Business & Finance
Business and Finance
Business and Finance
Mon, January 10, 2011
Sat, January 8, 2011
Fri, January 7, 2011 U.S. Bancorp Statement on Massachusetts Supreme Court Ruling
MINNEAPOLIS--([ BUSINESS WIRE ])--U.S. Bancorp (NYSE: USB) has issued the following statement in response to a ruling by the Massachusetts Supreme Court on Friday, Jan. 7, 2011.
Our role in this case is solely as trustee for a securitization trust that owned the mortgage at issue. U.S. Bank is not the originator, owner or servicer of the loan in question, nor is it the sponsor or depositor for the securitization trust. The foreclosure in question was conducted by the servicer on behalf of, and in the name of, the securitization trust. That is the only reason our name appears in this case. As trustee, U.S. Bank has no responsibility for the terms of the underlying mortgage, foreclosure procedure, the conduct of the servicer, the process by which the mortgage is transferred to the trust, or the sufficiency of the mortgage documentation.
About U.S. Bancorp
U.S. Bancorp, with $291 billion in assets as of Sept. 30, 2010, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,013 banking offices in 24 states and 5,323 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at [ www.usbank.com ].
