Popular, Puerto Rico's largest mortgage lender, has completed the sale of loans and servicing assets from its U.S. mortgage subsidiary to units of Goldman Sachs.
Popular said the sale reduces its loan and servicing rights holdings by $700 million, freeing up that much in additional liquidity and significantly reducing the bank's holdings of U.S. subprime mortgage assets.
"The closing of this transaction is a major step forward in our efforts to build capital and liquidity, and create a leaner and more efficient business," said Richard Carrion, Chairman and CEO of Popular. Terms were not disclosed.
