R&G Financial Corp., San Juan, Puerto Rico, has announced an agreement to settle litigation with Freddie Mac under which its subsidiaries R&G Mortgage Corp. and R-G Premier Bank of Puerto Rico will remain approved Freddie seller/servicers. The settlement, subject to approval by the U.S. District Court for the District of Puerto Rico, may be rescinded by Freddie Mac if a sale of mortgage servicing rights is not consummated within a certain period. Under the sale agreement, Banco Popular of Puerto Rico, a subsidiary of Popular Inc., San Juan, would purchase approximately $5.1 billion of third-party mortgage servicing rights from R-G Mortgage Corp. The companies can be found on the Web at http://www.rgonline.com and http://www.popularinc.com.
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