The efficiency of residential mortgage guarantee insurance markets

Mortgage Guarantee Insurance (MGI) provides protection to lenders against default by borrowers who have less than 20 percent equity interest in the mortgaged property. The existence of this form of insurance helps to stimulate home ownership by allowing consumers with less than twenty percent down payment access to credit markets. Initially an invention of lenders, MGI became dominated by government agencies after the Great Depression but recently private insurers have increased their market share to more than 75 percent. The domination of the industry by the private sector appears not to affirm competition, however. Despite varying loss ratios across states, MGI premiums appear to remain relatively uniform, suggesting price inflexibility. This paper uses cross-sectional data on loss ratio, mortgage delinquency rates, and housing prices to test empirically the level of competition in the MGI industry. The paper finds that the level of competition in the industry is not sufficient to drive the premiums to the competitive (efficient) level. The implication is that national cross subsidies occur where high risk insureds are subsidized by low risk insureds.Mortgages

Plasmas generated by ultra-violet light rather than electron impact

We analyze, in both plane and cylindrical geometries, a collisionless plasma consisting of an inner region where generation occurs by UV illumination, and an un-illuminated outer region with no generation. Ions generated in the inner region flow outwards through the outer region and into a wall. We solve for this system's steady state, first in the quasi-neutral regime (where the Debye length ${\lambda}_D$ vanishes and analytic solutions exist) and then in the general case, which we solve numerically. In the general case a double layer forms where the illuminated and un-illuminated regions meet, and an approximately quasi-neutral plasma connects the double layer to the wall sheath; in plane geometry the ions coast through the quasi-neutral section at slightly more than the Bohm speed $c_s$. The system, although simple, therefore has two novel features: a double layer that does not require counter-streaming ions and electrons, and a quasi-neutral plasma where ions travel in straight lines with at least the Bohm speed. We close with a pr\'{e}cis of our asymptotic solutions of this system, and suggest how our theoretical conclusions might be extended and tested in the laboratory.Comment: 10 pages, 3 figures, accepted by Physics of Plasma

Free livestock range in Missouri

Cover title.Includes bibliographical references

Bank liquidity creation and risk taking during distress

Liquidity creation is one of banks' raisons d'être. But what happens to liquidity creation and risk taking when a bank is identified as distressed by regulatory bodies and subjected to regulatory interventions and/or receives capital injections? What are the long-run effects of such interventions? To address these questions, we exploit a unique dataset of German universal banks for the period 1999 - 2008. Our main findings are as follows. First, regulatory interventions and capital injections are followed by lower levels of liquidity creation. The probability of a decline in liquidity creation increases to up to around 50 percent when such actions are taken. Second, bank risk taking decreases in the aftermath of regulatory interventions and capital injections. Third, while banks' liquidity creation market shares decline over the five years following such disciplinary measures, they also reduce their risk exposure over this period to become safer banks. --Liquidity creation,bank distress,regulatory interventions,capital injections

An eighth-century inscribed cross-slab in Dull, Perthshire

The discovery of a cross-inscribed slab with an inscription is described. Because of its importance it was decided to invite specialist comment on this piece of sculpture and to publish it in advance of the full report on the excavations. The form of the monument, its inscription and archaeological context are considered. The text appears to consist of a Gaelic personal name. The script is a form of geometrical lettering which can be dated to the opening quarter of the eighth century. The form of the cross has Columban associations which sit well with place-name and other evidence which points to Dull having been a monastery founded from Iona by c. AD 700

Gravitational Waves in Open de Sitter Space

We compute the spectrum of primordial gravitational wave perturbations in open de Sitter spacetime. The background spacetime is taken to be the continuation of an O(5) symmetric instanton saddle point of the Euclidean no boundary path integral. The two-point tensor fluctuations are computed directly from the Euclidean path integral. The Euclidean correlator is then analytically continued into the Lorentzian region where it describes the quantum mechanical vacuum fluctuations of the graviton field. Unlike the results of earlier work, the correlator is shown to be unique and well behaved in the infrared. We show that the infrared divergence found in previous calculations is due to the contribution of a discrete gauge mode inadvertently included in the spectrum.Comment: 17 pages, compressed and RevTex file, including one postscript figure fil

The Role of Traditional Knowledge in Coastal Adaptation Priorities: The Pamunkey Indian Reservation

Coastal reservations are increasingly vulnerable to hazards exacerbated by climate change. Resources for restoration projects are limited. Storm surge, storms, tidal flooding, and erosion endanger artifacts and limit livelihoods of tribes in coastal Virginia. GIS offers a platform to increase communication between scientists, planners, and indigenous groups. The Pamunkey Indian Tribe engaged in a participatory mapping exercise to assess the role of traditional ecological knowledge (TEK) in coastal management decision-making and its capacity to address flooding. Priorities and strategies were spatially referenced using maps of potential sea level rise for 2040, 2060, and 2080, input into a resilience matrix to identify benchmarks for each phase of disaster resilience building, and contextualized with oral histories. Results highlight increased immediacy to protect housing and heritage sites along the shoreline as well as maintain access to the Reservation. Preferences toward structural solutions guided by and facilitating TEK options were expressed. Additional community capacities, tribal council support, federal assistance, impact assessments, and coordination would facilitate risk reduction project implementation. The screening process integrates TEK with planning and is transferable to neighboring tribes

Sensory information processing (1 July 1976 - 31 March 1977)

technical reportThe student of human visual perception is often overwhelmed by the vast amount of data that has been accumulated from experiments performed within the last century or so. It is often difficult to understand why a certain experiment has been performed.Results from similar experiments sometimes seem to conflict. Further confusion results when the student encounters raging controversies, the resolution of which would seem to minimally advance our knowledge of how we see. The reason for all this trouble stems from the fact that s suitable superstructure providing organization and support of this accumulation of data does not exist, i.e. an adequate theory of perception is not in hand