How Do Predatory Lending Laws Influence Mortgage Lending in Urban Areas? A Tale of Two Cities

This paper examines the effects of predatory lending laws in the cities of Chicago and Philadelphia. The level of mortgage activity in each of the cities is compared during the pre- and post-legislative periods relative to other parts of the state to assess the impact of localized legislation. In Chicago, where the predatory lending law focused on banks, a subprime origination in the city was found to be more likely to be made by a nonbank after the passage of the law. In Philadelphia, however, where the predatory legislation was aimed at all financial service providers, a decline was observed in the likelihood of a subprime loan being originated in the city during the post-legislation period, with the minority and low-income market segments experiencing the largest reduction.

Support and power plant documentation for the gas turbine powered bus demonstration program

The operational experience obtained for the GT404-4 gas turbine engines in the intercity and intracity Bus Demonstration Programs is described for the period January 1980 through September 1981. Support for the engines and automatic transmissions involved in this program provided engineering and field service, spare parts and tools, training, and factory overhauls. the Greyhound (intercity) coaches accumulated 183,054 mi (294,595 km) and 5154 hr of total operation. The Baltimore Transit (intracity) coaches accumulated 40,567 mi (65,285 km) and 1840 hr of total operation. In service, the turbine powered Greyhound and Transit coaches achieved approximately 25% and 40% lower fuel mileage, respectively, than did the production diesel powered coaches. The gas turbine engine will require the advanced ceramic development currently being sponsored by the DOE and NASA to achieve fuel economy equivalent not only to that of today's diesel engines but also to the projected fuel economy of the advanced diesel engines of the 1990s. Sufficient experience was not achieved with the coaches prior to the start of service to identify and eliminate many of the problems associated with the startup of new equipment. Because of these problems, the mean miles between incident were unacceptably low. The future gas turbine system should be developed sufficiently to establish satisfactory durability prior to evaluation in revenue service. Commercialization of the gas turbine bus engine remains a viable goal for the future

The Influence of Bureau Scores, Customized Scores and Judgmental Review on the Bank Underwriting Decision-Making Process

In recent years commercial banks have moved toward automated forms of underwriting. This study employs unique bank loan-level data from a scoring lender to determine whether automated underwriting exhibits a potential ‘‘disparate impact’’ across income strata. The findings indicate that strict application of this custom scoring model leads to higher denial rates for low- to moderate-income borrowers when compared with both a naý¨ve judgmental system and a bureau scoring approach. These results suggest that financial regulators should focus more resources on the evaluation and study of customized scoring models.

Disciplina delle crisi dell’impresa societaria, doveri degli amministratori e strumenti di pianificazione: l’esperienza italiana

In materia di diritto della crisi molti ordinamenti e fra questi quello italiano si vanno lentamente “riassestando” secondo due direttrici fondamentali: la direttrice della progressiva anticipazione, dal punto di vista temporale, di quella che può definirsi la “soglia di attenzione” per le vicende di crisi; e la direttrice della crescente rilevanza degli strumenti di pianificazione in funzione di prevenzione o di soluzione delle crisi. Per la prima direttrice, con riferimento all’ordinamento italiano, basterà ricordare l’introduzione, ad opera della legge delega n. 155 del 2017, della disciplina degli strumenti di allerta e prevenzione, che fanno perno soprattutto sui particolari doveri gravanti sugli amministratori e che dovrebbero avere ad oggetto non soltanto le situazioni di crisi in senso stretto – intesa cioè come probabilità di insolvenza – ma anche tutte le situazioni di difficoltà suscettibili di sfociare in una crisi in senso stretto. Per quanto riguarda la seconda direttrice, basterà ricordare, sempre con riferimento all’ordinamento italiano, le diverse figure introdotte dalla riforma del 2005/2007, del piano di risanamento attestato, del piano nel concordato preventivo, del programma di liquidazione nel fallimento, figure sopravvenute a quella, primigenia, dei programmi di ristrutturazione o di cessione dell’amministrazione straordinaria ed alle quali si sono successivamente aggiunte altre figure: quella del piano nelle procedure di sovraindebitamento di tipo compositivo introdotte dalla l. n. 3/2012 (una sola delle quali, peraltro, può riguardare imprese anche in forma societaria), quella del programma di risoluzione previsto dalla nuova disciplina delle crisi delle imprese bancarie ed infine quella del piano di risanamento contemplato dalla recente normativa relativa alle società a partecipazione pubblica (art. 14, comma 2, d.lgs. n. 175/2016). Il saggio dà conto, da un lato, della disciplina degli strumenti di allerta e prevenzione nel contesto delle crisi delle imprese societarie e dei correlati doveri degli amministratori e, dall’altro, della disciplina delle diverse figure pianificatorie presenti nell’ordinamento italiano. In ultimo, prendendo spunto dalla speciale disciplina dell’impresa bancaria, viene posto l’interrogativo in ordine all’opportunità di arretrare la soglia di attenzione delle situazioni di difficoltà della società sino al punto di giungere alla enucleazione di un obbligo in capo all’organo di amministrazione di predisporre adeguati assetti organizzativi che contemplino, tra l’altro, la pianificazione della gestione di una crisi dell’ente collettivo né attuale né imminente, bensì meramente ipotetica

Evidence of a new low field cross-over in the vortex critical velocity of type-II superconducting thin films

We measure current-voltage characteristics as function of magnetic field and temperature in Nb strips of different thickness and width. The instability voltage of the flux flow state related to the vortex critical velocity v* is studied and compared with the Larkin-Ovchinnikov theory. Beside the usual power-law dependence v* ~ B^-1/2, in the low field range a new cross-over field, Bcr1, is observed below which v* decreases by further lowering the external magnetic field B. We ascribe this unexpected cross-over to vortex channeling due to a fan-like penetration of the applied magnetic field as confirmed by magneto-optic imaging. The observation of Bcr1 becomes a direct evidence of a general feature in type-II superconducting films at low fields, that is a channel-like vortex motion induced by the inhomogeneous magnetic state caused by the relatively strong pinning

Vision based robot-to-robot object handover

This paper presents an autonomous robot-to-robot object handover in the presence of uncertainties and in the absence of explicit communication. Both the giver and receiver robots are equipped with an eye-in-hand depth camera. The object to handle is roughly positioned in the field of view of the giver robot's camera and a deep learning based approach is adopted for detecting the object. The physical exchange is performed by recurring to an estimate of the contact forces and an impedance control, which allows the receiver robot to perceive the presence of the object and the giver one to recognize that the handover is complete. Experimental results, conducted on a couple of collaborative 7 DoF manipulators in a partially structured environment, demonstrate the effectiveness of the proposed approach

Dynamic Tests on a Steel Frame Equipped with Hysteretic and Visco-Re-Centring Energy Dissipating Bracing Systems

Abstract An extensive program of dynamic experimental tests, named JetPacs (Joint Experimental Testing on Passive and semiActive Control Systems), has been carried out at the Structural Laboratory of the University of Basilicata considering a 1:1.5 scaled three-dimensional steel frame, derived from a 2-storey, 1-bay prototype building. The JetPacs Project was developed within the RELUIS 2005-08 project, founded by Italian Dept. of Civil Protection. This work refers to the experimental tests on the model equipped with two different EDB systems based on Hysteretic Dampers (HD) and visco-re-centering devices (SMA+VD). The devices were designed with the purpose of limiting the inter-storey drifts so that the frame yielding is surely prevented. The visco-re-centering device was obtained by coupling Viscous Dampers (VD), with re-centering device based on shape memory alloy (SMA) wires, while the Hysteretic Damper was constituted by low-carbon U-shaped steel plates. The main objective of this paper is to compare the seismic response of the structure with SMA+VD and HD EDB's in order to calibrate a new performance based design procedure for the evaluation of the mechanical characteristics of SMA+VD devices. In this paper, the experimental results of the shaking table tests, in terms of comparison of both design solutions which lead to a comparable level of protection for the framed structure, are shown. The results obtained by numerical nonlinear time history analysis (NTHA) of both design solutions are also showed and compared with experimental ones

On the Integrable Structure of the Ising Model

Starting from the lattice $A_3$ realization of the Ising model defined on a strip with integrable boundary conditions, the exact spectrum (including excited states) of all the local integrals of motion is derived in the continuum limit by means of TBA techniques. It is also possible to follow the massive flow of this spectrum between the UV $c=1/2$ conformal fixed point and the massive IR theory. The UV expression of the eigenstates of such integrals of motion in terms of Virasoro modes is found to have only rational coefficients and their fermionic representation turns out to be simply related to the quantum numbers describing the spectrum.Comment: 18 pages, no figure

Some Evidence On The Secondary Market Trading Of Syndicated Loans

An important recent development in U. S. capital markets is the tremendous growth in the secondary market trading of syndicated loans. This paper uses a unique trading data set for syndicated loans over the period 1997 to 2003 to empirically investigate two major issues. First, we present a statistical overview of the recent growth in the secondary market trading of syndicated loans. Second, we examine the determinants of which syndicated loans are most likely to be traded in the secondary market using binomial logistic regression models. We find that syndicated loans that are larger, have longer maturities, are underwritten by larger syndicates, and are used for debt repayment, takeovers, and leveraged buyouts are more likely to be traded. Lender reputation plays an important role as well, with loans originated by very active lenders more likely to be traded.  We also find that syndicated loans made to borrowers with only senior debt ratings are more likely to be traded in the secondary market than loans made to borrowers with both a debt rating and equity that trades in a stock exchange. This result most likely reflects the growing demand of institutional investors for the higher yields of levered and highly levered syndicated loans made to riskier opaque borrowers with less available market information