Items Tagged with 'Popular Inc.'

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  • Popular Sells U.S. Mortgage Platform to Goldman

    In a brief press statement released Friday morning, Popular, Inc. [stock BPOP][/stock] said it had entered into an agreement to sell its U.S. mortgage subsidiary Popular Financial Holdings to various affiliates of Goldman Sachs [stock GS][/stock]. The deal includes both loan and servicing assets of the mortgage operation, in a deal worth roughly $1.2 billion.
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  • AIG Buys Popular's Equity One for $1.5 Billion

    AIG unit American General Finance, Inc. will purchase Equity One, the U.S. consumer finance operations of Puerto Rico-based Popular, Inc., in a deal worth $1.5 billion. The sale includes "a signficant portion" of Equity One's mortgage loan and consumer loan portfolio, Popular said in a press statement Wednesday morning. "We are doing the things we have to do in the U.S. mainland as we focus on our core banking franchise," said Richard L. Carrion, CEO at Popular.
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  • Popular's Quarterly Income Drops 54 Percent

    Popular, Inc. reported today that the company's annual net income dropped 34 percent in 2006 to $357.7 million, compared with $540.7 million in 2005. Net income during the fourth quarter took a sharper tumble, falling to $59.6 million from $130.2 million one year ago, a drop of 54 percent. The company's mortgage loan portfolio shrunk during 2006 as well, falling 1.2 billion from 2005's portfolio holdings to $11.7 billion at the end of the year.
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  • Moodys: Popular Faces Servicer Rating Downgrade

    Moody's Investors Service said late last week that it has placed the servicer quality rating of Popular Mortgage Servicing, Inc., also known as Equity One, Inc., on review for a possible downgrade. Moody's said its action was due to the announcement by the parent corporation, Popular, Inc., that it will close its subprime wholesale and retail origination channels but continue the servicing operations.
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