Yahoo! WEB SITE IS UP.. and look at THIS...
From the PanAmerican BancCorp web page, I think we can get a PRETTY darn good clue about our next bit of news... Pay CLOSE attention to item #2 my fellow shareholders and shareholderettes...
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#1 International Mortgage Banking
PanAmerican Bancorp's wholly owned subsidiary, Affordable Housing Group. Ltd.,
is the first foreign company to be licensed to conduct mortgage banking in the
country of Belize. There is currently a need to finance 6,000 new homes in
Belize of which PRWT has agreed to commit to an initial subdivision of 1,800
homes. Mortgage financing rates in Belize are currently 18% with a 50% down
payment requirement. Under the PRWT program in Belize, homes will be financed
at GNMA rates plus 5 1/2% or 11 1/4% with a 20% down payment. Loans
approximate $33,000 each and the initial 500 loans will be primarily to Belize
citizens living in the U.S. and purchasing retirement homes. This makes
underwriting simple. Pan American Mortgage will receive fees approximating 5%
and an annual 2% servicing fee on the mortgage portfolio balance. The total
project in Belize will ultimately involve 6,000 homes. The company is
examining establishing similar programs in other Central American and
Caribbean countries.
#2 Mortgage Banking Via Internet Videophones
Another division of PanAmerican BanCorp will originate mortgage and equipment
loans on a national basis in the United States through a network of 10,000
real estate offices and brokers using Internet Videophones and software
patented by Visual Interactive Phone Concepts, Inc. Using Visual's Videophone
Mailbox Facility System, the Company is able to open virtual offices anywhere
there is a dial tone. All the processing and back office work is done from
the company's Hauppauge or Las Vegas office. The Videophone is a combination
of a digital phone, a keyboard, a credit card swipe and a display screen for
presenting text, voice and visual images. A camera, printer and fax are
additional options. The videophone based at a user station is connected to a
central data center and one button initiates an interactive on-line session
with user friendly screens. The system replaces the need for a PC and no
computer skills are necessary. In addition to the processing of mortgages,
the company contemplates taking advantage of other functions of the videophone
device such as providing Internet access, home shopping, on-line banking,
brokerage and leasing services, spread sheet processing and viewing of
vacation resorts and department store catalogues. The marketing potential of
these and other products is enormous.
#3 Electronic Trading - Access Wall Street
In June 1998, PanAmerican BanCorp acquired Access Wall Street, a firm that
provides state-of the-art securities trading for investors. The acquisition
was made entirely for already-issued shares of PRWT. Access Wall Street offers
an all inclusive system that provides Level II market maker and exchange data,
real-time quotes, news, charts, historical data, portfolio management and an
extremely fast order execution system enabling investors by means of ECNs
(Electronic Communications Network) to post bids and offers that are displayed
throughout the financial community. The system provides for immediate
execution on the NASDAQ as well as other listed exchanges rather than routing
orders to third party intermediaries. This enables trade execution and
confirmation of orders in a matter of seconds. Additionally, it provides the
individual investor the ability to execute trades between the spread,
achieving further savings over most currently available trading systems.
Originally developed to handle high-end, large volume trading and/or
institutional stock traders, today, this innovative system can be accessed via
the Internet as well as through Local and Wide Area Networks, and is the most
enhanced application of its type offered over the Internet. The company is
dedicated to bringing the most technologically advanced trading system to the
individual investor and expects substantial growth in the near future.
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You have GOT to love it!!!
Mayor
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