...Burning Down the House: Mortgage Fraud and the Destruction of Residential Neighborhoods Ann Fulmer March 2010 Burning Down the House: Mortgage Fraud and the Destruction of Residential Neighborhoods Mortgage fraud is bank robbery without a gun. 1 It is a high-yield, 2 low risk enterprise that has been reported in all 50 states, Puerto Rico, Guam, American Samoa, 3 Canada, 4 New Zealand, 5 Australia, 6 and England. 7 In the United States, it is committed by organized international and domestic rings, 8 street gangs, 9 terrorists, 10 drug traffickers, 11 real estate agents, 12 closing attorneys, 13 appraisers, 14 mortgage brokers, 15 The targeted victims distinguish mortgage fraud from predatory lending. In predatory lending cases the borrower is victimized by the illegal practices of the lender or its agents with respect to fees and disclosures relating to the cost of the loan. It is unfortunate that the media, consumer activists, legislators and law enforcement personnel frequently conflate mortgage fraud with predatory lending since it adds unnecessary confusion to an already complex issue and diverts attention and badly needed resources from the fight against true mortgage fraud. 2 The average “take” on a bank robbery is approximately $3,000.00. By contrast, the average straw borrower receives a “cut” of at least $10,000 and the orchestrator’s “take” in a mortgage fraud transaction frequently exceeds $100,000. In a few cases the orchestrator’s take was in excess of $1...
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...Geothermal Energy EM 530 – Energy, Economics & the Environment Josh Marder – Nicole Glick – Ali Yasir – Giovanni Rumbolo 4/20/2012 TABLE OF CONTENTS Problem Statement: Introduction: Page 2 Page 2 Past and Present Uses: Page 3 Energy: Economics: Environment: Risk Analysis: Recommendations: Page 7 Page 19 Page 28 Page 32 Page 34 1 PROBLEM STATEMENT There is a looming energy crisis in the United States, as the country is currently relying on a finite supply of fossil fuels. This energy crisis, along with economic growth and environmental stability must be sustained by developing alternative, renewable energy sources. Population is expanding at a geometric rate and each doubling will increase energy demand that will far exceed supply. China and India have recently developed into industrialized nations and several more will follow. Many leading scientists describe the “tipping point” for carbon dioxide emissions as having already passed, meaning it could be too late for renewable energy options to have an impact (McKibben, 2008). However, until the full impact is determined, scientists worldwide should be developing energy alternatives, in order to help stabilize the environment, secure national policy interests and boost to the economy. Geothermal energy represents a sizeable, renewable power source and is one of several alternative energy options that should be utilized. In order for this technology to be able to move forward with any success, it must achieve the...
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...Preface A well-developed knowledge of clinical microbiology is critical for the practicing physician in any medical field. Bacteria, viruses, and protozoans have no respect for the distinction between ophthalmology, pediatrics, trauma surgery, or geriatric medicine. As a physician you will be faced daily with the concepts of microbial disease and antimicrobial therapy. Microbiology is one of the few courses where much of the "minutia" is regularly used by the practicing physician. This book attempts to facilitate the learning of microbiology by presenting the information in a clear and entertaining manner brimming with memory aids. Our approach has been to: 4) Create a conceptual, organized approach to the organisms studied so the student relies less on memory and more on logical pathophysiology. The text has been updated to include current information on rapidly developing topics, such as HIV and AIDS (vaccine efforts and all the new anti-HIV medications), Ebola virus, Hantavirus, E. coli outbreaks, Mad Cow Disease, and brand-new antimicrobial antibiotics. The mnemonics and cartoons in this book do not intend disrespect for any particular patient population or racial or ethnic group but are solely presented as memory devices to assist in the learning of a complex and important medical subject. We welcome suggestions for future editions. 1) Write in a conversational style for rapid assimilation. 2) Include numerous figures serving as "visual memory tools" and summary charts...
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...Constitutional Law II Tebbe Spring 08 4 Equality and the Constitution 4 Class 1: Slavery and the Constitution 4 1. The Original Constitution 4 2. State v. Post 4 3. Dred Scott v. Sandford (1857) 4 4. Reconstruction 5 5. Post-Reconstruction Cases 6 Class 2: The Advent of American Constitutional Law: Brown 7 6. RACIAL EQUALITY 7 7. Brown I (1954) The segregation of children in public schools based solely on race violates the Equal Protection Clause. 7 2. Brown II 8 3. What was the constitutional harm in Brown? 8 4. THEORY 8 5. Subsequent School Desegregation 9 Class 3: Local Efforts to Desegregate: Parents Involved 11 6. Parents Involved 11 Class 4: Rational Basis Review: Cleburne, Romer, etc. 13 2. Tiers of Scrutiny 13 3. Beazer (1979) 13 4. Moreno (1973) 14 5. Cleburne (1985) 14 6. Romer (1996) 15 7. Nordlinger (1992) and Allegheny Pittsburgh (1989) 16 8. Lee Optical (1955) 17 Class 5: Racial Classifications and Heightened Scrutiny: Strauder, Korematsu, Loving 17 9. Heightened Scrutiny Analysis 17 10. Strauder (1880) 17 11. Korematsu (1944) 18 12. Loving (1967) 19 13. Theories Supporting Strict Scrutiny of Racial Classifications 20 14. Tiers of Scrutiny 20 15. Tiers of Scrutiny Table 21 Class 6: Facially Neutral Classifications: Washington v. Davis 21 16. Types of Discrimination (from Fall) 21 X. Disparate...
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...JOSÉ LUIS MACHINEA Executive Secretary ALICIA BÁRCENA Deputy Executive Secretary Economic Commission for Latin America and the Caribbean economic commission for latin america and the caribbean C E P A L Review NUMBER 85 APRIL 2005 SANTIAGO, CHILE OSCAR ALTIMIR Director REYNALDO BAJRAJ Deputy Director The CEPAL Review was founded in 1976 and is published three times a year by the United Nations Economic Commission for Latin America and the Caribbean, which has its headquarters in Santiago, Chile. The Review, however, has full editorial independence and follows the usual academic procedures and criteria, including the review of articles by independent external referees. The Review is distributed to universities, research institutes and other international organizations, as well as to individual subscribers, and is also consulted extensively on the Internet. The purpose of the Review is to contribute to the discussion of socio-economic development issues in the region by offering analytical and policy approaches and articles by economists and other social scientists working both within and outside the United Nations. Accordingly, the editorial board of the Review extends its readers an open invitation to submit for publication articles analysing various aspects of economic and social development in Latin America and the Caribbean. The opinions expressed in the signed articles are those of the authors and do not necessarily reflect the views of the...
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...pResented by the society of ActuARies, the cAsuAlty ActuARiAl society And the cAnAdiAn institute of ActuARies Risk Management: The Current Financial Crisis, Lessons Learned and Future Implications Copyright 2008 by the Society of Actuaries. R I s k M a n a g e M e n T: the current financial crisis, lessons learned and future implications introduction the current financial crisis presents a case study of a “financial tsunami” (as former federal Reserve chairman Alan Greenspan recently called it) on what can go wrong. its ramifications are far-reaching and the lessons learned will be embedded in risk management practices for years to come. As one of the premier enterprise risk professions in practice today, the actuarial profession is sharing its substantial insight into what went wrong and the implications for the future. on behalf of the society of Actuaries, the casualty Actuarial society and the canadian institute of Actuaries, we are pleased to provide a series of essays on Risk Management: The Current Financial Crisis, Lessons Learned and Future Implications. this e-book is the result of a call for essays on the subject coordinated by the following groups: • • • • The Joint Risk Management Section of the Society of Actuaries, Casualty Actuarial Society and Canadian institute of Actuaries The Investment Section of the Society of Actuaries International Network of Actuarial Risk Managers Enterprise Risk Management Institute International ...
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...Chap1 Comparing Apples and Oranges The concept of “apples and oranges” relates to the consistency of anything that is compared with something else. Whenever you make a comparison in sentence, you have to make sure the things you compare are , in fact, comparable. Than ①主语比较 1. Because the Earth’s crust is more solid there and thus better able to transmit shock waves, an earthquake in the eastern United States will typically devastate an area 100 times greater than will a quake of comparable magnitude occurring in the West.(D-P35-9) 2.Local residents claim that San Antonio, Texas, has more good Mexican American restaurants than does any other city in the United States. (D-p78-14) 3.The guiding principles of the tax plan released by the Treasury Department could have even greater significance for the economy than do the particulars of the plan. (C-p8-6) 4. Because natural gas is composed mostly of methane, a simple hydrocarbon, vehicles powered by natural gas emit less of certain pollutants than those burning gasoline or diesel fuel. (C-p8-16) 5. The United States government employs a much larger proportion of women in trade negotiations than does any other government. (C-p22-8) 6. The pay of senior executives increased in 1990 by a larger percentage than did the wages of other salaried workers. (C-p67-5) 7. A newly developed jumbo rocket, which is expected to carry the United States into its next phase of space exploration, will be able to deliver a heavier load...
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...A N N U A L REPORT 2015 Financial Highlights As of or for the year ended December 31, (in millions, except per share, ratio data and headcount) Reported basis1 Total net revenue Total noninterest expense Pre-provision profit Provision for credit losses Net income Per common share data Net income per share: Basic Diluted Cash dividends declared Book value Tangible book value2 2015 $ $ $ Selected ratios Return on common equity Return on tangible common equity2 Common equity Tier 1 (“CET1”) capital ratio3 Tier 1 capital ratio3 Total capital ratio3 Selected balance sheet data (period-end) Loans Total assets Deposits Total stockholders’ equity Headcount 93,543 59,014 34,529 3,827 24,442 6.05 6.00 1.72 60.46 48.13 2014 $ $ $ 95,112 61,274 33,838 3,139 21,745 5.33 5.29 1.58 56.98 44.60 11% 13 11.6 13.3 14.7 $ 837,299 2,351,698 1,279,715 247,573 234,598 10% 13 10.2 11.4 12.7 $ 757,336 2,572,274 1,363,427 231,727 241,359 Note: 2014 has been revised to reflect the adoption of new accounting guidance related to debt issuance costs and investments in affordable housing projects. For additional information, see Accounting and Reporting Developments and Note 1 on pages 170 and 183, respectively. 1 Results are presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), except where otherwise noted. 2 Non-GAAP financial measure. For further discussion, see “Explanation and Reconciliation of the Firm’s Use Of Non-GAAP ...
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...THE GREAT RECESSION Since publication of Robert L. Hetzel’s he Monetary Policy of the Federal Reserve (Cambridge University Press, 2008), the intellectual consensus that had characterized macroeconomics has disappeared. hat consensus emphasized eicient markets, rational expectations, and the eicacy of the price system in assuring macroeconomic stability. he 2008–2009 recession not only destroyed the professional consensus about the kinds of models required to understand cyclical luctuations but also revived the credit-cycle or asset-bubble explanations of recession that dominated thinking in the nineteenth century and irst half of the twentieth century. hese “market-disorder” views emphasize excessive risk taking in inancial markets and the need for government regulation. he present book argues for the alternative “monetary-disorder” view of recessions. A review of cyclical instability over the last two centuries places the 2008–2009 recession in the monetary-disorder tradition, which focuses on the monetary instability created by central banks rather than on a boom-bust cycle in inancial markets. Robert L. Hetzel is Senior Economist and Research Advisor in the Research Department of the Federal Reserve Bank of Richmond, where he participates in debates over monetary policy and prepares the bank’s president for meetings of the Federal Open Market Committee. Dr. Hetzel’s research on monetary policy and the history of central banking has appeared in publications...
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...1000 Real GMAT Sentence Correction Questions 1. 1 A “calendar stick” carved centuries ago by the Winnebago tribe may provide the first evidence that the North American Indians have developed advanced full-year calendars basing them on systematic astronomical observation. (A) that the North American Indians have developed advanced full-year calendars basing them (B) of the North American Indians who have developed advanced full-year calendars and based them (C) of the development of advanced full-year calendars by North American Indians, basing them (D) of the North American Indians and their development of advanced full-year calendars based (E) that the North American Indians developed advanced full-year calendars based 2. A 1972 agreement between Canada and the United States reduced the amount of phosphates that municipalities had been allowed to dump into the Great Lakes. (A) reduced the amount of phosphates that municipalities had been allowed to dump (B) reduced the phosphate amount that municipalities had been dumping (C) reduces the phosphate amount municipalities have been allowed to dump (D) reduced the amount of phosphates that municipalities are allowed to dump (E) reduces the amount of phosphates allowed for dumping by municipalities 3. A collection of 38 poems by Phillis Wheatley, a slave, was published in the 1770’s, the first book by a Black woman and it was only the second published by an American woman. (A) it was only the second published by...
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...Annual Report 2010 On June 16, 2011, IBM marks its centennial. As we reflect on our first century, it has sparked new thinking about the possibilities for our second. Join us at IBM100.com A Letter from the Chairman 1 Dear IBM Investor: I am pleased to report that IBM had another strong year in 2010. Your company continued to outperform our industry and the market at large. We once again achieved record pre-tax earnings, record earnings per share, record free cash flow and improved profit margins, with increased revenues. At the same time, we continued to deliver superior returns to you, our owners. Most importantly, we are well positioned to grow as the global economy recovers. These results were made possible by decisions and actions that we undertook a decade ago, based on where we believed the world was shifting. But even more, they are a reflection of the mindset, ambitions and values that have guided IBM since its inception, 100 years ago. As such, our performance in 2010 marks a fitting conclusion to our first century as a corporation, and a promising start to our second. In this letter, I will explain why the long-term thinking and management that IBM has practiced over the past decade have positioned your company advantageously for the next five years and beyond. 2 IBM today IBM’s performance in 2010 is indicative both of our high-value market position and of the discipline we apply to our strategy and operations. Since 2002, we have added $14 billion to IBM’s...
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...62118 0/nm 1/n1 2/nm 3/nm 4/nm 5/nm 6/nm 7/nm 8/nm 9/nm 1990s 0th/pt 1st/p 1th/tc 2nd/p 2th/tc 3rd/p 3th/tc 4th/pt 5th/pt 6th/pt 7th/pt 8th/pt 9th/pt 0s/pt a A AA AAA Aachen/M aardvark/SM Aaren/M Aarhus/M Aarika/M Aaron/M AB aback abacus/SM abaft Abagael/M Abagail/M abalone/SM abandoner/M abandon/LGDRS abandonment/SM abase/LGDSR abasement/S abaser/M abashed/UY abashment/MS abash/SDLG abate/DSRLG abated/U abatement/MS abater/M abattoir/SM Abba/M Abbe/M abbé/S abbess/SM Abbey/M abbey/MS Abbie/M Abbi/M Abbot/M abbot/MS Abbott/M abbr abbrev abbreviated/UA abbreviates/A abbreviate/XDSNG abbreviating/A abbreviation/M Abbye/M Abby/M ABC/M Abdel/M abdicate/NGDSX abdication/M abdomen/SM abdominal/YS abduct/DGS abduction/SM abductor/SM Abdul/M ab/DY abeam Abelard/M Abel/M Abelson/M Abe/M Aberdeen/M Abernathy/M aberrant/YS aberrational aberration/SM abet/S abetted abetting abettor/SM Abeu/M abeyance/MS abeyant Abey/M abhorred abhorrence/MS abhorrent/Y abhorrer/M abhorring abhor/S abidance/MS abide/JGSR abider/M abiding/Y Abidjan/M Abie/M Abigael/M Abigail/M Abigale/M Abilene/M ability/IMES abjection/MS abjectness/SM abject/SGPDY abjuration/SM abjuratory abjurer/M abjure/ZGSRD ablate/VGNSDX ablation/M ablative/SY ablaze abler/E ables/E ablest able/U abloom ablution/MS Ab/M ABM/S abnegate/NGSDX abnegation/M Abner/M abnormality/SM abnormal/SY aboard ...
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