The Evolution of Securitization in Multifamily Mortgage markets and Its Effect on lending Rates

Loan purchase and securitization by Freddie Mac, Fannie Mae and private-label commercial mortgage-backed securities (CMBS) grew rapidly during the 1990s and accounted for more than one-half of the net growth in multifamily debt over the decade. By facilitating the integration of the multifamily mortgage market into the broader capital markets, securitization helped to create new sources of credit as some traditional portfolio investors—savings institutions and life insurers—reduced their share of loan holdings. A model of commercial mortgage rates at life insurers, expressed relative to a comparable-term Treasury yield, was estimated over a twenty-two-year period. The parameter estimates supported an option-based pricing model of rate determination; proxies for CMBS activity showed no significant effect.

Small cities and their future

Cities and towns ; Urban economics

Randomized Reference Classifier with Gaussian Distribution and Soft Confusion Matrix Applied to the Improving Weak Classifiers

In this paper, an issue of building the RRC model using probability distributions other than beta distribution is addressed. More precisely, in this paper, we propose to build the RRR model using the truncated normal distribution. Heuristic procedures for expected value and the variance of the truncated-normal distribution are also proposed. The proposed approach is tested using SCM-based model for testing the consequences of applying the truncated normal distribution in the RRC model. The experimental evaluation is performed using four different base classifiers and seven quality measures. The results showed that the proposed approach is comparable to the RRC model built using beta distribution. What is more, for some base classifiers, the truncated-normal-based SCM algorithm turned out to be better at discovering objects coming from minority classes.Comment: arXiv admin note: text overlap with arXiv:1901.0882

Excitation of Kaluza-Klein gravitational mode

We investigate excitation of Kaluza-Klein modes due to the parametric resonance caused by oscillation of radius of compactification. We consider a gravitational perturbation around a D-dimensional spacetime, which we compactify on a (D-4)-sphere to obtain a 4-dimensional theory. The perturbation includes the so-called Kaluza-Klein modes, which are massive in 4-dimension, as well as zero modes, which is massless in 4-dimension. These modes appear as scalar, vector and second-rank symmetric tensor fields in the 4-dimensional theory. Since Kaluza-Klein modes are troublesome in cosmology, quanta of these Kaluza-Klein modes should not be excited abundantly. However, if radius of compactification oscillates, then masses of Kaluza-Klein modes also oscillate and, thus, parametric resonance of Kaluza-Klein modes may occur to excite their quanta. In this paper we consider part of Kaluza-Klein modes which correspond to massive scalar fields in 4-dimension and investigate whether quanta of these modes are excited or not in the so called narrow resonance regime of the parametric resonance. We conclude that at least in the narrow resonance regime quanta of these modes are not excited so catastrophically.Comment: 15 pages LaTeX, submitted to Phys.Rev.

Plastic deformation of the CaMg2 C14-Laves phase from 50 - 250°C

Intermetallic phases can significantly improve the creep resistance of magnesium alloys, extending their use to higher temperatures. However, little is known about the deformation behaviour of these phases at application temperatures, which are commonly below their macroscopic brittle-to-ductile-transition temperature. In this study, we therefore investigate the activation of different slip systems of the CaMg2 phase and the occurrence of serrated yielding in the temperature range from 50°C to 250°C. A decreasing amount of serrated flow with increasing temperature suggests that solute atoms govern the flow behaviour when the CaMg2 phase is off-stoichiometric

1.3 mm Wavelength VLBI of Sagittarius A*: Detection of Time-Variable Emission on Event Horizon Scales

Sagittarius A*, the ~4 x 10^6 solar mass black hole candidate at the Galactic Center, can be studied on Schwarzschild radius scales with (sub)millimeter wavelength Very Long Baseline Interferometry (VLBI). We report on 1.3 mm wavelength observations of Sgr A* using a VLBI array consisting of the JCMT on Mauna Kea, the ARO/SMT on Mt. Graham in Arizona, and two telescopes of the CARMA array at Cedar Flat in California. Both Sgr A* and the quasar calibrator 1924-292 were observed over three consecutive nights, and both sources were clearly detected on all baselines. For the first time, we are able to extract 1.3 mm VLBI interferometer phase information on Sgr A* through measurement of closure phase on the triangle of baselines. On the third night of observing, the correlated flux density of Sgr A* on all VLBI baselines increased relative to the first two nights, providing strong evidence for time-variable change on scales of a few Schwarzschild radii. These results suggest that future VLBI observations with greater sensitivity and additional baselines will play a valuable role in determining the structure of emission near the event horizon of Sgr A*.Comment: 8 pages, submitted to ApJ

Shrub Communities, Spatial Patterns, and Shrub-Mediated Tree Mortality following Reintroduced Fire in Yosemite National Park, California, USA

Shrubs contribute to the forest fuel load; their distribution is important to tree mortality and regeneration, and vertebrate occupancy. We used a method new to fire ecology—extensive continuous mapping of trees and shrub patches within a single large (25.6 ha) study site—to identify changes in shrub area, biomass, and spatial pattern due to fire reintroduction by a backfire following a century of fire exclusion in lower montane forests of the Sierra Nevada, California, USA. We examined whether trees in close proximity to shrubs prior to fire experienced higher mortality rates than trees in areas without shrubs. We calculated shrub biomass using demography subplots and existing allometric equations, and we developed new equations for beaked hazel (Corylus cornuta ssp. californica [A. de Candolle] E. Murray) from full dissection of 50 stems. Fire decreased shrub patch area from 15.1 % to 0.9 %, reduced live shrub biomass from 3.49 Mg ha−1 to 0.27 Mg ha−1, and consumed 4.41 Mg ha−1 of living and dead shrubs. Distinct (non-overlapping) shrub patches decreased from 47 ha−1 to 6 ha−1. The mean distance between shrub patches increased 135 %. Distances between montane chaparral patches increased 285 %, compared to a 54 % increase in distances between riparian shrub patches and an increase of 267 % between generalist shrub patches. Fire-related tree mortality within shrub patches was marginally lower (67.6 % versus 71.8 %), showing a contrasting effect of shrubs on tree mortality between this forest ecosystem and chaparral-dominated ecosystems in which most trees are killed by fire

Resolving the inner jet structure of 1924-292 with the EVENT HORIZON TELESCOPE

We present the first 1.3 mm (230 GHz) very long baseline interferometry model image of an AGN jet using closure phase techniques with a four-element array. The model image of the quasar 1924-292 was obtained with four telescopes at three observatories: the James Clerk Maxwell Telescope (JCMT) on Mauna Kea in Hawaii, the Arizona Radio Observatory's Submillimeter Telescope (SMT) in Arizona, and two telescopes of the Combined Array for Research in Millimeterwave Astronomy (CARMA) in California in April 2009. With the greatly improved resolution compared with previous observations and robust closure phase measurement, the inner jet structure of 1924-292 was spatially resolved. The inner jet extends to the northwest along a position angle of $-53^\circ$ at a distance of 0.38\,mas from the tentatively identified core, in agreement with the inner jet structure inferred from lower frequencies, and making a position angle difference of $\sim 80^{\circ}$ with respect to the cm-jet. The size of the compact core is 0.15\,pc with a brightness temperature of $1.2\times10^{11}$\,K. Compared with those measured at lower frequencies, the low brightness temperature may argue in favor of the decelerating jet model or particle-cascade models. The successful measurement of closure phase paves the way for imaging and time resolving Sgr A* and nearby AGN with the Event Horizon Telescope.Comment: 6 pages, 4 figures, accepted for publication in ApJ