U.S. Bancorp has announced that its lead bank, U.S. Bank National Association, was selected by Fannie Mae and Freddie Mac to act as administrator and closing agent for the Temporary Credit and Liquidity program and the New Issuance Bond program for Housing Finance Agencies (HFAs).
In its role as closing agent, U.S. Bank provided operational support in the closing of more than 100 HFA bond issues, and as administrator, will perform various administrative and operational functions to support these ongoing programs.
‘Fannie Mae has enjoyed a long-standing partnership with U.S. Bank and is pleased they were able to deliver on such a pivotal role in the HFA Initiative,’ says Carl Riedy, vice president of the Public Entities Channel at Fannie Mae.
U.S. Bank Corporate Trust Services administers a portfolio of more than 604,000 bondholders and more than 112,500 client issues representing more than $2.9 trillion in outstanding municipal, corporate, asset-backed and international securities.
U.S. Bancorp, with $281 billion in assets as of Dec. 31, 2009, is the parent company of U.S. Bank, the fifth largest commercial bank in the U.S.
SOURCE: U.S. Bancorp