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$2.5 Billion Portfolio Sold

Doral completes sale to Deutsche affiliate

June 1, 2006

By MortgageDaily.com staff


The restructuring of Doral Financial Corp. included the sale of $2.5 billion in mortgage loans.

The San Juan, Puerto Rico-based company reported Wednesday it had successfully completed the sale to an affiliate of Deutsche Bank Securities Inc.

Most of the mortgages had previously been transferred to FirstBank Puerto Rico in several transactions between 2000 and 2004, Doral said.

"The sale of these mortgage loans is part of Doral's initiative to restructure the terms of certain prior mortgage loan transfers and related servicing arrangements, which were recharacterized as secured borrowings as part of the previously announced restatement process," the statement said. "The transactions are expected to have a positive impact on Doral's regulatory capital ratios."

Doral said it entered into $2.9 billion in credit agreements with FirstBank on May 25 "to document as secured borrowings the loan transfers between the parties that prior to the restatement had been accounted for as sales."


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