Mortgage Essay Example for Free

Mortgage Essay 1. In 1932, the federal government’s intervention in the market for home ownership was desirable. Not only was it desirable, but it was needed. It has been the federal government’s desire to have every American become a part of the American dream and be a homeowner. In 1932 President Hoover signed the Federal Home Loan Bank Act to establish a series of discount banks for home mortgages. This would assist in increasing the likelihood of Americans owning a home and not feeling that they were restricted because of financial pressures. Fannie Mae, Ginnie Mae, Freddie Mac were created to help bail out banks that had a growing number of defaults in mortgages. These three enterprises made it possible for banks to offer mortgages to riskier clients who normally would not qualify. This greatly expanded homeownership. It also shaped lending practices at banks and other mortgage lending firms by creating new forms of financing and creating the market of secondary mortgages. 2. Why did the U.S. Congress enact:Â  * Community Reinvestment Act – passed in 1977 requiring banks to lend in the low income neighborhoods * Mortgage Disclosure Act – passed in 1975 to provide the public with loan data that can be used to determine whether or not financial institutions are serving the needs of their community, identify possible discriminatory lending patterns and make this data publicly available * Depository Institution Deregulation and Monetary Control Act – passed in 1980 to provide gradual elimination of limitations on the rates of interest payable on deposits and accounts; authorize interest bearing accounts * Housing and Community Development Act – amended to create section 8 housing These methods were effective in expanding homeownership by making it easier and providing greater methods to become a homeowner. The government’s promotion of subprime mortgages created more problems that assistance. It was the initial cause of the 2008 financial crisis due to the rise in delinquencies and foreclosures. Basically many people were approved for houses that were not financially stable or capable of the long term obligation of buying a home. As subprime lending expanded, so did the crisis due to the over-regulation, deregulation and failed regulation that the government brought on. 3. Subprime mortgages made a contribution to the housing bubble. Since there were several more individuals approved to purchase homes, the demand for houses increased. This demand created many financial institutions and creditors to attempt to make a profit by approving loans, selling or enforcing short term buying. Once people got caught up in homeownership, but were beyond what they could afford and interest rates as well as lending practices went bad, the demand decreased, which resulted in a surplus, reduction of prices, rise in interest rate and the bubble burst. Borrowers will struggle with financing the purchase of a house, loan originators suffer from debt , MBS will suffer since the cash flow is not know in advance, the MBS investors may not receive payment and CDO holders because of the use of reserve funds due to the lack of incoming cash flow.

The Reader :: Literature Literary Text Papers

The Reader In the academic study of literature very little attention has been paid to the ordinary reader, the subjective individual who reads a particular text. David S. Miall and Don Kuiken, in their paper The form of reading: Empirical studies of literariness state, Almost no professional attention is being paid to the ordinary reader, who continues to read for the pleasure of understanding the world of the text rather than for the development of a deconstructive or historicist perspective. The concerns that an ordinary reader seems likely to have about a literary text, such as its style, its narrative structure, or the reader's relation to the author, the impact on the reader's understanding or feelings - such concerns now seem of little interest. In this paper I should like to study a few kinds of reader and the subjectivity of their responses to the objectivity found within literary texts, quoting some views found within reader-response criticism. Before I begin, I should like to consider what is meant by the term 'literary text', and what is meant by the objectivity of it. According to Terry Eagleton, [1] the definition of 'literary', as advanced by the Russian formalists, (who included in their ranks are Viktor Shklovsky, Roman Jakobson, Osip Brik, Yury Tynyanov, Boris Eichenbaum and Boris Tomashevsky), is the peculiar use of language. Literature is said to transform and intensify ordinary language, deviating from the everyday colloquial tongue. The literariness of the language spoken could be determined by the texture, rhythm and resonance of the words used. There is a kind of disproportion between the signifier and the signified, by virtue of the abstract excesses of the language, a language that flaunts itself and evokes rich imagery. Eagleton argues that what distinguishes the literary language from other forms of discourse is the way it 'deforms' ordinary languages in various ways. Under the pressure of literary devices, ordinary language is intensified, condensed, twisted, telescoped, drawn out and turned on its head. [1] According to Wolfgang Iser, [2] a literary work has two poles; the aesthetic and the artistic. The artistic pole is the author's text, and the aesthetic is the realisation accomplished by the reader. Hence the literary work cannot be considered as the actualisation of, or identical to, the text, but is situated somewhere between the two. Iser speaks of the text as a virtual character that cannot be reduced to the reality of text or to the subjectivity of the reader, and it derives its dynamism from that virtuality.

Character’s Personality in the Great Gatsby Essay

The Great Gatsby, a novel by F. Scott Fitzgerald, is a love story about one man’s desire to climb the social ladder and to marry the girl of his dreams. In this novel, Fitzgerald uses imagery and many symbols to reveal significant aspects of the central character, Jay Gatsby’s, personality. The green light reveals hope in Gatsby’s future. His mansion is also a symbol, representing his wealth but also how he still wishes to be classed higher in society. The Eggs also represent the barriers between the upper and lower classes of Long Island. First of all, the colour green that is displayed through the light that Gatsby notices â€Å"[Daisy] always [has on] that burns all night at the end of [her] dock† (91) represents Jay Gatsby’s jealousy towards Tom Buchanan as well as his hopes for his future, including the American Dream. Envy that Gatsby feels for Tom Buchanan is present because Gatsby loves Daisy and wanted to marry five years ago, but could not because of the difference in social class. At the time, Daisy was a rich girl and Jay, a poor boy. Daisy could not have possibly married someone as poor as Jay Gatsby and could not wait around for him either, so she married Tom Buchanan, which leads to Gatsby’s jealousy. When they are all in town, Gatsby tells Tom that â€Å"[Daisy has] never loved [him]† (124) and rather that she has loved Gatsby all along. He tells Tom that â€Å"[Daisy] only married [him] because [he] was poor and she was tired of waiting for [him]† (124). When Gatsby â€Å"[stretches] out his arms out toward the dark water† (25) at the green light, this shows Gatsby reaching for his love, Daisy Buchanan, trying to grab the woman that he could never have, which seems so close but is farther than it appears. The green light represents Gatsby’s obsession with love and his hopes to reconcile with Daisy which leads to also representing the American Dream, a dream that anyone can live the life they wish for if they work hard. The green light represents money, wealth, power and love, which is everything Gatsby wishes he had to live the American Dream. Secondly, another symbol used to reveal aspects of Jay Gatsby’s personality is his mansion. Although Gatsby lives in West Egg and lives next to Nick Carraway’s â€Å"small eyesore† (11) of a home, Nick describes Gatsby’s house as â€Å"a colossal affair by any standard† (11) and â€Å"a factual imitation of some Hà ´tel de Ville in Normandy† (11). His mansion represents his wealth and even though Gatsby is extremely rich with the money he has earned, he will never obtain his goal to be ranked high enough in society to be a part of the East Egg community with Tom and Daisy Buchanan. Gatsby’s mansion also symbolises his extravagance which is used to gain attention from people of Long Island to prove that he is just as worthy as they are. He throws big parties featuring â€Å"buffet tables, garnished with glistening hors-d’oeuvres [and] spiced baked hams† (41) and an orchestra with â€Å"oboes, trombones and saxophones, and viols and cornets and piccolos† (42). All this to prove he was like them. Gatsby’s mansion, just like the green light, also represents the American Dream. A life he wish he had. Finally, one other symbol that is exemplified throughout the book is Eggs. The division of the East and West Eggs â€Å"twenty miles from the city† (10) symbolises Gatsby’s obsession with increasing his social status. Gatsby lives in West Egg, the â€Å"less fashionable† (10) of the two Eggs. The East Egg is where all the old money is. This is a place where everyone is accustomed to their wealthy lifestyle, being born into rich families, refined and are all socially conscious. The West Egg is where the new money is and where everything is over the top and flashy. Despite the fact that Gatsby lives in West Egg, he aspires to be accepted into the East Egg Society by flaunting his wealth. In conclusion, F. Scott Fitzgerald uses many symbols in The Great Gatsby to reveal significant aspects of the central character, Jay Gatsby’s, personality. The green light signifies jealousy, envy, hope and the American Dream while Gatsby’s mansion demonstrates his want to be something he is not. The division between the Eggs are also important and symbolise Gatsby’s obsession in climbing the social ladder. Works Cited Fitzgerald, F. Scott. The Great Gatsby. Penguin Books; London, England, 1950.

The Evolution of Evolution - 1188 Words

The views of society towards the creation of humanity have rapidly changed since the discovery of evolution. Nevertheless, there was a time before the world did not know the theory of evolution and the theories demonstrated by Sir Charles Darwin. Before the evolution, there were people who were subjected to religious ideologies of how mankind was created, they believed that the upper class was known to be â€Å"divine creatures†. However, the introduction of evolution leads the theory to be the base of biology and changes the minds of people all over the world. Firstly, before the theory of evolution, there was the idea of humans being created by God. For example, in Greek mythology it was believed that man was created by Prometheus (The†¦show more content†¦Many people though rejected these views, and Darwin was one of them. When Darwin reached South America on the Beagle Voyage, Darwin’s views on the nature of slavery and the unity of different human populations as one species were created. On his return to England, Darwin lived in London for a while and often visited London Zoo to discuss the specimens he collected with experts. In March 1838 Darwin saw his first ape, an Orangutan called Jenny. Jenny had a big impact on Darwin, who wrote in one of his notebooks: ‘Let man visit Orangutan in domestication, hear its expressive whine, see its intelligence when spoken to; as if it understands every word said - see its affection. - to those it knew. - see its passion rage, sulkiness, very actions of despair; ... and the n let him boast of his proud pre-eminence ... Man in his arrogance thinks himself a great work, worthy the interposition of a deity. More humble and I believe true to consider him created from animals.’(Darwin and the descent of man., para.2). Darwin did not publish his book â€Å"On the Origin of Species† right when he had proof of human evolving from other species because Darwin was writing in a time of great social and political upheaval. The parliament was being reformed, and the treatment of the poor and the growing division between the classes were causing a lot of anxiety (Darwin and the descent of man., para.3). However, Darwin decided to publish his book in 1871 as by this time several otherShow MoreRelatedEvolution And Evolution Of Evolution957 Words   |  4 Pagesthe theory of evolution. To understand why the teaching of evolution in school is important, it’s important to understand what it is, how it works, and how we benefit from its evolutionary history. Evolution is the steady development of different kinds of living organisms that have diversified from earlier forms throughout the generations. Without evolution, biology wouldn’t make sense because evolution is its key principle that connects and explains many facets of life. Evolution is a very importantRead MoreEvolution And Evolution Of Evolution1333 Words   |  6 PagesWhat is Evolution? Evolution is the modification of characteristics of living organisms over generations (StrangeScience.net, 2015); it is the gradual process of development by which the present diversity of living organisms arose from the earliest forms of life, which is believed to have been ongoing for at least the past 3000 million years (Hine, 2004). Common ancestry are groups of living organisms that share the most recent common ancestor, by which scientific evidence proves that all life onRead MoreEvolution And Evolution Of Evolution1054 Words   |  5 Pages Evolution is something that can be taken into different meanings, from the way you live. Some people can accept evolution and some can’t. 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Whether one believes in it or not, it is hard to deny the cold hard facts tha t back up how every being has changed from its original form of life. From plants to humans, everything has adapted and evolved to be able to adjust to climate changes, habitats disappearing, and new predators. All it takes is for one mutated gene to get aRead MoreEvolution Of Evolution And Evolution2000 Words   |  8 Pages Title: Evolution Author: Annette Gonzalez December 9, 2014 Abstract: This paper will cover the topic of evolution of organisms. Evolution is the process of constant change from a lower, more simple to better, complex state (Merriam-Webster, 2014). In this essay, there are different philosophies that support the idea of evolution. For instance, there is anatomical, homology, natural selection evidence. This ideas will be explained in more detail in the body of the paperRead MoreEvolution And Evolution Of Evolution2356 Words   |  10 Pagesideology, people have started to think logically and science has come a long way. It is now believed that evolution has resulted in the changes on planet Earth and human kind was not just simply created by a ‘God’. What is evolution? What was Charles Darwin’s contribution to ideas about evolution? Biological evolution is the descent of organisms with modifications. Simply, the central idea of evolution is that all life forms which exist as of now or had existed share a common ancestor. This theory first