Chase Manhattan Mortgage Corporation Named Rural Housing "Lender of the Year".

DEERFIELD BEACH, Fla.--(BUSINESS WIRE)--Nov. 18, 1999--

Chase Manhattan Mortgage Corporation (CMMC), a subsidiary of The Chase Manhattan Corporation (NYSE:CMB) and the nation's leader in rural residential home financing, has been named "Lender of the Year" by the State of Florida Rural Housing Service. Louis Frost, Acting Director of the Florida Rural Housing Service, presented the award to Chase's Florida Rural Development management team in a ceremony today at Chase's Deerfield Beach office.

"For the past seven years, Chase has been an industry leader offering a Guaranteed Rural Housing Program in partnership with the United States Department of Agriculture. This leadership position demonstrates that rural housing lending is part of Chase's ongoing commitment to affordable housing in America. We are honored to be recognized by the State of Florida for that commitment and look forward to offering the opportunity for home ownership to more families in rural America," said Jack Jones, Chase Vice President and Regional Manager of the National Rural Housing Originations Division.

In selecting Chase, Frost said, "Chase has shown an outstanding outreach effort in promoting the RHS guaranteed loan program and a remarkable job in servicing the portfolio. The award recognizes the wonderful attitude and dedication expressed by all CMMC employees."

During Fiscal Year 1999, (October 1998 through September 1999), Chase assisted more than 8,000 low to moderate income families become homeowners in rural America. Most rural families qualify for residential home financing through the United States Department of Agriculture's Guaranteed Rural Housing Program. Chase, which has a public commitment to affordable housing, is currently the industry leader in that program with a 22.6% market share. During Fiscal Year 2000, which began October 1, 1999, the USDA has authorized $3.2 billion for residential rural home financing through the Guaranteed Rural Housing program. Moreover, Chase has committed an additional $300 million in Year 2000 to its Chase Rural Advantage product, designed to meet the needs of rural borrowers who do not meet the requirements for the USDA-sponsored programs.

Chase Manhattan Mortgage Corporation is a subsidiary of The Chase Manhattan Corporation, with more than $371 billion in assets. CMMC, with headquarters in Edison, New Jersey, is the nation's largest originator and servicer of residential mortgages, providing home financing and ancillary products and services nationwide. Chase's National Consumer Services franchise serves more than 30 million consumers coast to coast and is a leading provider of financial solutions to individuals and small businesses. Chase can be reached on the Web at www.Chase.com.