First BanCorp, the parent company of FirstBank Puerto Rico, announced today it has completed a sale of non-performing residential mortgage loans with an unpaid principal balance of $236.6 million (book value of $203.6 million), as well as other real estate owned (“OREO”) properties with an appraised value of $22.3 million (book value $19.2 million).
The Puerto Rico government’s economic team presented four measures to shore up $280 million for the Highway Authority, which is deep in the hole with the Government Development Bank, to which it owes $2.1 billion.
Puerto Rican consumers in charge of making household food purchases are increasingly adapting their buying strategies to their economic circumstance, buying more generic or private-label goods, using manufacturers coupons and adding longer-lasting frozen foods to their shopping list.
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