First BanCorp, the bank holding company for FirstBank Puerto Rico reported Monday a net loss of $13.2 million for the first quarter of 2012, which included a non-cash charge of $6.2 million related to equity in losses of unconsolidated entities.
FirstMortgage, FirstBank’s mortgage division, is following the strategic plan it laid out for itself last year to improve its market standing by focusing on three areas: customer service, streamlining procedures and improving efficiency in the loan origination and closing process.
The Securities and Exchange Commission on Tuesday charged UBS Financial Services Inc. of Puerto Rico and two executives with making misleading statements to investors, concealing a liquidity crisis, and masking its control of the secondary market for 23 proprietary closed-end mutual funds.
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