Reducing the impact of real estate foreclosures with amortizing participation mortgages.

We employ Amortizing Participation Mortgage (APM) to offer a novel ex post renegotiation method of a foreclosure. APM belongs to the family of home loan credit facilities advocated in the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010. In our framework, APMs reduce the endemic agency costs of debt by improving affordability. These benefits increase the demand for real estate in bust times and reduce fragility of the financial system thereby preventing foreclosures. We evaluate APMs in a stochastic control framework and provide solutions for an optimal amortization schedule. We generalize our approach to partially amortizing and commercial mortgages which encompass balloon payments. Finally, we provide concrete numerical examples of home loan modifications. We also offer detailed sensitivity analysis to market parameters such as house price volatility and interest rates

Integrated chronological control on an archaeologically significant Pleistocene river terrace sequence: the Thames-Medway, eastern Essex, England

Late Middle Pleistocene Thames-Medway deposits in eastern Essex comprise both large expanses of Palaeolithic artefact-bearing river sands/gravels and deep channels infilled with thick sequences of fossiliferous fine-grained estuarine sediments that yield valuable palaeoenvironmental information. Until recently, chronological control on these deposits was limited to terrace stratigraphy and limited amino-acid racemisation (AAR) determinations. Recent developments in both this and optically stimulated luminescence (OSL) dating make them potentially powerful tools for improving the chronological control on such sequences. This paper reports new AAR analyses and initial OSL dating from the deposits in this region. These results will help with ongoing investigation of patterns of early human settlement. Using AAR, the attribution by previous workers of the interglacial channel deposits to both MIS 11 (Tillingham Clay) and MIS 9 (Rochford and Shoeburyness Clays) is reinforced. Where there are direct stratigraphic relationships between AAR and OSL as with the Cudmore Grove and Rochford Clays and associated gravels, they agree well. Where OSL dating is the only technique available, it seems to replicate well, but must be treated with caution since there are relatively few aliquots. It is suggested on the basis of this initial OSL dating that the gravel deposits date from MIS 8 (Rochford and Cudmore Grove Gravels) and potentially also MIS 6 (Dammer Wick and Barling Gravels). However, the archaeological evidence from the Barling Gravel and the suggested correlations between this sequence and upstream Thames terraces conflict with this latter age estimate and suggest that it may need more investigation

Reducing the Impact of Real Estate Foreclosures with Amortizing Participation Mortgages

We employ Amortizing Participation Mortgage (APM) to offer a novel ex post renegotiation method of a foreclosure. APM belongs to the family of home loan credit facilities advocated in the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010. In our framework, APMs reduce the endemic agency costs of debt by improving affordability. These benefits increase the demand for real estate in bust times and reduce fragility of the financial system thereby preventing foreclosures. We evaluate APMs in a stochastic control framework and provide solutions for an optimal amortization schedule. We generalize our approach to partially amortizing and commercial mortgages which encompass balloon payments. Finally, we provide concrete numerical examples of home loan modifications. We also offer detailed sensitivity analysis to market parameters such as house price volatility and interest rates

The challenges of alleviating poverty through ecological restoration: Insights from South Africa's "Working for Water" program

Public works programs have been posited as win–win solutions for achieving societal goals for ecological restoration and poverty alleviation. However, little is documented regarding the challenges of implementing such projects. A commonly cited example is South Africa’s invasive alien plant control program “Working for Water” (WfW), which aims to create employment via restoring landscapes invaded with alien plants. Recent studies have raised questions over the effectiveness of this program in achieving both its restoration and poverty alleviation goals. This is the first study that we are aware of that synthesizes the knowledge of managers on both the poverty alleviation and environmental outcomes of a public works project. Herein, we sought to understand the challenges and constraints faced by 23 WfW managers in fulfilling the program’s environmental and poverty alleviation objectives. We found that the challenges most frequently cited by managers related to the capacity and competence of managers and teams, followed by challenges relating to planning and coordination, specifically the challenges of being flexible and adaptive when constrained by operating procedures. In addition, the current focus on maximizing short-term employment was perceived by some as limiting the efficiency and long-term effectiveness of the WfW program in achieving its environmental and social goals. We suggest that improving the conditions and duration of employment could improve the effectiveness of invasive alien plant control and ecological outcomes. We also suggest that WfW measure the impacts of their interventions through an adaptive management approach so that it can learn and adapt to the challenges it faces

Out of Africa: detrital zircon provenance of central Madagascar and Neoproterozoic terrane transfer across the Mozambique ocean

The Neoproterozoic East African Orogen reflects closure of the Mozambique Ocean and collision of the Congo and Dharwar cratons. This palaeogeographic change and its environmental consequences are poorly understood, but new detrital zircon ages from Madagascar and published data from elsewhere provide evidence for multiple ocean basins and two-stage collision. We propose that central Madagascar rifted from the Congo Craton and crossed a Palaeomozambique Ocean to collide with the Dharwar Craton at c. 700 Ma, opening a Neomozambique Ocean in its wake. Closure of the Neomozambique Ocean at c. 600 Ma juxtaposed the Congo and Dharwar cratons and resulted in prolonged collisional orogenesis concluding at c. 500 Ma