Money Magazine Essay Example for Free

Money Magazine Essay It seems that Baton Rouge, Louisiana is surviving the current real estate crisis better than most cities. According to a Money Magazine article, â€Å"10 Fastest Growing Real Estate Markets† dated May 13, 2008, Baton Rouge was rated number nine. As of the date of the article, Baton Rouge showed a positive one year price change of 5. 7%; and a positive five year price change of 38%; even though the foreclosure rate had increased by 14% in the same time period. (Money, 2008). Some of the price stability in the real estate market there may be attributable to proactive legislation. If we count mortgage fraud as one of the key factors in the current economic crisis, then we can congratulate the state of Louisiana in the steps they took to prevent fraud. Louisiana’s state Office of Financial Institutions (OFI) took action in December of 2007 to join other states in passing legislation to prevent mortgage fraud. Legislators felt that even though there was not a reported high incidence of mortgage fraud, many of Louisiana’s homeowners were especially vulnerable because of the two recent devastating hurricanes, Katrina and Rita. OFI examiners sought legislative funding to assist with communication within its agency; analysis of statistics and tracking cases. Educating the public about mortgage fraud, including foreclosure help scams, became a top priority. The OFI also investigates allegations of fraud such as buyers pretending to purchase a house as an owner occupied dwelling when it is in fact an investment property. Appraisal fraud is also actively investigated. Appraisal fraud occurs when property appraisers inflate the value of a property to obtain a larger mortgage, often at the behest of a lender or mortgage broker. This scam may seem to boost instant equity in the property, but in truth is a huge detriment to homeowners. This type of activity is particularly insidious, because in the event of a market downturn, homeowners often suddenly owe more on their property than the property’s real value. (Thibodeaux, 2007). While researching this paper I became curious as to how foreclosures in Baton Rouge might compare to another city. I chose Hialeah, Florida to compare, because they are similar in size and not too far off in median age. Also, Florida is ranked in the top four states in foreclosure rates. California, Arizona and Michigan are the other three. As of July, 2007, Baton Rouge had a population of slightly over 227,000 residents; and Hialeah had a population of just over 212,000. Median age groups for both areas was between 30 and 37 years old, so neither is strictly a retirement area. The median household incomes for both areas were nearly identical at just over $32,000. per year. The similarities between these two areas ends there. (Citi Data, 2008). According to Zillow there are 66 foreclosures in Baton Rouge and a whopping 1326 foreclosures in Hialeah. I chose to use the information from Zillow rather than Realty Trac. Realty Trac displays as foreclosures properties in any degree of foreclosure; while Zillow displays houses as foreclosures after they have been sold at a foreclosure auction. Realty Trac when they display foreclosures includes as foreclosures any property anywhere on the foreclosure timeline. If a homeowner has been served with a Notice of Default or a Lis Pendens, it shows up on Realty Trac as a foreclosure. Some of these properties will not be sold at a foreclosure auction. There are many things that can happen between the time a homeowner is served with a foreclosure complaint and the auction at the county court house. A homeowner may remedy the foreclosure by paying all past due payments. The property may be sold as a short sale after a homeowner has received the foreclosure complaint. A short sale cures a foreclosure. Similarly, a homeowner may successfully negotiate a mortgage loan modification after having been served with a foreclosure complaint. A loan modification changes the terms of a mortgage loan to make it more affordable for the homeowner. Lenders have many tools at their disposal to make changes to the terms of the mortgage loan. It is within the lender’s power and discretion to lengthen the loan period for the mortgage, say from a 30 year mortgage to a forty year mortgage and adding the missed payments to the end of the loan period. This provides the homeowner with some immediate relief and the lender does not lose. Or a lender has the ability to change the terms of a mortgage from an adjustable rate mortgage to a fixed rate; or simply change the rate to a lower interest rate. Lenders also have within their power to reduce the principle of the mortgage loan, although lenders are understandably reluctant to do so. (Zillow, 2008). Besides the actual number of foreclosures in Baton Rouge and Hialeah there are also some other striking differences between their respective housing markets. Even though the median household incomes for both areas is nearly identical the median home prices are very different. In Baton Rouge the median home price in 2007 was $142,000. ; and the median home price in Hialeah for the same time period was $245,000. amounting to over a $100,000 difference. The rate of appreciation in the two housing markets also provides some insight as to why one area is so rife with foreclosures and the other is not. In Baton Rouge the median home price was $93,000 in 2000. The increase to $142,000. in 2007 represents about 5% appreciation per year over seven years. By contrast, Hialeah saw an increase from a median home price in 2000 of $102,000. to more than double over 100% in the same time period, which is around a 20% per year rate of appreciation. It is small wonder that so many homes in Hialeah have gone to foreclosure auction. (Citi Data, 2008). When I plugged the different principle amounts into a simple mortgage calculator and used an optimistic 6. 5% interest rate, and a 30 year fixed mortgage loan; the results were remarkable. The homeowner in Baton Rouge would pay $897. 54 per month for his $142,000. home; and the homeowner in Hialeah would pay $1,548. 57 for his $245,000. home. Both homeowners are working with nearly identical incomes. After researching the literature and the data collected for this paper, I wondered whether mortgage fraud played a large role in Hialeah, Florida’s foreclosure rate. According to the Federal Bureau of Investigation (FBI) Florida is one of the states where mortgage fraud is most common, and Louisiana is not mentioned in their report. The FBI defines mortgage fraud as the â€Å"intentional misstatement, misrepresentation, or misstatement by an applicant or other interested parties, relied on by a lender or underwriter to provide funding for, to purchase, or to insure a mortgage loan. † (FBI, 2007). â€Å"Analysis of available information indicated that mortgage fraud was most concentrated in the north central region of the United States. Data from law enforcement and industry sources were compared and mapped to determine which mortgage fraud states for 2007 were Florida, Georgia, Michigan, California, affected by mortgage fraud according to available sources included Arizona, Connecticut. † (FBI, 2007). Mortgage fraud is described as a low-risk, high yield white collar crime. Individuals in finance related occupations such as mortgage brokers, lenders, and accountants were most likely to engage in mortgage fraud. These perpetrators, since they are familiar with the mortgage loan process are best positioned to exploit the process’ vulnerabilities. Victims of mortgage fraud may not only include the borrower and the lender, but entire surrounding neighborhoods as well. If foreclosure rates due to high incidence of mortgage fraud, such as artificially high appraisals, the effect is that the surrounding neighborhoods values also begin to decline. (FBI, 2007). It seems clear that there are a couple of important factors that explain the differences in rates of foreclosures in the two cities examined, Hialeah, Florida and Baton Rouge, Louisiana. First, Louisiana government took steps to prevent mortgage fraud before it ever became rampant. Second, Louisiana enjoyed a relatively modest appreciation in home values during the boom years, home prices never exceeded an amount that a family living within their means could afford. The opposite is true in Florida. In fact, Florida rated number one in the incidence of mortgage fraud in 2006 and 2007. It is simple enough to imagine that appreciate rates in double digits could not last forever. If the galloping rate of appreciation during the real estate boom years was caused by mortgage fraud then the house of cards was destined to finally collapse. References Citi Data (2008). Baton Rouge and Hialeah. Retrieved December 11, 2008. http://www. city-data. com/city/Baton-Rouge-Louisiana. html http://www. city-data. com/city/Hialeah-Florida. html Daily Report (2008). Baton Rouge ranks near bottom for foreclosure activity Oct. 23, 2008 Retrieved December 10, 2008. http://www. businessreport. com/archives/daily-report/2008/oct/23/667/ Federal Bureau of Investigation (2007). â€Å"Mortgage Fraud Report† Retrieved December 10, 2008. http://www. fbi. gov/publications/fraud/mortgage_fraud07. htm Thibodeaux, Anna (2007). Buyers Beware. December 17, 2007. Retrieved December 11, 2008 http://www. businessreport. com/news/2007/dec/17/buyers-beware-fnc1/ Zillow (2008). Retrieved December 11, 2008. http://www. zillow. com/homes/map/Hialeah,-Florida_rb/ http://www. zillow. com/homes/map/Baton-Rouge,-Louisiana

Invisible Man Essay: Shedding Fear -- Invisible Man Essays

Shedding Fear in Invisible Man      Ã‚  Ã‚   Invisible Man, by Ralph Ellison explores the issues of life, liberty, and the pursuit of happiness through the protagonist; Invisible Man. Invisible Man is not giving a name.   Ellison explores how unalienable rights cannot be obtained without freedom from the obstacles in life - especially from one's own fears.    Several major characters affect the protagonist. One of the major characters is Dr. Bledsoe, who is the president of the school.   Dr. Bledsoe had a major effect on the main character, because the Protagonist idolizes him.   "He was every thing that I hope to be," (Ellison 99), but the Dr. Bledsoe degrades him when we says "Why, the dumbest black bastard in the cotton patch knows that the only way to please a white man is to tell him a lie" (Emerson 137) and calls him a Nigger.   In addition, the Protagonist grandfather had a major effect on him.      The Protagonist's grandfather last word, "Live in the Lions mouth" (Ellison 16) has a lasting effect on him throughout most of the novel.   Finally and most important, Ras the Destroyer, whom the Protagonist fears whom along with Dr. Bledsoe in a separate encountering calls him "a educated fool" (Ellison 140).      The first encounter of the Protagonist own fears is introduce when his grandfather' s tells the Protagonist to go against the white man by "overcome 'em with yeses" (Emerson 16).   These words haunts the Protagonist when he is kicked out getting kicked out of college.   When Dr. Bledsoe kicks him out of college, the Protagonist reflects on his grandfather last words "undermine 'em with grins, agree 'em to death^"(Emerson 16).   For a moment, the Protagonist wonders if his grandfather might be right.   Howev... ...ld not let him rest.   He states that "I'm an invisible man and it placed me in a hole- or showed me the hole I was in^."(Ellison Epilogue).   This is an effective metaphor, because that is where life left him.   As stated by a German Philosopher, Friedrich Nietzsche, "A snake that does not shed its skin will perish".   The Protagonist realized he must shed his metaphorical skin of fear and denial of being a Negro in order to obtain his unalienable which are rights of life, liberty, and the pursuit of happiness.   The freedom he obtains through shedding his skin is that he knows he is free to be himself without the fear of not being accepted.    Works Cited Ellison, Ralph.   The Invisible Man.   New York, Vintage Books Latu, Susan.   School Web Site.   1998.   Phillips, Elizabeth C.   "Monarch Notes" Ralph Ellison Invisible Man.   New York, Monarch      

Health Disparities Among Filipino Americans Essay

Health Disparities:Focus on the Filipino-American Population in the USA As a Filipino-American nurse living in Los Angeles, California, this writer has been a witness and an active participant in the multifactorial influences/aspects that affect the Filipino-Americans, in health and illness. Being a grandmother of wonderful grandkids has brought me further exposure to the plight of elderly Filipino-Americans in the United States of America. The Institute of Medicine’s Report on Unequal Treatment: Confronting Racial/Ethical Disparities in Health Care states that cultural bias is one contributor to racial and ethnic minorities having higher rates of poor health outcomes than Whites in the case of disease; even when income, employment status and insurance coverage are controlled. A survey of current literature suggests that as a group, Filipino-Americans are comparatively under-studied vis-a-vis health and health care disparities in the United States. The literature that does cover the subject suggests that Filipino-Americans (as a group) do experience disparities in health and health care. Javier (2007) noted that on a national level, Filipino-Americans are the second largest Asian/Pacific Islander (API) population. Within this population, Filipino-American youth and adolescents in the US show disparities compared to Anglo and other API groups in regard to gestational diabetes, rates of neonatal mortality and low birth weight, malnutrition in young children, obesity, physical inactivity and fitness, tuberculosis, dental caries and substance abuse. Within Los Angeles County, Bitler and Shi (2006) analyzed disparities across groups based on health insurance, health care use and health status. While they did not focus on Filipino-Americans as a discrete subpopulation, they noted that differences in the prevalence of chronic health conditions across different immigrant racial and ethnic groups were reduced after controlling for such factors as family income, net worth and neighborhood characteristics. One possible conclusion is that in neighborhoods that are co-populated densely by both Latino and Filipino-American households with similar earnings and employment characteristics (such as in Historic Filipinotown), Filipino-Americans fare about the same as their Latino neighbors when it comes to chronic disease. This demonstrates that working class and lower income Filipino-American households in LA County suffer from health problems more than other API opulations in the County. Taken together, these studies lend support to the perception among Filipino-American community leaders in Los Angeles that (1) persistent disparities in health and health care do exist for Filipino-Americans relative to other groups; and (2) Filipino-Americans are not adequately researched for ethnic-specific tendencies in health and health care access. A report published in November, 2007 by The Historic Filipinotown Health Network of Los Angeles, California analyzed responses from a series of focus groups and over 400 surveys administered to health care providers, youth, residents, seniors and workers in Historic Filipinotown in central Los Angeles. The study sought to understand how culturally-based experiences and perspectives of Filipino/Filipino Americans in central LA influence this population’s health. The report examines the relationship between cultural themes that came up in the survey and the actual health status and healthcare service use patterns of Filipino/Filipino Americans. Though specific to the Filipino community in Los Angeles, the findings are relevant for Filipino communities throughout the United States. From the report this writer has been able to collate substantial data for this paper on US health disparities focusing on the older Filipino Americans. Elderly Filipino-Americans, like other ethnic minorities in the US, are not exempt from the disparities within the health care system. Health care access, utilization and assimilation in the US health care delivery system can be very challenging particularly for the newly-arrived immigrants. They tend to rely on their families for support since the majority of them are not eligible for government health care funds and social security benefits. In addition to financial constraints, lack of mobility or minimal English proficiency and tenacious adherence to their own Filipino cultural and health beliefs can create a barrier to health care utilization. â€Å"Bahala na† basically means â€Å"whatever will be, will be. As a way of supporting good health and in responding to illness, Filipinos have this unusual ability to accept things as they are. This position enables many Filipino-Americans to accept, and endure, great suffering including suffering from illness or injury. â€Å"Hiya† refers to a deep impulse to protect against a loss of face, especially if there are differences of opinion in a group on a sensitive matter. Such protection can be for one’s own sake or for another person. One example is misunderstandings due to language barriers. Some patients may not express it openly, but feel shamed or embarrassed in front of health care providers when they cannot understand or be understood properly. Further, older Filipino-American patients have difficulty in communicating effectively with health care providers. This can turn into an urgent problem if and when Filipino-Americans suffer from a high incidence of chronic and/or serious illness (such as diabetes or TB). â€Å"Kapwa† suggests â€Å"togetherness† and equality of status regardless of class or race. Cultural norms energize Filipinos to care for others in every sense, as fellow human beings. This type of relationship supports a structure of familism (tight-knit extended family structures). Caring for the health of each member within one’s family or kinship network is thus a top priority. The Filipino-American population has the highest percentage (27%) among Asian Americans of grandparents living with and caring for their grandchildren who are under 18 years of age. Conversely, there is a preference among families to provide direct care to their aging parents at home, regardless of the sacrifices required, rather than moving them into a convalescent facility. In America, this same commitment is extended by Filipino-Americans beyond their kinship groups to neighbors, friends and even strangers. The tradition of putting the group first and looking out for other group members has helped make Filipino-Americans have such a prominent presence as recognized professionals and workers in the U. S. healthcare sector. According to Periyakoil and Dela Cruz (2010), Filipino-Americans who have been in the U. S. A. for a long time are more acculturated to the American health system than those who recently migrated. The less acculturated immigrants adhere more to traditional systems of medicine and prefer indigenous healing practices, such as the use of complementary and alternative medicine. Before seeking professional help, Filipino older adults tend to manage their illnesses by self-monitoring of symptoms, ascertaining possible causes, determining the severity and threat to functional capacity, and considering the financial and emotional burden to the family. Filipino older adults tend to cope with illness with the help of family and friends, and by faith in God. Most of these first-generation immigrants initially resort to traditional medicine and healing methods are passed on from one generation to another. Traditional medicine is regarded as a viable alternative to Western medicine especially among the uninsured and undocumented. Such examples of cultural and health beliefs cause great concern since these older adults only seek medical care when their illness is already very serious or in an advanced stage; missed opportunities for optimal treatment and care result. Thus, to promote stronger health outcomes for the Filipino-American population, knowledge of their cultural strengths and assets, as well as language and other difficulties as immigrant people is imperative. Policymakers should be engaged to take a more culturally informed and sensitized approach to health care reform, focusing particularly on reducing existing disparities among Filipino-Americans in the USA. References Ad Hoc Committee. (2005). Ethnic diversity and cultural competence.

The Invention Of Cinema And Film Reel - 1920 Words

When thinking about cinema, the first image that often comes to mind is that of a film reel, or a projector in a dark screen, not dissimilar to the one opening Bergman s Persona (1966). Although originally indicating the physical medium on which moving images were fixated, the word â€Å"film† quickly evolved to mean motion pictures; for decades, cinema and film were not considered as two separate ideas. Over the years, the link between this art form and material elements has been reinforced on a more theoretical level by the assertions of critics such as Kracauer, to whom â€Å"Films come into their own when they record and reveal physical reality.(Kracauer, 1997); Stanley Cavell also highlights the intrinsic realism that belongs even to the†¦show more content†¦It features an everyday character, Neo, who gains the ability to bend and transform the reality around him, after finding out the reality he lived in was nothing but a limited fraction of the possibilities around him. He obtains his power by making a bold choice, taking the iconic red pill and entering â€Å"the rabbit hole†. A possible interpretation for the suggestive analogy would see the Wachowskis, or more broadly the â€Å"generation X† directors, taking the metaphorical pill and choosing to gain the power to control and manipulate the images on the screen more than it was ever possible before, and the directing duo of the Matrix trilogy brilliantly succeeded at exploring new frontiers of filmmaking. A perfect example of this is the Bullet-Time effect, expression created by its own inventor John Gaeta, who worked with Manex Visual Effects for The Matrix s digital effects. It originally refers to a scene where the protagonist is able to dodge the agents bullets at an extreme speed; to deliver this the directors chose an extreme slow motion effect in which the camera could freely move while the action was frozen, thus deliberately playing with the audience s expectations and previous knowledge of the limits of camerawork; it was directly inspired by Otomo Katushiro s view-morphing techniques (Gaeta, 2006). This sequence works thanks toShow MoreRelatedFilm hw 1 Essay1078 Words   |  5 PagesIntroduction to Film History, Module 1 Homework Assignment, taught by Professor Stephanie Sandifer. Directions: Using word processing software to save and submit your work, please answer the following short answer questions. All responses to questions should be one to two paragraphs, composed of five to seven sentences, in length. Your responses should include examples from the reading assignments. 1. 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