SAN JUAN, Puerto Rico–(HISPANIC PR WIRE – BUSINESS WIRE)–Sept. 18, 2002–Mr. Salomon Levis, Chairman of the Board and Chief Executive Officer of Doral Financial Corporation (Nasdaq:DORL), stated that contrary to what has been perceived in relation to certain U.S. mortgage institutions, the impact of the recent drop in mortgage rates represents an opportunity for Doral Financial to realize additional profits.
Mr. Levis explained that reduction in interest rates have led to growth in mortgage volume. Declines in rates also increase the value of the Company’s tax-exempt mortgage backed securities and U.S. treasuries, as well as its residential mortgage loan portfolio. Lower rates have also resulted in higher gains on sale of mortgage loans.
Mr. Levis concluded by reiterating his optimism for the remainder of the year 2002 and the future as expressed in Doral’s earnings release dated July 10, 2002 for the second quarter and six months ended June 30, 2002.
FORWARD LOOKING STATEMENT
This press release contains certain “forward-looking statements” concerning Doral Financial’s economic future performance. The word “expect”, “anticipate”, “should”, and similar expressions are meant to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of l995.
The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and to advise readers that various factors, including regional and national economic conditions, substantial changes in levels of market interest rates, credit and other risks of lending and investment activities, competitive and regulatory factors and legislative changes, could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from those anticipated or projected.
The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
Doral Financial Corporation
Richard F. Bonini, 212/329-3729
Mario S. Levis, 787/474-6709