U.S. Bank Corporate Trust Services is one of the nation's largest
providers of trustee services with more than $1.7 trillion in
principal outstanding in municipal, corporate, asset-backed and
international bonds. In addition, it provides paying agent, escrow
agent and document collateral services through its network of 47
offices nationwide. U.S. Bank Home Mortgage is the 15th largest
mortgage servicer in the country, servicing approximately 750,000
loans with $86 billion outstanding.
U.S. Bancorp (NYSE:USB), with assets of $209 billion, is the 6th
largest financial holding company in the United States. The company
operates 2,419 banking offices and 5,003 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 the parent company of U.S. Bank.
Visit U.S. Bancorp on the web at www.usbank.com.
CONTACT: U.S. Bank
Amy Frantti, 612-303-0733
SOURCE: U.S. Bank