EXHIBIT 21.1

Doral Financial Corporation

List of Direct and Indirect Subsidiaries as of December 31, 2012

Name of Subsidiary	Jurisdiction of Incorporation
Doral Insurance Agency, LLC		Puerto Rico
Doral Properties, Inc.		Puerto Rico
Doral Investment International, LLC		Puerto Rico
Doral Bank		Puerto Rico
CB, LLC		Puerto Rico
Doral Mortgage, LLC		Puerto Rico
DB REO Holdings, Inc.		New York
Doral Money, Inc.		Delaware
DLAM, LLC		Delaware
Doral CLO I, Ltd.		Cayman Islands
Doral CLO I, Inc.		Delaware
Doral CLO II, Ltd.		Cayman Islands
Doral CLO II, Inc.		Delaware
Doral CLO III, Ltd.		Cayman Islands
Doral CLO III, Inc.		Delaware