The Bank of New York Mellon Designated by Fannie Mae As Document Custodian
January 14 2009 - 8:00AM
PR Newswire (US)
Agreement Encompasses Custody and Certification Services for
Portfolio Mortgages NEW YORK, Jan. 14 /PRNewswire-FirstCall/ -- The
Bank of New York Mellon, the global leader in asset management and
securities servicing, has been designated by Fannie Mae to serve as
the document custodian for documents related to mortgage loans held
in Fannie Mae's mortgage portfolio. Fannie Mae currently acts as
its own document custodian for loan files linked to portfolio
mortgage transactions. As part of the agreement, The Bank of New
York Mellon will provide certification services and hold portfolio
mortgage documents on behalf of Fannie Mae. The Bank of New York
Mellon will begin providing certification services in May 2009 and
Fannie Mae's existing inventory of loan documents will be
transitioned to the Bank by October 2009. Scott Posner, chief
executive officer of The Bank of New York Mellon's Global Corporate
Trust business, said, "As the leading corporate trust provider in
the world, we have the facilities, expertise and technology to
handle the document custody needs of Fannie Mae's lender community.
We are gratified to partner with Fannie Mae on this important
initiative." The Bank of New York Mellon services mortgage loan
files from its service centers in New York, Texas and California,
as well as locations in Europe and Asia-Pacific. Fannie Mae's
documents will be held in custody at the Bank's centers in
California and Texas. The Bank of New York Mellon's corporate trust
business services $12 trillion in outstanding debt from 56
locations around the world. It services all major debt categories,
including corporate and municipal debt, mortgage-backed and
asset-backed securities, collateralized debt obligations,
derivative securities and international debt offerings. The Bank of
New York Mellon Corporation is a global financial services company
focused on helping clients manage and service their financial
assets, operating in 34 countries and serving more than 100
markets. The company is a leading provider of financial services
for institutions, corporations and high-net-worth individuals,
providing superior asset management and wealth management, asset
servicing, issuer services, clearing services and treasury services
through a worldwide client-focused team. It has more than $22.4
trillion in assets under custody and administration and
approximately $1.1 trillion in assets under management. Additional
information is available at bnymellon.com. DATASOURCE: The Bank of
New York Mellon Corporation CONTACT: Kevin Heine of The Bank of New
York Mellon Corporation, +1-212-635-1590, or Web Site:
http://www.bnymellon.com/
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