Long-Term Mortgage Funding for Dominicans?

Deutsche Bank subsidiary MortgageIT Inc. is working on a transaction that a company executive says will allow consumers to access long-term mortgage financing in the Dominican Republic for the first time.Under the terms of the deal, MortgageIT has agreed to make available $500 million in residential mortgage financing to qualified purchasers of properties within Cap Cana, a luxury real estate and tourism destination in the Dominican Republic. "This is a landmark transaction," said Doug Naidus, managing director and Americas head of residential mortgage origination at Deutsche Bank. "We are extremely enthusiastic about bringing this kind of liquidity to the Latin American and Caribbean market," he said. Deutsche Bank can be found online at http://www.db.com.