SOURCE: The First Marblehead Corporation

August 31, 2007 16:03 ET

Statement From The First Marblehead Corporation on the New York Attorney General's Investigation

BOSTON, MA--(Marketwire - August 31, 2007) - The First Marblehead Corporation (NYSE: FMD) announced today that, as part of the New York Attorney General's ongoing investigation of several lending, educational, and nonprofit institutions, the company received a subpoena on August 22, 2007 for information regarding our role in the student loan industry. We plan to cooperate fully with the Attorney General's information requests.

The leadership and employees of The First Marblehead Corporation are dedicated to being the best provider of financing solutions to help students achieve their dreams and do so by serving as an outsourcing provider for lenders and other financial services companies to help meet the growing demand for private education loans. We support responsible lending for borrowers and are a strong proponent of the smart borrowing principle, which encourages students to access grants and federally-guaranteed loans before considering private education loans.

About The First Marblehead Corporation.

First Marblehead, a leader in creating solutions for education finance, provides outsourcing services for private, non-governmental, education lending in the United States. The Company helps meet the growing demand for private education loans by providing national and regional financial institutions and educational institutions, as well as businesses and other enterprises, with an integrated suite of design, implementation and securitization services for student loan programs tailored to meet the needs of their respective customers, students, employees and members.

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Contact Information

  • Contact:

    Janice D. Walker
    Vice President
    Corporate Communications
    Email Contact