1,249 research outputs found

    Home Equity Insurance

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    Home equity insurance policies, policies insuring homeowners against declines in the price of their homes, would bear some resemblance both to ordinary insurance and to financial hedging vehicles. A menu of choices for the design of such policies is presented here, and conceptual issues are discussed. Choices include pass-through futures and options, in which the insurance company in effect serves as a retailer to homeowners of short positions in real estate futures markets or of put options on real estate. Another choice is a life-event-triggered insurance policy, in which the homeowner pays regular fixed insurance premia and is entitled to a claim if both there is a sufficient decline in the real estate price index and a specified life event (such as a move beyond a certain geographical distance) occurs. Pricing of the premia to cover loss experience is derived, and tables of break-even policy premia are shown, based on estimated models of Los Angeles housing prices 1971- 91.

    Moral Hazard in Home Equity Conversion

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    Home equity conversion as presently constituted or proposed usually does not deal well with the potential problem of moral hazard. Once homeowners know that the risk of poor market performance of their homes is borne by investors, they have an incentive to neglect to take steps to maintain the homes' values. They may thus create serious future losses for the investors. A calibrated model for assessing this moral hazard risk is presented that is suitable for a number of home equity conversion forms: 1) reverse mortgages, 2) home equity insurance, 3) shared appreciation mortgages, 4) housing partnerships, 5) shared equity mortgages and 6) sale of remainder interest. Modifications of these forms involving real estate price indices are proposed that might deal better with the problem of moral hazard.Reverse mortgages, home equity insurance, shared appreciation mortgages, housing partnerships, shared equity mortgages, sale of remainder interest, moral hazard, real estate price indices, home maintenance, home improvements

    Baptisms by Fire: Future Wars in Early Canadian Speculative Fiction

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    From 1871 to the First World War, a large number of fictional works portraying future wars were published in Europe and North America. At that time, many thinkers saw war not as a necessary evil but as a nation-building exercise.   During that period, Canadian novels and stories appeared that dramatized future military conflicts, mostly but not always with the United States.  Texts like W.H.C. Lawrence’s The Storm of ’92 (1889), Ralph Centennius’s “The Dominion in 1983” (1883), and Ulric Barthe’s Similia similibus (1916) exhibit many of the conventions of British and American future-war fiction, with some noteworthy differences produced by Canada’s position in the world. Given its status as a colony and relative lack of strength, Canada is portrayed not as a major player in world affairs but rather as the victim of the geopolitical machinations of other, more powerful countries. Analyzing these texts also reveals that early Canadian speculative fiction shared a more general literary purpose that critics have detected in much of the country’s fiction, drama, and poetry of the period: not just the articulation but even the creation of a national identity

    Moving Day

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    Mortgage Default Risk and Real Estate Prices: The Use of Index-Based Futures and Options in Real Estate

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    Evidence is shown, using US foreclosure data by state 1975-93, that periods of high default rates on home mortgages strongly tend to follow real estate price declines or interruptions in real estate price increase. The relation between price decline and foreclosure rates is modelled using a distributed lag. Using this model, holders of residential mortgage portfolios could hedge some of the risk of default by taking positions in futures or options markets for residential real estate prices, were such markets to be established.

    Moral Hazard in Home Equity Conversion

    Get PDF
    Home equity conversion as presently constituted or proposed usually does not deal well with the potential problem of moral hazard. Once homeowners know that the risk of poor market performance of their homes is borne by investors, they have an incentive to neglect to take steps to maintain the homes’ values. They may thus create serious future losses for the investors. A calibrated model for assessing this moral hazard risk is presented that is suitable for a number of home equity conversion forms: 1) reverse mortgages, 2) home equity insurance, 3) shared appreciation mortgages, 4) housing partnerships, 5) shared equity mortgages and 6) sale of remainder interest. Modifications of these forms involving real estate price indices are proposed that might deal better with the problem of moral hazard

    Index-Based Futures and Options Markets in Real Estate

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    Most institutional and individual portfolios are very undiversified in real estate: many hold no real estate at all, many have holdings highly concentrated in certain regions or types of real estate. The risk of these concentrated holdings is not hedged. We propose here that cash-settled futures and options markets be opened on real estate to better allow diversification and hedging, and show that these markets solve problems that have hampered other real estate hedging media in the past. Related institutions, such as home equity insurance, might develop around the futures and options markets. The establishment of these markets is likely to increase the quantity of reproducible real estate, and lower rents on real estate. It may also reduce the amplitude of speculative real estate price movements and dampen the business cycle

    Mortgage Default Risk and Real Estate Prices: The Use of Index-Based Futures and Options in Real Estate

    Get PDF
    Evidence is shown, using US foreclosure data by state 1975-93, that periods of high default rates on home mortgages strongly tend to follow real estate price declines or interruptions in real estate price increase. The relation between price decline and foreclosure rates is modelled using a distributed lag. Using this model, holders of residential mortgage portfolios could hedge some of the risk of default by taking positions in futures or options markets for residential real estate prices, were such markets to be established

    Mortgage Default Risk and Real Estate Prices: The Use of Index-Based Futures and Options in Real Estate

    Get PDF
    Evidence is shown, using US foreclosure data by state 1975-93, that periods of high default rates on home mortgages strongly tend to follow real estate price declines or interruptions in real estate price increase. The relation between price decline and foreclosure rates is modelled using a distributed lag. Using this model, holders of residential mortgage portfolios could hedge some of the risk of default by taking positions in futures or options markets for residential real estate prices, were such markets to be established.

    FPGA implementation of a cyclostationary detector for OFDM signals

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    Due to the ubiquity of Orthogonal Frequency Division Multiplexing (OFDM) based communications standards such as IEEE 802.11 a/g/n and 3GPP Long Term Evolution (LTE), a growing interest has developed in techniques for reliably detecting the presence of these signals in dynamic radio systems. A popular approach for detection is to exploit the cyclostationary nature of OFDM communications signals. In this paper, we focus on a frequency domain cyclostationary detection algorithm first introduced by Giannakis and Dandawate and study its performance in detecting IEEE 802.11a OFDM signals in the presence of practical radio impairments such as Carrier Frequency offset (CFO), Phase Noise, I/Q Imbalance, Multipath Fading and DC offset. We then present a hardware implementation of this algorithm developed using MathWorks HDL Coder and provide implementation results after targeting to a Xilinx 7 Series FPGA device
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