Item 5.05 Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics.

On November 15, 2012, the Board of Directors of the Company approved an amended Code of Business Conduct and Ethics (the "Code"). The Code is applicable to all directors, officers and employees of the Company and its subsidiaries, including its Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, and persons performing similar functions.

The amendments were made to, among other things: (i) update and clarify the duties, obligations and responsibilities that are imposed on all directors, officers and employees of the Company under the Code and accountability for noncompliance, (ii) add a section setting forth the core values of the Company which are expected to define and guide its business practices, and (iii) add or update sections on risk management, media interaction and other communications relating to the Company, anti-bribery and anti-corruption, corporate social responsibility, fiduciary duties and internal administration of the Code. In addition, the Board of Directors of the Company adopted a new and separate Insider Trading Policy, and therefore eliminated the Insider Trading Policy that had been included as Appendix B to the previous Code of Business Conduct and Ethics.

The new Code replaced the Company's existing Code of Business Conduct and Ethics. The full text of the new Code is being made available free of charge through its website (found at http://www.doralfinancial.com) under the heading "Corporate Governance." The Company also intends to disclose on its website any amendments to the Code, or waivers of the Code on behalf of its Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, and persons performing similar functions.