To: jhild who wrote (14 ) 8/14/1998 11:00:00 PM From: jhild Read Replies (2) | Respond to
Article from Belize newspaper. I am including it here as I believe I read this article from the link provided when it was posted. But I must caution that I can not read it from the archives at this time. I believe that the archives are not immediately updated. But if this is not the case, then weigh it accordingly. I found it to have some additional information to the PRWT press releases and the report from the Belize government.bze.net 26/07/98 (seach archives if expired) 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 inBelize. 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." Note: Here is the link that I retrieved the text from. It is from Dragonfire and contains additional information that seemed controversial, and so was not quoted here.ragingbull.com
