Popular selling US mortgage assets to Goldman

By Associated Press
August 29, 2008 | Comments (0)

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Puerto Rican bank Popular Inc. said Friday it will sell mortgages and servicing assets from its U.S. mortgage subsidiary Popular Financial Holdings to affiliates of Goldman Sachs Group Inc.

Popular will sell $1.17 billion in loans and servicing assets. The bank will receive more than $700 million from the Goldman affiliates, while taking a loss of about $450 million on the mortgages and servicing assets.

The sale is part of Popular's plan to reduce its exposure to the troubled U.S. mortgage markets and focus its operations on its core Puerto Rican businesses.

Shares were unchanged in premarket trading from Thursday's closing price of $7.23.

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