Negative Criticism Of Frankenstein - 1581 Words

â€Å"Have your never wanted to look beyond the clouds and the stars, or to know what causes the trees to bud? And what changes the darkness into light? But if you talk like that, people call you crazy. Well, if I could discover just one of these things, what eternity is, for example, I wouldn t care if they did think I was crazy.† -Henry Frankenstein (Frankenstein, 1931) A. The images of Frankenstein are so vividly burned onto our collective consciousness, so universally recognizable, that it’s hard to view their original visual offering as a true masterwork of artistic expression, rather than simply a piece of parodied pop culture. And yet James Whale’s original 1931 film—adapted from author Mary Shelley’s 1818 novel ­Ã¢â‚¬â€not†¦show more content†¦In trying to place each character into a context it was one of the first things that came to mind. And yet, perhaps because I’m slightly biased against Freud, and also would rather not dive into some psychoanalysis discussion, I choose to look at the character as something else entirely. Thematically I look at him as inner truth—whether that be Whale’s truth as a homosexual man in an era who viewed the lifestyle as monstrous, perhaps his own view on himself—conflicted between the attractive doctor of wealth and title, and t he destructive, chaotic, and conflicted monster. It’s hard to say. I do find it interesting that on several occasions the monster is referred to as a wedge between Henry and his soon-to-be wife Elizabeth: directly when Elizabeth states, â€Å"Something is coming between us† and more subtly when Henry’s father, Baron Frankenstein, when trying to comprehend what is keeping his son away from his fiancà © exclaims, â€Å"There is another woman, and I’m going to find her!† There is a bit of irony in that it is not in fact another woman, but another man who is keeping the Baron’s son away. Arguments for Whale’s sequel to Frankenstein, the 1935 film Bride of Frankenstein, being a gay allegory are much more prevalent and apparent than the original. Still I wonder if Whale’s ability to synthesize theShow MoreRelatedNegative Criticism Of Frankenstein1279 Words   |  6 Pagesshocked to life is named Frankenstein. However, that is not the case in the original book â€Å"Frankenstein† by Mary Shelley. As my classmate said, â€Å"Frankenstein† is not only an ionic book, but also ironic considering that the theme of Frankenstein is people being misunderstood when the book itself has misconceptions over the true meaning thanks to the movie that changed the views people had over Frankenstein. Today there are several viewpoints over the works of â€Å"Frankenstein†. Some people consider theRead MoreFrankenstein Analysis Essay1252 Words   |  6 PagesKade Gilbert Mrs. Shelley Wisener ENGL 2321: Frankenstein Analysis Essay 2 October 2017 Mary Shelley’s Journal The human brain while complex, initiating every impulse that controls the body, can be simplified. Simple things such as memories, beliefs, or passions can define the decisions that a person makes. The impulses of humanity may cloud a person’s logic, while each person’s logic, in turn, may affect the impulses of humanity. Mary Shelley’s Frankenstein is overflowing with emotionally based decisionsRead MoreA Transformation from Gracious to Malicious1072 Words   |  5 PagesMost people are kind at heart, but society’s negative perceptions changes them. Mary Shelley’s novel, Frankenstein, portrays this concept. Frankenstein’s monster treats humans kindly - refuting the stereotype that all monsters are evil. In this novel, the monster is kind towards mankind until society criticizes him and turns him into a malicious creature. The monster that Frankenstein creates has kind-hearted morals, but because society harms him based on his hideous appear ance. Because of his treatmentRead MoreFrankenstein Essay1374 Words   |  6 PagesCompare Shelley’s Presentation of Women in Frankenstein with that of Brave New World Throughout the novel, Frankenstein, a feminist theme subtly pervades the novel, and is crucial to the characters of the story, the plot line and the setting of the novel. The reasons for the creation of the monster lie within Frankenstein s own familial relationships, especially with the grief he experienced at the loss of his mother. Frankenstein is riddled with passive female characters who suffer throughoutRead MoreThroughout The Novels, Pride And Prejudice And Frankenstein,1191 Words   |  5 PagesThroughout the novels, Pride and Prejudice and Frankenstein, Jane Austen and Mary Shelley, respectively, warn their readers of the social consequences of excessive pride and prejudice. They use their characters as embodiments of pride and prejudice in order to discuss this theme. While both authors emphasize the negative effects pride and prejudice have on reaching one’s goals and on forming relationships, Shelley’s tone and message holds much darker implications as she argues that pride and prejudiceRead MoreFrankenstein: Abandonment, Loneliness, and Rejection1422 Words   |  6 Pagesfaulty natures,† writes the narrator of Mary Shelley’s novel, Frankenstein, Dr. Frankenstein. Without a companion of some sort, people will only suffer more. However, without the supervision of parents, c hildren altogether are greatly affected for the rest of their lives. An innately good and sympathetic creature, Dr. Frankenstein’s monster struggles to survive in the human world. After creating and abandoning his creature, Dr. Frankenstein is the juxtaposition of a monster, portraying humans as shallowRead MoreAnalysis Of Mary Shelley s Frankenstein 1527 Words   |  7 Pagessymbolize romantic fears, offering a tale of certain demise, one that gives technology negative connotations in the form of the creature whom is represented as an outcast of society. To emphasise this, the sublime settings in the text, provide a space where the marginalised can be heard, however, for in contrast to the power of beauty which works to contain and maintain social distinctions, the sublime in Frankenstein opens the way for the excluded to challenge the dominant discourse and this appearsRead MorePursuit Of Knowledge In Frankenstein1866 Words   |  8 PagesIn the gothic novel, Frankenstei n, written in 1818, author Mary Shelley tells a blood chilling story of Victor Frankenstein and his monstrous creation. Many of the main concepts in the Romantic literary movement are prevalent throughout the novel. Some of these concepts include nature as beauty and truth, strong personal motivation, and gothicism which inhibits intense emotion and complex psychology. Victor’s   monstrous creation can be categorized as a romantic hero because of his continuous rejectionRead MoreThe Speed Of Dark By Mary Shelley942 Words   |  4 PagesThe Speed of Dark by Elizabeth Moon and Frankenstein by Mary Shelley are novels that demonstrate society’s lack of acceptance towards abnormalities. The characters in both of these novels are used to portray the challenges people face in order to be accepted in society. In The Speed of Dark an autistic man, Lou, endures poor treatment at work because he performs tasks differently due to his autism. As a result, his boss offers him the opportunity to receive a life changing surgery in order to makeRead MoreFrankenstein: the Dangerous Pursuit of Knowledge1552 Words   |  7 PagesDanielle Bouquio ENG 210 10/16/12 Frankenstein: The Dangerous Pursuit of Knowledge Over the past few centuries, the intellectuals of society have made countless advances in science and the development of technology, which, to different degrees, have all benefitted mankind. These scientific discoveries are a result of man’s thirst for and dedication to acquiring knowledge, information, and power. The innate curiosity and desire for understanding in an individual can grow so immense that his

The Automotive Industys Use of Structural Composite...

The automotive industry’s use of structural composite materials began in the 1950s. Since those early days, it has been demonstrated that composites are lightweight, fatigue resistant and easily molded to shape. In other words, composite structures are seemingly attractive alternative to metals. Not only are composites used in the field of automotive but in all other fields such as aerospace, construction industry, and the entertainment industry. Composite materials have numerous features that led the automotive industry in using it in automobile designs. Its many key benefits include being lightweight, has high strength, corrosion resistant, chemical resistant, elastic, and non-conductive. Composite materials are extremely strong and are highly resistant to chemical, never having to rust or corrode. Fiber reinforced composites have excellent elastic properties. When composites are bent, they snap back into place. Fiberglass based composites are non-conductive. With all these benefits and features, what exactly are composites? Composite materials are developed by the combination of two or more materials, with quite different properties. When composite materials are made, one material is called the matrix or binder, which surrounds and holds a cluster of pieces of a much stronger reinforcement material called fiber, which is the second material. So why does the automotive industry use composites in automobile designs? What are its specific benefits? The use of

Capstone Project Finance (Final Project) Free Essays

string(79) " left various financial institutions unrehearsed to engross subsequent losses\." Abstract The need to encourage house or homeownership has been in the government’s strategic plan since 1934, however, the current financial policies and practices in the housing finance and the mortgage market has characterized by minimum flow of capital in the secondary mortgage market, confusion on the main control authority and various ill practices. This fact has necessitated various changes in the house and homeownership financial. This study collected both primary and secondary data, and found out that the government must set the right policies that will empower house and home consumers to circumvent biased practices and practice informed decision making, these sentiments. We will write a custom essay sample on Capstone Project Finance (Final Project) or any similar topic only for you Order Now There must be an improvement in the foreclosure processing and mortgage servicing, notably, from the beginning of the last financial crisis, foreclosures and NAR tried to work by administrators and regulators to formulate criteria for decreasing the risk of foreclosure. There should be increased capital availability to creditworthy borrowers from all communities and states including Michigan. The study has also revealed that more solution based research is necessary than general solution researches. Keywords: financial policies, house and homeownership, and mortgage. Dedication This project has been dedicated to those who believe that financial policy making is a joint responsibility, for every United States citizen, and it should not be left to the government and politicians. It has also been dedicated to those who believe in acquiring their own homes as a step towards fulfilling the upper needs in the Maslow hierarchy of needs. Acknowledgement First, I offer gratitude to God almighty the giver of life and strength to complete this project. Second, my gratitude goes to my Tutor and all participating members in the Capstone project committee. Third, I offer my greatest gratitude to all the members Corporation for Enterprise Development (CFED), who conducted the 2012 Assets Opportunity Scorecard, they highlighted the lower score leading to a grade of C for Michigan State’s Housing and Homeownership, and they brought to my attention the problem of low house and homeownership in Michigan. Last but not least, is gratitude to the Michigan Chamber of Commerce (MCC), for suggesting the need to amend financial policies that encourage house and home ownership in the State of Michigan. Table of Contents List of Abbreviations8 Chapter 1: Introduction9 1. 1 Background of the Problem9 1. 2 Statement of the Problem9 1. 3 Purpose of the Project/Study10 1. 4 Significance of the Project10 1. 5 Nature of the Project11 1. 6 Research Questions12 1. 7 Theoretical Framework12 1. 8 Assumptions12 1. 9 Scope and Limitations13 Chapter 2: Literature review14 2. Historical Overview: Development of American Housing and Home Financial System14 Federal Housing Administration (FHA)14 History of the FHA14 The current FHA15 The FHA Down Payment16 The Mortgage Insurance17 Stopping the FHA Mortgage Insurance18 The Economic Effects of the FHA19 2. 2 The Current Housing Finance System20 Tax Policy20 2. 3 Flows in the Housing Finance System22 2. 4 The Federal Housing Finance Agency (FHFA)23 History of F HFA24 Conservatorship of Freddie Mac and Fannie Mae24 Chapter 3: Description of the Research Design Used26 3. 1 Research Method and Design Appropriateness26 . 1 Population26 3. 2 Informed Consent26 3. 3 Confidentiality27 3. 4 Data Collection27 3. 5 Instrumentation28 Open and Closed Ended Questionnaires28 Interviews29 Reading29 3. 6 Validity and Reliability30 Internal validity30 External validity30 Reliability30 3. 7 Data Analysis31 Chapter 4: The Results and Findings of the Project32 Chapter 5: Discussion of Results and Findings33 Chapter 6: Conclusion and Recommendations37 Chapter 7: References38 Chapter 8: Appendices41 Appendix 1: CFED Assets Opportunity Scorecard 2012, Michigan State: Profile41 Appendix 2: Housing Financial Policy Changes in Michigan Questionnaire42 Appendix 3: Housing Financial Policy Changes in Michigan Interview Questions44 List of Abbreviations CFED – Corporation for Enterprise Development FHA – The Federal Housing Administration FHFA – Federal Housing Finance Agency FHFB – Federal Housing Finance Board GSEs -Government Sponsored Enterprises HUD – Department of Housing and Urban Development IRS – The Internal Revenue Service LTV – Loan-to-Value Ratios MBS – Mortgage-Backed Securities MCC – Michigan Chamber of Commerce MMI – Annual Mutual Mortgage Insurance MRBs – Mortgage Revenue Bonds MSHDA – Michigan State Housing Development Authority NAHB – National Association of Home Builders NAR – National Association of Realtors OFHEO – Office of Federal Housing Enterprise Oversight UFMIP – Upfront Mortgage Insurance Premium Chapter 1: Introduction 1. 1 Background of the Problem The recently released Corporation for Enterprise Development (CFED) Assets Opportunity Scorecard 2012, under Michigan State: Profile, and further under House and Homeownership section, revealed that; the main challenging issue to be tackled in Michigan is the low rate of the house and homeownership. Appendix 1 clearly shows that Housing and Homeownership Area in the Scorecard it has been ranked 32, and given a grade score of C. The House and homeownership in Michigan is seriously wanting due to the fact that, it had the least score in the scorecard, and it is closely followed by the challenge of attaining health insurance for all. Meanwhile, recent financial literature on the challenges of the current US housing finance policies; has attributed the reduced rate of the house and homeownership to poor financial policies regulating the house and homeownership industry. Swindler (2011) discussion on the house and homeownership in the US, also blamed the low house and homeownership turnout in Michigan on; unfavorable financial environment supporting it. This is currently a crucial issue, and it has raised a lot of concern, especially with the residents of Michigan, and it is upon financial experts and researchers, to device the means of improving the poor housing finance policies and practices. 1. 2 Statement of the Problem The problem the existing poor house and homeownership consumer protections permitted low-quality, risky mortgage products, and that are predacious imparting to thrive, an outdated, and inadequate regulatory system that has remained unchanged since the 1930s, and which has failed to control the house and homeownership financial industry. There is a complicated securitization procedure that lacks accountability, standardization, and transparency. There is inadequate capital in the house and homeownership system: this has left various financial institutions unrehearsed to engross subsequent losses. You read "Capstone Project Finance (Final Project)" in category "Essay examples" Lastly, the 2008 US recession, proved that the house and homeownership servicing industry still remained ill-equipped to assist the requirements of investors, lenders and borrowers, especially when the housing and homes prices fell down (The Department of the Treasury and U. S. Department of Housing and Urban Development, 2011). 1. 3 Purpose of the Project/Study This project aims to: †¢Find out the weakness of existing financial policies meant to encourage home and homeownership in Michigan. †¢Find out various relevant financial policy changes that can encourage house and homeownership in Michigan. Find out proof of the applicability of the discovered financial policy changes that encourage house and homeownership in Michigan. 1. 4 Significance of the Project This project aims at benefiting the people of Michigan State, and the general republic of the United States. The outcome of this project will assist the federal government, Michigan State Authorities, and all other sta keholders in homeownership to; understand how best they can improve their operations and financial policies to encourage homeownership in this state. The main influence and justification of this project is: the reality of the low and decreasing rate of homeownership in Michigan State and the turbulences that are currently facing the US mortgage market. The Federal Reserve Bank of New York (2010), had released a report on current economic and financial issues in the US, and they revealed a low turnout in homeownership in the US and went a head to blame it on poor financial polies. Wiseman (2010) highlighted the issues around homeownership in the US, and he proposed various polies that could be used to encourage homeownership, but, he lacked a scientific research to back his ideas. This missing links or research evidence to back bright ideas on financial policy changes is a serious problem, and it is the reason why this project aims at finding out credible evidence of various proposed financial policy changes that could be used to encourage homeownership in Michigan. 1. 5 Nature of the Project This project will mainly apply mixed research method, including a survey method and integrate it with other relevant finance supporting research methods. It will collect both primary and secondary data, to illustrate the relevant financial policy changes that can be used to encourage homeownership in Michigan. An open and closed questionnaires are often used to collect data in the 100 branches of various homeownership financial institutions, and the other institutions closely associated with homeownership in Michigan. These financial and other institutions associated with homeownership in Michigan, will include: the public and private banks, Michigan State Housing Development Authority (MSHDA), the US Urban and ousing department, and other mortgage and housing finance companies. This information will then have to be cross examined against various secondary literature, and the current document and applying housing finance policies that heve been intended to be encouraging homeownership in the US. And the new ideas will have to be filtered, and finally, financial knowledge have to be will be applied to test the applicability of the sele cted new ideas, before discussing and interpreting them, so that they can be included in the final project document. . 6 Research Questions This project aims at answering three main questions, namely: †¢What are the current weakness of existing financial policies meant to encourage home and homeownership in Michigan? †¢What are the various relevant financial policy changes that can encourage house and homeownership in Michigan? †¢What can prove the applicability of the discovered financial policy changes that encourage house and homeownership in Michigan? 1. 7 Theoretical Framework The NAR issue Analysis (2011) had supported the financial policies that: empower house and home consumers to escape from biased practices and make fully informed decisions before engaging in any transactions aimed at acquiring a house or home, improving foreclosure processing and mortgage servicing, and they also supported the need for guaranteeing that capital is accessible to creditworthy borrowers allover the united states. These were similar sentiments suggested by the American congress by the Department of the Treasury and U. S. Department of Housing and Urban Development (2011) to the congress. . 8 Assumptions This project has assumed that there have been existing literature, which will have to be used as secondary sources of information, since the topic on assisting US citizen to acquire houses and homes is as old as the legal financial policies that guide it. The second assumption is that the sampled respondents, who hail from the management of various house and home ownershi p financial institutions sector, are a group of financial experts who poses the necessary knowledge on how to change the financial polices to encourage house and homeownership. 1. 9 Scope and Limitations The project will have to be limited to the respondents from the Michigan State only, and topic coverage wise; it will have to be limited to the housing financing institutions and policies, which revolves around features, like mortgages policies, and any other policies aimed at assisting US citizens acquire homes, but, it will not touch the wider financial policies which could also influence homeownership in one way or another. Chapter 2: Literature review 2. 1 Historical Overview: Development of American Housing and Home Financial System Federal Housing Administration (FHA) National Housing Act of 1934 led to the creation of the Federal Housing Administration (FHA), which one of the United States government agency concerned with housing is financing. It insured house and home loans made by private lenders and banks for a house or home buying and building. The main goals of FHA are to develop housing conditions and standards, offer a suitable home/house financing system through insuring mortgage loans, and to attain stability in the mortgage market. History of the FHA The history of FHA can be traced back to the times of the Great Depression, when the failure of the banking system took place, and as results instigating an extreme decrease in houses and homeownership and loans. During this time, majority of the home mortgages were under short-term period. They were ranging between 3-5 years periods, the inflatable items were targeted at LTV (Loan-to-Value Ratios) that were below 50-60%, and there were no amortization (Goldfield, 2007). This banking crisis during the 1930s obligated all lenders to recover due mortgages. The refinancing services were never available, and most borrowers, who had been unemployed by then, were unable to repay their mortgages. Therefore, numerous homes and house had to be foreclosed, making the housing/homes market fall. The banks calmed the foreclosed homes (Loan Collateral), but, the prevailing lower property values caused a comparative lack of assets. Since thwre had been minimal faith in the U. S. government backing, limited loans were being dispensed and least new homes were being bought. In the year 1934 the United States federal banking System attained its reorganization. Then the National Housing Act of 1934 that brought the creation of the Federal Housing Administration was passed, to initiate its operation. Its intention was to control the mortgage terms and interest rates and insure the entire industry. These practices applied on the new lending increased the quantity of people who could raise a down payment for a house or home, and manage to support the mortgage monthly debt service payments, thus also raising the size of the single-family owned homes market (Gravin, 2002). The main criteria that the FHA had applied was through various calculations, they computed the appraisal value centered on eight criteria, and it instructed its agents to loan more for greater appraised projects, up to a full amount that can be possibly. The two significant criteria which were being used are: â€Å"The Relative Economic Stability, that instituted appraisal value of 40%, and Protection from adverse influences,† (Gravin, 2002). This made up a new 20%. By the time of World War II, FHA supported many projects of worker’s housing, like the Kensington Gardens Apartment Complex in Buffalo, New York (Gravin, 2002). The current FHA The Federal Housing Administration joined the Department of Housing and Urban Development (HUD) in 1965. As from 1934, the HUD and FHA had managed to insure way above 34 million housing and home mortgages, and it has also insured 47,205 mortgages for multifamily projects. Presently, the FHA is insuring approximately 4. million mortgages for single family, and also insuring13,000 multifamily projects in its current portfolio (Monroe, 2002). The Federal Housing Administration is the lone US government agency that is totally self-funded. Arguably, even if it asserts to operate exclusively on its own revenue, without any taxpayers money, there is an understood assurance that the taxpayer will aid them in hard times of financial need. In the year 2008, the US budget planning HUD had requested high budget all ocation bulging at $143,000,000 budget deficit stanching from the FHA run program. It is the first time after 30 years that HUD had prepared an appeal to the Congress for a taxpayer funding. Even though the FHA has been constitutionally obligated to be budget impartial, the relevant agencies are projecting taxpayer financed subsidies of $ 500 million dollars over the coming three years, this is incase there are no changes put in place on the FHA program (Goldfield, 2007). Succeeding the subprime mortgage crunch, the FHA, along with Freddie Mac and Fannie Mae, converted to be the source of ost of the United States housing mortgage financing. The portion of home and houses purchases which were funded with FHA mortgages grew from 2% to over 30% of mortgages in the US as conservative mortgage lending could not weather the credit crunch. In the absence of the subprime market, a number of the riskiest mortgagors ended up going to the Federal Housing Administration for assistance, and this made FHA suffer from considerable losses (Woodward, 2008). The FHA Down Payment The mortgagor’s down payment can arise from various sources. This 3. % amount can be fulfilled with the mortgagor using their own money or from a support of a family member, labor union, employers, or a government agency. From 1998, non-profits continues to assist with down payment gifts to mortgagors who buy homes and the house, where the vendor has approved to repay the non-profit and pay an extra processing fee. In May 2006, the Internal Revenue Service (IRS) had resolved that their idea was not a â€Å"charitable activity† and has managed to revoke that status of supporting non-profit for groups settling down payment support in that way. The FHA has subsequently ceased the down payment support program using third party non-profits. Several bills were presented to the Congress to try to bring-back the non-profit program. The Mortgage Insurance Mortgage insurance guards mortgagees from borrowers mortgage repayment default. When a property or housing/home purchaser borrows an amount of money greater than 80% of that property’s value, the financier will possibly need the borrower to an acquire a private mortgage insurance to cover the financier’s risk. Nonetheless, in case the lender had to be approved by FHA and the mortgage amount is within the FHA set limits, the FHA will have to offer the mortgage insurance, which is likely to be more affordable, particularly for borrowers with higher risk. Financiers can characteristically acquire FHA mortgage insurance covering the 96. 5% of the assessed value of the house, home, or any building. These FHA mortgages are being insured using a mixture of UFMIP (Upfront Mortgage Insurance Premium) and MMI (Annual Mutual Mortgage Insurance) premiums. The UFMIP is a whole amount extending from 1 – 2. 25% of the loan total value (it is dependent on the duration and LTV), funded by the mortgagor in whichever way, it can be funded using the loan or cash at closing. The MMI, though is a yearly payment, is overally encompassed in mortgage payments in monthly basis and ranges from 0 – 1. 15% of the loan value (also, this is dependent on duration and LTV). In case a mortgagor has had a credit history rated as poor to moderate, the MMI perhaps is far less expensive with an insured loan from FHA, than with a conformist regular loan irrespective of LTV, this can occasionally go as low as 1/9, as more contingent on the credit score of the borrower approval status, loan size, and LTV. Conventional mortgage rates of insurance increase with the decreasing credit scores; while FHA rates of mortgage insurance does not differ per credit score. The conventional mortgage premiums fluctuate vividly, if the credit score of the borrower is below 620. Owing to a suddenly increased risk, many mortgage insurers do not write their policies, when the credit score of the borrower is below 575. Nonetheless, when they write their policies for mortgagors with low credit scores, the annual premiums might be up to 5% high of the loan amount. Stopping the FHA Mortgage Insurance The FHA insurance payments comprise of two parts: UFMIP and the yearly premium paid on a monthly basis referred to as the MMI. This UFMIP is compulsory payment that can be funded into the loan or paid in cash. It increases a definite amount to the monthly payments; nonetheless it does not resemble PMI, or the MMI. An individual purchasing a home using an FHA funded loan, he or she pays monthly mortgage insurance up to a 5 year period or till he covers 78% of the assessed amount. The MMI payments are superior to all FHA Acquisition Money Mortgages, Streamline Refinances, and Full-Qualifying Refinances. The idea of canceling or stopping FHA insurance program, concerns only the MMI. It is different from other forms of conventional funded mortgage insurance. The value of UFMIP compiled on a loan by FHA is prorated through a 5 year period, denotation that if a homeowner sells or refinances during the loan’s first 5 years, they are permitted to an incomplete refund of the amount of UFMIP paid at the inception of the loan. If he has funded the UFMIP within the loan, he cannot stop this compensation part. The insurance payment on a thirty year FHA loan has to be paid for a minimum of 5 years. The MMI premium has to be terminated spontaneously when the unpaid start balance is exclusive of the pfront premium, and extents to 78% of the lowest initial property assessed value or sales price. Mortgagors who do pay additional payments to the mortgage principal of the FHA, might have to take the ingenuity by using their lender to terminate the insurance by referring to the 78% rule, however, this is possible after 5 years of consistent payments for loans lasting for 30 year. The PMI termination, nevertheless, can be lessened using extra payme nts or a fresh assessment to prove that the house or home as added value. The Economic Effects of the FHA The formation of the Federal Housing Administration effectively improved the housing market size. Through, persuading the banks to lend yet again, also through standardizing and changing mortgage procedures and instruments, home and house ownership has improved from 40% during 1930s to approximately 68% in the year 2000. In 1938, which is 4 years after the formation of the Federal Housing Association, only a 10% of the value of the house was being required to purchase it, the remaining 90% was being funded through a 25 year, FHA-insured, self-amortizing mortgage loan. Afterward, the ending of World War II, and the subsequent prevailing condition, made the FHA assist the returning veterans to acquire homes. When the rising energy costs and inflation endangered the existence of thousands living in a private apartment during the 1970s, the FHA’s emergency funding reserved cash-strapped houses afloat. During the 1980s, while the US economy did not fund a growth in the house and homeowners, FHA assisted to stabilize the dropping prices, enabling the probable homeowners to fund as the private mortgage insurers moved out of states producing oil (Mitchell, 1985). The ultimate effects of the FHA can be realized in cities and by marginal populations. Almost half of FHA’s urban area business is being situated in dominant cities, a fraction that is far higher above the conventional loans percentages. The FHA likewise lends to a greater fraction of Hispanic Americans, African-Americans and younger population, credit restricted borrowers, causing an in homeownership on the named groups, but, that is not enough. As the United States capital markets matured after many years, the FHA shockingly has witnessed a decrease in their impact. In the year 2006, the FHA had a return less than 3% of overall issued loans in the US. After the 2006 FHA failure revelation, the Congress and other interested parties have questioned the role of the US Government in the mortgage insurance business, and how financial policies can be amended to encourage house and homeownership and most respondents and analysts advocated for the abolition of the FHA. The consequent weakening in the credit markets and the recent world recession, nevertheless, has fairly explained criticism of the FHA. Currently, FHA insures about 40% overall new mortgages, but, its impact is still wanting. 2. 2 The Current Housing Finance System Tax Policy It is a common knowledge and many financial experts often site, deductibility of housing and home property taxes and mortgage interest as the main source of federal support to encourage house and homeownership. As expressed in this long quote by the 32nd President of the United States Franklin Delano Roosevelt: â€Å"The movement toward progressive taxation of wealth and income has accompanied the growing diversification and interrelation of effort which marks the industrial society. Wealth in the modern world does not come merely from individual effort; it results from a combination of individual effort and of the manifold uses to which the community puts that effort. The individual does not create the product of his industry with his own hands; he utilizes the many processes and forces of mass production to meet the demands of a national and international market †¦ Social unrest and a deepening sense of unfairness are dangers to the national life which we must minimize by rigorous methods. People know that vast personal incomes come not only through the effort or ability or luck of those who receive them, but also because of opportunities for advantage which Government itself contributes. Therefore, this duty rests upon the Government to restrict such incomes by unusually high taxes. † (Duclos Makdissi, 2002). But, we can mention categorically that; various literature indicates that encouraging homeownership had been factored in the initial formulation of deductions and taxes, thus the interest expense deduction is not limited to deductions of state and local taxes, and housing mortgage interest, and this is according to the Tariff Act of 1913 and the Revenue Acts of 1864 and 1865 (Arestis, Mooslechner Wagner, 2010). Numerous analysts interpreted that the real tax subsidy for house and homeownership as an elimination of homeowners’ implied rental income put of the taxable income, but not as a deductible on property tax and mortgage interest (Arestis, Mooslechner Wagner, 2010). The Act of 1997, on Taxpayer Relief, substituted the rollover of capital advantages for homeowners who purchase additional house and the elimination of up to $125,000 in advantages for owners who are 55 or above with an elimination of advances up to $500,000 for proprietors of some age ? ing for joint returns. It gave a higher incentive for owning a home, but, it eliminated a discouragement for walking out of owning a home or transacting to a lowly priced home. Another tax incentive that is provided by the federal tax system after instructing the local and state government agencies to support house and homeownership for those with moderate income and ? rst time buyers was the application of MCCs (Mortgage Credit Cer ti? cates) and MRBs (Mortgage Revenue Bonds). MRBs are securities for tax-exempt issued by local or state housing ? ance agencies, to increase mortgage capitals for ? rst time house or home buyers (Arestis, Mooslechner Wagner, 2010). There have also been the temporary housing-related tax incentives amongst others that will have to be discussed as the literature review progresses. 2. 3 Flows in the Housing Finance System There has been a mix up in the housing markets and the policies that were meant to encourage house and home ownership, and it has turned out to be a crisis, various studies have tried to explain this crisis, but, they have not found a perfect cause that can explain it. Baily (2011), had identified that the US housing market was characterized by misjudgments, Misbehavior, and missed opportunities, mainly on Wall Street. American people must be protected and encouraged to own houses and homes, but, the discussed below points hinders this achievement: * Reduced consumer protections encouraging; low quality and risky mortgage products and greedy lending targeted mainly at multiplication of the financiers wealth. The evident presence of unregulated mortgage brokers and inventors encouraged complex mortgage products that ended up increasing sharply, the rates required and down payments. * The outdated and inadequate regulatory regime had been and currently is unsuccessful in controlling the system: as a fact especially following the history that was earlier presented, the regulatory boundaries have been largely since the 1930s, they have encouraged the inancial system that were earlier being committed to supporting house and homeownership finance to function with almost no oversight. * The complex securitization procedure lacked accountability, standardization, and transparency: The market progressively depends on complex securitization procedure containing securitizes, mortgage brokers, ratings agencies, originators, and investors and they tend to fuel the home prices to increase. * The insufficient capital in the housing finance system left financial agencies unprepared to engross losses. Th e systemically-significant financing agencies were never mandated to hold sufficient capital against the actual mortgage risk reflected in their balance sheets since these institutions were already permitted to have lower capital compared to securities supported by the issued mortgages than if they reserved the equivalent mortgages themselves. * The mortgage servicing industry is ill-equipped as they service the needs of the lenders, borrowers, and investors when the homes prices go down. 2. 4 The Federal Housing Finance Agency (FHFA) The Federal Housing Finance Agency (FHFA) is a self-governing federal agency formed as the replacement regulatory agency consequential to constitutional merger of the OFHEO (Office of Federal Housing Enterprise Oversight) and the FHFB (Federal Housing Finance Board), and the HUD (U. S. Department of Housing and Urban Development government) sponsored enterprise mission team, engrossing the regulatory authority and powers of the two authorities, with stretched regulatory and legal authority, and, plus the capacity to substitute GSEs (government sponsored enterprises) into conservatorship or receivership (Wilshusen, 2010). This is one of the authoritative bodies of interest to this project. History of FHFA The permitting law founding the FHFA is: â€Å"the Federal Housing Finance Regulatory Reform Act of 2008†, which is Partition an of the greater â€Å"Housing and Economic Recovery Act of 2008†, (Public Law 110-289), contracted on July 30, 2008 by the then US President George W. Bush. A year afterward the FHFA and OFHEO went out of existence. Every prevailing, decisions, and regulations, of the Finance Board and OFHEO had continued to be influential until superseded or modified. Conservatorship of Freddie Mac nd Fannie Mae The FHFA manager Lockhart proclaimed that he had put Freddie Mac and Fannie Mae and Freddie Mac under the conservatorship of the FHFA on September 7, 2008 (The Financial Crisis Inquiry Report, 2011). Just to give a brief history; the Federal National Mortgage Association is the normally called Fannie Mae, it was created in 1938 when the Great Depression as an effort of dealing with the crisis that faced the mortgage sector. It is a US Government Sponsored Enterprise, nevertheless, it has remained a publicly traded company from the year 1968. Its main role was to enlarge the tributary mortgage market through securitizing mortgages in using MBS (mortgage-backed securities), enabling mortgagees to reinvest their properties into additional lending and as a result growing the population of lenders in the mortgage market through decreasing the dependence on thrifts. The Federal Home Loan Mortgage Corporation, referred to as Freddie Mac, is also a public government sponsored enterprise. It was founded in the year 1970, to enlarge the tributary market for mortgages. Beside other government sponsored enterprise, Freddie Mac purchases secondary market mortgages, merges them, and then selling them to investors as a mortgage-backed security on the open market. The US secondary mortgage market raises the quantity of money obtainable for mortgage lending and raises the money accessible for the new house and home purchases. The earlier mentioned action of putting Freddie Mac and Fannie Mae under conservatorship being termed as â€Å"one of the most sweeping government interventions in private financial markets in decades† (The Financial Crisis Inquiry Report, 2011). This would only commit the highly avoided, employing of taxpayers’ money into funding GSEs. The debate is never ending, but, it was a sign of the failing financial power to support house and homeownership in the US. The action has brought various challenges to FHFA, which are evident through the number of law suits agents it and other homeownership financial institutions. In 2001, the FHFA sued UBS plus other 17 financial institutes, FHFA accused them of parodying approximately $200 billion as mortgages vended to Freddie Mac and Fannie Mae and many other suits have followed. This signifies the lack of sound control in the market, because there are lots of fraudulent deals in still persisting in this market (The Financial Crisis Inquiry Report, 2011). Chapter 3: Description of the Research Design Used The purpose of this qualitative and qualitative study is to discover to the weakness of existing financial policies, discover relevant financial policy changes in the existing financial policies, and proof of the applicability of the discovered financial policy changes that encourage house and homeownership in Michigan. 3. 1 Research Method and Design Appropriateness The mixed research methodology and design, that allows the collection of both qualitative and quantitative data is the most favorable for this project. The mixed research design enables the collection of expert opinion when least knowledge is present in respect to a financial problem and the researcher pursues to raise understanding and prospects for resolutions (Creswell Clark, 2007). This method was appropriate as the project was to improve housing finance knowledge that is present among the US citizens identified through various studies and research (Creswell, 2003). . 1 Population The data will have to be collected from the top management of the sampled financial institutions, which are in direct association with financing housing and homeownership in the State of Michigan. All the institutions and their branches will be then listed and then fed to sampling software to come up with randomly selected 100 institutions, a branch of an institution will have to be viewed as an instit ution. Then two people per institution are interviewed, after filling the questionnaires 3. Informed Consent The sampled institutions will first be contacted through the mail, and, if they confirm their participation in this project, they are presented with an early informed consent form, which they will have to fill. Their respective institutions will also have to issue them with a human subjects approval document, in the form written official document, with a valid letter head and signed, this to allow the sampled staff to participate in this project. 3. 3 Confidentiality Apart from the names highlighted in various official documents concerning this project, there is no other place that the names of the participants will feature; the researcher will not disclose the names of the participants and the names of their institutions, despite the fact that they are captured in the questionnaire and the interviews transcript for communication purposes. 3. 4 Data Collection First, the primary data is collected using questionnaires and interviews, the sampled institutions are listed according to the geographical location and their availability of the participating respondents. Then, the questionnaires are emailed to the respondents, and they will have one week to fill them and email them back to the researcher. Thereafter, on the day of the interview the respondents in various institutions are interviewed only if they have successfully filled and submitted the questionnaire. The respondents are then interviewed for about 10 minutes, but, there is no fixed time for the interview duration. Remember they had already been informed about the project requirements during the earlier debriefing, this was to enable them prepare for the actual data collection through the questionnaire and interview. Then, after the data are collected in all the institutions they will be compiled together for data processing and analysis. Secondly, after the collection of the primary data, the secondary data are collected through; actual reading of various assembled relevant published research literature, highlighted in various textbooks, journals and online sources. They will also be compiled and assembled for data processing and analysis. 3. 5 Instrumentation Open and Closed Ended Questionnaires The questionnaire will be one comprising both open and closed sections. The instructions on how to fill the questionnaire, and the relevant details on how to send the reply mail of the questionnaire, are captured on the actual questionnaire, which are represented in the Appendix 2. The questions in this section to be answered using yes or no, some sampled closed ended questions are: * Does the US house and home financing policies need change? * Do you support increased regulation in the mortgage sector? * Have you been affected negatively by the current the current home financing policies? * Have you been following the debate on housing financial reform? And the questions requiring ticking the preferred option still under the closed ended section are; * Which is the most influential institution in the provision of the house and home financial assistance? List MSHDA – Michigan State Housing Development Authority NAHB – National Association of Home Builders FHA – Federal Housing Administration FHFA – Federal Housing Finance Agency The open ended section will contain one question which is: asking what changes should be made on the house and home financial policies? Interviews The interviews will be used to collect, further opinions and to clarify the data collected earlier on using the questionnaires. The main opinion will be requesting for their opinion on: â€Å"Fannie Mae, Freddie Mac having drawn $170 billion in taxpayer funds, Many Republicans want to end federal backstop in housing and the Conforming loan limits on government’s mortgages expiring Oct. 1† (Virtanen, 2011). Appendix 3 named the Housing Financial Policy Changes in Michigan Interview Questions; contain a set of questions that will guide the interview sessions, with the respondents. The main concern will involves the Type of Loan that best suits house and home buyers, the Interest Rate Annual Percentage Rate that would not burden the house and home buyers, the Discount Points and Origination Fees that would encourage house and homeownership in Michigan, and minimizing Prepayment Penalty that discourages house and homeownership. These key questions will ensure that fruitful information is attained on financing housing and homeownership in Michigan. Reading This is applied in the secondary data collection, as earlier mentioned various reading skills are to being applied to collected data from the secondary literature. 3. 6 Validity and Reliability Internal validity The internal validity can be treated by the researchers’ knowledge, data collection procedure and instruments, and biased documentation. This is mitigated now that the all the researcher have consulted various financial research experts to ensure that they have a sound knowledge on data collection, documentation, data processing and analysis. Independent people are employed for the data collection, and the random selection of the participants helps to militate against biased data collection. External validity Threats to external validity apply mainly through three main factors: time, place, and people (Creswell Creswell, 2009). People threat could be created by selection of people from individual organization, but, this is avoided using a selection encompassing various different financial institutions and associated institutions in the home financing industry. Threat to validity by place replicates the setting in place for the data is collected process (Creswell Creswell, 2009), this has been avoided through conducting the interviews in the best desired place with the institution, a person can also respond only once and finally no respondent is allowed to take a break during the data collection process. The time of data collection is chosen to be in the morning hours when most of the respondents are fresh in the mind, and now that we are dealing with the management level of the institutions, they can easily create time. Reliability The validity is met through the number of participants sampled to participate in this project. The large number is according to the nature of this study, which aims at collecting as many views as possible. The second reliability is, the increase through strict adherence to the set research procedure and methods, the clear step will have to be followed without skipping or by passing any, and this is to avoid any confusing in the project. A short pilot study will also be carried out to evaluate the strengths and weaknesses of the research procedure. 3. 7 Data Analysis Data analysis starts with testing the questionnaires and data collection. The subsequent data analysis procedure will involve: sorting, and identification of various themes and ideas, and processing to identify various relationships in the responses from both the questionnaires, and interviews. Finally, the outcome is then summarized into lists of written ideas, and percentages. The data retention is done through computer programs, write-ups of field notes, transcription conventions and procedures, and any other relevant tool that will be identified later. The collected data are grouped into various relevant themes, then, the most extreme and irrelevant data are eliminated by a software program, then the remaining data will be further tested for inconsistencies. The finally selected data will be analyses and tested for applicability, using various financial calculations, for example, the proposed favorable mortgage repayment rate, will be tested by calculating the average cost of maintaining that mortgage, and the expected financial impacts of that rate to the US economy. After this stage only applicable data will be compiled for the final presentation. Chapter 4: The Results and Findings of the Project Out of the 200 respondents, 178 successfully submitted the questionnaires on time fully filled, and they successfully completed the interview. The responses are summarized in the table below: The No. of Respondents| The Ideas Expressed| 81% of the respondents (144 Respondents) | Expressed that the economic and housing reclamations remain very fragile| 90% of the respondents (160 Respondents)| Accused the housing and homeownership interest groups to have the objective to â€Å"cause destruction†. | 79% of the respondents (141 respondents) | Further explained that the financial experts and policy-makers must let go their political scorn for Freddie Mac and Fannie Mae. 98% of the respondents (174 respondents)| Insisted that the roles of the GSEs are important, but, they should not rely on tax payers’ money to run their operations. | 60% of the respondents (109 respondents)| Insisted that the suggested government plans appear to substitute policy that permits home and house prices to remain to decline because of condensed credit accessibility that is not economically productive. | Overall 91% of the respondents | Suggested that the current housing finance policies require change. | The secondary literature, fully suggested that: reduction in loan limits is very appropriate, raising guarantee fees (g-fees), for the GSE will increase the acquisition cost of mortgage, the FHFA and the GSEs should decrease their risk-layering to inspire more lending, and last but not least, many of the secondary literature suggested decreased portfolios of both Freddie Mac and Fannie Mae. Chapter 5: Discussion of Results and Findings Both the respondents and the secondary data revealed that most people demand major changes and fast changes in the housing finance policy especially the mortgage market. The outcome of this project expressed the following; both primary and secondary expressed that the economic and housing reclamations remain very fragile. The more time need to be dedicated for the homeownership and housing sector in to recover and stabilize before extreme, but highly needed, changes are formulated as required. Many interested groups have suggested that it is their objective to â€Å"cause destruction†, as a changeover from momentous government involvement within the housing and homeownership market takes place. The respondents believed that: * financial experts and policy-makers must let go their political scorn for Freddie Mac and Fannie Mae, they should pay attention on the significance of the secondary mortgage market and now that this market has played a positive role in allowing Americans to attain bearable house and homeownership and ascending motion in the larger American society. * Regardless of their noticeable mistakes and shortcomings, the GSEs played valuable and positive roles in housing mortgage finance. These positive and valuable elements of the GSEs should be retained and allowed to continue to the future of this finance system. * Freddie Mac and Fannie Mae GSEs are being faced out; but, crucial elements of their functions must be retained to allow the U. S. to attain an affordable and efficient transformed mortgage finance system. * Presented observations proved that the that the government’s involvement in the housing market pulls away capital from various groups, â€Å"higher productive†, institutions impedes the statistic that 15% of the US national GDP is accounted for by housing accounts and 2. million work opportunities are created when there are yearly home sales of $5 million, and it is about each home bought, more than $60,000 is injected into the economy for home improvements, home appliances purchases, and other associated items. * The suggested government plans appear to substitute policy that permits home and house prices to remain to decline because of condensed credit accessibility that is not economically productive. A keen analysis of the outcome indicates that facing out of on Fannie Mae and Freddie Mac from mortgage market might reduce home and house affordability and admittance for people who manage to own homes and houses, this will make greater profits for influential banks in America, while forcing the majority of medium banks to fail, causing bigger risks to home and house consumers and exposing taxpayers funds to mischief, and in the longer duration hurt the job creation and the general economy. The ultimate twisting up and down of the GSEs has made many experts to see the need for reforming the GSEs and instituting ways of bringing private capital back to the mortgage secondary market. Nevertheless, some people trust that the government involvement is vital in the secondary mortgage market to guarantee the constant stream of mortgage capital to various if not all markets under any economic situations. Closing these GSEs minus mechanism for continuous government involvement in the secondary market in economic recessions and other turbulences will upsurge the probability of a forthcoming housing finance system catastrophes. Suggested rise in down payment quantity, increased down payment necessities a load on individuals and families in numerous markets, however, particularly high cost city dwellers. This saving to meet the down payment been cited by many secondary literature and financial surveys as the main expressed barriers to house and home purchases in America. A 10% down payment is challenging for numerous first time purchases and for others upgrading to bigger cost markets from lower cost markets. The change, joined with the planned fall in FHA support limits and the instillation of FHA personal income limits, implies that first time houses and home buyers in higher cost city market will have to spend significantly more money in private capital costs or postpone their purchases in spite of attaining incomes essential to cover the costs purchasing homes with conventional loan with acceptable PMI or lower down payment FHA. Furthermore, the ultimate QRM inceptions will impose another obstruction when LTV bounds for QRMs are put beyond the reasonable down payment amount and mortgagees are unable or reluctant to offer conventional products that which conforms to QRM set test. The recommended reduction in loan limits, will impact high cost zones negatively when the cost of capital to the house consumers shall rise considerably. Though, the financial experts have specified that the retreating of government ontribution in loans to an amount up to $729,500 shall spike private capital to the mortgage market place, indication to that consequence is actually limited. The present oversize market is nearly fading away because of the severe restrictions put on possible home and house buyers through private capital. Raised guarantee fees, the so called g-fees, for the GSE, similarly as the increased down payments shall raise the acquisition cost of mortgage capital to various credits worthy house and home buyers, ra ising the g-fees shall become an extra load for possible home and house buyers. To counter this effect, the NAR has advocated to FHFA and the GSEs to decrease their risk-layering to inspire more lending. There is a developed recognition that sensible guaranteeing is necessary; but, this over-correction has converted more costly and this prohibiting home and house buyers who can solicit home payments from contributing in the market. The earlier mentioned Winding down the Government Sponsored Enterprises Portfolio, has made various quarters like NAR support decreased portfolios of both Freddie Mac and Fannie Mae; but, full abolition should not be the objective for a fresh secondary market body. The Narrow Qualified Residential Mortgage (QRM) safe harbor, is a great idea if the regulatory organizations create a QRM, which is meaningfully tauter than the present credit standards, it implies that many creditworthy mortgagors taken as higher risk mortgagors. Chapter 6: Conclusion and Recommendations The government must set the right policies that will empower house and home consumers to circumvent biased practices and practice informed decision making, these sentiments had also been expressed way back in May 2005, in a document that highlighted the NAR’s Responsible Lending Policy. The suggested policies must seek to promote choice and clarity, stop abusive practices, and, as well as, robust guaranteeing standards, which requires mortgagees to authenticate the consumer’s credit worthiness. There must be improvement in the foreclosure processing and mortgage servicing, notably, from the beginning of the last financial crisis, foreclosures and NAR tried to work with administrators and regulators to formulate criteria for decreasing the risk of foreclosure. The good NAR’s determination to offer direction to restructure short duration sales and various insurance tools ave tried to encourage homeownership, through providing worried homeowners alternatives other than the humiliation of eviction from their homes because of foreclosure. There should be increased capital availability to creditworthy borrowers from all communities and states including Michigan. The ways foreword under this is through; safeguarding the vigorous secondary mortgage market thro ugh facilitation of flow of capital into the larger mortgage market, for every type of home or housing including rental in during any market situation as being the main recommendation for this project. Chapter 7: References Arestis, P. , Mooslechner, P. , Wagner, K. (2010). Housing market challenges in Europe and the United States. Basingstoke, UK: Palgrave Macmillan. Baily, M. N. (2011). The Future of Housing Finance: Restructuring the U. S. Residential Mortgage Market. Brookings Institution Press Creswell, J. W. (2003). Research design: qualitative, quantitative, and mixed methods approaches (2. ed. ). Thousand Oaks, California. Sage Publication. Creswell, J. W. , Clark, V. L. (2007). Designing and conducting mixed methods research. Thousand Oaks, Calif. SAGE Publications. Creswell, J. W. , Creswell, J. W. (2009). Research design: qualitative, quantitative, and mixed methods approaches (3rd ed. ). Los Angeles: Sage. Duclos, J. , Makdissi, P. (2002). Socially-efficient tax reforms. Sherbrook: University of Sherbrook, Department of Economics. Federal Reserve Bank of New York. (2010). Current Issues in Economics and Finance. Goldfield, D. R. (2007). Encyclopedia of American urba n history. Thousand Oaks: Sage Publications. Gravin, A. (2002). The American city: what works, what doesn’t.. New York: McGraw-Hill. Mitchell, J. P. (1985). Federal housing policy and programs: past and present. New Brunswick, N. J. : Center for Urban Policy Research. Monroe, A. (2002). How the Federal Housing Administration affects homeownership. Cambridge, Mass.? : Joint Center for Housing Studies, Harvard University. NAR Issue Analysis (2011). Reforming America’s Housing Finance Market. Retrieved, 1st April, 2012, from, www. realtor. org/†¦ /government_affairs_GSE_analysis_021211. pdf Swindler, S. (2011). â€Å"Homeownership: yesterday, today and tomorrow. † Journal of Financial Economic Policy. Vol. 3 Issue: 1, pp. 5 – 11. The Department of the Treasury and U. S. Department of Housing and Urban Development (2011). Reforming America’s Housing Finance Market a Report to Congress. Retrieved 1st April, 2012, from, www. michaelcarliner. com/HPD98-OwnershipPolicy. pdf The financial crisis inquiry report: final report of the National Commission on the Causes of the Financial and Economic Crisis in the United States (Official government ed. ). (2011). Washington, DC: Financial Crisis Inquiry Commission. Virtanen, B. W. (2011). Housing finance reform in America. Hauppauge, N. Y. : Nova Science Publishers. Wallison, P. J. , Pollock, A. J ; Pinto, E. J. (2011). Principles for Reforming the Housing Finance Market. National Mortgage News. Retrieved 4th April, 2012, from, http://www. aei. org/article/economics/financial-services/principles-for-reforming-the-housing-finance-market/ Wilshusen, G. C. (2010). Information security opportunities exist for the Federal Housing Finance Agency to improve controls: report to the Acting Director of the Federal Housing Finance Agency. Washington, D. C. : U. S. Govt. Accountability Office. Woodward, S. E. (2008). A study of closing costs for FHA mortgages. Washington, DC: U. S. Department of Housing and Urban Development, Office of Policy Development and Research. Chapter 8: Appendices Appendix 1: CFED Assets ; Opportunity Scorecard 2012, Michigan State: Profile Appendix 2: Housing Financial Policy Changes in Michigan Questionnaire _________________________________________________________________________________ PART 1 AND 2: OPEN AND GLOSED ENDEND QUESTIONNAIRE __________________________________________________________________ Thank you for participating in filling the house and homeownership financial policy changes questionnaire. Please submit the completed questionnaire by 31st March, 2012. __________________________________________________________________ PERSONAL DETAILS (These details are required for communication purposes only and will not be disclosed) NAME:| | POSITION:| | NAME OF THE ORGANIZATION:| | CONTACT DETAILS TELEPHONE:| | EMAIL:| | ————————————————- ————————————————- INSTRUCTIONS FOR COMPLETING THE QUESTIONNAIRE ————————————————- ————————————————- This questionnaire is in electronic format to facilitate its completion and to enable the responses to be automatically prepared for analysis. ————————————————- ————————————————- Question 1. 1 – Please type your response of YES or NO immediately just after the question and the question mark. ————————————————- ————————————————- Questions 1. 2 – Please type your responses in the appropriate columns of each table. Use your TAB key to create additional lines in the tables where necessary. ————————————————- ————————————————- Questions 1. 3 and 1. 6 – Type your responses immediately after the questions and this is limited to 500words per question. ————————————————- __________________________________________________________________________ HOUSE AND HOMEOWNERSHIP FINANCIAL POLICIES Your responses to these questions will provide data relating to the current housing financial policies. It will also provide data that will enable charging of the housing current financial policies. _____________________________________________________________________ 1. 1 Please answer with Yes or No, the following questions: †¢Does the US house and home financing policies need change? †¢Do you support increased regulation in the mortgage sector? †¢Have you been affected negatively by the current the current home financing policies? †¢Have you been following the debate on housing financial reform? 1. 2 Describe the most discouraging process or discouraging thing during each of the three steps in mortgage acquisition. TASK| INFORMATION REQUIRED| Mortgages: The Basics, Part I: Starting out| | Mortgages: The Basics, Part II: Securing your loan| | Mortgages: The Basics, Part III: Closing the deal | | 1. 3 Which is the most influential institution in the provision of house and home financial assistance and why? MSHDA – Michigan State Housing Development Authority NAHB – National Association of Home Builders FHA – Federal Housing Administration FHFA – Federal Housing Finance Agency 1. List and explain the preferred policy changes in the mortgage industry? 1. 5 List and explain any housing financial policy changes that are relevant to encourage house and homeownership in Michigan? 1. 6 How does the information you get on house and homeownership compare with what you need to complete the house or homeownership process? (i. e ideally what would you like to have that is not currently available to you). Use the scale from 1-5 to indicate the importance of the required resource. 1 – not task-specific – of general benefit – to provide indirect or minor support 3 – to contribute directly to the task but not essential 4 – to provide significant benefits or added value 5 – critical Please complete this questionnaire by and SUBMIT. If you have any questions about how to complete it, please contact [person] by phone [phone number] or email [email address]. Thank you [name] [position title] Appendix 3: Housing Financial Policy Changes in Michigan Interview Questions 1. Which Type of Loan is best for buying a house or home? †¢Fixed-rate loans. †¢Adjustable-rate loans. Interest-only loans. †¢Negative-amortization loans. 2. What is the Interest Rate ; Annual Percentage Rate that would not burden the house and home buyers? †¢Many lenders do not compute APR correctly. †¢There is no way to accurately compute an APR rate for an adjustable loan. †¢It does not account for early payoffs. If your interest rate is adjustable, ask about its: †¢Adjustment frequency †¢Maximum annual adjustment †¢Highest rate (Cap) †¢Index †¢Margin 3. What are the Discount Points and Origination Fees that would encourage house and homeownership in Michigan? Sometimes lenders charge origination fees in addition to points. †¢Points â€Å"buy down† the interest rate, meaning the more points you pay, the lower the interest rate. †¢Points are also tax deductible, even if the seller pays some or all of the points. 4. Is There a Prepayment Penalty that discourages house and homeownership? †¢How much is the prepayment penalty? †¢What are the terms of the prepay? Some are in effect only during the first 2 to 5 years of the loan. †¢Would the prepayment penalty apply if I refinanced through you at a later date? How to cite Capstone Project Finance (Final Project), Essay examples

System Documentation and Business Intelligence Samples fore Students

Question: Discuss About System Documentation And Business Intelligence? Answer: Introduction: The organisations operating in the present century look for efficient methods to improve their operating procedures for increasing competitive advantage in the global and regional markets. For raising the margins of revenue, the international industries aim to enhance their customer base by accumulating critical information regarding the customers. This is mainly intended to reach and attract them for the product consumption (Akhigbe, Amyot Richards, 2014). In addition, it is of crucial importance for an organisation in recording the information regarding the potential customers to reach them, whenever necessary. Thus, it has been observed that the mechanisms of evaluation and use of data software has created in the market to separate market information for obtaining an insight of the existing trends for changing their business strategies. Data analysis: The data analysis process deals with the assessment of data analytics and this is a method of cleaning, editing, modelling, examining and conversion of data accumulated from the customers. This is intended to gather useful data utilised for recommending and undertaking inferences along with assisting in the process of decision-making. Data mining: Data mining is a tool of data analysis, which enables in gauging the system of identifying the trends in big data sets through use of statistical tools, joints and different mechanisms of database. The intention of such type of system is to gather rightful information from the avialable data and develop the same into information, which the analysts could interpret easily. Such process takes into account data processing and inference model to ensure the accuracy and effectiveness of the accumulated data. Role of data mining and data analysis in contemporary organisations: The data analysis technique is the method of developing the outcome for data examined on the part of data pool sets. The processing system and innovative software help in undertaking this. The commercial organisations use these mechanisms and technologies related to data analytics (Alpar Schulz, 2016). Through these methods, the organisations are capable of enhancing the business activities and therefore, they could increase their profits, service quality to the customers and maximise their marketing policies. The system of data mining and data analytics enables the organisations to improve their business performance along with gaining competitive supremacy over the competitors. The use of the equipments of data analytics enables the corporate staffs, the management with necessary pointers of performance, information regarding the customers and the business activities (El-Gayar Timsina, 2014). The firms have done great number of usages and thus, it is observed that many organisations extend their support relating to the utilisation of data analytics. The industries engaged in e-commerce and the companies involved in online marketing realise the customers visiting their websites via software, which is termed as the evaluation of click stream (Foshay Kuziemsky, 2014). Such assessment techniques assist the industries engaged in providing services to realise the patterns pertaining to the page view and the options of the customers in buying any specific service or product through dependence on the routing of website. Conversely, data mining is a group of equipment related to analytics of data. An organisation possesses the authority of using the data associated with its assets as well as customers through exploitation of the mechanism of data analytics. The procedure of data analytics has attained eminence currently and the various business firms are now considering the same. The mechanisms of data analytics are important for the firms to remain active in the market, gain an insight of the transforming market, environmental situation and transforming requirements of the tastes and preferences of the customers (Larson Chang, 2016). It is crucial for the management of the organisations to gain an insight of the vast volume of data before they undertake the decision-making process. The management business intelligence and the other related parties associated with decision-making are critical, as it assists in implementing the most effective decision within the organisation (Popovi? et al., 2014). By enhancing the quality of data, sales mobility, ease of access and business intellects, the organisation are able to enhance their revenues at the time of rising amount of return. Useful information is provided to the management for executing effective procedure of decision-making. For accomplishing this, various sources are exploited to filter and obtain information by using the different data analysis tools. The utilisation of effective and correct tools for data analysis helps in obtaining knowledge about the buying behaviour of the customers, expansion opportunities, needs of the customers and increase in competitive edge (Rajnoha et al., 2014). Various equipments of data analysis are present in the market and it assists in the report construction through exploitation of the functional characteristic of data evaluation. Thus, it assists in communicating with the data available within the report. Data mining is an identical procedure, since it assists an organisation to obtain closer insight into the pattern of the organisation and the consumer trend. It is necessary for the firms to gain knowledge about the data analysis function associated with the decision-making mechanism by relying on the development of opportunities for the organisations. The data mining process uses different outlooks to assess the necessary information. It takes into account the synopsis of data utilised on the part of the organisations for reducing the related costs and increasing the profits for the organisations. The users of data mining and data analytics possess the capability of investigating the information from different degrees through diversification and construction of the synopsis of relationships, which have been realised (Selene Xia Gong, 2014). A large level of databases and numerous formats is gathered on the part of the organisations in the current era to analyse the process of data analysis. The associations have been realised coupled with relations and trends, which are useful for the development of data that are usable in nature. For instance, the products expected to be sold and the accurate selling time is projected through analysis of the information available from the information of transaction from the point sale perspectiv e. The associations between the different internal factors like positioning of product, price, staffs skills and the external factors such as demography, economic indicators and market competition could be recognised through data mining. Hence, the organisations are able to recognise the effect of revenue, sales and consumer satisfaction. The information of transactions, which is particular, has been observed with the synopsis of information through drilling of the results (Sherman, 2014). Identification of ethical implication of accumulating and storing customer information: The ethical responsibilities of an organisation are necessary for maintaining and controlling the consumer database. Such accountabilities affect the customers in trusting an organisation (Trumpy et al., 2015). The construction of ethical responsibilities is made, since it aids in investigating the databases of the customers from three different outlooks falling under the liabilities, which are distributed among the consumers and the staffs of an organisation (Vuki?, Bach Popovi?, 2013). This is even observed that the organisations are functioning in the economy in protecting and assuring the database of the customers of being distributed to the other sources, in which this information could be utilised ineffectively. The constituent of support from the customers even declines under the ethical accountability. This is the duty of the customers in managing their databases in handling their databases by reviewing the service or product purchases and returning such services or products provided on the part of the organisations. The staffs of the firms are hurdled in an ethical manner to avoid disclosure of the customer information until it is essential for the concerned organisation or the consumers (Yeoh Popovi?, 2016). Thus, it is the duty of the organisations to avoid disclosure of the private information of the customers to the other parties and they need to offer accurate and precise data, as required on the part of the customers. The employees even view the same that there is accessibility of general information and concealment of personal information from exploitation. This is one of the primary liabilities of the staffs. It is not possible to curb the initiation of any innovative, new ideas and mechanisms into organisations. However, this does not restrict the revision and transformation of the privacy policies. As a result, it might have effect on the association among the organisations and the customers at the inference, which is not beneficial. The degree related to transparency minimises with the initiation of difficult and complex products; however, transparency could be maintained, in case; the policies are converted frequently. Henceforth, it helps in maintaining the faith and trust of the customers and the controlling and maintenance of associations. Thus, it is essential that the ethical application is made at the time of collecting customer data. Conclusion: This paper depicts the data mining process and the tools of data analytics, which are necessary for the collection and preservation of customer-related information. The report identifies the lucidity, which plays a significant role and thus, it is the firms responsibility of informing the customers about the portion of information really utilised. This is mainly intended to minimise the monetary expense and time and therefore, it increases the satisfaction level of the customers. References: Akhigbe, O., Amyot, D., Richards, G. (2014, October). A framework for a business intelligence-enabled adaptive enterprise architecture. InInternational Conference on Conceptual Modeling(pp. 393-406). Springer International Publishing. Alpar, P., Schulz, M. (2016). Self-Service Business Intelligence.Business Information Systems Engineering,58(2), 151-155. El-Gayar, O., Timsina, P. (2014, January). Opportunities for business intelligence and Big Data Analytics in evidence based medicine. InSystem Sciences (HICSS), 2014 47th Hawaii International Conference on(pp. 749-757). IEEE. Foshay, N., Kuziemsky, C. (2014). Towards an implementation framework for business intelligence in healthcare.International Journal of Information Management,34(1), 20-27. Larson, D., Chang, V. (2016). A review and future direction of agile, business intelligence, analytics and data science.International Journal of Information Management,36(5), 700-710. Popovi?, A., Hackney, R., Coelho, P. S., Jakli?, J. (2014). How information-sharing values influence the use of information systems: An investigation in the business intelligence systems context.The Journal of Strategic Information Systems,23(4), 270-283. Rajnoha, R., Kdrov, J., Sujov, A., Kdr, G. (2014). Business information systems: research study and methodological proposals for ERP implementation process improvement.Procedia-social and behavioral sciences,109, 165-170. Selene Xia, B., Gong, P. (2014). Review of business intelligence through data analysis.Benchmarking: An International Journal,21(2), 300-311. Sherman, R. (2014).Business intelligence guidebook: From data integration to analytics. Newnes. Trumpy, E., Bertani, R., Manzella, A., Sander, M. (2015). The web-oriented framework of the world geothermal production database: a business intelligence platform for wide data distribution and analysis.Renewable Energy,74, 379-389. Vuki?, V. B., Bach, M. P., Popovi?, A. (2013). Supporting performance management with business process management and business intelligence: A case analysis of integration and orchestration.International journal of information management,33(4), 613-619. Yeoh, W., Popovi?, A. (2016). Extending the understanding of critical success factors for implementing business intelligence systems.Journal of the Association for Information Science and Technology,67(1), 134-147.

Political Economy an Example of the Topic Economics Essays by

Political Economy by Expert Prof J.F | 23 Dec 2016 Safety concerns about good produced in China topped the world news in 2007, with two-thirds of the recalls the United Stated Product Safety Commission issued in January to June tied to Chinese made products. In many cases the Chinese cried foul at the recall and even began to issue warnings of its own against American goods, mostly food stuffs, being imported into China. But it all adds up to an international political economy question that must be resolved by more stringent actions than single product recalls and a pissing match between two of the globes nuclear powers. To understand the resolution to the conflict and even the depth of what it means to the worlds economy, we must first understand what happened and try to identify why and how it happened. Need essay sample on "Political Economy" topic? We will write a custom essay sample specifically for you Proceed For most Americans, the issue of Chinese imports came to the forefront in February and March of 2007 when virtually every type of wet cat and dog food on the market and several dry varieties were recalled. At the beginning of the recall, the Product Safety Commission was even sure what was wrong with the product, except that it was causing high incidents of kidney failure in household pets. Eventually, the problem was linked to melamine, a form of plastic, in the rice gluten imported from China to make pet food (AMVA, 2007). Soon thereafter there was a recall on Chinese toothpaste contaminated with the chemicals that make anti-freeze poisonous, a ton of toys recalled for use of lead paint and just recently, a toy recalled because it contained a chemical similar to the date-rape drug GHP(greentimes.org, 2007). The underlying cause of all these recalls is unequal capitalism throughout the world. At the turn of the 20th century in the United States, Upton Sinclair wrote a Pulitizer Prize winning novel called The Jungle which outlined the horrors of the food-packing industry. Though more recent research shows that some meat-packing plants are still far from sanitary, The Jungle forced a sort of mandated correction on the American factory system. Then, with the addition of the Occupational Safety and Health Administration to protect workers and the increase in union strength leading up to World War II, Americans demanded that their government protect the workers and the consumer from potentially dangerous items. The very litigious nature of the American society may have contributed somewhat to the development, but the short version was that American companies developed a form of self-policing believing that capitalism with government regulation worked. But then in the last decade or so, the world became more interdependent and American companies began to send work to other areas, areas without a history of free enterprise and legal battles over product liability. They thought that specifying in a contract that toys could not be painted with lead-based paint would make it so. And, they thought that they could get all the protections which are built into the American factory system for a fraction of the price. They were wrong. Further complicating things is that America companies misunderstood the world. They assumed that all people would have the same values and belief systems as they did. No one ever took into consideration the sociology of the place that they were doing business with. In Communist China, workers who got a little sick, or even died from their toothpaste, would not be filing multi-million dollar lawsuits over the affair. And, certainly no one would be think they should be compensated because the dog or cat food killed a pet. Lead paint was the cheapest, so of course they would use it on their products, who wouldnt? In the consumer-driven American society, companies could not imagine anyone being so careless with the health of their customers as to poison something that is designed to be put in the mouth or add plastic to pet food. The complete disparity of the social equation then leads to a compounding of the political differences between the two countries. From the perspective of the American public, the Chinese has created products that: Portable baby swings that entrap youngsters, resulting in 60 reports of cuts, bruises and abrasions; Swimming pool ladders that break, resulting in 127 reports of injuries, including leg lacerations requiring up to 21 stitches, five reports of bone fractures, two back injuries, two reports of torn ligaments and eight sprained ankles; Faulty baby carriers that result in babies falling out and getting bruised, getting skulls cracked and hospitalizations; Easy-Bake Ovens that trap children's fingers in openings, resulting in burns; Oscillating tower fans whose faulty wiring results in fires, burns and smoke inhalation injuries; Exploding air pumps that have resulted in 13 lacerations including six facial injuries and one to the eye; Bargain-priced oil-filled electric heaters, selling for less than $50, that burn down homes; Notebook computer batteries that burn up computers, cause other property damage and burn users; Circular saws with faulty blade guards that result in cutting users, not wood From the Chinese perspective, American consumers were spoiled and overreacting. To some, it appeared that the Americans were subjecting everything to stringent standards that they would not hold themselves to. And, the Chinese government reacted by inspecting and rejecting American imports headed for China, claiming that food was contaminated with ants and that soybeans were laced with mold (China rejects, 2007). And, aside from the few hundred people worldwide affected by the product recalls, the real victim in the entire mess is the trade balance between the United States and China and the impact that the recalls have on consumer confidence in the United States. China has been granted most favored nation status by the United States, meaning that there are few tariffs on goods imported from China. And, china has a favorable balance of trade with the United States meaning they export more to the U.S. than they import from it, a good place for them to be in terms of world economies. But having millions or even billions of dollars of products returned because of product safety recalls. The only to keep the Communist government happy is to minimize imports during the time that the exports are curtailed. And, then you have two ideologically different government in a grand argument over whose products are more tainted. The only winner in that scenario is a nation that is uninvolved. The first people who suffer are those who lose out because of the lost imports. For the American consumer, the first Christmas season without Chinese toys will probably be met with a sigh of relief and the mistaken belief that they are avoiding the safety issues of the Chinese imports. But as prices rise and the basic costs of living increase, the loss of the international imports will hurt the American economy. On the other end, the loss of the American imports will hurt the Chinese populace much more rapidly. Most of the American imports being turned away were food products and with 1.3 billion people, China needs to import for its people. Food production was up this year in other parts of the world, but the American breadbasket does feed large hunks of the world. If American soybeans are turned away, china has to look elsewhere for its food. Even more worrisome from an economic standpoint is the affect that the recall has on purchasing patterns and economies. In October, 2007, the American Treasury Secretary Henry Paulson said that consumer fear over the recalls is causing serious problems with the American economy (CNN, 2007). Paulson then called on both governments to work together to allay fears and avoid international financial repercussions related to the recall. In essence, Paulson is the only one involved in the entire process who seems to understand the political economy of the event and its ramifications. His comments clearly show the need for cooperation and understanding between the two economic giants. What remains to be seen is whether they can set aside the huge ideological problems at the national level and deal with the ideological different in how they operate businesses. For example, the American government will have to explain that the 300 million Americans expect a certain level of safety in the things that they buy and will have to make the necessary financial concessions needed to improve the safety levels and the quality of raw materials in Chinese factories. American corporations will have to quit looking at China as a source of cheap labor and begin to make an investment into those factories if they expect them to meet American quality control standards. Furthermore, both sides will need to negotiate more clear contracts so that corporations can meet standards without a several month delay in discovering issues. Unfortunately, the reality is that the two economies are already interdependent because of the global economy. But if American corporations continue to treat China as nothing more than a source of cheap labor, they will continue to have recall after recall that destroys corporate profits and undermines consumer confidence. Part of the requirement of a global economy is the development of global standards of production. No longer can we argue that lead paint is okay for the rest of the world, but not good enough for Americans. We have to be able to view people as citizens of the world and treat all its citizens equally. The nature of economics is to always look for a way to increase profits, but in macroeconomics it is also necessary to look at the human costs and the environmental costs as well as the financial costs. If we are not willing to acknowledge that laissez faire capitalism is a thing of the past and that government regulation are an expected cost of producing goods, we will continue to have economic upheavals around the globe. The only other alternative, from an American perspective, is to return to an isolationist policy and buy American goods only. That is a completely unrealistic solution, but it is the only one that will work if the world governments cannot step beyond their ideologies to discuss economics based on real world needs and not outmoded theories. WORKS CITED China rejects U.S. imports, citing sanitary code, MSNBC, June 9, 2007, http://www.msnbc.msn.com/id/19113689/> November 15, 2007 Comprehensive List of Recalled Food Lists, AMVA, November 15, 2007. Farah, Joseph. China products choke, burn, drown, drop, trap Americans, Washington's consumer safety recalls overwhelmingly hit imports from WorldNetDaily.com June 11, 2007. Paulson: Chinese Recalls Causing Fear In US, October 23, 2007. CNN.com November 15, 2007.

5 Types of Parallel-Structure Errors

5 Types of Parallel-Structure Errors 5 Types of Parallel-Structure Errors 5 Types of Parallel-Structure Errors By Mark Nichol Writers often have difficulty constructing sentences so that comparisons, contrasts, and lists, as well as parenthetical elements, are logically arranged. The following five sentences demonstrate various syntactical miscalculations; discussions and revisions follow each example. 1. Technology is transforming virtually every industry, changing not only how firms operate internally and engage their customers, but also challenging the underlying business models of entire industries. When a single verb applies to both elements in a statement that employs a â€Å"not only . . . but also† construction, it must precede â€Å"not only.† Here, however, technology changes one thing and challenges another, so the two verbs are parceled out individually to â€Å"not only† and â€Å"but also† and must therefore follow those respective phrases: â€Å"Technology is transforming virtually every industry, not only changing how firms operate internally and engage their customers but also challenging the underlying business models of entire industries.† 2. He wasn’t aiming for realism but drama. Here, a similar construction is necessary to convey a contrast. The conclusion in this sentence of â€Å"but drama† is an awkward, incomplete addition, and to be parallel, the negating adverb not must follow the verb phrase â€Å"was aiming† and the for preceding one noun must be matched by a duplicate before the other noun: â€Å"He was aiming not for realism but for drama.† 3. Like other social media companies, it uses a variety of tools, including spam-fighting technology, automatic identification as well as reports from users, to help combat abuse. â€Å"As well as† is not a substitute for and as a link between the penultimate and final items in a list; it signals a transition from a list to a dependent clause (or, in this case, opens a parenthetical phrase, which is merely an interruptive dependent clause): â€Å"Like other social media companies, it uses a variety of tools, including spam-fighting technology and automatic identification, as well as reports from users, to help combat abuse.† 4. He made his mark both as a professional athlete and also as a philanthropist. In this sentence (and in any sentence), and and also are redundant: â€Å"He made his mark both as a professional athlete and as a philanthropist.† (Both is not necessarily required, but it emphasizes the juxtaposition of a professional athlete also being a philanthropist.) 5. He’s kidnapped by a masked stranger, drugged, and awakes in an unknown facility. For this sentence’s structure to be parallel, the matching verbs kidnapped and drugged must each have a helping verb (a form of â€Å"to be†- in this case, the contracted form of is), or and must replace the comma preceding drugged to indicate that it shares the helping verb with kidnapped: â€Å"He’s kidnapped by a masked stranger and drugged and awakes in an unknown facility.† Note that the second comma has also been omitted; the phrase that begins with awakes- which, because it is in present tense, needs no helping verb- has no subject and is therefore not an independent clause, so no punctuation is required. (The grammatical rule against punctuating in such cases could be relaxed to imply a pause.) Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Grammar category, check our popular posts, or choose a related post below:Using "a" and "an" Before WordsAt Your DisposalContinue and "Continue on"