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Daily Archives: August 20, 2013

Mortgage insurance: market structure, underwriting cycle and policy implications

“This [Joint Forum] report on Mortgage insurance: market structure, underwriting cycle and policy implications examines the interaction of mortgage insurers with mortgage originators and underwriters. It makes the following set of recommendations directed at policymakers and supervisors which aim at reducing the likelihood of mortgage insurance stress and failure in such tail events:

  1. Policymakers should consider requiring that mortgage originators and mortgage insurers align their interests;
  2. Supervisors should ensure that mortgage insurers and mortgage originators maintain strong underwriting standards;
  3. Supervisors should be alert to – and correct for – deterioration in underwriting standards stemming from behavioural incentives influencing mortgage originators and mortgage insurers;
  4. Supervisors should require mortgage insurers to build long-term capital buffers and reserves during the troughs of the underwriting cycle to cover claims during its peaks;
  5. Supervisors should be aware of and take action to prevent cross-sectoral arbitrage which could arise from differences in the accounting between insurers’ technical reserves and banks’ loan loss provisions, and from differences in the capital requirements for credit risk between banks and insurers;
  6. Supervisors should be alert to potential cross-sectoral arbitrage resulting from the use of alternatives to traditional mortgage insurance; and
  7. Supervisors should apply the FSB Principles for Sound Residential Mortgage Underwriting Practices to mortgage insurers noting that proper supervisory implementation necessitates both insurance and banking expertise.”

2011–12 National Postsecondary Student Aid Study

“This First Look publication provides the first results of the 2011–12 National Postsecondary Student Aid Study (NPSAS:12): Student Financial Aid Estimates for 2011–12. August 20, 2013 (NPSAS:12), the most comprehensive, nationally representative survey of student financing of postsecondary education in the United States. The survey includes about 95,000 undergraduate and 16,000 graduate students attending 1,500 postsecondaryContinue Reading

How Qualified Student Loans Could Protect Borrowers and Taxpayers

How Qualified Student Loans Could Protect Borrowers and Taxpayers. Joe Valenti and David A. Bergeron | August 20, 2013. “Over the past few decades, student-loan debt has grown dramatically and now exceeds $1 trillion, including more than $150 billion in private student loans. Since the late 1970s, however, Congress has gradually made it increasingly difficultContinue Reading

FTC Chairwoman Calls for Transparency in Big Data

Via EPIC: “In a keynote speech at the Technology Policy Institute Aspen Forum, FTC Chairwoman Edith Ramirez called upon companies to “move their data collection and use practices out of the shadow and into the sunlight.” Chairwoman Ramirez highlighted the risks of big data including indiscriminate collection, data breaches, and behind-the-scenes profiling. She stressed theContinue Reading

Survey of Special Collections and Archives in UK and Ireland

Dooley, Jackie M., Rachel Beckett, Alison Cullingford, Katie Sambrook, Chris Shepard, and Sue Worrall (2013), Survey of Special Collections and Archives in the United Kingdom and Ireland. Dublin, Ohio: OCLC Research. “This report provides institutional leaders, curators, special collections staff, and archivists both evidence and inspiration to plan for much needed and deserved transformation ofContinue Reading

DOT Does Not Fully Comply With Revised FAR on Use, Management of Cost-Reimbursement Awards

DOT IG – DOT Does Not Fully Comply With Revised Federal Acquisition Regulations on the Use and Management of Cost-Reimbursement Awards. August 05, 2013. Project ID: ZA-2013-118 “On August 5, 2013, we issued our report on the Department of Transportation’s (DOT) compliance with revised requirements in the Federal Acquisition Regulation (FAR) regarding the use andContinue Reading

New SEC Policy – Violations by financial institutions include admission of guilt

Washington Post Wonkblog: “A few weeks ago, SEC Chairwoman Mary Jo White announced a significant change in policy: For certain violations, the agency would no longer allow financial institutions to simply pay a fine without admitting wrongdoing (also known as a “nolo contendere” plea). And in its latest cases, the SEC has been following through,Continue Reading

USPS Proposed Health Plan Could Improve Financial Condition

U.S. Postal Service: Proposed Health Plan Could Improve Financial Condition, but Impact on Medicare and Other Issues Should Be Weighed before Approval, GAO-13-658, Jul 18, 2013 “The U.S. Postal Service (USPS) would likely realize large financial gains from its proposed health care plan, primarily by increasing retirees’ use of Medicare. Specifically, USPS estimates that itsContinue Reading

UK Guardian guide to your metadata

“Metadata is information generated as you use technology, and its use has been the subject of controversy since NSA’s secret surveillance program was revealed. Examples include the date and time you called somebody or the location from which you last accessed your email. The data collected generally does not contain personal or content-specific details, butContinue Reading

Google Cultural Institute Hosts Curated Collections on Hiroshima and Nagasaki

“This August marks the 68th anniversary of the atomic bombings of Hiroshima and Nagasaki at the end of World War II. Working together with the Hiroshima Peace Memorial Museum and the Nagasaki Atomic Bomb Museum, we’ve launched seven new online exhibits on the Google Cultural Institute that help tell the story of the two citiesContinue Reading