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JUN 04, 2014 - TheStreet

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Doral Financial Sells Mortgage Loan Portfolio

NEW YORK (The Deal) -- As part of a larger effort to shore up its balance sheet, troubled bank operator Doral Financial has sold a $242.1 million portfolio of mortgage loans and servicing rights to FirstBank Puerto Rico in exchange for the lender canceling a $234.1 million loan. The San Juan, Puerto Rico-based company, which runs Doral Bank, is evaluating all strategic alternatives to boost its capital position in the wake of a dispute with Puerto Rico's government over $229.88 million in potential tax refunds, which accounted for 43% of the bank's Tier 1 Capital. The Federal Deposit ... Read More

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