Beginning in 1935, the federal Home Owners' Loan Corporation worked with local mortgage lenders to evaluate the "trend of desirability" in residential areas in Hartford and over 200 other cities. The HOLC portrayed its appraisal report in a color-coded map with the highest grade (A) in green and the lowest grade (D) in red. This government agency considered not only housing conditions, but also the "social status of the population," and downgraded neighborhoods with non-white, immigrant, and poor residents. In later decades, these actions became associated with the discriminatory practice of "redlining." The University of Connecticut MAGIC center hosts an historical interactive map and links to all of the source materials, located at: http://magic.lib.uconn.edu/otl/doclink_holc.html
We investigate the ability of small business borrowers to signal to investors their credit worthiness through the use of text descriptions in the peer‐to‐peer lending market. Specifically, we examine the relationship between the loan description written by a borrower and whether or not the project is funded by investors. Using textual analysis, we find that small business loan descriptions can be used to predict the likelihood that the loan will be funded. We also find that an index, created from a textual analysis of the words used in the loan description, can forecast the performance of the loan, specifically whether or not the loan defaults. This index has the strongest impact when we focus on borrowers with low FICO scores, suggesting that for these individuals the description can signal information that standard measures used for lending purposes cannot. Overall, it appears as though investors are making investment decisions based on proper and relevant signals given by the borrowers through the loan description. (JELD47, D53, D82, D83, G14, G21)
Main description: Petra Josephine Brenner analysiert aktuelle Rechtsprobleme bei der Verfolgung von Exit-Strategien für notleidende Kredite; namentlich dem Verkauf notleidender Kredite (True-Sale), der Einbringung notleidender Forderungen als Sacheinlage in die sanierungsbedürftige Gesellschaft im Wege des Debt-equity Swaps sowie der Auslagerung des Problemkreditmanagements (Outsourcing).Neben zivilrechtlichen Fragestellungen, untersucht die Autorin im Kapitel True-Sale auch regulatorische, insolvenzrechtliche und steuerliche Aspekte einer solchen Transaktion. Im Rahmen des Kapitels Debt-to-equity Swap wird neben einer Darstellung des Ablaufs insbesondere auf das Sanierungsprivileg nach InsO und WpÜG eingegangen.Im Kapitel Outsourcing konzentriert sich die Darstellung auf die aufsichtsrechtlichen Anforderungen, die an eine Auslagerung des Problemkreditmanagements zu stellen sind sowie auf Fragen des Betriebsübergangs.
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This report provides a short history and basic description of the Federal Home Loan Bank System, its responsibilities, and its ties to the government. It also discusses issues affecting the Banks and highlights the differences between the FHLB and the other two housing-related GSEs.
"This book discusses the most critical issues relating to the recovery of bad loans--a major problem that European banks urgently need to address and resolve. The book describes, in an innovative but also pragmatic way, the new approaches, techniques, and models for optimal management of non-performing loans (NPLs) and the maximization of their recovery value. Drawing on a rigorous academic background and the latest real-life experiences of major European banks, it details a novel means of dealing with NPLs based on velocity, the holistic use of tools and 'accelerators', and the active management of collaterals. Also, there is a specific focus on the smart use of 'big data' and on the development of 'bad banks', at both the single bank and the system-wide level. Ultimately, credit workout is defined as a core capability for any competitive bank--and as a quite interesting business opportunity for independent, specialized 'alpha' players."--Publisher's description
The aim of this paper is to review some of the existing tests for competition in Brazilian banking, as well as to propose an alternative. After the description of the institutional setting of the Brazilian Banking system on this period, the competition tests on the literature were reviewed, beginning with the test proposed by Panzar and Rosse (1987). The market does not seem to be in long-run equilibrium, implying only the market does not seem to find itself in collusive outcome. The next step was to try a new methodology, applied by Moreno, Martínez and Ruiz (2006) for the Spanish banking market. On this methodology, in which the assumption of equality of conduct parameters between firms and time periods is relaxed, the results indicate that, for some firms and in some time periods, a cooperative conduct in fact is present.
This paper aims to propose a solution for the current problem of Non-Performing Loans (NPLs) in the Portuguese banking system. The analysis starts with an overview of the theoretical responses to an overall NPL problem. This is followed by a description of the relevant events in the last decade within the Portuguese banking system and of the solution currently being studied by the Portuguese government. The paper concludes that the solution has severe flaws, and proposes an alternative solution that consists on a centralized asset management company.
The rule which is issued by the government more or less is always giving effect for the finance sectors generally and the stocks especialy. One of those rules is about Surat Edaran Bank Indonesia No. 14 / 10 / DPNP of Implementation of Risk Management in Banks Doing Lending for Home Ownership and Vehicle Credit. The purpose of the research is knowing the effect of that rule in properties and real estate stocks price activity. The description research through analyzing the stocks price activities graphic of the properties and real estate stocks. The author reach a conclusion that generally, stocks price is affected by the loan to value rule. Keywords: stocks, stocks price, properties and real estate, risk management in banks, , home ownership,loan to value.
AbstractThis paper describes a conceptually sound and powerful model to aid bank managers in short and long range decision making for the management of the financial performance of the bank. The planning model is a key element in an integrated computer‐based planning system which includes a forecast of economic, monetary, and loan market conditions, an analysis of internal relationships, and a system of reports which provide management with access to historical data and planning summaries.The planning model at the heart of the system, contains an imbedded linear programming algorithm to optimize "balance sheet management" decisions within liquidity and capital adequacy constraints. The model recognizes the interaction between assets and liabilities, it recognizes the time value of money, and it accommodates the difference between the net marginal yield for decision making, and the gross average yield used for determining revenue. Finally, the model recognizes the crucial role of liquidity with an important treatment of gross cash flows from normal asset turnover as a major source of liquidity, and the liquidity aspects of liabilities, as well as the more traditional concept of asset marketability.
The vocabulary of each language consists of words that enable people to call the things they see and express their attitude towards them, characterize and compare them with the others. To do it, one uses lexical and grammatical means of native language and the borrowed ones from other kindred languages and unrelated languages. If in the beginning these "foreign" words are perceived as exoticisms, with time, without suspecting of their foreign origin, they can enter into its active lexical fund, take a place in dictionaries, be actively used in oral and written speech. However, they may be forgotten, not accepted by the canons of the language, or become archaisms and historicisms. The relevance of the study is explained by the tasks of revealing the role of the activity of loan words with the synonymy of the Tatar language. The article presents the materials that reflect the experience of research of the teachers of the Kazan Federal University in cooperation with the colleagues from other countries on the study of Turkic languages, including the Tatar language in synchrony and diachrony. It is well known that the etymological affinity of the borrowed lexicon from different languages is not the same, as well as their morphological and semantic features. If the most active words are the words related to nouns and adjectives, then verb forms in Turkic languages are rarely borrowed. This paper aim is a lexico-semantic description of the synonymous connections of the verbs with borrowed stems in the Tatar language, as one of the representatives of the Turkic world. During the research, the authors got insight into modern works of Russian and foreign authors on linguistics, philology; analyzed the lexical material fixed in bilingual dictionaries and in "The Dictionary of Synonyms" of the Tatar language; made comparisons of the dictionary fund and practical Tatar speech; revealed the basic tendencies of development of the modern literary language.
Novel species of fungi described in this study include those from various countries as follows: Algeria, Phaeoacremonium adelophialidum from Vitis vinifera. Antarctica, Comoclathris antarctica from soil. Australia, Coniochaeta salicifolia as endophyte from healthy leaves of Geijera salicifolia, Eremothecium peggii in fruit of Citrus australis, Microdochium ratticaudae from stem of Sporobolus natalensis, Neocelosporium corymbiae on stems of Corymbia variegata, Phytophthora kelmanii from rhizosphere soil of Ptilotus pyramidatus, Pseudosydowia backhousiae on living leaves of Backhousia citriodora, Pseudosydowia indoor oopillyensis, Pseudosydowia louisecottisiae and Pseudosydowia queenslandica on living leaves of Eucalyptus sp. Brazil, Absidia montepascoalis from soil. Chile, Ilyonectria zarorii from soil under Maytenus boaria. Costa Rica, Colletotrichum filicis from an unidentified fern. Croatia, Mollisia endogranulata on deteriorated hardwood. Czech Republic, Arcopilus navicularis from tea bag with fruit tea, Neosetophoma buxi as endophyte from Buxus sempervirens, Xerochrysium bohemicum on surface of biscuits with chocolate glaze and filled with jam. France, Entoloma cyaneobasale on basic to calcareous soil, Fusarium aconidiale from Triticum aestivum, Fusarium juglandicola from buds of Juglans regia. Germany, Tetraploa endophytica as endophyte from Microthlaspi perfoliatum roots. India, Castanediella ambae on leaves of Mangifera indica, Lactifluus kanadii on soil under Castanopsis sp., Penicillium uttarakhandense from soil. Italy, Penicillium ferraniaense from compost. Namibia, Bezerromyces gobabebensis on leaves of unidentified succulent, Cladosporium stipagrostidicola on leaves of Stipagrostis sp., Cymostachys euphorbiae on leaves of Euphorbia sp., Deniquelata hypolithi from hypolith under a rock, Hysterobrevium walvisbayicola on leaves of unidentified tree, Knufia hypolithi and Knufia walvisbayicola from hypolith under a rock, Lapidomyces stipagrostidicola on leaves of Stipagrostis sp., Nothophaeotheca mirabibensis (incl. Nothophaeotheca gen. nov.) on persistent inflorescence remains of Blepharis obmitrata, Paramyrothecium salvadorae on twigs of Salvadora persica, Preussia procaviicola on dung of Procavia sp., Sordaria equicola on zebra dung, Volutella salvadorae on stems of Salvadora persica. Netherlands, Entoloma ammophilum on sandy soil, Entoloma pseudocruentatum on nutrient poor(acid)soil, Entoloma pudens on plant debris, amongst grasses. [.] ; Leslie W.S. de Freitas and colleagues express their gratitude to Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq) for scholarships provided to Leslie Freitas and for the research grant provided to André Luiz Santiago; their contribution was financed by the projects 'Diversity of Mucoromycotina in the different ecosystems of the Atlantic Rainforest of Pernambuco' (FACEPE–First Projects Program PPP/ FACEPE/CNPq–APQ–0842-2.12/14) and 'Biology of conservation of fungi s.l. in areas of Atlantic Forest of Northeast Brazil' (CNPq/ICMBio 421241/ 2017-9) H.B. Lee was supported by the Graduate Program for the Undiscovered Taxa of Korea (NIBR202130202). The study of O.V. Morozova, E.F. Malysheva, V.F. Malysheva, I.V. Zmitrovich, and L.B. Kalinina was carried out within the framework of a research project of the Komarov Botanical Institute RAS (АААА-А19-119020890079-6) using equipment of its Core Facility Centre 'Cell and Molecular Technologies in Plant Science'. The work of O. V. Morozova, L.B. Kalinina, T. Yu. Svetasheva, and E.A. Zvyagina was financially supported by Russian Foundation for Basic Research project no. 20-04-00349. E.A. Zvyagina and T.Yu. Svetasheva are grateful to A.V. Alexandrova, A.E. Kovalenko, A.S. Baykalova for the loan of specimens, T.Y. James, E.F. Malysheva and V.F. Malysheva for sequencing. J.D. Reyes acknowledges B. Dima for comparing the holotype sequence of Cortinarius bonachei with the sequences in his database. A. Mateos and J.D. Reyes acknowledge L. Quijada for reviewing the phylogeny and S. de la Peña- Lastra and P. Alvarado for their support and help. Vladimir I. Kapitonov and colleagues are grateful to Brigitta Kiss for help with their molecular studies. This study was conducted under research projects of the Tobolsk Complex Scientific Station of the Ural Branch of the Russian Academy of Sciences (N АААА-А19-119011190112-5). E. Larsson acknowledges the Swedish Taxonomy Initiative, SLU Artdatabanken, Uppsala (dha.2019.4.3-13). The study of D.B. Raudabaugh and colleagues was supported by the Schmidt Science Fellows, in partnership with the Rhodes Trust. Gregorio Delgado is grateful to Michael Manning and Kamash Pillai (Eurofins EMLab P&K) for provision of laboratory facilities. Jose G. Maciá-Vicente acknowledges support from the German Research Foundation under grant MA7171/1-1, and from the Landes-Offensive zur Entwicklung Wissenschaftlich-ökonomischer Exzellenz (LOEWE) of the state of Hesse within the framework of the Cluster for Integrative Fungal Research (IPF). Thanks are also due to the authorities of the Cabañeros National Park and Los Alcornocales Natural Park for granting the collection permit and for support during field work. The study of Alina V. Alexandrova was carried out as part of the Scientific Project of the State Order of the Government of Russian Federation to Lomonosov Moscow State University No. 121032300081-7. Michał Gorczak was financially supported by the Ministry of Science and Higher Education through the Faculty of Biology, University of Warsaw intramural grant DSM 0117600- 13. M. Gorczak acknowledges M. Klemens for sharing a photo of the Białowieża Forest logging site and M. Senderowicz for help with preparing the illustration. Ivona Kautmanová and D. Szabóová were funded by the Operational Program of Research and Development and co-financed with the European Fund for Regional Development (EFRD). ITMS 26230120004: 'Building of research and development infrastructure for investigation of genetic biodiversity of organisms and joining IBOL initiative'. Ishika Bera, Aniket Ghosh, Jorinde Nuytinck and Annemieke Verbeken are grateful to the Director, Botanical Survey of India (Kolkata), Head of the Department of Botany & Microbiology & USIC Dept. HNB Garhwal University, Srinagar, Garhwal for providing research facilities. Ishika Bera and Aniket Ghosh acknowledge the staff of the forest department of Arunachal Pradesh for facilitating the macrofungal surveys to the restricted areas. Sergey Volobuev was supported by the Russian Science Foundation (RSF project N 19-77- 00085). Aleksey V. Kachalkin and colleagues were supported by the Russian Science Foundation (grant No. 19-74-10002). The study of Anna M. Glushakova was carried out as part of the Scientific Project of the State Order of the Government of Russian Federation to Lomonosov Moscow State University No. 121040800174-6. Tracey V. Steinrucken and colleagues were supported by AgriFutures Australia (Rural Industries Research and Development Corporation), through funding from the Australian Government Department of Agriculture, Water and the Environment, as part of its Rural Research and Development for Profit program (PRJ-010527). Neven Matočec and colleagues thank the Croatian Science Foundation for their financial support under the project grant HRZZ-IP-2018-01-1736 (ForFungiDNA). Ana Pošta thanks the Croatian Science Foundation for their support under the grant HRZZ-2018-09-7081. The research of Milan Spetik and co-authors was supported by Internal Grant of Mendel University in Brno No. IGAZF/ 2021-SI1003. K.C. Rajeshkumar thanks SERB, the Department of Science and Technology, Government of India for providing financial support under the project CRG/2020/000668 and the Director, Agharkar Research Institute for providing research facilities. Nikhil Ashtekar thanks CSIR-HRDG, INDIA, for financial support under the SRF fellowship (09/670(0090)/2020-EMRI), and acknowledges the support of the DIC Microscopy Facility, established by Dr Karthick Balasubramanian, B&P (Plants) Group, ARI, Pune. The research of Alla Eddine Mahamedi and co-authors was supported by project No. CZ.02.1.01/0.0/0.0/16_017/0002334, Czech Republic. Tereza Tejklová is thanked for providing useful literature. A. Polhorský and colleagues were supported by the Operational Program of Research and Development and co-financed with the European fund for Regional Development (EFRD), ITMS 26230120004: Building of research and development infrastructure for investigation of genetic biodiversity of organisms and joining IBOL initiative. Yu Pei Tan and colleagues thank R. Chen for her technical support. Ernest Lacey thanks the Cooperative Research Centres Projects scheme (CRCPFIVE000119) for its support. Suchada Mongkolsamrit and colleagues were financially supported by the Platform Technology Management Section, National Center for Genetic Engineering and Biotechnology (BIOTEC), Project Grant No. P19-50231. Dilnora Gouliamova and colleagues were supported by a grant from the Bulgarian Science Fund (KP-06-H31/19). The research of Timofey A. Pankratov was supported by the Russian Foundation for Basic Research (grant No. 19-04-00297a). Gabriel Moreno and colleagues wish to express their gratitude to L. Monje and A. Pueblas of the Department of Drawing and Scientific Photography at the University of Alcalá for their help in the digital preparation of the photographs, and to J. Rejos, curator of the AH herbarium, for his assistance with the specimens examined in the present study. Vit Hubka was supported by the Charles University Research Centre program No. 204069. Alena Kubátová was supported by The National Programme on Conservation and Utilization of Microbial Genetic Resources Important for Agriculture (Ministry of Agriculture of the Czech Republic). The Kits van Waveren Foundation (Rijksherbariumfonds Dr E. Kits van Waveren, Leiden, Netherlands) contributed substantially to the costs of sequencing and travelling expenses for M. Noordeloos. The work of B. Dima was supported by the ÚNKP-20-4 New National Excellence Program of the Ministry for Innovation and Technology from the source of the National Research, Development and Innovation Fund, and by the ELTE Thematic Excellence Programme 2020 supported by the National Research, Development and Innovation Office of Hungary (TKP2020-IKA-05). The Norwegian Entoloma studies received funding from the Norwegian Biodiversity Information Centre (NBIC), and the material was partly sequenced through NorBOL. Gunnhild Marthinsen and Katriina Bendiksen (Natural History Museum, University of Oslo, Norway) are acknowledged for performing the main parts of the Entoloma barcoding work. Asunción Morte is grateful to AEI/FEDER, UE (CGL2016-78946-R) and Fundación Séneca - Agencia de Ciencia y Tecnología de la Región de Murcia (20866/PI/18) for financial support. Vladimír Ostrý was supported by the Ministry of Health, Czech Republic - conceptual development of research organization (National Institute of Public Health – NIPH, IN 75010330). Konstanze Bensch (Westerdijk Fungal Biodiversity Institute, Utrecht) is thanked for correcting the spelling of various Latin epithets. ; Peer reviewed