20 October 2017
visit www.avoka.com

JPMorgan signs Freddie Mac to asset management services

18 July 2006  |  2571 views  |  0 Source: JPMorgan Worldwide Securities Services

Freddie Mac (NYSE: FRE) today announced that it has selected JPMorgan Worldwide Securities Services to provide transaction processing and recordkeeping services for its approximately $700 billion portfolio of mortgage-backed securities and short- term assets.

Freddie Mac is one of the nation's largest investors in residential mortgages.

Freddie Mac's decision to outsource these processing and recordkeeping functions is a key component of the company's ongoing initiatives to work with world-class providers to upgrade its technological capabilities and streamline its operating infrastructure. Linking JPMorgan's state-of-the-art technology to Freddie Mac's advanced trading platform and developing accounting infrastructure will help the company reconcile transactions and close its books on a more expedited basis.

"Freddie Mac is committed to achieving a higher level of organizational strength and focus across all of our operations," said Joseph Rossi, senior vice president for Freddie Mac. "By working with a world-class provider like JPMorgan, we are simplifying our operating environment, saving time and money and more efficiently managing our investment assets at the Federal Reserve Bank and the Depository Trust Company. JPMorgan's state-of-the-art systems, scalable infrastructure and technology management experience with governments, central banks, make them a terrific choice for Freddie Mac."

JPMorgan Worldwide Securities Services will provide administrative and settlement services for Freddie Mac's estimated $700 billion retained portfolio of longer-term assets (primarily Freddie Mac-issued mortgage-backed securities) and an estimated $70 billion liquidity and contingency portfolio of short-term assets with a variety of issuers that support mortgage investment and debt-funding activities.

"JPMorgan is delighted that Freddie Mac selected us for this mandate, which will represent the industry's largest ever. We are pleased that Freddie Mac recognizes our leadership position in management technology and this further strengthens the deep relationship between our two firms," said Michael Clark, head of JPMorgan Worldwide Securities Services. "The size, scale, strength and breadth of JPMorgan's people, products and services means that we can meet Freddie Mac's needs today and well into the future."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
16069 views comments | 12 tweets | 4 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8286 views comments | 13 tweets | 10 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
7861 views comments | 21 tweets | 26 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7278 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
6630 views comments | 10 tweets | 21 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job