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

To: ERRAFF who wrote (22967)	1/15/1999 10:11:00 AM
From: jhild	Read Replies (2) \| Respond to of 43774

So ERRAFF, remember the glory days of PRWT. Remember the way the business they were going to do was so effusively described? Its wholly owned subsidiary, Affordable Housing Group. Ltd., is the first foreign company to be licensed to conduct mortgage banking in the country of Belize. 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. The loans are guaranteed by the government of Belize and pass-through certificates issued to investors who will fund the mortgages will have a Standard & Poors rating of A. A rather stunning business model. Though, alas, as things have turned out they were indeed not the first foreign company to be licensed, as they were not licensed at all. Never mind the complete lack of backup from the Belizean government on these loan guarantees. Then to top it off there was the report of the frenzied activity on the part of Belizeans scrambling to take advantage of these mortgages and the opportunity to move into this Pristine community. The Company has already received 6,000 approved mortgage applications from the housing ministry in Belize and is currently processing the first 800 of these applications. Most of the initial applicants work for the government or hold other civil service positions. The first loans will close later this month or in early August. And now we are told that the government (any government as far as that goes) was not going to guarantee the loans. That it was being marketed to US residents looking to retire in Belize. So whatever happened to those 6,000 applications (3% of the population I might add)? Does this mean that 3% of the households there work for the government? And rather than live in the capital Belmopan many, many miles away, they were to have chosen living in this remote community? But now that they are marketing these houses to foreigners and they will then want to be living 15 miles from the scenic ocean views? All of them together in one Pristine community? And how many homes are actually complete today? Zero did you say? Well step up front for the door prize. So given that this is the profile for how they announce their business plans and how they execute, why would you think extending this operational model to all of these other ventures is going to fare any better? And what is to say that the word according to Chairman John is any more reliable than his past performance? #reply-5109355