BNY Asset Solutions LLC, A Subsidiary of The Bank of New York, Selected By MBIA Insurance Corporation as Primary and Special Servicer For FMAC Franchise Loan Pools.Business Editors NEW YORK--(BUSINESS WIRE)--March 3, 2003 The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. announced today that its asset servicing subsidiary, BNY BNY Bank of New York Asset Solutions LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , was recently selected by MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association Insurance Corporation as the primary and special servicer for its insured FMAC FMAC Find, Meet, Attract, Close FMAC Financial and Management Accounting Committee FMAC Fédération Mondiale des Anciens Combattants (French: World Veterans Federation) FMAC FEMA Map Assistance Center FMAC FPGA Mission Assurance Center franchise loan pools 1995-A and 1996-A. The combined portfolio for these two transactions is valued at more than $67 million and consists of approximately 195 franchise loans. As the primary servicer, BNY Asset Solutions LLC will be responsible for a variety of servicing duties, including cash processing, loan administration, asset management and portfolio management. MBIA, Inc. is a leading provider of specialized financial services. MBIA provides credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing and financial and investment products and services for public and private sector clients domestically and internationally. MBIA Inc.'s principal operating subsidiary, MBIA Insurance Corporation, is rated Triple-A from Moody's Investor's Service, Standard & Poor's Rating Services, Fitch Rating and Investment Information, Inc. "Our recent appointment by MBIA is a result of our experienced asset management team and responsive servicing record for the franchise marketplace," said Michael F. Cocanougher, senior vice president and managing director of BNY Asset Solutions LLC. "Over the last year, we have been appointed as the servicer for more than 10 percent of the securitized franchise loan market and plan to build upon this trend in the future." BNY Asset Solutions LLC provides administrative and operational support to the commercial mortgage and asset-backed lending markets from origination through securitization, and administrative agent services to the syndicated loan Syndicated Loan A very large loan in which a group of banks work together to provide funds for one borrower. There is usually one lead bank that takes a small percentage of the loan and syndicates the rest to other banks. Notes: Also known as a "syndicated bank facility. market. BNY Asset Solutions LLC provides master, primary, special and back up servicing for approximately $14 billion in assets. The Bank of New York, founded in 1784 by Alexander Hamilton, is the United States' oldest bank and is the principal subsidiary of The Bank of New York Company, Inc. (NYSE NYSE See: New York Stock Exchange : BK), a financial holding company. With over $77 billion in total assets as of December 31, 2002, the Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, Retail Banking, and Global Market Services. Additional information on the Company is available at www.bankofny.com. |
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