Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : PanAmerican BanCorp (PABN) -- Ignore unavailable to you. Want to Upgrade?

To: Nikita who wrote (8178)	7/24/1998 1:23:00 PM
From: PASTEL	Read Replies (4) \| Respond to of 43774

26/07/98 Belize Government refutes claim of US mortgage company BanCorp Reports from America say that the United States Securities and Exchange Commission has begun an investigation into claims made by a company called Pan American BanCorp. after the government of Belize published a statement disassociating itself from the claims of the company. Pan American BanCorp. published a notice on the World Wide Web in which it claimed that its wholly-owned subsidiary, Affordable Housing Group Ltd., has become the first foreign company licensed to conduct mortgage banking in Belize. The Internet release claims that the first 800 of some 6,000 mortgage applications from Belize citizens are being processed and that home foundations have already been laid for a programme that plans to fund $10 million in mortgages monthly, beginning immediately. The report claims that the Government of Belize is backing the programme, but the Ministry of Housing and Home Affairs this week issued a statement saying it is "in no way associated with this company". Nor has it given the company any mortgage guarantees. The Ministry of Housing says it is not aware of any mortgage applications being processed, nor of any license being issued to the company by the Central Bank to conduct mortgage banking. "While the government of Belize welcomes foreign investment," a Ministry spokesman said, "it will give its official approval to an investment project only after it has satisfied itself of the viability and genuineness of the project." Pan American BanCorp lists the name of its Chief Executive Officer as John Schmitz, and gives the Belize City address of Affordable Housing Group Limited as No. 2 King Street, which is/or was the street address of the Glenn Godfrey law firm. The claims of Pan American BanCorp, published under the Yahoo Finance banner, states inter alia: "Pan American BanCorp will receive an origination fee in Belize approximating 5 percent and an annual servicing fee of 2 percent on the mortgage portfolio balance - a very lucrative fee for originating warehousing and servicing government guaranteed mortgages."