Does the Community Reinvestment Act influence lending? an analysis of changes in bank low-income mortgage activity

Anecdotal evidence that the Community Reinvestment Act (CRA) influences the lending behavior of financial institutions has not been uniformly supported by empirical research. We revisit this issue by evaluating changes in low-income mortgage lending at commercial banks over the 1992-96 period. Our empirical results fail to support a hypothesis that banks respond to public and regulatory pressure exerted as a result of a downgrade in CRA rating by increasing low-income mortgage lending. The findings are consistent with the contention that during this period regulators stressed adjustments in the lending process of banks (e.g., documentation of lending program and efforts directed at targeted markets) more than lending performance. The findings underscore the importance of regulatory efforts made later in the decade to more closely link enforcement of the CRA to lending outcomes.Community Reinvestment Act of 1977 ; Mortgages ; Bank loans ; Financial institutions

X-56A Structural Dynamics Ground Testing Overview and Lessons Learned

The X-56A Multi-Utility Technology Testbed (MUTT) is a subscale, fixed-wing aircraft designed for high-risk aeroelastic flight demonstration and research. Structural dynamics ground testing for model validation was especially important for this vehicle because the structural model was directly used in the development of a flight control system with active flutter suppression capabilities. Structural dynamics ground tests of the X-56A MUTT with coupled rigid-body and structural modes provided a unique set of challenges. An overview of the ground vibration test (GVT) and moment of inertia (MOI) test setup and execution is presented. The series of GVTs included the wing by itself attached to a strongback and complete vehicle at two mass conditions: empty and full fuel. Two boundary conditions for the complete-vehicle test were studied: on landing gear and suspended free-free. Pitch MOI tests were performed using a compound pendulum method and repeated with two different pendulum lengths for independent verification. The original soft-support test configuration for the GVT used multiple bungees, resulting in unforeseen coupling interactions between the soft-support bungees and the vehicle structural modes. To resolve this problem, the soft-support test setup underwent multiple iterations. The various GVT configurations and boundary-condition modifications are highlighted and explained. Lessons learned are captured for future consideration when performing structural dynamics testing with similar vehicles

Influence of Finite Span and Sweep on Active Flow Control Efficacy

Active flow control efficacy was investigated by means of leading-edge and flap-shoulder zero mass-flux blowing slots on a semispan wing model that was tested in unswept (standard) and swept configurations. On the standard configuration, stall commenced inboard, but with sweep the wing stalled initially near the tip. On both configurations, leading-edge perturbations increased CL,max and post stall lift, both with and without deflected flaps. Without sweep, the effect of control was approximately uniform across the wing span but remained effective to high angles of attack near the tip; when sweep was introduced a significant effect was noted inboard, but this effect degraded along the span and produced virtually no meaningful lift enhancement near the tip, irrespective of the tip configuration. In the former case, control strengthened the wingtip vortex; in the latter case, a simple semi-empirical model, based on the trajectory or "streamline" of the evolving perturbation, served to explain the observations. In the absence of sweep, control on finite-span flaps did not differ significantly from their nominally twodimensional counterpart. Control from the flap produced expected lift enhancement and CL,max improvements in the absence of sweep, but these improvements degraded with the introduction of sweep

X-56A Structural Dynamics Ground Testing Overview and Lessons Learned

No abstract availabl

Z2SAL: a translation-based model checker for Z

Despite being widely known and accepted in industry, the Z formal specification language has not so far been well supported by automated verification tools, mostly because of the challenges in handling the abstraction of the language. In this paper we discuss a novel approach to building a model-checker for Z, which involves implementing a translation from Z into SAL, the input language for the Symbolic Analysis Laboratory, a toolset which includes a number of model-checkers and a simulator. The Z2SAL translation deals with a number of important issues, including: mapping unbounded, abstract specifications into bounded, finite models amenable to a BDD-based symbolic checker; converting a non-constructive and piecemeal style of functional specification into a deterministic, automaton-based style of specification; and supporting the rich set-based vocabulary of the Z mathematical toolkit. This paper discusses progress made towards implementing as complete and faithful a translation as possible, while highlighting certain assumptions, respecting certain limitations and making use of available optimisations. The translation is illustrated throughout with examples; and a complete working example is presented, together with performance data

Aeroelastic Response of the Adaptive Compliant Trailing Edge Transtition Section

The Adaptive Compliant Trailing Edge demonstrator was a joint task under the Environmentally Responsible Aviation Project in partnership with the Air Force Research Laboratory and FlexSys, Inc. (Ann Arbor, Michigan), chartered by the National Aeronautics and Space Administration to develop advanced technologies that enable environmentally friendly aircraft, such as continuous mold-line technologies. The Adaptive Compliant Trailing Edge demonstrator encompassed replacing the Fowler flaps on the SubsoniC Aircraft Testbed, a Gulfstream III (Gulfstream Aerospace, Savannah, Georgia) aircraft, with control surfaces developed by FlexSys, Inc., a pair of uniquely-designed, unconventional flaps to be used as lifting surfaces during flight-testing to substantiate their structural effectiveness. The unconventional flaps consisted of a main flap section and two transition sections, inboard and outboard, which demonstrated the continuous mold-line technology. Unique characteristics of the transition sections provided a challenge to the airworthiness assessment for this part of the structure. A series of build-up tests and analyses were conducted to ensure the data required to support the airworthiness assessment were acquired and applied accurately. The transition sections were analyzed both as individual components and as part of the flight-test article assembly. Instrumentation was installed in the transition sections based on the analysis to best capture the in-flight aeroelastic response. Flight-testing was conducted and flight data were acquired to validate the analyses. This paper documents the details of the aeroelastic assessment and in-flight response of the transition sections of the unconventional Adaptive Compliant Trailing Edge flaps

Quasars: a supermassive rotating toroidal black hole interpretation

A supermassive rotating toroidal black hole (TBH) is proposed as the fundamental structure of quasars and other jet-producing active galactic nuclei. Rotating protogalaxies gather matter from the central gaseous region leading to the birth of massive toroidal stars whose internal nuclear reactions proceed very rapidly. Once the nuclear fuel is spent, gravitational collapse produces a slender ring-shaped TBH remnant. These events are typically the first supernovae of the host galaxies. Given time the TBH mass increases through continued accretion by several orders of magnitude, the event horizon swells whilst the central aperture shrinks. The difference in angular velocities between the accreting matter and the TBH induces a magnetic field that is strongest in the region of the central aperture and innermost ergoregion. Due to the presence of negative energy states when such a gravitational vortex is immersed in an electromagnetic field, circumstances are near ideal for energy extraction via non-thermal radiation including the Penrose process and superradiant scattering. This establishes a self-sustaining mechanism whereby the transport of angular momentum away from the quasar by relativistic bi-directional jets reinforces both the modulating magnetic field and the TBH/accretion disk angular velocity differential. Quasar behaviour is extinguished once the BH topology becomes spheroidal. Similar mechanisms may be operating in microquasars, SNe and GRBs when neutron density or BH tori arise. In certain circumstances, long-term TBH stability can be maintained by a negative cosmological constant, otherwise the classical topology theorems must somehow be circumvented. Preliminary evidence is presented that Planck-scale quantum effects may be responsible.Comment: 26 pages, 14 figs, various corrections and enhancements, final versio

Aeroelastic Response of the Adaptive Compliant Trailing Edge Transition Section

This presentation describes an unconventional process for analyzing and validating non-linear aerostructures