Doral Financial Corporation Addresses Concerns Related to the Sale of Bear Stearns

Business Wire, March 17, 2008

SAN JUAN, Puerto Rico -- Doral Financial Corporation (NYSE:DRL), a diversified financial services company, reports today that the sale of The Bear Stearns Companies Inc. to JPMorgan Chase & Co. does not have an impact on Doral's operations.

Bear Stearns Merchant Banking (BSMB), a standalone affiliate of Bear Stearns, is one of Doral's many shareholders, including DE Shaw & Co., Perry Capital, Tennenbaum Capital Partners LLC, Marathon Asset Management LLC, Goldman Sachs, Eton Park Capital Management, and GE Asset Management, among others. These shareholders formed a banking entity, Doral Holdings Delaware LLC, which, in turn, invested $610 million in Doral Financial in July 2007.

"Doral's capital strength is independent from its shareholders. None of the Holdings investors have a controlling interest in Doral. We paid our bondholders and are moving forward with our business and growth plans," said Glen R. Wakeman, CEO and President of Doral Financial Corp.

Forward Looking Statements

This press release contains forward-looking statements. In addition, Doral Financial may make forward-looking statements in its press releases or in other public or shareholder communications and its senior management may make forward-looking statements orally to analysts, investors, the media and others. These "forward-looking statements" are identified by the use of words or phrases such as "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project" or similar expressions.

Doral Financial cautions readers not to place undue reliance on any of these forward-looking statements since they speak only as of the date made and represent Doral Financial's expectations of future conditions or results and are not guarantees of future performance. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following:

* the relative strength or weakness of the Puerto Rico and the United States economies;

* changes in interest rates and the potential impact of such changes in interest rates on Doral Financial's net interest income;

* the performance of U.S. capital markets;

* the fiscal and monetary policy of the federal government and its agencies;

* the relative strength or weakness of the real estate markets and of the consumer or commercial credit sectors and its impact in the credit quality of Doral Financial's loans and other assets;

* Doral Financial's ability to derive sufficient income to realize the benefit of its deferred tax assets;

* potential adverse development from ongoing enforcement actions by bank regulatory agencies;

* risks arising from material weaknesses in Doral Financial's internal control over financial reporting; and

* developments in the regulatory and legal environment for financial services companies in Puerto Rico and the United States.

Doral Financial 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 those statements.

Investors should carefully consider these factors and the risk factors outlined under Item 1A, Risk Factors, in Doral Financial's 2006 Annual Report on Form 10-K.