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MELLON AGREES TO PURCHASE $2.6 BILLION IN MORTGAGE SERVICING RIGHTS

MELLON AGREES TO PURCHASE $2.6 BILLION IN MORTGAGE SERVICING RIGHTS
 HOUSTON, June 9 /PRNewswire/ -- Mellon Mortgage Company, the mortgage banking subsidiary of Mellon Bank Corporation (NYSE: MEL), has agreed to purchase from the Resolution Trust Corporation the mortgage servicing portfolio of CenTrust Mortgage Corporation.
 Delivery of the portfolio is expected in July.
 The servicing portfolio comprises approximately 32,000 loans valued at approximately $2.6 billion. It is national in scope, with principal concentrations in Florida and Illinois. Terms of the transaction were not disclosed.
 "This transaction reflects our commitment to growing our mortgage servicing business following the 1991 merger of our mortgage banking subsidiaries," said Peter Rzasnicki, head of mortgage banking activities for Mellon Bank Corporation.
 The transaction will increase Mellon Mortgage Company's servicing portfolio to approximately $14 billion. Mellon Mortgage Company, formed through the 1991 merger of Mellon Financial Services, headquartered in Denver, and Mortgage & Trust, Inc., headquartered in Houston, was the nation's 24th largest mortgage servicer at June 30, 1991.
 With assets of approximately $30 billion, Mellon Bank Corporation, the parent company of Mellon Mortgage Company, is one of the nation's 25 largest bank holding companies.
 -0- 6/9/92
 /CONTACT: Debra DeCourcy of Mellon Bank, 412-234-5873/
 (MEL) CO: Mellon Bank Corporation; Mellon Mortgage Company CenTrust
 Mortgage Corporation ST: Pennsylvania IN: FIN SU:


CD -- PG004 -- 8262 06/09/92 09:49 EDT
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Publication:PR Newswire
Date:Jun 9, 1992
Words:226
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