Capital One To Resume Share Repurchases After Sale Of $17 Bln Of Mortgages

(RTTNews) - Capital One Financial Corp.(COF) announced the sale of about $17 Billion of first and second lien mortgages to DLJ Mortgage Capital Inc., a subsidiary of Credit Suisse AG. The company expects to complete the transaction and record a gain in the second quarter of 2018. The company had previously announced that it ceased new originations of residential mortgages and home equity loan products.

As a result of the portfolio sale, the company now expects to resume repurchasing shares of common stock through the end of the second quarter of 2018 under its existing board authorization.