Nicholas Chingas Discusses Economic Crisis

Nicholas Chingas, President of Millenium Mortgage in Pennsylvania and Olympia Mortgage in new Jersey gave an interesting talk to the Central New Jersey GACC Chapter on the “Roots of the Current Economic Crisis.” The event was part of a networking evening at the Metuchen Inn in Edison and took place on February 17, 2009. Many members participated.

Mr. Chingas’ presentation had two parts: First he analyzed the reasons for the crisis in the real estate markets and in the financial system in the US, but also internationally. Second, he gave his predictions for the future. The speaker made a short retrospection in the loans of high risk known as “subprime” which began in the `90. The problem, according to the president of Millennium Mortgage, was created the last seven-year period when the investment banks began to make subprime loans without much due diligence. It attributed the consequences of the crisis in the greed of investment banks, as well as in the lack of adequate regulations for such new financial products, like the subprime mortgage. Mr. Chingas expressed optimism, that the third quarter 2009 the real estate market will begin to be stabilize and the last quarter will begin the recovery. He underlined that the problem is worldwide and that the United States should collaborate with the other countries and take coordinated action.

The meeting was organized by GACC Vice President for Development, Peter Stavrianidis. The members who attended and their guests took the opportunity to do the necessary networking. The setting at the historic Metuchen Inn was magnificent.

Eat Smart is Good For Business

The Central Jersey Chapter of the Chamber co-sponsored with the Hellenic Link of New Jersey a presentation by Chamber member Dr. Paul Misthos, on October 3, 2007 at the Metuchen Inn, titled, “Eat Smart, Be Smart: Proper Nutrition for a Healthy Mind, Body, and Business.” Dr. Misthos discussed his practical weight loss program, based on the findings of recent scientific studies. He went on to explain how good nutrition improves the way we perform in our daily business activities.

CENTRAL NEW JERSEY PRESENTATION BY DR. MALINDRATOS

On January 24, 2007, Dr. John Malindratos gave a very interesting and lively presentation at the Pines Manor in Edison, New Jersey on the current real estate market. Dr. Malindratos, an economist and Senior Vice President of Whitestone Securities, discussed the factors that enter into play to cause fluctuation in the residential as well as the commercial real estate market. He explained the differences in the factors affecting residential and commercial real estate values. A discussion followed the presentation. Several GACC members attending had real estate backgrounds and offered questions as well as comments to Dr. Malindratos’ theories. Dr. Malindratos is a member of the Chamber. His company, located in Manhattan and Astoria, offers a wide variety of financial and investment consulting and services.

The diner was preceded with a networking reception. GACC Vice President for Central New Jersey, Panos Stavrianidis of Venus Jewelers did a great job organizing the event. It was attended by members and friends of the Chamber from New Jersey, Pennsylvania and New York.