Tajikistan civil war (1992-1997) Research Paper

Employment laws chart free essay sample

Complete the diagram beneath utilizing data from the week after week readings and extra research if essential. Business Law Description and Requirement of Law Court Case Influential to Establishment of Law Importance of Law Workplace Application Civil Rights Act of 1964 The Civil Rights Act of 1964 was set up to stay away from separation in recruiting, pay, conditions, and benefits of business dependent on race, religion, shading, sex, or nationality (DeCenzo Robbins, 2007) Katzenbach v. McClung and Heart of Atlanta v. US (Legal Information Institute, 2011) Social equality Act of 1964 guarantees that all candidates are managed an equivalent chance of being recruited and there is no segregation as for one’s sexual orientation, religion, race, shading, or source. It additionally guarantees that activity competitors are chosen and considered due to their abilities and ability. Under the law managers are required to post signs with the Title VII depiction in representative lounges. This guarantees organizations are meeting the necessities and that they are employing and advancing minorities which can secure them against segregation claims. We will compose a custom paper test on Business laws graph or on the other hand any comparative subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Equivalent Employment Opportunity Act Certifications employee’s reasonable treatment. Businesses are not permitted to victimize representatives based on age, race, sex, statement of faith, religion, shading, or national starting point. (DeCenzo Robbins, 2007) McDonnell Douglas Corp. v. Green (Legal Information Institute, 2011) The significance of the Equal Employment Opportunity Act is to guarantee that the Civil Rights Act necessities are being followed and offers capacity to the Employment Commission. Organizations guarantee that they are meeting necessities and being careful that they are recruiting ladies, and individuals of various roots and races. Equivalent Pay Act Requires that people in a similar working environment be given equivalent compensation for equivalent work. Schultz v. Wheaton Glass Co. 1970, (The Wage Gap, 2011) The Equal Pay act is significant in light of the fact that it guarantees that everybody paying little mind to sex be paid a similar compensation for indistinguishable occupations. In the work environment today ladies are getting paid for their insight and experience. Organizations are utilizing distinctive bent tests to decide pay. Age Discrimination in Employment Act of 1967 Enacted to shield workers ages 40 to 65 from separation. In 1986 corrected to dispense with the upper age limit by and large (DeCenzo Robbins, 2007) Congress chose to pass the ADEA as a result of an oversight about the more established working power, there was a case in 2008 Gomez v. Potter that permitted government laborers who experienced reprisal for recording a case dependent on the law to sue the organization for harms. The significance of the ADEA is that it shields the more seasoned working power from separation. In today’s economy the retirement age is getting higher and there for there are more seasoned individuals searching for work than previously. Wal-Mart is an extraordinary case of work environment application since they are known for employing senior residents to be entryway greeters. Americans with Disabilities Act of 1990 Prohibits oppression a basically qualified individual, and expects ventures to sensibly suit people. Tennessee v. Path in 2004 (u-s-history. com,n. d. ) The significance of this demonstration is that it expects organizations to cause sensible lodging to workers with handicaps so the individual in question to can play out their activity. Organizations suit representatives with inabilities by utilizing lifts, brail, and TTD and talking innovation. Social liberties Act of 1991 The refreshed form of this demonstration invalidated select incomparable Court choices and reestablishes weight of confirmation by manager and takes into account correctional and compensatory harms through jury preliminaries. Wards Cove Packing Co. v. Atonio (date) Because a few organizations don't uncover everything that is in an employee’s document this makes it difficult to demonstrate an instance of segregation. Joblessness works a similar way. Family and Medical Leave Act (FMLA) of 1993 Permits representatives in associations of at least 50 workers(each state is extraordinary) to take as long as 12 weeks of unpaid leave for conditions plot in the demonstration. There is no case that built up the law. It was set up to help working families balance work and family life. Ragsdale v. Wolverine World Wide, Inc. (2002) The significance of this demonstration is that it makes it simpler to adjust family, work and different commitments without dreading losing their positions. On the off chance that you have a kid, embrace a youngster, or in the event that you yourself become debilitated or have a wiped out parent, kid, or life partner you might be qualified to take unpaid downtime to be with them without the dread of losing your employment. Protection Act of 1974 This demonstration changes the awkwardness of data. It just applies to national government and necessitates that faculty documents be open for assessment. Was passed as a careful step by the Senate and House of Representative (Epic, 2011) Stanmore Cooper v. FAA (2010) Makes sure that people reserve the option to take a gander at their worker document to ensure that data is exact. A case of this would be that organizations are required to convey security notification to their clients. Medication Free Workplace Act of 1988 This demonstration requires certain administration related gatherings to ensure that their work environment is sedate free. Established by Congress as a component of an enemy of medication enactment in 1988 Emerald Steel Fabricators v. Authority of Labor and Industries (2010) The significance of this demonstration is that it guarantees the security of all representatives by guaranteeing that nobody will be working while affected by drugs. Medication testing as a major aspect of an application procedure and if a representative is harmed hands on most organizations require a medication test when they go to the emergency clinic. Polygraph Protection Act of 1988 Prohibits businesses to utilize polygraph tests in an employment form process. On June 27, 1988, Congress sanctioned the Employee Polygraph Protection Act 1 to control the utilization of falsehood identifier gadgets in the working environment Harmon v. CB Squared Services (2009) The significance of this demonstration is that it shields workers from being asked non-work related inquiries and shields bosses from damaging protection issues. The sort of polygraph testing doesn't have any significant bearing to working environment applications since it is nonsensical for businesses to request that candidates accept a polygraph as a component of the application procedure. Laborer Adjustment and Retraining Notification Act (WARN) of 1988 Ensures that businesses offer warning to representatives about plant closings or lay-offs. This became law without President Ronal Reagan’s signature using veto-verification Democratic larger part in Congress. Joined Food Workers v. Earthy colored Group, Inc (1996) The significance of this law is to ensure workers of an organization in the wake of a shut-down or lay-off. It permits representatives to secure positions to help their families. The law expects businesses to allow a multi day notice. Organizations regularly give severance bundles to workers dependent on the long periods of administration with the organization when they near assistance facilitate the weight of losing their employment.

8 Tips for Giving a Speech When You Have Social Anxiety

8 Tips for Giving a Speech When You Have Social Anxiety In This Article Table of Contents Expand Exercise Dress for Success Avoid Caffeine Meet Your Audience Admit You Are Nervous Use a Conversational Tone Maintain Good Eye Contact Focus on Content Giving a speech can be anxiety-provoking. Below are eight tips for giving a speech when you have social anxiety. If you have been diagnosed with social anxiety disorder (SAD) these tips can help you to become a better public speaker while receiving traditional treatment such as systematic desensitization or cognitive-behavioral therapy (CBT).?? Exercise Getting daily exercise can help to manage anxiety, and a good run or cardio workout on the morning of the day of your speech will keep your endorphins running high and anxiety levels low.?? Dress for Success Choose an outfit that you are comfortable in, that makes you feel good, and that is appropriate for the occasion. If you wear something that you dislike or that doesn’t fit you well, you will be distracted from giving your speech. Avoid Caffeine Coffee, cola, and chocolateâ€"remember that the three “Cs” can be high in caffeine and sugar, which you want to avoid on the day of a speech.?? Try replacing your coffee with a caffeine-free herbal tea and choose balanced meals containing protein to reduce hunger. Meet Your Audience Unfamiliar faces can seem threatening, particularly when you are in the spotlight. Try to talk with some audience members prior to your speech. This will help you to realize that they are just people like you, and not there to judge you. At the same time, if you are overcoming SAD, even speaking one-on-one with a stranger might be anxiety-provoking. Know your own limits and try to minimize stress before your performance. Admit That You Are Nervous Tell your audience that you are nervous. It can be a great ice-breaker and may help to make your audience more receptive. Use a Conversational Tone Keep your audience’s attention by speaking to them the way that you would talk with a friend over dinner. Use a light and conversational tone to make your audience feel at ease. Maintain Good Eye Contact When you have good eye contact with your audience, they will feel more connected to what you are saying.?? Here is a tipâ€"have three or four people that you know position themselves throughout the room and rotate your gaze among them while you speak. If you are comfortable looking around at the audience, try to gauge whether they are keeping up with you or if you need to slow down or explain things in more detail. Focus on Content As you speak, allow yourself to become immersed in the topic and how it will help the members of your audience. Shifting the focus off of yourself and onto the content of your presentation helps to alleviate some of the self-consciousnesses that go along with SAD.?? If all else fails and you do feel anxiety creeping up, realize that it’s not the end of the world. If you’ve ever been in the audience when a speaker was struggling with anxiety, you probably felt bad for the person but didn’t think any less of him or her. Be as kind to yourself as you would be to someone else.

Success And Prosperity Of Shakespeare s Macbeth And ...

Success and Prosperity in Macbeth and The Catcher in the Rye From the beginning of time, achieving success and greatness has been the ultimate human goal. Success can be found in many different forms, from ruling a Roman empire to receiving a high grade on a test. Society’s view of success has changed throughout generations, urging people to conform to society’s beliefs in order to fulfill their goals and dreams. The theme of success and fulfillment are evident in literature and theatre pieces that were written centuries ago, and continue into novels written in the present. The play Macbeth, written by William Shakespeare, and the novel The Catcher in the Rye, written by J. D. Salinger follow the lives of two protagonists’ as they are each individually shaped by society’s idea of prosperity. The protagonists of both the novel and the play, Holden and Macbeth, exhibit similar qualities that allow them to attempt to achieve ultimate greatness and find succes s. Both the novel The Catcher in the Rye and the play Macbeth demonstrate the pressure there is on men to prosper and achieve high rankings in society. This pressure leads to the development of wrath and mental illness, resulting in the disruption of harmony. Both Holden and Macbeth possess significant amounts of wrath, causing poor decision-making. To add, Macbeth and Holden both struggle with mental illness, again causing unfavourable outcomes. While the men possess these similarities, they differ in the outcome of their

Character Analysis Of Rose Maxon In Fences By August Wilson

Rose Maxon is the female character in the play ‘Fences’ by August Wilson. She is married to Troy Maxon and together they have a son named Cory. The play takes place in the 1950s and it focuses on racism, oppression, family problems, unity, and infidelity. Particularly Rose, who is a Black woman in the 50s, without an education, a housewife, and is expected to behave as the caretaker for everyone. Rose Maxon: duties include being a mother/caretaker, house taker, wife. Puts herself aside for everyone else’s needs. She experiences the struggle and constant wariness of her family’s safety. Troy, is a garbageman who witnesses much of the racism and segregation that occurs during the 1950s. He provides for his family, and he is considered the†¦show more content†¦According to Sandra G. Shannon, Rose Maxon’s focuses are on â€Å"being a wife, mother and homemaker.† (154) Shannon states that Wilson places Rose as a conformed woman by being th e nurturer but also demands herself some self-respect. She is loving, supportive, outspoken but inferior to her husband in some ways. Rose is not treated like a second-class citizen but is expected to be understanding and forgiving no matter how small or huge the wrong-doing is. Rose is a mixture of strong because she stayed with Troy even though he had an illegitimate child with another woman. She showed such strength when she took Troy’s daughter as her own to raise and told Troy he was a â€Å"womanless man.† She took Troy’s daughter as her own because she told Troy that her daughter is not to blame for her father’s actions. Women’s roles are defined by men still in the 1950s, (155) and she loves Troy enough to accept his flaws up until he confesses having a baby out of wedlock. Women may be forgiving because they know separation/divorce is looked highly down upon and women rely on their husbands financially. Also, women who are alone are less l ikely to succeed, and will run the risk of constantly meeting worse men. (155) When Troy gives Rose the unexpected news about him becoming a father through another woman, Rose first is in shock; asks why did he wait eighteen years to do that and Rose gets angry. She is inShow MoreRelatedEssay on An Analysis for the Play Fences1293 Words   |  6 PagesFences - An Analysis James E. May Averett University History of the Theatre TH 220 / BBA 469 Ronal Stepney November 07, 2011 The story line seemed melodramatic throughout the play. The author (August Wilson) has laid the ground work of many themes throughout the play. The play deals with Race, Men and their masculinity, Morality, Dreams and hopes of everyone involved, Family, Duty, Betrayal and Dissatisfaction. The play begins with Troy and his best friend Bono entering the yard chattingRead MoreThe Rise And Fall Of Troy Maxon1278 Words   |  6 PagesRise and Fall of Troy Maxon: An Analysis of August Wilson’s play Fences In Fences, August Wilson, the playwright, provides a believable and powerful examination of the African American experience in the late 1950’s. It provides an apt portrayal of the mentality of African American men going into the civil rights movement, as well as a well-developed account of the friction that occurs between a father and a son, and a husband and wife in the face of conflict. According to Wilson, his play providesRead More_x000C_Introduction to Statistics and Data Analysis355457 Words   |  1422 Pagesto Statistics and Data Analysis This page intentionally left blank Introduction to Statistics and Data Analysis Third Edition Roxy Peck California Polytechnic State University, San Luis Obispo Chris Olsen George Washington High School, Cedar Rapids, IA Jay Devore California Polytechnic State University, San Luis Obispo Australia †¢ Brazil †¢ Canada †¢ Mexico †¢ Singapore †¢ Spain †¢ United Kingdom †¢ United States Introduction to Statistics and Data Analysis, Third Edition Roxy Peck

American value and health care policy Free Essays

United States government has been concerned with the running of the health care to a point of establishing Medicare more than 40 years ago to facilitate the running of the health care institution. Since then, the government has had a role to play toward ensuring that American citizens get access to better health care facilities. There has been remarkable improvement in provision of health care for the last 50 years as the United States government has ensured that the quality of health care is enhanced, it’s more accessible and affordable to all people. We will write a custom essay sample on American value and health care policy or any similar topic only for you Order Now Effective treatment of various diseases has been discovered due to the fact that the government has constantly been sponsoring researches to be carried out in molecular biology thereby enhancing the understanding of a number of diseases. (Anderson, Hussey, Frogner and Waters, 2005) State intervention toward the running and management of health care in United States lagged behind the intervention of Europe which was the first to be concerned with the running of their health care systems. In the ancient days, clinical training and medical education in United States had not been standardized until the state intervened toward standardizing the health care institution at the end of the 19th century. A board that would license examination began to be formed in 1870’s and came to be in operation in 1898 in all states. Many people enrolled in the medical schools and by 1900, 10% of physicians who were practicing in America had graduated from the already established medical institutions following the establishment of the licensing examination board. Flexner Report and American Medical Association ensured more medical practitioners graduated from the already established medical institutions and in fact, 20 years later, all medical practitioners who were practicing in United States had graduated from these institutions. (Woolhandler, Campbell and Himmelstein, 2003) The government of United States also has facilitated the provision of health care facilities in United States of America by ensuring there is a considerable national health insurance system. The history of national health insurance date back in 1915 when an association of about 3,500 professionals that included: lawyers, academicians and social scientists proposed the scheme. The American Association of labor Legislation drafted a bill that was proposing that the state to bring forward health legislation that would be compulsory. (Anderson, Hussey, Frogner and Waters, 2005) The government of has been very supportive on the issue of national health insurance scheme that would benefit the American citizens. A security Act was signed in1935 by then the president of United States of America President Roosevelt which brought about the issue of renewing the discussion of coming up with a governmental national insurance scheme. Later on, Senator Wagner attempted to introduce a bill that was meant to outline a federal health program that would serve all the American citizens in 1939. However, his efforts failed to bear fruits as the bill never gathered enough support that is required for enactment of a bill. The efforts of the legislator to come up with a bill that would facilitate the provision of health care did not end there. In early 1950’s during Truman administration, a health care bill was revived and this time as Ewing proposal. The bill despite being submitted to the congress for action and enactment, nothing was heard of it and those efforts did not bear any fruit. (Anderson, Hussey, Frogner and Waters, 2005) The role of the government on provision and running of health care systems in United States came to right in 1965 after President Lyndon Johnson signed a health bill thereby creating Medicare. Since then, provision of health care in United States has never been the same and all American citizens have had the access to better medical care within their reach. (Feldman, 2001) There has been significance growth of national health care and Medicare costs that are said to have been contributed by: ? Newly introduced diagnostic equipments and facilities. ? Increased population especially of the elderly people which is projected to increase to about 45 millions in ten year’s time. ? Administrative costs that are rapidly increasing. ? Advancement of medical technology which is advancing day by day, and ? Advancement of surgical procedures such as hip replacement and coronary artery bypass. A number of medical equipments were discovered that have significantly added value to the overall provision of medical care in United States. These equipments have enabled health care facilities to offer efficient health care to the American citizens and these machines include: blue cross, respirator, dialysis machine and iron lung. These have enable provision of health care to show some improvement as they enabled diagnosis of diseases even to be faster. The government has been very supportive more so in the provision of funds to Purchase drugs. The budgetary cost of prescribed drugs has been increasing significantly of the years and in fact, provision of medical care is known be spending the highest share of the total national budgetary allocation. Statistics shows that drugs prescribed in 1980 were 6% and this increased in 2003 to 12%. It is projected that due to the increased population of the elderly, the budget allocation on Medicaid, entitlement of social security and Medicare is to increase and expenditure is estimated by 2025 to reach $4 trillion. (Anderson, Hussey, Frogner and Waters, 2005) Although the government shows some willingness to provide affordable health care to all American, it is the high time the society should take a challenge of accepting national health care scheme that is provided and be ready to pay contribute toward it. They should also take the initiative of avoiding the administration and control therein by the awkward governmental and insurance bureaucracy in the industry. It is the high time American citizens are supposed to advocate for provision of effective and efficient health care delivery that is accessible and affordable. (Woolhandler, Campbell and Himmelstein, 2003) The question medical practitioners need to ask themselves is whether they have a responsibility on caring for all American citizens who are ill. It is difficult for one to survive if he or she is unhealthy hence seeking health care by American citizens and any other human being is mandatory. Indeed if all American people are healthy, there will be increased productivity since everyone will be working toward building the national. This in turn increases tax that will be collected by the exchequer as result of increased productivity. As a result, it makes life even better since more funds will be allocated to various projects that are beneficial to the common citizens such as government health care, improving of transport network and provision of education among other amenities. For this care, I would urge the federal government to continue allocating a high share of fund to Medicare when it comes to allocation of funds in the annual national budget. References Anderson, G. F. , Hussey, P. S, Frogner, B. F. , Waters, H. R. (2005): Health spending in the United States and the test of the industrialized world; Health Aff (Millwood) 2005; 24:908 –11 Feldman, R. D. (2001): American Health Care: Government, Market Processes, and the Public Interest. Oakland, CA: The Independent Institute Rothman, D. J. (1997). Beginnings Counts: The Technological Imperative in American Health Care: New York, Oxford University Press Woolhandler, S. Campbell, T. and Himmelstein, D. U. (2003): Costs of health care administration in the United States and Canada. N Engl J; Med 2003; 349:768 –75 How to cite American value and health care policy, Papers

Paul`s Case By Willa Cather Essays - Willa Cather, Pauls Case

Paul`s Case By Willa Cather It is said that books are better then the movies created from books. I feel that the story and the film complement each other for Willa Cather's short story, "Paul's Case," is about a young, Calvinist man who did not feel that he belonged in his life. He lived on Cordelia Street in Pittsburgh, PA. Cordelia Street was littered with cookie cutter houses, suburbanite-like city-dwellers, and a general aura of despair. Paul's room was no different. Paul felt that his abusive father, uncaring teachers, and classmates who misunderstand him aren't worthy of his presence and company. Paul is so infatuated with living the life of a performer that it leads him to thievery. Paul's only joy comes from his love for the arts. He is an usher in a concert hall, and spends most of his time behind the scenes in a theatre helping the actors. He longs to live the life of a rich person but doesn't seem to realize that he must work for it. Both the film and the short story emphasize these characteristics within the main character, and after seeing the movie, the reader gets a better idea of the emotions that are running through Paul's head. You really don't get a feel for Paul's character until you see the expression on his face while watching a play be performed, his face changing with the music and the joyfulness he feels when the drama is complete This sort of fantasy world he wishes to lives in soon becomes a reality for him. After being fired from his position at the concert hall, and being expelled from school, Paul is given a job by one of his father's friends. Paul was sent to the bank with server thousands of dollars to make a deposit. The movie tells that he just took it all and went home. Where in the book, he actually went back to work; finished his shift asked for Saturday off and then went home. The next day Paul took the train into New York. Paul had always spoken of New York and he dreamed of going there. Now he had his chance. When Paul was in the city, he lived like a rich person; He slept at the finest hotels, ate the best foods and spent money like it was no object. After living like a king for more than a week Paul discovered the entire affair exploited in the Pittsburgh papers, the papers also spoke of a rumor that he was seen in a New York Hotel. He knew his father would come looking for him. Confused and scared, Paul panicked. During the file, this portion of the story gives the viewer some confusion as to what is going on. Paul's believes he sees his father in the lobby of the hotel room, without reading the book, the viewer would have no idea that the person asking questions was, to Paul, his father. The Ending to Paul's case is better told in the written form. Paul's character is better understandable at this point and you beguine to feel what he is going through. As he nears the train, all of his emotions, his fears, and thoughts become very understandable. And even as he partakes in his owe destruction the reader is given his every feeling, right up to the end. With so much going on in this story, it is some times hard to understand it all that is why the movie is an excellent tool to help comprehending Paul's case. Without having reading the book, the movie would have made little sense and the viewer would become lost. This is why both, the movie and the book, complement each other.

Change Must Occur for Progress to Proceed in the Post-Civil essays

Change Must Occur for Progress to Proceed in the Post-Civil essays Change Must Occur for Progress to Proceed in the Post-Civil War America Many people may define progress as moving forward, advancing, or the growth of a concept for the good of the people that it affects. The vision of progress held by Terence V. Powderly was clearly expressed in the document Terence V. Powderly, The Knights of Labor, 1889. Booker T. Washington also expressed his vision of progress in an address given in Atlanta in 1895. These men had a vision which was to unite the peoples of America to work toward bettering the nations economy and the working and living conditions of its citizens. In order for this progress to occur in post-Civil War America the people had to see how the current conditions of the country, poverty, segregation and racism, and poor working atmosphere were hindering the potential progress of the free workforce. Once these problems were identified, a change had to be accepted by all. Terence V. Powderly was the Grand Master Workman for the Knights of Labor in 1889. In a constitution adopted by the Industrial Brotherhood, he addressed his vision of what needed to be done for workers to ensure a better life for the citizens and advancement of the country. Powderly fought for fair, safe conditions in the workplace (miners, manufacturers, or builders), the enactment of an eight hour work day, and for workers to receive a proper share of the money that they earn. Also he fought for the prohibition of child labor defined as any worker under the age of fourteen. Powderly believed, It was necessary to teach the laborer that it was not essential for him to grovel in the dust at the feet of a master in order to win his title deed to everlasting bliss in the hereafter, 1 Most significantly Powderly wanted to teach the masses not be controlled by the forces in charge without just compensation and conditions for their work. Sharecropping was a common means of living on the South ...

Organizational Metaphor Definition and Examples

Organizational Metaphor Definition and Examples An organizational metaphor is a figurative comparison (that is, a metaphor, simile, or analogy) used to define the key aspects of an organization and/or explain its methods of operation. Organizational metaphors provide information about the value system of a company and about employers attitudes toward their customers and employees. Examples and Observations [M]etaphor is a basic structural form of experience by which human beings engage, organize, and understand their world. The organizational metaphor is a well-known way in which organizational experiences are characterized. We have come to understand organizations as machines, organisms, brains, cultures, political systems, psychic prisons, instruments of domination, etc. (Llewelyn 2003). The metaphor is a basic way in which human beings ground their experiences and continue to evolve them by adding new, related concepts that carry aspects of the original metaphor.(Kosheek Sewchurran and Irwin Brown, Toward an Approach to Generate Forward-Looking Theories Using Systemic Concepts. Researching the Future in Information Systems, ed. by Mike Chiasson, Ola Henfridsson, Helena Karsten, and Janice I. DeGross. Springer, 2011)What we may discover in analyzing organizational metaphors are complex relationships between thought and action, between shape and reflection.(Dvora Yanow, How Does a Pol icy Mean? Georgetown University Press, 1996) Frederick Taylor on Workers as Machines Perhaps the earliest metaphor used to define an organization was provided by Frederick Taylor, a mechanical engineer interested in better understanding the driving forces behind employee motivation and productivity. Taylor (1911) argued that an employee is very much like an automobile: if the driver adds gas and keeps up with the routine maintenance of the vehicle, the automobile should run forever. His  organizational metaphor for the most efficient and effective workforce was the well-oiled machine. In other words, as long as employees are paid fairly for their outputs (synonymous with putting gas into a vehicle), they will continue to work forever. Although both his view and metaphor (organization as machine) have been challenged, Frederick Taylor provided one of the first metaphors by which organizations operated. If an organizational employee knows that this is the metaphor that drives the organization, and that money and incentives are the true motivating factors, then this e mployee understands quite a bit about his organizational culture. Other popular metaphors that have surfaced over the years include organization as family, organization as system, organization as circus, organization as team, organization as culture, organization as prison, organization as organism, and the list goes on. (Corey Jay Liberman, Creating a Productive Workplace Culture and Climate: Understanding the Role of Communication and Socialization for Organizational Newcomers. Workplace Communication for the 21st Century: Tools and Strategies That Impact the Bottom Line, ed. by Jason S. Wrench. ABC-CLIO, 2013) Wal-Mart Metaphors The people-greeters give you the feeling that you are part of the Wal-Mart family and they are glad you stopped by. They are trained to treat you like a neighbor because they want you to think of Wal-Mart as your neighborhood store. Sam [Walton] called this approach to customer service aggressive hospitality. (Michael Bergdahl, What I Learned From Sam Walton: How to Compete and Thrive in a Wal-Mart World. John Wiley Sons, 2004)Lawyers representing these women [in the court case Wal-Mart v. Dukes] . . . claimed that Wal-Marts family model of management relegated women to a complementary yet subordinate role; by deploying a family metaphor within the company, Wal-Marts corporate culture naturalized the hierarchy between their (mostly) male managers and a (mostly) female workforce (Moreton, 2009).  (Nicholas Copeland and Christine Labuski, The World of Wal-Mart: Discounting the American Dream. Routledge, 2013)Framing Wal-Mart as a kind of David in a battle with Goliath is no accident al moveWal-Mart, of course, has worn the nickname of the retail giant in the national media for over a decade, and has even been tagged with the alliterative epithet the bully from Bentonville. Attempts to turn the tables of this metaphor challenge the person-based language that otherwise frames Wal-Mart as a behemoth bent on expansion at all costs. (Rebekah Peeples Massengill, Wal-Mart Wars: Moral Populism in the Twenty-First Century. New York University Press, 2013) Think of Wal-Mart as a giant steamroller moving across the global economy, pushing down the costs of everything in its pathincluding wages and benefitsas it squeezes the entire production system.   (Robert B. Reich, Supercapitalism: The Transformation of Business, Democracy, and Everyday Life. Knopf, 2007)After experiencing the flaws of having someone in Bentonville make decisions about human resources in Europe, Wal-Mart decided to move critical support functions closer to Latin America.The metaphor it used for describing this decision is that the organization is an organism. As the head of People for Latin American explains, in Latin America Wal-Mart was growing a new organism. If it was to function independently, the new organization needed its own vital organs. Wal-Mart defined three critical organsPeople, Finance, and Operationsand positioned them in a new Latin American regional unit. (Kaihan Krippendorff, The Way of Innovation: Master the Five Elements of Change to Reinvent Your Products, Services, and Organization. Platinum Press, 2003) The Big Tent Metaphor In what many observers will see as the de facto expression of mainstream U.S. Jewrys outlook on J Street, members of the Conference of Presidents of Major American Jewish Organizations voted 22-17 (with three abstentions) to reject the membership application of the self-labeled pro-Israel, pro-peace lobby. . .   J Street said in a statement, This is a sad day for us, but also for the American Jewish community and for a venerable institution that has chosen to bar the door to the communal tent to an organization that represents a substantial segment of Jewish opinion on Israel. Jewish leaders have used a big tent metaphor to describe which views on Israel and U.S. foreign policy are encompassed within the communitys consensus. Since its formation in 2008, J Street has been a frequent subject of debates on how far that tent stretches, and the groups bid to join the Conference of Presidents proved no different. Alina Dain Sharon and Sean Savage, J Street Rejected by Umbrella Group. (Heritage Florida Jewish News, May 9, 2014) Football as a Flawed Organizational Metaphor for Fire Fighting A metaphor seeps deeply into organizational narratives because the metaphor is a way of seeing. Once established it becomes a filter through which participants both old and new see their reality. Soon enough the metaphor becomes the reality. If you use the football metaphor you would think that the fire department ran a series of set plays; finite, divisible, independent actions.You could also assume that at the end of these short segments of violent action, everyone stopped, set up the next plan and then acted again. A metaphor fails when it does not accurately reflect core organizational processes. The football metaphor fails because fires are extinguished in one, essentially, contiguous action, not a series of set plays. There are no designated times for decision making in firefighting and certainly no timeouts, though my aging bones might wish that there were.(Charles Bailey, Metaphors Mask Realities of Firefighting. FireRescue1, Feb. 16, 2010)

Economic history Essay Example | Topics and Well Written Essays - 500 words - 1

Economic history - Essay Example setting up policies like maximizing the use of domestic resources, limiting wages, export subsidies, all aimed at accumulating monetary reserves (Brue & Randy 42). David Hume disagreed with mercantilism on their trade restrictions by stressing that trade restrictions are restriction of innovation, and so these opened avenues for uniform market competition. Physiocrats stressed the importance of agriculture in the economy; he proposed that agriculture is a vital organ in the development of any economy. He suggested an economic environment free of government restrictions when it comes to transactions between two private parties; the only regulations he proposed are those that protects property rights. Since individuals have a natural right to freedom, it should be understood that nature is a self-regulating system and harmonious so human control should never be factored in. Adam smith proposed the idea of artificial stimulation of manufacturing and trade; he made it clear that real wealth of a country not only consist of gold and silver, but also in its houses, lands and consumable goods of all different kinds (Brue & Randy 45). He fueled foreign trade by recognizing that it could explore the overseas markets and largely promote development of production capabilities of the nation and consequently lead to a rise in real wealth owned by a country. He also contributed to the idea of a free market by proposing to the government to reduce and abandon control over foreign trade, and he suggested for the implementation of free trade policies. David Ricardo shed light on the importance of agriculture, by analyzing the importance of diminishing returns. He postulated that a utility is mandatory for exchange values, but does not determine it. He promoted extreme industrial specialization by proposing that a nation should put more efforts on industries in which it is more internationally competitive. Ricardo suggested trade with other countries to obtain goods not produced

Answer 1 of 2 given questions with given sources Essay

Answer 1 of 2 given questions with given sources - Essay Example While some perceive him as a leader who abused powers and ignored the ideals of the French Revolution, others consider him as a successful leader who delivered the ideals of the French Revolution to his subjects. In this paper, I will comprehensively discuss the figure of Napoleon Bonaparte, his domestic and foreign policies, with an aim of illustrating whether he destroyed or preserved ideals of the French Revolution. Napoleon was a great strategist, a genius, a man with great self-control and very keen to protect his reputation. He had no friends and loved nobody simply because he believed that a man must be firm and have a resolute heart in order to protect the freedoms of citizens and fight the enemies of political, economic and social progress1. In the Napoleon’s diary, he evidently believed that his success and reputation depended on his ability to win wars, and this made him fight strongly for the freedom of French nationalist. â€Å"My power proceeds from my reputation, and my reputation from the victories I have won†¦conquest has made me what I’m; only conquest can maintain me."2 Being a genius and a strategist enabled him maintain an army that could hardly be overpowered. He had a team of secret police that was headed by Joseph Fouchà ©, spies in every corner of his territory to counteract unfriendly governments and watch the actions of friendly powers3. The police f orce that was supported by millions of taxpayers’ money was predominant in helping Napoleon seize freedom from his political adversaries. What’s more, in many battles, he fought alongside his militias hence giving them inspiration and the army became very loyal to him. Apparently, it makes sense to consider Napoleon as a leader who preserved the ideals of the French Revolution. Upon completion of the revolution, Napoleon had fulfilled the ideals that the

Stalin Vs. Hitler Essay -- essays research papers

Run to the Top Josef Stalin, a politician from the earliest beginnings of his life, strove to achieve a national sense of power during his reign over the citizens of Russia. Adolf Hitler, however, a born high school dropout somewhat longed for a place in life. He rather fell into his role as a politician, after his brief shortcomings in arts and sciences. These two individuals developed varying ideas to put their controlling minds to work to lead their political parties in the direction of total domination of the state. In the beginning Josef Stalin was a worshiper of his beloved Vladimir Lenin. He followed his every move and did as he said to help establish and lead the Bolshevik party. Much of the early part of his political career was lost due to his exile to Siberia for most of World War I. It wasn’t until 1928, when he assumed complete control of the country were he made most of his success. After Lenin’s death in January 1924, Stalin promoted his own cult followings along with the cult followings of the deceased leader. He took over the majority of the Socialists now, and immediately began to change agriculture and industry. He believed that the Soviet Union was one hundred years behind the West and had to catch up as quickly as possible. First though he had to seal up complete alliance to himself and his cause. Stalin saw a need to sure up the allegiance to him by all who were under him. Therefore, he needed to fight out against those who opposed him. So for the rest of 1924, the Politburo continued to argue about the future of the Soviet economy. The fiercest argument was between Stalin and Trotsky over Trotsky's theory of permanent Revolution. Trotsky thought that Communism could not survive in the USSR alone. He argued that the capitalist countries of the West feared Communism and would try to destroy it. For this reason, he said, it was necessary to spread Communism to the countries of Western Europe and to their overseas colonies. This would be done by giving help to revolutionary groups and parties in Western Europe. Stalin put forward an opposite theory - the theory of Socialism in One Country. He argued that the USSR must always come first in the government's plans. The rest of the world must take second place. The Communists should concentrate on building up the economy of the USSR, not waste money on helping revolutionary groups abroad.... ...t still got over four million. This is the deviant plan which helped Hitler reach is ultimate goal of a complete governing power by himself with no one to question his authority. These two men were very demanding in obtaining what they thought should be the rule of a nation by their own personal control. Stalin and Hitler were very close in the same way that they had an aggressive vigor to force a type of commanding dictatorship into their respective countries. Each had a special army that they put in high regard politically to where they were considered special police agents. These armies were under different orders, but their main objectives were to stop anyone who opposed, or were thought to be in opposition to the head of state. Also, both Stalin and Hitler had ideas to improve the education levels and economic prosperity of their own countries, each trying to put their own at the top of the world in industry and commerce. Although Hitler and Stalin were opposed to each other’s own strategies and political stance on being a world dominator, they were very similar in the way to which they fought for political power. From the Hitler/Stalin book about 1200 page book comparison

Common Biases and Errors in Decision-Making Process

COMMON BIASES AND ERRORS IN DECISION-MAKING PROCESS In addition to engaging in bounded rationality, an accumulating body of research tells us that decision makers allow systematic biases and errors to creep into their judgments. These come out of attempts to shortcut the decision process. To minimize effort and avoid difficult trade-offs, people tend to rely too heavily on experience, impulses, gut feelings, and convenient aâ‚ ¬? rules of thumb. aâ‚ ¬? In many instances, these shortcuts are helpful. However, they can lead to severe distortions from rationality.The following highlights the most common distortions. Overconfidence Bias:  Itaâ‚ ¬Ã¢â€ž ¢s been said that aâ‚ ¬? no problem in judgment and decision making is more prevalent and more potentially catastrophic than overconfidence. aâ‚ ¬? When weaâ‚ ¬Ã¢â€ž ¢re given factual questions and asked to judge the probability that our answers are correct, we tend to be far too optimistic. For instance, studies have fo und that, when people say theyaâ‚ ¬Ã¢â€ž ¢re 65 to 70% confident that theyaâ‚ ¬Ã¢â€ž ¢re right, they were actually correct only about 50% of the time. And when they say theyaâ‚ ¬Ã¢â€ž ¢re 100% sure, they tended to be 70 to 85% correct.From an organizational standpoint, one of the more interesting findings related to overconfidence is that those individuals whose intellectual and interpersonal abilities are weakest are most likely to overestimate their performance and ability. So as mangers and employees become more knowledgeable about an issue, the less likely they are to display overconfidence. Overconfidence is most likely to surface when organizational members are considering issues or problems that are outside their area of expertise. Anchoring Bias:  The anchoring bias is a tendency to fixate on initial information as a starting point.Once set, we then fail to adequately adjust for subsequent information. The anchoring bias occurs because our mind appears to give a d isproportionate amount of emphasis to the first information it receives. So initial impressions, ideas, process, and estimates carry undue weight relative to information received later. Anchors are widely used by professional people such as advertising writers, managers, politicians, real estate agents, and lawyersaâ‚ ¬Ã¢â‚¬ where persuasion skills are important For instance, in a mock jury trial, one set of jurors was asked by the plaintiffaâ‚ ¬Ã¢â€ž ¢s attorney to make an award in the range of Rs. million to Rs. 25 million. Another set of jurors was asked for an award in the range of Rs. 25 million to 75 million. Consistent with the anchoring bias, the median awards were Rs. 5 million versus Rs. 25 million in the two conditions. Consider the role of anchoring in negotiations and interviews. Any time a negotiation takes place, so does anchoring. As soon as someone states a number, your ability to objectively ignore that number has been compromised. For instance, when a prosp ective employer asks how much you were making in your prior job, your answer typically anchors the employeraâ‚ ¬Ã¢â€ž ¢s offer.Most of us understand this and upwardly aâ‚ ¬? adjustaâ‚ ¬? our previous salary in the hope that it will encourage our employer to offer us more. Anchoring can distort employment interviews. The initial information you might get interviewing a job candidate is likely to anchor your assessment of the applicant and unduly influence how you interpret information that you obtain later. Confirmation Bias:  The rational decision-making process assumes that we objectively gather information. But we donaâ‚ ¬Ã¢â€ž ¢t. We selectively gather information.The information bias represents a specific case of selective perception. We seek out information that reaffirms our past choices, and we discount information that contradicts past judgments. We also tend to accept information at face value that confirms our preconceived views, while being critical and skep tical of information that challenges these views. The information we gather is typically biased toward supporting views we already hold. This confirmation bias influences where we go to collect evidence because we tend to seek out places that are more likely to tell us what we want to hear.It also leads us to give too much weight to supporting information and too little to contradictory information. Availability Bias:  Many more people suffer from fear of flying than fear of driving in a car. The reason is that many people think flying is more dangerous. If flying on a commercial airline was as dangerous as driving, the equivalent of two 747s filled to capacity would have to crash every week, killing all aboard, to match the risk of being killed in a car accident.But the media give a lot more attention to air accidents, so we tend to overstate the risk of flying and understate the risk of driving. This illustrates an example of the availability bias, which is the tendency for peop le to base their judgments on information that is readily available to them. Events that evoke emotions, that are particularly vivid, or that have occurred more recently tend to be more available in our memory. As a result, we tend to be prone to overestimating unlikely events like an airplane crash.The availability bias can also explain why managers, when doing annual performance appraisals, tend to give more weight to recent behaviors of an employee than those behaviors of six or nine months ago. Escalation of Commitment Error:  Another distortion that creeps into decisions in practice is a tendency to escalate commitment when a decision stream represents a series of decisions. Escalation of commitment refers to staying with a decision even when there is clear evidence that itaâ‚ ¬Ã¢â€ž ¢s wrong.An example of this is of my friend, who has been dating a woman for about four years. He admitted that things werenaâ‚ ¬Ã¢â€ž ¢t going too well in their relationship; he informed m e that he was going to marry the woman. A bit surprised by his decision, I asked him why. He responded: aâ‚ ¬? I have a lot invested in the relationship! aâ‚ ¬? It has been well documented that individuals escalate commitment to a failing course of action when they view themselves as a responsible for the failure. That is they aâ‚ ¬? throw good money after badaâ‚ ¬? o demonstrate that their initial decision wasnaâ‚ ¬Ã¢â€ž ¢t wrong and to avoid having to admit they made a mistake. Escalation of commitment is also congruent with evidence that people try to appear consistent in what they say and do. Increasing commitment to previous actions conveys consistency. Escalation of commitment has obvious implications for managerial decisions. Many an organization has suffered large losses because a manager was determined to prove his or her original decision was right by continuing to commit resources to what was a lost cause from the beginning.In addition, consistency is a cha racteristic often associated with effective leaders. So managers, in an effort to appear effective, may be motivated to be consistent when switching to another course of action. In reality, effective managers are those who are able to differentiate between situations in which persistence will pay off and situations in which it will not. http://www. citeman. com/384-common-biases-and-errors-in-decision-making-process. html

Religion Is A Major Source Of Gender And Sexual Inequality

Religion is a major source of gender and sexual inequality. Religion is important in society as it contributes significantly to social solidarity. However religion can also be regarded as a source of alienation in which people lose the connection with themselves and their fellow humans. Marx believed that religion can also be seen as a contributor to oppression because not only does it encourage meekness and passivity and deflected people from resisting suffering in this world (Van Krieken et al 2014, p.312). The ideas of masculinity and femininity, expectations of women and men, judgments of women s and men s actions, rules about proper male and female behavior applied to children, different treatment between men and women are all ideas†¦show more content†¦Piaget’s Stages of Cognitive Development states during a child’s age of 2-7 â€Å"speech becomes more social†¦has an intuitive grasp of logical concepts and concepts formed are crude and irreversibleà ¢â‚¬ , which makes a child or children tremendously vulnerable to social perceptions set by the parents who’s perceptions are influenced by their particular religion (Child Development Institute, 1999-2015) Throughout all children’s upbringing social programming is involved. Social programming occurs when parents pass down morals, values and behaviors to they’re children with religion being but not limited to the result of social programming. Taking a child to a certain church consistently will allow that child or children to identify him or herself as a part of that specific religion. With finding their place in religion children develop behaviors, values and morals that their parents have learned in accordance with their gender. Gender inequality is strongly influenced at a young age and is passed down from generations to generations Another factor of gender inequality in the upbringing of children are gender roles. The division of chores at home forces a developing awareness of unfair normative gender stereotypes on children from a dangerously young age. Spain expects equality of all adults, having enshrined legal sanctions against married men who refuse to do housework in 2005 and also the latest

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. 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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. 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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