21 February 2018
Visit www.capgemini.com/worldreports

JPMorgan signs Freddie Mac to asset management services

18 July 2006  |  2585 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.vasco.comvisit www.swift.com/your-needs/instant-paymentsVisit https://www.capgemini.com

Top topics

Most viewed Most shared
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
10055 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9676 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
8443 views comments | 13 tweets | 12 linkedin
BBVA-backed digital banking startup targets gig economy workersBBVA-backed digital banking startup target...
7102 views comments | 8 tweets | 12 linkedin
hands typing furiouslyMaking Customer Experience Your Business
6798 views 0 | 7 tweets | 5 linkedin

Featured job

Find your next job