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Article: Doral Financial Corporation Completes Sale of Approximately $2.5 Billion of Mortgage Loans; Restructures Loan Transfers To FirstBank.
- Article from:
- Business Wire
- Article date:
- May 31, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SAN JUAN, Puerto Rico -- Doral Financial Corporation (NYSE: DRL), a diversified financial services holding company, today reported that it had successfully completed the sale of approximately $2.5 billion in mortgage loans to an affiliate of Deutsche Bank Securities Inc. Except for approximately $100 million in mortgage loans that were not previously transferred to FirstBank Puerto Rico ("FirstBank"), all the mortgage loans sold had been previously transferred to FirstBank in several transactions occurring between the years 2000 and 2004.
The sale of these mortgage loans is part of Doral's initiative to restructure the terms of certain prior mortgage loan ...
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