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Capital One Sells Mortgage Portfolio for $17B

May 09, 2018
Capital One Financial Corp. is selling approximately $17 billion of first and second lien mortgages to DLJ Mortgage Capital Inc.

Capital One Financial Corp. is selling approximately $17 billion of first and second lien mortgages to DLJ Mortgage Capital Inc., a subsidiary of Credit Suisse AG. The McLean, Va.-based company expects to complete the transaction and record a gain in the second quarter.
 
The sale follows a previous announcement by Capital One that it stopped new originations of residential mortgages and home equity loan products. As a result of the portfolio sale, Capital One stated it would resume repurchasing shares of common stock through the end of the second quarter.
 
"Strong market demand enabled us to negotiate and sign this complex transaction more quickly than we thought possible," said R. Scott Blackley, Chief Financial Officer of Capital One.

 
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