Mortgage-Backed Securities and the Financial Crisis
Kelly Finn
FNCE 4302
Mortgage-Backed Securities (MBS) are “pass-through” bundles of housing debt sold as investment vehicles
A mortgage-backed security, MBS, is a type of asset-backed security that pays investors regular payments, similar to a bond. It gets the title as a “pass-through” because the security involves several entities in the origination and securitization process (where the asset is identified, and where it is used as a base to create a new investment instrument people can profit off of).
Key Players involved in the MBS Process
[Mortgage] Lenders: banks who sell mortgages to GSE’s
GSE: Government Sponsored Entities created by the US Government to make owning property more accessible to Americans
1938: Fannie Mae (FNMA): Federal National Mortgage Assoc.
1970: Freddie Mac (FHLMC): Federal Home Loan Mortgage Corp.
Increase mortgage borrowing
Introduce competitor to Fannie Mae
1970: Ginnie Mae (GNMA): Government National Mortgage Assoc.
US Government: Treasury: implicit commitment of providing support in case of trouble
The several entities involved in the process make MBS a “pass-through”. Here we have 3 main entities that we’ll call “Key Players” for the purpose of this presentation which aims to provide you with a basic and simple explanation of MBS and their role in the financial crisis.
GSE’s created by the US Government in 1938
Part of FDR’s New Plan during Great Depression
Purpose: make owning property more accessible to more Americans
GSE (ex. Fannie Mae) buys mortgages (debt) from banks, & then pools mortgages into little bundles investors can buy (securitization)
Bank’s mortgage is exchanged with GSE’s cash
Created liquid secondary market for mortgages
Result:
1) Bank has more cash to lend out to people
2) Now all who want to a house (expensive) can get the money needed to buy one!
Where MBS came from & when
Yay for combatting homelessness and increasing quality of life for the common American!
Thanks Uncle Sam!
MBS have been around for a long time. Officially in the US, they have their origins in government. During the Great Depression in the 1930s, President Franklin Delano Roosevelt signed into creation Fannie Mae that was brought about to help ease American citizen’s difficulty in becoming homeowners. The sole purpose of a GSE thus was to not make profit, but to promote citizen welfare in regards to housing. Seeing that it was created by regulatory government powers, it earned the title of Government Sponsored Entity, which we will abbreviate as GSE. 2 other GSE’s in housing were created in later decades like Freddie Mae, to further stimulate the mortgage market alongside Fannie, and Ginnie which did a similar thing but only for certain groups of people (Veterans, etc) and to a much smaller scale.
How MBS works: Kelly is a homeowner looking to borrow a lot of money
*The Lender, who issued Kelly the mor ...
Michael Burry discovers that the US housing market is on the verge of collapse in the early 2000s due to risky subprime mortgages being bundled into bonds. He buys credit default swaps to bet that the mortgage-backed securities will fail. Others like Greg Lippmann, Steve Eisman of FrontPoint Partners, and Charles Ledley and Jamie Mai of Cornwall Capital also buy swaps. In 2007, the housing bubble bursts as subprime mortgages default, causing major financial firms to collapse until the US government intervenes with a bailout.
1) Subprime loans are loans given to borrowers who do not qualify for prime interest rates due to poor credit histories, with lenders charging higher rates to offset the increased risk.
2) Mortgage-backed securities fueled the growth of the subprime market by allowing lenders to sell mortgages to investors. However, rising default rates caused the value of these securities to drop, damaging investors and the financial institutions that held them.
3) The subprime crisis began in 2007 when falling home prices and rising interest rates caused many subprime borrowers to default on their loans, with the effects rippling through global markets.
Lehman Brothers and the subprime crisis.pptxMarina Ibrahim
Lehman Brothers was a major global investment bank that filed for bankruptcy in 2008 during the subprime mortgage crisis. It originated from a general store in Alabama in the mid-1800s and grew to become one of the largest investment banks in the world. However, its downfall was precipitated by the subprime mortgage crisis after it invested heavily in mortgage-backed securities and collateralized debt obligations composed of risky subprime loans. As borrowers began defaulting on these risky loans in large numbers, the value of these investments plunged, severely damaging Lehman Brothers' business and ultimately causing it to collapse.
This document provides an overview of the US mortgage-backed securities (MBS) market in 2013. It discusses the mechanics of how MBS are created through the securitization of pools of mortgages. It outlines the major types of MBS and describes the key roles of MBS in providing liquidity to the US housing market and economy. The document also profiles the major players in the MBS market including government-sponsored enterprises like Fannie Mae and Freddie Mac, private issuers, and investors. It provides context on the growth of the MBS market and regulatory frameworks that govern MBS.
Mortgage-backed securities (MBS) represent pools of mortgages bundled together and sold as securities. The document discusses the process of securitizing mortgages by pooling them and selling shares to investors. It describes the major players in the MBS market such as issuers, investors, and regulators. It also discusses the different types of MBS including those issued by government agencies like Ginnie Mae, Fannie Mae, and Freddie Mac, as well as non-agency MBS issued by private entities.
Mortgage Market Presentation Pt. 1 & 2lerogers
The document discusses the mortgage market, including what a mortgage is, the primary and secondary markets, the roles of Fannie Mae and Freddie Mac, impacts of the mortgage crisis, and the future of the mortgage market. It notes that Fannie Mae and Freddie Mac purchase about 80% of new home mortgages and held $1.5 trillion in mortgages and MBS by 2008. The government took over Fannie Mae and Freddie Mac as conservator in 2008 and introduced programs like HAMP to help homeowners avoid foreclosure. The future of the GSEs and mortgage-backed securities is uncertain and dependent on economic conditions.
The document summarizes the evolution of the US home mortgage industry from the 1930s to the 2000s and how risky lending practices led to the global financial crisis. It discusses how government interventions created Fannie Mae and Freddie Mac to support the mortgage market after the Great Depression. It then explains how private securitization expanded risky subprime lending that was packaged and sold globally. When the subprime mortgage market collapsed in 2007 due to rising defaults, it spread contagion worldwide and caused a liquidity crisis and losses across the global financial system totaling over $586 billion.
This document provides a summary of Cameron Cowan's statement on securitization before two Congressional subcommittees. It discusses the history and growth of securitization, including the creation of mortgage-backed securities and asset-backed securities. Securitization involves pooling financial assets and issuing bonds backed by the cash flows from those assets, allowing originators to access funds upfront. This market has grown tremendously since the 1970s and now stands at $6.6 trillion, greatly expanding access to credit for borrowers and investment opportunities for investors.
Michael Burry discovers that the US housing market is on the verge of collapse in the early 2000s due to risky subprime mortgages being bundled into bonds. He buys credit default swaps to bet that the mortgage-backed securities will fail. Others like Greg Lippmann, Steve Eisman of FrontPoint Partners, and Charles Ledley and Jamie Mai of Cornwall Capital also buy swaps. In 2007, the housing bubble bursts as subprime mortgages default, causing major financial firms to collapse until the US government intervenes with a bailout.
1) Subprime loans are loans given to borrowers who do not qualify for prime interest rates due to poor credit histories, with lenders charging higher rates to offset the increased risk.
2) Mortgage-backed securities fueled the growth of the subprime market by allowing lenders to sell mortgages to investors. However, rising default rates caused the value of these securities to drop, damaging investors and the financial institutions that held them.
3) The subprime crisis began in 2007 when falling home prices and rising interest rates caused many subprime borrowers to default on their loans, with the effects rippling through global markets.
Lehman Brothers and the subprime crisis.pptxMarina Ibrahim
Lehman Brothers was a major global investment bank that filed for bankruptcy in 2008 during the subprime mortgage crisis. It originated from a general store in Alabama in the mid-1800s and grew to become one of the largest investment banks in the world. However, its downfall was precipitated by the subprime mortgage crisis after it invested heavily in mortgage-backed securities and collateralized debt obligations composed of risky subprime loans. As borrowers began defaulting on these risky loans in large numbers, the value of these investments plunged, severely damaging Lehman Brothers' business and ultimately causing it to collapse.
This document provides an overview of the US mortgage-backed securities (MBS) market in 2013. It discusses the mechanics of how MBS are created through the securitization of pools of mortgages. It outlines the major types of MBS and describes the key roles of MBS in providing liquidity to the US housing market and economy. The document also profiles the major players in the MBS market including government-sponsored enterprises like Fannie Mae and Freddie Mac, private issuers, and investors. It provides context on the growth of the MBS market and regulatory frameworks that govern MBS.
Mortgage-backed securities (MBS) represent pools of mortgages bundled together and sold as securities. The document discusses the process of securitizing mortgages by pooling them and selling shares to investors. It describes the major players in the MBS market such as issuers, investors, and regulators. It also discusses the different types of MBS including those issued by government agencies like Ginnie Mae, Fannie Mae, and Freddie Mac, as well as non-agency MBS issued by private entities.
Mortgage Market Presentation Pt. 1 & 2lerogers
The document discusses the mortgage market, including what a mortgage is, the primary and secondary markets, the roles of Fannie Mae and Freddie Mac, impacts of the mortgage crisis, and the future of the mortgage market. It notes that Fannie Mae and Freddie Mac purchase about 80% of new home mortgages and held $1.5 trillion in mortgages and MBS by 2008. The government took over Fannie Mae and Freddie Mac as conservator in 2008 and introduced programs like HAMP to help homeowners avoid foreclosure. The future of the GSEs and mortgage-backed securities is uncertain and dependent on economic conditions.
The document summarizes the evolution of the US home mortgage industry from the 1930s to the 2000s and how risky lending practices led to the global financial crisis. It discusses how government interventions created Fannie Mae and Freddie Mac to support the mortgage market after the Great Depression. It then explains how private securitization expanded risky subprime lending that was packaged and sold globally. When the subprime mortgage market collapsed in 2007 due to rising defaults, it spread contagion worldwide and caused a liquidity crisis and losses across the global financial system totaling over $586 billion.
This document provides a summary of Cameron Cowan's statement on securitization before two Congressional subcommittees. It discusses the history and growth of securitization, including the creation of mortgage-backed securities and asset-backed securities. Securitization involves pooling financial assets and issuing bonds backed by the cash flows from those assets, allowing originators to access funds upfront. This market has grown tremendously since the 1970s and now stands at $6.6 trillion, greatly expanding access to credit for borrowers and investment opportunities for investors.
The graduate thesis examines the financial crisis and compares conventional and Islamic finance. It analyzes mortgage loans and securities in conventional finance that contributed to the crisis. Islamic finance prohibits interest and relies on profit-sharing models like musharakah, mudarabah, and murabahah. While avoiding risks of conventional models, ongoing debate discusses improving Islamic models for modern markets.
The document discusses how to navigate banking relationships during troubled economic times. It provides an overview of the shifts in the banking industry due to the financial crisis, including increased consolidation and losses from mortgage-backed securities and credit default swaps. It then offers advice on evaluating your bank's health, communicating proactively with your banker, understanding your loan terms and knowing when to seek other options.
Mortgage-backed securities (MBS) are created when mortgages are pooled together and sold as securities. There are two main types of MBS: mortgage pass-through securities, where payments are passed through to investors, and mortgage-backed derivatives like CMOs that create multiple classes of securities. Government agencies like Fannie Mae and Freddie Mac purchase mortgages from lenders and pool them to issue MBS to expand the secondary mortgage market. Yields on MBS can be calculated in different ways, such as monthly cash flow yield based on interest and principal payments, or bond equivalent yield which compares the yield to a bond of similar maturity.
Summerlin Asset Management, LLC (SAM), is a diversified real estate investment and management company. SAM's expertise is the purchase, service, and resale, of both performing and non-performing real estate notes secured by the Deed of Trust or Mortgage.
A Primer On The Mortgage Market And Mortgage Finance Mc Donaldsmullin2
This document provides a primer on the mortgage market and mortgage finance. It discusses the basics of mortgages, including the loan amount, term, repayment schedule, and interest rate. It also describes the risks to lenders, including default and market risk, and how mortgages are secured by collateral, usually the property being purchased. The primer defines key mortgage terms and concepts to aid individuals in making better mortgage decisions.
Subprime Meltdown: From U.S. Liquidity Crisis to Global Recessioncharlesbrownell
The document summarizes how loose lending standards for subprime mortgages, encouraged by government policies, led to a housing bubble and eventual financial crisis. It describes how banks took on risky loans but avoided liability by selling them to Fannie Mae and Freddie Mac through securitization. When housing prices fell and borrowers defaulted, the effects rippled through the global financial system due to the widespread distribution of mortgage-backed securities.
The documents discuss the growing US national debt, mortgage securitization processes, and legal issues surrounding foreclosures. They describe how (1) the US national debt has increased by $1.73 billion per day, (2) the mortgage securitization process involves multiple parties and can enable predatory lending, and (3) judges have expressed concerns about whether mortgage lenders actually have the legal right to foreclose in many cases due to issues in securitization processes and documentation.
This document summarizes an article that discusses the financial crisis and proposed bailout. It provides background on how the housing bubble and subsequent bust led to losses for banks. Mortgage-backed securities spread risk but also enabled excessive leverage. Potential losses total hundreds of billions of dollars. While actual losses so far are smaller, future losses could be larger if housing prices decline further. The bailout aims to prevent cascading bank failures but risks moral hazard by rewarding past poor decisions.
Securitization involves pooling financial assets like loans and repackaging them into securities that are sold to investors. This process reduces risk for lenders by transferring it to investors. However, it also creates incentive problems by focusing only on quantitative loan data rather than qualitative soft information about borrowers. During the subprime crisis, overreliance on securitization led banks to make riskier loans that they offloaded, fueling a bubble. When borrowers defaulted, the financial system suffered as the risks spread widely through complex securities. Government intervention was needed to rescue failing banks and stabilize the markets.
The document summarizes the events leading up to the 2008 global financial crisis. It describes how low interest rates in the early 2000s led to a housing bubble, risky lending practices, and the bundling of subprime mortgages into securities. The collapse of the housing market revealed losses throughout the financial system. Major institutions like Bear Stearns and Lehman Brothers failed, severely damaging confidence and availability of credit.
The document discusses the origins of the financial crisis. It identifies several key factors:
1) A housing price bubble formed from the mid-1990s to 2006 as home prices increased each year, outpacing household income growth and moving out of line with economic fundamentals. This fueled expectations of continued price increases.
2) Subprime lending expanded rapidly after 2000, helped inflate the housing bubble, and enabled many new subprime borrowers to access credit. Innovative mortgage products like ARMs contributed.
3) Financial innovations like securitization, CDOs, and credit default swaps masked risk and facilitated the subprime lending boom by channeling funds to subprime mortgages. However
The document provides an overview of the global financial crisis that began in 2007. It discusses several causes, including the housing slump and subprime mortgage crisis in the United States. It also examines impacts such as bank failures, home foreclosures, and federal reserve intervention. Key events described include the Bear Stearns bailout and nationalization of Northern Rock. Proposed solutions discussed include increased regulation and further actions by the Federal Reserve to stabilize markets.
Loans and discount function (Book: Money, Credit and Banking by Cristobal M P...theMAUIreturns
Banks provide various types of loans to customers. Short-term loans are usually provided against a customer's general credit standing or with collateral and are often for working capital needs. Medium and long-term loans typically require collateral. The Federal Reserve aims to stimulate the economy through lowering interest rates, buying mortgage and other assets, and committing to maintain low rates for a prolonged period. Quantitative easing can still impact the economy when rates are near zero through portfolio substitutions, altered policy expectations, and expansionary fiscal policy.
imapct of financial crisis and role of financial institutions in this crisisRanjith Reddy
1. The document discusses the 2007-2008 global financial crisis, which originated from the subprime mortgage crisis in the United States. Risky subprime loans were bundled into securities and spread widely throughout the global financial system.
2. As housing prices declined and subprime borrowers began to default, the value of these securities plummeted. This caused the failure of banks and other financial institutions highly exposed to subprime mortgages.
3. The crisis had ripple effects across borders, with investments devalued and economies impacted around the world. Governments enacted massive bailouts to stabilize the financial system and prevent a global economic depression.
This document provides an overview and introduction to mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs). It discusses the process of securitization and how mortgage loans are pooled to form MBS which are then structured into CMOs to meet different investor objectives. Key points covered include the basic building blocks of MBS, how they differ from other fixed income securities due to prepayment risk and average lives, and the types and characteristics of agency and private label MBS and CMO structures.
The document provides an overview of the 2007-2008 US subprime mortgage crisis. It discusses how subprime lending grew rapidly in the 2000s, fueling a housing boom. However, rising defaults caused many subprime lenders to fail as home prices declined. This impacted broader financial markets through securities like collateralized debt obligations that contained subprime mortgages. Government agencies intervened to support refinancing for at-risk homeowners to mitigate fallout from the crisis.
The document discusses the role of institutional investors in propagating the financial crisis of 2007-2008. It states that institutional investors like mutual funds, pension funds, hedge funds, and insurance companies contributed to the crisis through their large and professional investments. While institutional investors enjoy benefits due to the scale of their investments, their actions also amplified the crisis. The document cites the example of hedge fund Magnetar Capital and insurance company AIG as institutional investors that played a role in the crisis.
Mortgage Banking Seminar is part of the continuing series of training presentations for the Financial Services Industry. Check out our other presentations in this series and contact Saunders Learning Group if you have training needs. We can help, we have been doing training in the financial services industry for 30 years.
Most women experience their closest friendships with those of th.docxroushhsiu
Most women experience their closest friendships with those of the same sex. Men have suffered more of a stigma in terms of sharing deep bonds with other men. Open affection and connection is not actively encouraged among men. Recent changes in society might impact this, especially with the advent of the meterosexual male. “The meterosexual male is less interested in blood lines, traditions, family, class, gender, than in choosing who they want to be and who they want to be with” (Vernon, 2010, p. 204).
In this week’s reading material, the following philosophers discuss their views on this topic: Simone de Beauvoir, Thomas Aquinas, MacIntyre, Friedman, Hunt, and Foucault. Make sure to incorporate their views as you answer each discussion question. Think about how their views may be similar or different from your own. In at least 250 words total, please answer each of the following, drawing upon your reading materials and your personal insight:
To what extent do you think women still have a better opportunity to forge deeper friendships than men? What needs to change to level the friendship playing field for men, if anything?
How is the role of the meterosexual man helping to forge a new pathway for male friendships?
.
Morgan and Dunn JD have hired you to assist with a case involvin.docxroushhsiu
Morgan and Dunn JD have hired you to assist with a case involving domestic abuse. The evidence is contained on a password-protected laptop that the plaintiff (the wife) indicates will show a pattern of abuse. You have to decide what equipment and software to purchase to assist with the case and safely extract the data from the laptop.
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Mortality rates vary between the Hispanic community and the gene.docxroushhsiu
Mortality rates vary between the Hispanic community and the general population. Discuss the leading causes of death and illness among Hispanic Americans and the options the Advanced Practice Nurse has to overcome the disparity of healthcare for this population.
The post should be a minimum of 200 words, scholarly written, APA7 formatted, and referenced. Free of plagiarism and gramatical errors. A minimum of 2 references is required (other than your text).
.
Moreno Industries has adopted the following production budget for th.docxroushhsiu
Moreno Industries has adopted the following production budget for the first 4 months of 2013.
Month Units Month Units
January 10,000 March 5,000
February 8,000 April 4,000
Each unit requires 3 pounds of raw materials costing $2 per pound. On December 31, 2012, the ending raw materials inventory was 9,000 pounds. Management wants to have a raw materials inventory at the end of the month equal to 30% of next month's production requirements.
Complete the direct materials purchases budget by month for the first quarter.
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The documents discuss the growing US national debt, mortgage securitization processes, and legal issues surrounding foreclosures. They describe how (1) the US national debt has increased by $1.73 billion per day, (2) the mortgage securitization process involves multiple parties and can enable predatory lending, and (3) judges have expressed concerns about whether mortgage lenders actually have the legal right to foreclose in many cases due to issues in securitization processes and documentation.
This document summarizes an article that discusses the financial crisis and proposed bailout. It provides background on how the housing bubble and subsequent bust led to losses for banks. Mortgage-backed securities spread risk but also enabled excessive leverage. Potential losses total hundreds of billions of dollars. While actual losses so far are smaller, future losses could be larger if housing prices decline further. The bailout aims to prevent cascading bank failures but risks moral hazard by rewarding past poor decisions.
Securitization involves pooling financial assets like loans and repackaging them into securities that are sold to investors. This process reduces risk for lenders by transferring it to investors. However, it also creates incentive problems by focusing only on quantitative loan data rather than qualitative soft information about borrowers. During the subprime crisis, overreliance on securitization led banks to make riskier loans that they offloaded, fueling a bubble. When borrowers defaulted, the financial system suffered as the risks spread widely through complex securities. Government intervention was needed to rescue failing banks and stabilize the markets.
The document summarizes the events leading up to the 2008 global financial crisis. It describes how low interest rates in the early 2000s led to a housing bubble, risky lending practices, and the bundling of subprime mortgages into securities. The collapse of the housing market revealed losses throughout the financial system. Major institutions like Bear Stearns and Lehman Brothers failed, severely damaging confidence and availability of credit.
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1) A housing price bubble formed from the mid-1990s to 2006 as home prices increased each year, outpacing household income growth and moving out of line with economic fundamentals. This fueled expectations of continued price increases.
2) Subprime lending expanded rapidly after 2000, helped inflate the housing bubble, and enabled many new subprime borrowers to access credit. Innovative mortgage products like ARMs contributed.
3) Financial innovations like securitization, CDOs, and credit default swaps masked risk and facilitated the subprime lending boom by channeling funds to subprime mortgages. However
The document provides an overview of the global financial crisis that began in 2007. It discusses several causes, including the housing slump and subprime mortgage crisis in the United States. It also examines impacts such as bank failures, home foreclosures, and federal reserve intervention. Key events described include the Bear Stearns bailout and nationalization of Northern Rock. Proposed solutions discussed include increased regulation and further actions by the Federal Reserve to stabilize markets.
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The document provides an overview of the 2007-2008 US subprime mortgage crisis. It discusses how subprime lending grew rapidly in the 2000s, fueling a housing boom. However, rising defaults caused many subprime lenders to fail as home prices declined. This impacted broader financial markets through securities like collateralized debt obligations that contained subprime mortgages. Government agencies intervened to support refinancing for at-risk homeowners to mitigate fallout from the crisis.
The document discusses the role of institutional investors in propagating the financial crisis of 2007-2008. It states that institutional investors like mutual funds, pension funds, hedge funds, and insurance companies contributed to the crisis through their large and professional investments. While institutional investors enjoy benefits due to the scale of their investments, their actions also amplified the crisis. The document cites the example of hedge fund Magnetar Capital and insurance company AIG as institutional investors that played a role in the crisis.
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To what extent do you think women still have a better opportunity to forge deeper friendships than men? What needs to change to level the friendship playing field for men, if anything?
How is the role of the meterosexual man helping to forge a new pathway for male friendships?
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2012 International Conference on Privacy, Security, Risk and Trust and 2012 International Conference on Social Computing, Amsterdam
, 734-741.
After reading articles expand on investigation and of digital forensic analysis and investigations. Organizations, especially those in the public, health and educational areas are bound by legal and statutory requirements to protect data and private information, therefore digital forensics analysis will be very beneficial when security breaches do occur. Using this weeks readings and your own research, discuss digital forensics and how it could be used in a risk management program.
Please make your initial post and two response posts substantive. A substantive post will do at least two of the following:
Ask an interesting, thoughtful question pertaining to the topic
Answer a question (in detail) posted by another student or the instructor
Provide extensive additional information on the topic
Explain, define, or analyze the topic in detail
Share an applicable personal experience
Provide an outside source that applies to the topic, along with additional information about the topic or the source (please cite properly in APA 7)
Make an argument concerning the topic.
.
Module Outcome You will be able to describe the historical force.docxroushhsiu
Module Outcome: You will be able to describe the historical forces that have influenced the intersection of race and family in the United States.
Course Outcome: You will be able to describe the historical forces that have influenced the intersection of race and family in the United States.
General Education Competency:
You will have used critical thinking to analyze problems and make logical decisions.
You will be able to demonstrate socialization skills that support cultural awareness and a global perspective.
You will be able to communicate effectively using the conventions of American Standard English in professional and academic environments
What practices did the US government engage in to force Native Americans to assimilate to American culture? What were their motivations? Does this trend continue? Explain. How might this affect the Native American culture in the eyes of Native Americans and non-indigenous Americans alike? Explain.
For a top score, you must respond constructively to at least two other students. More extensive participation will be noted. All of your postings should be spread over three different days.
Introduction: This assignment will assist in your gaining a better understanding of the theoretical perspectives in Sociology
This assignment fulfills/supports
Module Outcome: You will be able to how structural functionalism, conflict perspectives, and symbolic interactionism work together to help us get a more complete view of reality.
Course Outcome: You will be able to recognize and apply the basic sociological terms vital to the understanding of sociology and the major theoretical paradigms to an analysis of social institutions, social structures, and societal issues.
General Education Competency
You will be able to communicate effectively using the conventions of American Standard English in professional and academic environments.
You will be able to demonstrate socialization skills that support cultural awareness and a global perspective.
Demonstrate computer literacy
The Assignment: DF #2 - Theoretical Perspectives
Find a newspaper article, online or physical paper, and identify the structural functionalist, social conflict, and symbolic interctionist view of the social issue that is discussed in the article. Think about how each of these perspectives view society. You can get this from your reading of the text. For example, structural functionalists view society as social harmony with a high degree of social order with the institutions meeting their manifest and latent functions, all for the good of society, compared to conflict theorists, which view society as an arena of social inequality; dominant and subordinate groups, competing for scarce resources. In comparison, a symbolic interactinist may view society based upon symbolic meaning, labeling and social construction and the interaction with others in society.
Prompt:
Write at least one paragraph summarizing your .
Molière believed that the duty of comedy is to correct human vices b.docxroushhsiu
Molière believed that the duty of comedy is to correct human vices by exposing them and mocking them to absurd extreme. He also believed that human behavior should be governed by reason and moderation. In
Tartuffe
, he presents characters who engage in extremely negative behavior driven by passion or emotion rather than reason or common sense. Identify two or three characters who fall into this category and discuss their specific extremely negative behaviors, the consequences of their actions and what that means to you.
.
Module One Making Budgetary DecisionsDirectionsBased on the i.docxroushhsiu
Module One Making Budgetary Decisions
Directions:
Based on the information in the text and the goals and objectives that you have established for the City Bradley Recycling Department, please respond to the following questions in a Word document.
1. Which one of the budgets (line-item, program, performance) best describes what the recycle department does? Explain your answer.
2. Which one of the budgets gives the director of the department/agency, the mayor, and the legislative body, the most discretion/latitude in making decisions about the agency and why? Think about the roles of these persons prior to answering the questions. The response for each entity should be explained separately i.e. Line-Item, Program, Performance).
Rubric Grading you must meet criteria within the 100-90%
PAD 3204 MODULE 1 SUNDAY ASSIGNMENT
PAD 3204 MODULE 1
Criteria
Ratings
Pts
This criterion is linked to a Learning OutcomeUse of data and assumptions
100.0 pts
You successfully incorporate all assumptions and data from the assignment and include information about average salaries gleaned from the district report card; no apparent errors.
85.0 pts
You incorporate most, if not all, assumptions and data from the assignment and include information about average salaries gleaned from the district report card; one or two minor errors.
75.0 pts
You incorporate some assumptions and data from the assignment and include information about average salaries gleaned from the district report card; a few major errors and omissions.
65.0 pts
You incorporate few, if any, assumptions and data from the assignment; many errors and omissions.
100.0 pts
This criterion is linked to a Learning OutcomeOverall presentation
100.0 pts
Your discussion of the budget process and individual budget lines is set forth in a clear, thoughtful manner. It is well-written and insightful (writing demonstrates a sophisticated clarity, conciseness, and correctness); includes thorough details and relevant data and information; and is extremely well-organized.
85.0 pts
Your discussion of the budget process and individual budget lines is set forth in a thoughtful manner. It is well-written (writing is accomplished in terms of clarity and conciseness and contains only a few errors); includes sufficient details and relevant data and information; and is well-organized.
65.0 pts
Your discussion of the budget process and individual budget lines is carelessly written (writing lacks clarity or conciseness and contains numerous errors); gives insufficient detail and relevant data and information; and lacks organization.
25.0 pts
Your discussion of the budget process and individual budget lines is poorly written (writing is unfocused, rambling, or contains serious errors); lacks detail and relevant data and information; and is poorly organized.
100.0 pts
This criterion is linked to a Learning OutcomeTURNITIN ORIGINALITY SCORE
100.0 pts
<11%
80.0 pts
11% - 15%
70.0 pts
16% - 20%
60.0 pts
21% - 25%
50.0 pts
26% - 30%
.
Monitoring Data and Quality ImprovementAnswer one of two que.docxroushhsiu
Monitoring data over time allows organizations to evaluate programs and make improvements. Collecting documentation allows organizations to track the status of conditions, programs, or decisions. This helps with quality improvement efforts by providing insights into challenges and guiding decision making. However, lack of monitoring limits an organization's ability to properly evaluate programs and initiatives.
Monitoring Global Supply Chains† Jodi L. Short Prof.docxroushhsiu
Monitoring Global Supply Chains†
Jodi L. Short*
Professor of Law
University of California
Hastings College of the Law
San Francisco, California,
U.S.A
[email protected]
Michael W. Toffel
Professor of Business
Administration
Harvard Business School
Boston, Massachusetts, U.S.A
[email protected]
Andrea R. Hugill
Doctoral Candidate
Harvard Business School
Boston, Massachusetts, U.S.A
[email protected]
Version: July 6, 2015
Forthcoming in Strategic Management Journal
Research Summary
Firms seeking to avoid reputational spillovers that can arise from dangerous, illegal, and
unethical behavior at supply chain factories are increasingly relying on private social auditors to
provide strategic information about suppliers’ conduct. But little is known about what influences
auditors’ ability to identify and report problems. Our analysis of nearly 17,000 supplier audits
reveals that auditors report fewer violations when individual auditors have audited the factory
before, when audit teams are less experienced or less trained, when audit teams are all-male, and
when audits are paid for by the audited supplier. This first comprehensive and systematic
analysis of supply chain monitoring identifies previously overlooked transaction costs and
suggests strategies to develop governance structures to mitigate reputational risks by reducing
information asymmetries in supply chains.
Managerial Summary
Firms reliant on supply chains to manufacture their goods risk reputational harm if the working
conditions in those factories are revealed to be dangerous, illegal, or otherwise problematic.
While firms are increasingly relying on private-sector ‘social auditors’ to assess factory
conditions, little has been known about the accuracy of those assessments. We analyzed nearly
17,000 code-of-conduct audits conducted at nearly 6,000 suppliers around the world. We found
that audits yield fewer violations when the audit team has been at that particular supplier before,
when audit teams are less experienced or less trained, when audit teams are all-male, and when
the audits were paid for by the supplier instead of by the buyer. We describe implications for
firms relying on social auditors and for auditing firms.
Keywords
monitoring, transaction cost economics, auditing, supply chains, corporate social responsibility
† We gratefully acknowledge the research assistance of Melissa Ouellet as well as that of Chris Allen, John Galvin,
Erika McCaffrey, and Christine Rivera. Xiang Ao, Max Bazerman, Shane Greenstein, Jeffrey Macher, Andrew
Marder, Justin McCrary, Morris Ratner, Bill Simpson, and Veronica Villena provided helpful comments. Harvard
Business School’s Division of Research and Faculty Development provided financial support.
* Correspondence to Jodi L. Short, UC Hastings College of the Law, 200 McAllister Street, San Francisco, CA,
94102, .
Morality Relativism & the Concerns it RaisesI want to g.docxroushhsiu
This document discusses the debate around moral relativism and absolutism. It begins by defining moral relativism as the view that morality is culturally dependent and there are no universal moral truths. Moral absolutism is defined as the view that there are clear moral truths that apply to all people regardless of circumstances. The document then examines some of the issues raised by these perspectives, such as whether judging other cultures is justified and whether progress can be made in ethics. It also discusses forms of relativism that allow for some shared moral purposes across cultures.
Module 9 content You will perform a history of a cardiac pro.docxroushhsiu
You will summarize a case study of a cardiac condition provided by your instructor or from your own experience. You will document subjective complaints, objective assessment findings, and identify any actual or potential risks in a Word document submitted to the assigned dropbox.
Module Assessment 4: TANM ApplicationsBUS2 190
Last name, First name (Section X)
Last name, First name (Section X)
Last name, First name (Section X)
Last name, First name (Section X)
[Please replace “X” with Section 7, 8, or 9. Delete this before submitting]
PROBLEM A: Casper Geriatric Center (16 pts)
1. Is this a minimization or maximization problem? Explain.
2. Is this a balanced or unbalanced problem? Explain.
3. What is the total capacity of Stations 10J and 6G?
4. What is the total demand for Sections A,C,E and F?
5. What is the value of your optimal solution?
6. In your optimal solution, to which sections and how many trays to each of these sections should location 2L deliver?
7. Where will Section D get its meals? How many from each Station?
8. Aside from the obvious deliveries from the factory to warehouses or warehouses to stores, identify and discuss 2 more scenarios on how the transportation model can be used.
Problem B: Good Stuffing Sausage Company (16 pts)
1. Is this a minimal spanning or shortest route problem? Explain.
2. Explain the differences between minimal spanning and shortest route problems. Give an example where each type of modeling can be used.
3. How many branches are there in this network?
4. How many hours will it take to drive through Nodes 2-4-8? Explain.
5. Which arc takes the longest time to travel?
6. Korina thinks the best route is 1-5-6-10. Do you agree with her? Why or why not?
7. What is the value of your optimal solution?
8. What are the nodes included in your optimal solution?
Problem C: 9-31: NASA Missions ( 13 points)
(Hint – your answers in questions 1, 2 and 3 should be a schedule on which mission specialist should be scheduled to which flight. Provide your explanations for your answers) 13 points
1. Who should be assigned to which flight to maximize ratings?
Name of Mission Specialist
Mission Date
Total Rating:
2. NASA has just been notified that Anderson is getting married in February and has been granted a highly sought publicity tour in Europe that month. (He intends to take his wife and let the trip double as a honeymoon.) How does this change the final schedule? Explain.
Name of Mission Specialist
Mission Date
Total Rating:
Explanation:
3. Certo has complained that he was rated incorrectly on his January missions. Both ratings should be 10s, he claims to the chief, who agrees and re-computes the schedule. Do any changes occur over the schedule set in Question 2? Why or why not?
Name of Mission Specialist
Mission Date
Total Rating:
Explanation:
4. What are the strengths and weaknesses of this approach to scheduling?
Science Laboratory Format
Writers in the field of biology must consider not only the form but the style of writing in biology papers.
As in all fields, there are conventions to follow or typical style formats of the discipline.
Writing in the sciences is concise, yet pr.
Module Assignment Clinical Decision Support SystemsLearning Outcome.docxroushhsiu
This document provides instructions for a module assignment on clinical decision support systems. It asks students to search the internet for resources on a nursing diagnosis, summarize three sites based on their content, reliability, and links. It also asks students to locate three cancer screening tools that could be included in an electronic health record and explain how clinical decision support systems could improve cancer outcomes for patients and the benefits of including reminders for providers and patients. The assignment will be graded based on a rubric.
This document appears to be a sample exam for a legal writing course. It includes multiple parts testing students' knowledge of legal research, case briefing, statutory analysis, and a hypothetical legal problem. For the research section, students are asked to identify the type of legal authority for different sources. The case briefing section requires students to analyze an provided case based on key elements. In the statutory analysis, students must answer questions about a provided statute excerpt. Finally, the hypothetical problem asks students to analyze potential legal issues and arguments for different parties based on a fictional case scenario and precedent.
MODULE 8You will perform a history of a respiratory problem th.docxroushhsiu
MODULE 8
You will perform a history of a respiratory problem that either your instructor has provided you or one that you have experienced and perform a respiratory assessment. You will document your subjective and objective findings, identify actual or potential risks, and submit this in a Word document to the dropbox provided.
.
Most organizations, including hospitals, adopt both Mission and Visi.docxroushhsiu
Most organizations, including hospitals, adopt both Mission and Vision Statements. Both can usually be found posted prominently on the wall, and on the organization's website.
What is the difference between a Mission Statement and a Vision Statement? Why would both statements be important as it relates to strategic planning? Are they important in achieving a competitive advanatgae?
Be specific. Thoroughly explain your response.
.
More like this Abstract TranslateFull Text Translate.docxroushhsiu
More like this
Abstract Translate
Full Text Translate
International law is in a period of transition. After World War
II, but especially since the 1980s, human rights expanded to
almost every corner of international law. In doing so, they
changed core features of international law itself, including
the definition of sovereignty and the sources of international
legal rules. But what has been called the "age of human
rights" is over, at leastfor now. Whether measured in terms of
the increasing number of authoritarian governments, the
decline in international human rights enforcement
architecture such as the Responsibility to Protect and the
Alien Tort Statute, the growing power of China and Russia
over the content of international law, or the rising of
nationalism and populism, international human rights law is
in retreat. The decline offers an opportunity to consider how
human rights changed, or purported to change, international
law and how international law as a whole can be made more
effective in a post-human rights era. This Article is the first to
argue that international human rights law as a whole-
whatever its much disputed benefits for human rights
themselves-appears to have expanded and changed
international law in ways that have made it weaker, less likely
to generate compliance, and more likely to produce
interstate friction and conflict. The debate around
international law and human rights should be reframed to
consider these costs and to evaluate whether international
law, including the work of the United Nations, should focus
on a stronger, more limited core of international legal norms
that protects international peace and security, not human
rights. Human rights could be advanced through domestic
and regional legal systems, through the the development of
non-binding international norms, and through iterative
processes of international reporting and monitoring-a model
not unlike the Paris Climate Agreement.
MoreK
0:00 /0:00
HeadnoteHeadnote
Abstract
International law is in a period of transition. After World War
II, but especially since the 1980s, human rights expanded to
almost every corner of international law. In doing so, they
changed core features of international law itself, including
the definition of sovereignty and the sources of international
legal rules. But what has been called the "age of human
rights" is over, at leastfor now. Whether measured in terms of
the increasing number of authoritarian governments, the
decline in international human rights enforcement
architecture such as the Responsibility to Protect and the
Alien Tort Statute, the growing power of China and Russia
over the content of international law, or the rising of
nationalism and populism, international human rights law is
in retreat.
The decline offers an opportunity to consider how human
rights changed, or purported to change, international law and
how international law as a whole can be mad.
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
हिंदी वर्णमाला पीपीटी, hindi alphabet PPT presentation, hindi varnamala PPT, Hindi Varnamala pdf, हिंदी स्वर, हिंदी व्यंजन, sikhiye hindi varnmala, dr. mulla adam ali, hindi language and literature, hindi alphabet with drawing, hindi alphabet pdf, hindi varnamala for childrens, hindi language, hindi varnamala practice for kids, https://www.drmullaadamali.com
How to Add Chatter in the odoo 17 ERP ModuleCeline George
In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
-------------------------------------------------------------------------------
Find out more about ISO training and certification services
Training: ISO/IEC 27001 Information Security Management System - EN | PECB
ISO/IEC 42001 Artificial Intelligence Management System - EN | PECB
General Data Protection Regulation (GDPR) - Training Courses - EN | PECB
Webinars: https://pecb.com/webinars
Article: https://pecb.com/article
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Slideshare: http://www.slideshare.net/PECBCERTIFICATION
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
2. Mortgage-Backed Securities (MBS) are “pass-through” bundles
of housing debt sold as investment vehicles
A mortgage-backed security, MBS, is a type of asset-backed
security that pays investors regular payments, similar to a bond.
It gets the title as a “pass-through” because the security
involves several entities in the origination and securitization
process (where the asset is identified, and where it is used as a
base to create a new investment instrument people can profit off
of).
Key Players involved in the MBS Process
[Mortgage] Lenders: banks who sell mortgages to GSE’s
GSE: Government Sponsored Entities created by the US
Government to make owning property more accessible to
Americans
1938: Fannie Mae (FNMA): Federal National Mortgage Assoc.
1970: Freddie Mac (FHLMC): Federal Home Loan Mortgage
Corp.
Increase mortgage borrowing
Introduce competitor to Fannie Mae
1970: Ginnie Mae (GNMA): Government National Mortgage
Assoc.
US Government: Treasury: implicit commitment of providing
support in case of trouble
3. The several entities involved in the process make MBS a “pass-
through”. Here we have 3 main entities that we’ll call “Key
Players” for the purpose of this presentation which aims to
provide you with a basic and simple explanation of MBS and
their role in the financial crisis.
GSE’s created by the US Government in 1938
Part of FDR’s New Plan during Great Depression
Purpose: make owning property more accessible to more
Americans
GSE (ex. Fannie Mae) buys mortgages (debt) from banks, &
then pools mortgages into little bundles investors can buy
(securitization)
Bank’s mortgage is exchanged with GSE’s cash
Created liquid secondary market for mortgages
Result:
1) Bank has more cash to lend out to people
2) Now all who want to a house (expensive) can get the money
needed to buy one!
Where MBS came from & when
Yay for combatting homelessness and increasing quality of life
for the common American!
Thanks Uncle Sam!
MBS have been around for a long time. Officially in the US,
they have their origins in government. During the Great
Depression in the 1930s, President Franklin Delano Roosevelt
4. signed into creation Fannie Mae that was brought about to help
ease American citizen’s difficulty in becoming homeowners.
The sole purpose of a GSE thus was to not make profit, but to
promote citizen welfare in regards to housing. Seeing that it was
created by regulatory government powers, it earned the title of
Government Sponsored Entity, which we will abbreviate as
GSE. 2 other GSE’s in housing were created in later decades
like Freddie Mae, to further stimulate the mortgage market
alongside Fannie, and Ginnie which did a similar thing but only
for certain groups of people (Veterans, etc) and to a much
smaller scale.
How MBS works: Kelly is a homeowner looking to borrow a lot
of money
*The Lender, who issued Kelly the mortgage, collects and hands
off the payments to the GSE who bought Kelly’s mortgage off
of the Lender
* The GSE pools together Kelly’s and other mortgage holder’s
payments into an MBS and sells *Creators of the secondary
market of mortgages
*Kelly now makes regular payments to the Lender to pay off the
mortgage
*Buys the MBS from the GSE because is promised a constant
stream of cash flows derived from the regular mortgage
payments!
Homeowner
Mortgage Cash Flow
Lender
GSE
Investor
*Kelly applies to a bank (Lender) for a loan
5. *After Lender vets Kelly, she is granted a mortgage
Note: *lendor=bank, mortgage=loan
This is a simple representation of how a basic MBS works. In
this example a person named Kelly gets a loan from a bank, the
Lender. Because it’s a big loan, Kelly had to put up collateral
so the bank would be incentivized to lend Kelly the money
knowing if anything goes wrong, the bank has rights to Kelly’s
collateral to sell and recover the loan amount.
At this point, Kelly and the Lender are happy. Kelly gets her
big lump of money, and the bank is happy to give it to her
because the bank earns interest, and can sleep happy at night
knowing that there’s a back-up plan given the collateral if Kelly
isn’t good for the money.
Over time, Kelly is required to periodically pay the bank the
interest she owes on the loan. These payments are the cash
flows from the mortgage. While she pays these to the bank, the
bank doesn’t actually hold onto these cash flows. At some point
prior, the bank sold Kelly’s mortgage for cash to a GSE so that
the bank could have more cash to lend out for more business.
The GSE is happy to buy the mortgages from the bank because
it means fulfilling its mission of promoting homeownership
among Americans, and is lucrative.
“How is an MBS lucrative for a GSE?” you might ask. Well you
see the GSE gets pretty jiggy with the mortgages it now holds.
The GSE has a ton of these mortgages and finds a way to add a
6. second layer of financial instruments (where the mortgage, the
loan, is the first).
By promising an investor a portion of the expected payment
from a mortgage, the GSE can offer investor’s a valuable
investment. Investors see the return and think it’s a pretty safe
investment since the MBS is just a portion of a bunch of
people’s promise to pay their mortgages regularly. So, they buy
it.
What could go wrong?
It’s important to note that the main “pass-through” occurs at the
hand off to an MBS investor from a mortgage payer’s payment.
Yes the investor gets the payments passed on to her, but she
also gets the risk of any payment irregularities associated with
the mortgage passed on to her as well.
GSE operates as usual, buying mortgages from
originators/lenders (banks who sell mortgages to people)
To do so, GSE must get the cash to buy the mortgages from
originators/lenders
Because market perceives GSE’s as implicitly backed by the
government, GSE’s borrow cheaply
+35 bps on long-term treasuries vs +70 for AAA corps. also
securitizing mortgages
Result from GSE being able to borrow cheaply: monopoly on
MBS market
1) can buy high volume of mortgages & operate on a large scale
2) pass on savings to investors, making GSE’ MBS’ attractive
MBS evolution pre-financial crisis (1/3)
7. GSEs were privatized in the later 1900s but still had a strong
perceived association with the government. This association
made GSE investment products appear less risky, causing the
return:risk ratio to appear to be very attractive even against
other investment options from regular corporations.
GSE was thus able to retain their stronghold in the MBS market
even as other private competitors entered. They became more
aggressive, especially because of high housing demand at the
turn of the century, and were established monopolizers on the
mortgage and MBS markets.
MBS evolution pre-financial crisis (2/3)
MBS attractiveness makes it popular among investors, who buy
lots of it
More GSE MBS’ sold = higher profits for GSE = large reach of
MBS
The cheap borrowing GSE’ enjoyed as a result to their
association with the government and thus potential government
protection, made their MBS’ very attractive. Because a lot of
investors invested, and because the GSEs continued to issue
MBS’ in the growth of the housing market, MBS turned out to
be very profitable for both GSEs and investors alike.
Private firms on Wall Street encouraged to enter MBS
securitization incentivized by
Low interest-rate environment
High profits produced by MBS monopolizers: the GSEs
Although had higher borrowing rates> GSE, found other ways to
increase profit margins on MBS, securitizing mortgages with:
Adjustable-rates (uncertain cash flows)
8. Negative amortizing (pay low payments now, higher later)
To keep up, GSEs combat new MBS market entrants by
purchasing and securitizing more, higher margins loans:
subprime mortgages
MBS evolution pre-financial crisis (3/3)
Corporations on Wall Street could not pass up the opportunity
for profit potential in the MBS market. They observed the
profits of GSE’s and wanted in. Even though they could not
compete on a cheap borrowing basis, they could compensate in
other areas through financial engineering innovation.
These firms found many creative ways to squeeze out additional
offered return from an MBS to investors. By far the most
employed and popular, was selling MBS collateralized by not
just any plain ol’ mortgage, but a subprime mortgage.
Subprime MBS explained by Margot Robbie in a bubble bath
Subprime mortgages are significant because as Margot Robbie
explains, they mean “s***”.
For a person to get a subprime mortgage, they typically have to
pay high rates for the loans because they are risky investments
the bank makes.
9. There could be several reasons for this, but the major one is
because the person is expected to be very unreliable in paying
off their loans. In terms of a mortgage, this would mean, the
person is expected to have a degree of difficulty paying their
regular mortgage payments to the bank.
So you can imagine when an MBS is securitized (attached,
based on) to a mortgage with an unreliable mortgage-payment-
payer, the MBS is riskkkky. Yet, finance 101 tells us the more
risk yields higher return. And in a low rate environment like the
early 2000s saw, investors were hungry for return and willing to
“turn a blind eye”.
2 Major, Fatal Assumptions with Subprime Mortgages
Key Players’ believed they had sufficient protection, and a plan
to address any hiccups in the MBS pass-through process on the
basis of 2 assumptions
1) People won’t default on their mortgages
Mortgage contract terms laid out & transparent
Homeowners know how much and when need to pay, there are
no surprises
2) If people do default on their mortgages, the money lost on
the mortgage will be recovered from seizing & selling the
house/property
As an asset-backed security (ABS), a mortgage is money lent
out collateralized against property, like a house
But investors aren’t stupid. They had enough rationale to justify
their investments in MBS securitized by subprime mortgages.
Heck, the GSE and MBS sellers had enough to justify even
creating them and selling them.
Mortgages were typically a priority for the common man: it was
a debt necessary to be paid off. History of the MBS showed that
typically mortgage holders kept their promise to pay back
10. (despite the refinancing risk). Not only that, but if a mortgage
holder couldn’t make a payment, or finish paying off their
mortgage, the bank had every right to this person’s
home/property to sell it and recuperate the costs of the loan.
For these reasons, MBS creators/vendors and MBS investors
had grounding to proceed with strong MBS market activity.
The Mortgage Market Meltdown
The Caveats to the 2 Assumptions: Mortgage Defaults & Loss
Recovery
Housing Market Bubble Burst
Scale of subprime “NINJA” mortgages and MBS’
Unfortunately, not everything is as it seems. The MBS
landscape and housing market began to change in the years
leading up to the financial crisis.
Amidst the buying and selling frenzy of MBS, the housing
11. market bubble began to deflate. Housing prices fluctuated
downward and all of a sudden the value of mortgage holder’s
collateral decreased. This means that the mortgage holder no
longer had the sufficient capital (the house/property) to cover
the mortgage’s collateral requirements, used to recover loan
costs in the case of default.
So when mortgage holders began to default, not only was the
bank no longer receiving payments, but the bank couldn’t even
recover enough money to pay off the cost of the loan. The pass-
through concept becomes very important here. If the bank isn’t
getting the money promised and actually loses money from it,
then all other involved entities lose too. Because MBS is a
direct link between mortgage holders and banks, GSE’s, and
MBS investors, everyone loses.
The second caveat is the prevalence of subprime mortgages. We
briefly talked about how the MBS market grew and more MBS
suppliers entered with innovative versions of the MBS, many of
which were more risky. The poster child of such a version was
the subprime mortgage.
The attractive returns offered to investors on subprime MBS
created a lot of demand. That coupled with the fierce
competition between MBS issuers (GSE and others), there was
high demand for subprime mortgages. This high demand for
subprime mortgages incentivized GSEs and others to be less
stringent with assessment processes on potential mortgage
holders of the subprime category. The assessment levels to
determine how risky or not a potential mortgage holder was had
already been bare especially compared to that for a non-
subprime candidate.
The significance of this was that a low to non-existent audit of
candidates meant any one, including the financially-ill, could
manage to get a mortgage. Besides, if they could buy a house
that was inflated by the housing market bubble, the candidate
could claim enough collateral to get a mortgage, no questions
12. asked. But here they are, truly unable to service the payments
they owe on the mortgage, and undercollateralized with the
housing market deflation.
1+1 = 2 = A recipe for disaster in the MBS market.
The financial crisis (1/2)
Massive, widespread mortgage defaults impacting all Key
Players
GSE’s
Banks who
a) originated the mortgages, and
b) issued MBS’ themselves,
Investors
who invested trillions of dollars in the security, and
US Government
who was ultimately responsible of cleaning up the mess.
The huge MBS market, infected by many subprime mortgages,
fell apart one defaults began to occur. It became a vicious cycle
where each entity involved in the MBS origination,
securitization, and investment areas of the process got screwed
over.
But wait...
NOT
13. The MBS meltdown has large systemic impacts
Systemic risk: effects of one market failure into others
The meltdown spilled over quickly and broadly from Wall
Street (Key Players) to Main Street (everyone else)
Exacerbating already tumultuous conditions in the American,
and Global economy
An example: dried up liquidity for Small Businesses because of
Wall Street
The housing market bubble pop and the subsequent subprime
mortgage market breakdown seized up channels of liquidity
Everyone seemed to be short on actual money
Banks/GSEs had been promised and expected cash from
mortgage payments
Mortgage holder’s who were never able to pay their payments in
the first place (subprime) still don’t have money and can’t
service the payments
If the banks, the GSEs don’t have money, they can’t pay
investors
Investors who are insurance companies, commercial banks, and
retail investors all lose the money invested in MBS
Banks can no longer afford to lend out money including those
who need it to operate like small businesses
The financial crisis (2/2)
The systemic impact of the MBS meltdown could have it’s own
course. For now, we will explore just one aspect of how it
impacted stakeholders.
The example used here is the liquidity problem for both
institutional and retail investors.
14. Since 2008:
Prevalence of subprime mortgages being issued by banks/loaned
out have significantly decreased
Assessment on candidate’s credit has been restored and
increased
The housing market has been restored from the crash it
experienced after it’s bubble popped
inflated house prices adjusted to realistically reflect their value
determined by supply and demand measures
The GSE’s Fannie Mae and Freddie Mac, who were privatized
prior to the financial crisis, have become officially government-
owned
With this “privilege”, they now guarantee their marketed MBSs.
3 Major Changes to MBS market post-financial crisis
Overall, the changes that have occurred in the MBS market
correspond to stronger infrastructure of controls and default
protection on behalf of the Key Players: the banks/lenders, the
GSEs/firms securitizing MBS’.
Sources
https://www.investopedia.com/articles/economics/08/fannie-
mae-freddie-mac-credit-crisis.asp
https://www.internationalinvestment.net/internationalinvestment
/news/3504116/mortgage-backed-securities-naughty-step
https://www.investopedia.com/terms/m/mbs.asp
https://krannert.purdue.edu/faculty/mcconnell/publications/The-
Origins-and-Evolution-of-the-Market.pdf