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ASSOCIATES NATIONAL MORTGAGE CORPORATION ACQUIRES PORTION OF U.S. BANCORP MORTGAGE COMPANY SERVICING PORTFOLIO

 DALLAS and PORTLAND, Ore., July 15 /PRNewswire/ -- Associates National Mortgage Corporation will acquire a $2.5 billion mortgage servicing portfolio from U.S. Bancorp Mortgage Company, a subsidiary of U.S. Bancorp (NASDAQ: USBC), according to an agreement announced today.
 Associates National Mortgage Corporation is an affiliate of Associates Corporation of North America, which is part of the Financial Services Group of Ford Motor Company.
 The portfolio includes approximately 26,000 conventional loans located primarily in Oregon, Washington and northern California. The transaction, which is proceeding in phases, is expected to be completed by Aug. 1, 1993. Terms were not disclosed.
 "This is one of our more significant acquisitions of a mortgage servicing portfolio," said Malgum E. Whitt, executive vice president of Associates National Mortgage Corporation. "It fits with our strategy of acquiring high-quality portfolios from other financial institutions."
 Following completion of the acquisition, Associates National Mortgage Corporation will service $10 billion of home mortgages.
 "This sale furthers our objective of building a national mortgage company focused on achieving the optimum mix in terms of value, performance and earnings," said Richard Eichhorn, president of U.S. Bancorp Mortgage Company. "With originations growing from less than $100 million in 1985 to a projected $4.5 billion in 1993, U.S. Bancorp Mortgage Company is making significant investments in both production and servicing capabilities to support our continued growth. That requires ongoing assessment of our product mix and servicing to assure a consistently strong portfolio that will support our earnings objectives."
 U.S. Bancorp Mortgage Company is one of the largest mortgage lenders in the Northwest. With this divestiture, the company services over 115,000 mortgages in 50 states with a value of approximately $7.9 billion. U.S. Bancorp is the largest bank holding company headquartered in the Northwest, with assets of $20.8 billion as of June 30, 1993.
 With assets of $24.6 billion, The Associates is the second largest independent finance company in the United States.
 -0- 7/15/93
 /CONTACT: Fred Stern of The Associates, 214-541-4522, or Mary Ruble of U.S. Bancorp, 503-275-6200/
 (USBC)


CO: Associates National Mortgage Corporation; U.S. Bancorp ST: Texas, Oregon IN: FIN SU: TNM

PS -- NY027 -- 1867 07/15/93 10:43 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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