Is there discrimination in mortgage pricing? the case of overages

We conduct an empirical investigation to explain observed differentials in mortgage overage pricing. Our analysis makes several contributions. First, we study an area of mortgage pricing that is little understood by consumers and has received little scrutiny in the literature. Second, we consider the impact of the market power of individual loan officers on overages paid by borrowers, particularly minorities. Third, we include a number of borrower and lender characteristics not available in previous analysis. ; Importantly, we introduce a new direct measure of the market power of individual loan officers. We also incorporate the interactive effects of loan officer market power and the race of the borrower in determining the rate of the mortgage loan. Through the use of these new variables and employing proprietary data from different branches of a nationwide mortgage lending institution, we conclude that the market power of the lender and the bargaining or negotiating ability of the borrower are important determinants of overages. We find that overages paid by minorities who purchase homes are larger than those paid by whites. Our evidence suggests that this is due to differences in the pools of borrowers rather than to racial discrimination. Indeed, tests show that the pool of refinancings is more homogeneous across races than the pool for purchases, and we find no differences by race for refinancings. We conclude that a more effective way to eliminate racial differences in overages is to pursue policies designed to increase the ability of minorities to bargain more effectively rather than to enact additional antidiscrimination laws.Discrimination in mortgage loans ; Mortgages

Variable pitch fan system for NASA/Navy research and technology aircraft

Preliminary design of a shaft driven, variable-pitch lift fan and lift-cruise fan was conducted for a V/STOL Research and Technology Aircraft. The lift fan and lift-cruise fan employed a common rotor of 157.5 cm diameter, 1.18 pressure ratio variable-pitch fan designed to operate at a rotor-tip speed of 284 mps. Fan performance maps were prepared and detailed aerodynamic characteristics were established. Cost/weight/risk trade studies were conducted for the blade and fan case. Structural sizing was conducted for major components and weights determined for both the lift and lift-cruise fans

Apparatus for measuring thermal conductivity Patent

Development of apparatus for measuring thermal conductivit

X-ray polarimetry with an active-matrix pixel proportional counter

We report the first results from an X-ray polarimeter with a micropattern gas proportional counter using an amorphous silicon active matrix readout. With 100% polarized X-rays at 4.5 keV, we obtain a modulation factor of 0.33 +/- 0.03, confirming previous reports of the high polarization sensitivity of a finely segmented pixel proportional counter. The detector described here has a geometry suitable for the focal plane of an astronomical X-ray telescope. Amorphous silicon readout technology will enable additional extensions and improvements.Comment: 4 pages, 4 figures, 1 tabl

Advancing the circular economy through dynamic capabilities and extended customer engagement: insights from small sustainable fashion enterprises in the UK

The circular economy holds the potential to significantly reduce resource use. However, attempts to fully utilize its potential have fallen short so far. Based on a longitudinal interview-based study, we examine how micro, small and medium enterprises (MSMEs) in the UK fashion industry advance the circular economy (CE). Whereas the dynamic capabilities framework is mostly used for medium and large businesses, our findings advance the current literature, demonstrating how the distinctive development and use of dynamic capabilities enable MSMEs to act in agile ways, allowing them to introduce, test and advance CE solutions, while providing them with more resilience during times of crises. Our study further shows that fashion MSMEs adopt circular economy business models (CEBMs) by going beyond conventional, technology-focused approaches currently dominating business thinking. The research highlights MSMEs' ability to engage in circular practices through an extension of existing business models in the form of close interactions with their customers demonstrating the importance and potential of extended business-customer engagement in businesses' attempts to adopt CE practices

Study of the constituents of the brown marine algae

Although in the last 250 years seaweeds have been used on an industrial scale, first as a source of alkali for the soap and glass industries, then as a source of iodine, and latterly for the production of alginic acid, practically nothing was known of their chemical composition and the effect of season and other influencing factors on their composition.In 1944 the Scottish Seaweed Research Association was formed with the object of surveying the coast of Scotland to ascertain if there was sufficient seaweed to justify the setting up of a large scale industry, studying the factors which influenced composition and devising economical means of harvesting seaweed.The surveys showed that only the brown seaweeds (Phaeophyceae) occurred in sufficient quantity to warrant further investigation. Consequently, a study was commenced on the factors likely to influence their chemical composition.FACTORS AFFECTING THE CHEMICAL COMPOSITION The effect of season and degree of exposure was first examined for the three most commonly occurring sublittoral species. For a period of two years monthly samples of the Laminariaceae, Laminaria cloustoni, L. digitata and L. saccharina, were collected, with the L. digitata and the L. saccharina samples taken from two different habitats to examine the effect of degree of exposure on chemical composition. The samples were first analysed for moisture, total ash, iodine, Kjeldahl nitrogen, mannitol, laminarin and alginic acid and later for cellulose and combined L- fucose. This work was continued for a further two years and, in addition, the seasonal variation in the wet weight of the plants was studied. At the same time samples of seawater were taken from above the weed beds and the chemical composition of the seaweeds correlated with that of the seawater in which they were growing.The effect of depth of immersion on the chemical composition of the Laminariaceae was also studied.Monthly samples of the common littoral seaweeds, Fucus serratus, F. vesiculosus, F. spiralis, Pelvetia canaliculata and Ascophyllum nodosum were also taken, with A. nodostun collected from three different habitats to determine the effect of degree of exposure on chemical composition.A study was carried out on the concentration gradients in Laminaria saccharina fronds and it was shown that they do exist at certain times of the year, contrary to the belief that such gradients are not required in seaweeds of this type for the translocation of matter.ISOLATION OF CHEMICALS FROM THE BROWN MAXINE ALGAE As the seaweed industry in Britain is based solely on the extraction of alginic acid, methods were worked out for the isolation of the other constituents as by- products of the alginate process. Employing these methods, quantities of mannitol, laminarin and fucoidin were isolated and purified for studies which were being carried out by collaborative investigators at a number of universities.Laminarin and fucoidin were also considered as sources of D- glucose and L- fucose respectively, and the optimum conditions for the isolation of these sugars worked out. In view of an increasing demand for the sugar D-galactose, different species of red seaweeds were examined as possible sources, as well as indigenous plant material such as bracken, heather, Sphagnum moss and peat.In view of the commercial importance of alginic acid and the belief that it could only be satisfactorily obtained from Laminaria cloustoni stipes, an investigation was carried out to prove that it can be isolated from any of the common brown seaweeds; variations did occur, however, in the degree of polymerisation of the acids isolated from different species.As a result of the success of initial trials with sodium laminarin sulphate as a blood anticoagulant, its preparation and that of other possibly useful derivatives of laminarin were studied.The use of charcoal columns in separating mixtures of salts, mannitol, D-glucose and L-fucose, such as are obtained in seaweed hydrolysates, was examined. The disaccharide, laminaribiose, was isolated from a partial hydrolysate of laminarin on charcoal.The possibility of preparing sex hormones from fucosterol, which occurs in the brown seaweeds, was considered and a method for its determination worked out and applied to samples of seaweed.THE PRESERVATION OF SEAWEEDS As the chemicals already discussed could probably be isolated more cheaply from fresh seaweed, without the additional cost of drying, methods of preserving fresh samples were studied and the chemical changes which occur on ensiling were investigated

Structure, bonding and morphology of hydrothermally synthesised xonotlite

The authors have systematically investigated the role of synthesis conditions upon the structure and morphology of xonotlite. Starting with a mechanochemically prepared, semicrystalline phase with Ca/Si=1, the authors have prepared a series of xonotlite samples hydrothermally, at temperatures between 200 and 250 degrees C. Analysis in each case was by X-ray photoelectron spectroscopy, environmental scanning electron microscopy and X-ray diffraction. The authors’ use of a much lower water/solid ratio has indirectly confirmed the ‘through solution’ mechanism of xonotlite formation, where silicate dissolution is a key precursor of xonotlite formation. Concerning the role of temperature, too low a temperature (~200 degrees C) fails to yield xonotlite or leads to increased number of structural defects in the silicate chains of xonotlite and too high a temperature (>250 degrees C) leads to degradation of the xonotlite structure, through leaching of interchain calcium. Synthesis duration meanwhile leads to increased silicate polymerisation due to diminishing of the defects in the silicate chains and more perfect crystal morphologies

Effectiveness of Weight Control through Weight Watch Programs

Linear probability estimation and survey data are employed to quantify the influence of the lifestyles of individuals on the change in their body mass index (BMI). The analysis also explores the effects of demographic characteristics (age, gender, and ethnicity) in weight management. Results suggest evidence of association between changes in lifestyle and changes in the BMI of individuals

Spinor Dynamics in an Antiferromagnetic Spin-1 Condensate

We observe coherent spin oscillations in an antiferromagnetic spin-1 Bose-Einstein condensate of sodium. The variation of the spin oscillations with magnetic field shows a clear signature of nonlinearity, in agreement with theory, which also predicts anharmonic oscillations near a critical magnetic field. Measurements of the magnetic phase diagram agree with predictions made in the approximation of a single spatial mode. The oscillation period yields the best measurement to date of the sodium spin-dependent interaction coefficient, determining that the difference between the sodium spin-dependent s-wave scattering lengths $a_{f=2}-a_{f=0}$ is $2.47\pm0.27$ Bohr radii.Comment: 5 pages, 2 figures. Changes: added reference, minor correction