What is Driving Risk Higher on First-Time Buyer Loans?

first_imgHome / Daily Dose / What is Driving Risk Higher on First-Time Buyer Loans? AEI International Center on Housing RIsk First-Time Buyer Loans Mortgage Risk 2016-05-23 Brian Honea The Best Markets For Residential Property Investors 2 days ago Tagged with: AEI International Center on Housing RIsk First-Time Buyer Loans Mortgage Risk Related Articles With a greater share of agency first-time buyer home loans comes a greater share of risk involved in those loans.The share of Agency first-time buyer loans surged by 18 percent in April up to 58.8 percent, meaning that 58.8 percent of primary owner-occupied home purchase mortgages with a government guarantee in April were first-time buyers, according to AEI’s International Center on Housing Risk. Meanwhile, the Agency First-Time Buyer Mortgage Risk Index (FBMRI) shot up to 15.8 percent in April, a series high and an increase of 0.6 percentage points over-the-year.An Agency FBMRI value of 15.8 percent means that 15.8 percent of these loans would default under economic stress similar to what the country experienced in 2007-08, based on performance of loans originated in 2007.The gap is widening between risk on first-time buyer loans and loans for repeat buyers, according to AEI. The Agency FBMRI was 5.6 percentage points higher than the risk index for repeat buyers in April 2016, which was an increase from 5.4 percent from the previous April.Also according to AEI, 54.2 percent of first-time buyer loans were high risk in April 2016—an increase from 52.6 percent a year earlier.“The gap between first-time buyer and repeat buyer mortgage risk levels now stands at 5.6 percentage points compared to 5.4 and 4.7 percentage points in April 2015 and 2014 respectively,” said Edward Pinto, codirector of the AEI’s International Center on Housing Risk. “The long running seller’s market combined with growing loan leverage and weak income growth for entry-level buyers are artificially pushing up prices, resulting in a pernicious wealth transfer from the buyers to sellers of these homes.”According to AEI, “First-time buyers have accounted for the bulk of the year-over-year rise in the composite National Mortgage Risk Index for home purchase loans since early 2015, reflecting the widening gap between the risk indices for first-time buyers and repeat buyers compared with a year earlier.”Risk layering is largely responsible for the increased riskiness of the first-time buyer mortgages. According to the report, 70 percent of first-time buyer mortgages in April 2016 had a combined loan-to-value (CLTV) ratio of 95 percent or higher and 97 percent had a 30-year term. The combination of slow amortization and little money down will likely result in very little home equity for these buyers for many years, barring substantial home price appreciation.In addition, slightly more than one-fifth of first-time buyer loans in April had a FICO score of below 660, which is the traditional definition of subprime mortgages, and nearly 30 percent of them had total debt-to-income ratios higher than 43 percent—the limit set by the Qualified Mortgage rule.According to AEI, two factors that made repeat buyer mortgage less risky were: a much smaller share of repeat buyer mortgages had a CLTV of 95 percent or higher and a much smaller share had a FICO score below 660. Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Share Save Subscribe What is Driving Risk Higher on First-Time Buyer Loans? Previous: Here’s One Way to Fight Zombie Properties Next: Present and Future Look Bright for Jumbo RMBS Servicers Navigate the Post-Pandemic World 2 days ago May 23, 2016 3,369 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Sign up for DS News Daily in Daily Dose, Featured, Market Studies, Newslast_img read more

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The Werks And Passafire Will Bring The Firewerks Tour To Brooklyn This Fall

first_imgWith the end of summer fast approaching, most bands are in the process of finishing up the festival season and setting their sights on fall tour. Coming off an impressive summer with multiple huge shows across the country, The Werks have just added a few dates to their exciting tour with reggae-fusion band Passafire that’s been dubbed the Firewerks Tour. The Firewerks Tour will stop at renowned NYC venue, Brooklyn’s The Knitting Factory, on September 16th.Both bands have a long-running history of putting on stellar shows, which have earned each devout fan bases. Ever since forming in Savannah, Georgia, in 2003, Passafire has been on the road, owning the reggae scene with their patented blend of hard rock, hip hop, progressive rock, and, of course, reggae. This unique mix of genres helped the band differentiate themselves from the pack, attracting fans from outside of the reggae world with their alternative sound and lights-out live show.Similarly, The Werks have been on a tear this summer, crisscrossing the country and bringing their live shows to their ardent fan base at a number of summer festivals. This year, the group also brought back their own annual Ohio throwdown—The Werkout—which seems to grow in a new direction each and every year, and also delivered two electric, packed-to-capacity Phish Baker’s Dozen late-nights at American Beauty. Now, The Werks return to New York for another high-octane performance in New York City, crossing the East River to hit The Knitting Factory in Brooklyn’s Williamsburg neighborhood.We are so excited for these two powerhouse bands to bring this special tour to Brooklyn. Tickets for this show are now on sale and can be purchased here. For show updates and additional information, join the Facebook Event page.[Cover Photo: Dave Vann]– SHOW INFO –Artist/s:  The Firewerks Tour w/ The Werks & PassafireDate:       Saturday – September 16th, 2017Venue:   The Knitting Factory (361 Metropolitan Ave, Brooklyn, NY 11211)Time:       7:00pm Doors / 8:00am ShowTickets:   $15 adv / $20 dos (purchase tickets here)last_img read more

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EGBA urges European Commission to standardise gambling laws

first_img StumbleUpon The European Gaming and Betting Association (EGBA) has urged the European Commission to develop a new regulatory framework which will both clarify and standardise gambling laws across Europe. Disclosed as part of an open letter to the European Commission, EGBA secretary general Maarten Haijer explained that he felt ‘the cross-border online betting world is hamstrung by a patchwork of national rules’ before stressing that ‘it’s time for Brussels to bring countries together.’Haijer stressed that the current framework has resulted in players ‘experiencing varying levels of consumer protection when they bet online’ and thus a standardised framework was needed, with regulatory differences said to be ‘problematic’.He explained: “While some EU regulation, such as the GDPR and the Anti-Money Laundering Directive, do provide some regulatory basis, the betting sector is regulated entirely by national policies. Each EU state has its own set of rules and requirements. “They work in isolation from each other and without regard to the internet’s cross-border nature. The consequence: 28 very different sets of regulations and 28 different sets of customer experience.“In an era where people can easily place a bet on websites based in other countries, the lack of policy consistency is problematic. It means people can easily be exposed to websites that don’t fully protect their rights or interests. “Only 14 EU countries have adopted a national self-exclusion register, and only 13 require “no underage betting” signs on advertisements. These are simple measures proposed by the Commission, yet they haven’t been introduced in most European countries.”Haijer subsequently added that ‘formal regulatory cooperation is a necessary first step, followed by standardization and more common rules.’ “Making the single market work better for those citizens who bet online will require even higher standards than those applied to other online sectors,” he said. “But leaving it up to EU countries alone has not worked, so the incoming European Commission needs to act.“The cross-border online betting world is hamstrung by a patchwork of national rules. It’s time for Brussels to bring countries together.” Andrea Vota named director general of Jdigital July 24, 2020 Submit Related Articles EGBA calls for enhanced collaboration on consumer rights August 11, 2020 KSA issues ‘conduct warning’ following covid marketing breaches July 28, 2020 Share Sharelast_img read more

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Nelson Youth Soccer grads continue to shine on university circuit

first_imgPretty soon roundball enthusiasts are going to call the University of Calgary, Nelson East.The Dinos coaching staffs have locked up no less than four Nelson Youth Soccer recruits onto varsity teams, with three coming from the graduating class of 2012 — Andrea Stinson, Taylor Stewart and Mitch Melanson.The other Nelson Youth Soccer grad, Luke Mori, is in his second season with the Dinos varsity men’s squad.“Things are going pretty good school wise, but I’ve been out with a high ankle sprain,” said Dino a disappointed midfielder Andrea Stinson.“I just got my air cast off so I don’t know when I’ll be back on the field. (I guess) it depends how rehab goes.”Stinson’s rehab hasn’t gone that well.The speedy midfielder missed trips to Prince George and Winnipeg.The injury has only added to what has been a frustrating freshman campaign.“We had a rough start to the season playing two of our toughest matches against UBC and Trinity Western,” the Kinesiology major explained.“With such a young squad, our abilities were definitely tested.” “This year has truly been a building year so I can’t wait to see what next year brings. My injury has definitely been bringing me down so I hope to recover before the end of the season.”Calgary split a pair of games in Winnipeg to drop to 3-4-3 on the season.The transition from rep soccer to university has been quite smooth for the two female stars from Nelson.“It definitely helps having someone you know on the field,” Stinson said about her longtime teammate, Taylor Stewart.“Not only do we work well together on the field, but it’s nice to have someone so close off the field as well.”Playing university ball is a bit of a grind for student athletes.Not only is there the commitment to fellow teammates and coaches, but also there is university profs that want their assignments handed in on time.“The biggest transition is definitely the speed of the game and the amount of time you have with the ball,” Stinson said.“Combining school with Dinos hasn’t been too difficult, but at times it’s hard to have a social life along with everything else.”There are no playoffs for the Dino women. So the long grind comes to an end this weekend when Calgary hosts Regina and Saskatchewan.For the men, the Dinos host Saskatchewan for a pair of home games before traveling to Edmonton to meet provincial rival, Alberta.Calgary, 5-4-2 for second in the Prairie Division, has been on a roll, winning three straight.A great finish should power the Dinos into the playoffs in November.OVERTIME: There are two other NYS grads playing in Alberta. Defender Brittany Wheeler and midfield Morag Paterson are with the University of Lethbridge Pronghorns. Wheeler has fit right in to the Pronghorns starting every game for Lethbridge. Wheeler has one assist on the season with the point coming against former teammates Stinson and Stewart in a 3-2 loss to the Dinos. Wheeler, Paterson, Stewart and Stinson all played for the Kootenay Thunder regional team. . . .Stewart’s three older sisters all played university ball. Heather played at University of Victoria while Amy and Jillian were stars at Simon Fraser University.last_img read more

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HARD NOT TO LIKE HEADS FIELD OF 11 IN GRADE I, $300,000 RODEO DRIVE STAKES SATURDAY; FANTICOLA & ELEKTRUM PROMINENT AS WELL AT 1 ¼ MILES ON TURF

first_imgTHE RODEO DRIVE IS ONE OF FIVE GRADE I, BREEDERS’ CUP CHALLENGE ‘WIN & YOU’RE IN’ STAKES TO BE OFFERED AS PART OF 11-RACE BLOCKBUSTER CARD ON OPENING DAY ARCADIA, Calif. (Sept. 23, 2015) – Grade I Stakes winning mare Hard Not to Like comes off her second win in a row and will seek her third in Saturday’s Grade I, $300,000 Rodeo Drive Stakes for fillies and mares, 3-years-old and up going 1 ¼ miles on turf.The six-year-old mare’s first visit to Santa Anita was a winning one in late May when she scraped the rail with Victor Espinoza aboard in the Grade I Gamely Stakes to get up, just in time for the win over Fanticola and Joe Talamo by a neck.Trained by Christophe Clement and primarily stationed at Belmont Park in New York, her most recent win came in the Grade I, Diana Stakes at Saratoga on July 25 going 1 1/8 miles on turf. In her first start for Clement on Jan. 31 having been previously trained by Michael Matz, she won but was then disqualified and placed second after coming out sharply late in the Grade III Endeavor Stakes at Tampa Bay Downs. She went on to a third place finish in the Grade I Jenny Wiley Stakes at Keeneland on April 11 over a yielding turf course.Having only run four times thus far in 2015, she seems to thrive off a period of time in between races and looms large Saturday. The gray mare is owned by Speedway Stable LLC and is 20-8-3-2 overall with $1,261,671 in earnings.Fanticola returns Saturday off a disappointing fourth to Elektrum in the Grade II, John C. Mabee at Del Mar on Aug. 8. Following a neck loss in the Gamely after leading throughout, Fanticola went on to win the Grade II, Royal Heroine Stakes going a mile over the turf course at Santa Anita on June 27.Fanticola was trained by the late Mike Mitchell and is now in the care of his protégé, Philip D’Amato. Fanticola, an Ontario bred, is owned by Anthony Fanticola and Joseph Scardino. The five-year-old mare by Silent Name will once again be ridden by Talamo and will break from the far outside. She is 18-5-5-6 overall with $483,300 in earnings.Trained by John Sadler and owned by Hronis Racing LLC, Elektrum comes off a win in the John C. Mabee. Her first start in the U.S. came this year in February when she shipped in from France and joined the Sadler stable. She has only been out of the money in one start since, a fourth place finish in the Gamely when she was boxed in down the lane.The 4-year-old Irish bred filly by High Chaparral will gain rider Tyler Baze for the first time and will break mid-pack. Elektrum is 15-4-4-2 overall with earnings of $299,438.The complete field for the Grade I Rodeo Drive Stakes, to be run as the ninth race on an 11-race card Saturday with jockeys and weights in post position order: Star Act, Gary Stevens, 119; Lady Pimpernel Rafael Bejarano, 119; Photo Call, DRayden Van Dyke, 119; Famous Alice, Kent Desormeaux, 119; Three Hearts, Mario Gutierrez, 119; Elektrum, Tyler baze, 119; Queen of The Sand, Mike Smith, 119; Hard Not to Like, Victor Espinoza, 124; Sharla Rae, James Graham, 121; Stormy Lucy, Corey Nakatani, 119; Fanticola, Joseph Talamo, 119. Special first post time Saturday is 12:30 p.m. Admission gates open at 10:30 a.m.last_img read more

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Anthropologists Abuse Students on the Job

first_imgA shocking percentage of male anthropologists sexually abuse their female students, a new report says.Science Insider broke the story: “Survey Finds Sexual Harassment in Anthropology.”  Previously afraid to speak up out of fear for their careers, women responded to an anonymous survey that shows sexual abuse, up to and including rape, is rampant by their superiors:Fieldwork is a rite of passage for anthropologists. It gives the initiate firsthand knowledge of a culture, along with a feeling of camaraderie with colleagues, often in remote and rugged locations. But for women there is also a dark side—a risk of sexual harassment and rape, according to a survey of fieldwork experiences released today. Anthropologist Kathryn Clancy, who authored the study, found a disturbingly high incidence of physical sexual harassment among respondents: More than 20% of female bioanthropologists who took part said that they had experienced “ physical sexual harassment or unwanted sexual contact.” Most of these victims are female, and most of the perpetrators were colleagues of superior professional status, sometimes the victim’s own fieldwork mentor.Clancy was stimulated to look into abuse when a traumatized colleague of hers shared her story of having been raped by her mentor but was told to keep quiet for the sake of her career.  Clancy provided a place where students could tell their “horror stories” anonymously.  Wanting more rigorous data, she launched an online survey and was shocked: over 20% of 98 women, and 1 of 23 men, reported sexual harassment and unwanted physical contact.  The incidents primarily involved fellow field workers, rarely members of the cultures being studied.  Two thirds of the women reported unwelcome sexual remarks.The president of the American Association of Physical Anthropologists expressed shock and dismay:The president of AAPA, Lorena Madrigal, provided Science with an official statement in reaction to the survey results. “I am shocked, angry, disillusioned, and sad about the events these women recount. … I just thought this did not happen anymore, and I am still in shock to hear that it does.“Clancy has expanded her online survey (available here) to other disciplines that involve field work.  PhysOrg said 19% of respondents had been sexually assaulted; some of them volunteered the information they had been raped.  Clancy was outraged that the NSF and NIH provide more safety protocols for lab procedures than they do for the lives and reputations of field workers.Do you see why science requires morality?  Imagine senior anthropologists, leading their postdocs to study cultures in distant lands, ostensibly to mentor them into the “science” of anthropology, only to abuse them and pressure them to keep quiet.  We’ve heard a lot about abuse by Catholic priests and high school teachers.  Maybe abuse by scientists will be the next scandal.Science, like any other human activity, is mediated by fallen souls.  Don’t expect scientists to be untainted, especially those who arrogate themselves to speak with authority on complex human behavior (6/10/2012)   Group junkets away from scrutiny are a perfect setup for moral turpitude to manifest itself.  The NSF throws money at anthropology projects, assuming the scientists will behave themselves.  Maybe they should fund a study on the sociology of anthropology, its moral practices and taboos.  But what are they going to say?  Judge rape as wrong?  What distinguishes the sexual practices of anthropologists from those of native tribes?   If the behavior evolved, it’s what evolution produced, neither right or wrong. What’s the difference between the antics of a paleoanthropologist in a South African cave with a postdoc, and the sexual promiscuity of the presumed ape-people whose bones he speculates about?The moment the NSF or NIH ascribes moral outrage to sexual abuse on the job, they leave their materialist worldview and point to moral absolutes.   Those who presume to speak with unbiased authority of science cannot extricate themselves from the human race.  Scientist, analyze thyself. (Visited 86 times, 1 visits today)FacebookTwitterPinterestSave分享0last_img read more

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Moviemaker Ian Gabriel tells South African stories

first_imgGabriel is playing his part for South Africa as one of the nation’s most prolific commercials directors, working locally and internationally in Europe, North America, Asia and the rest of Africa. His combination of storytelling and performance, with his distinctive visual style is a defining quality of his work. (Image: Ian Gabriel)• Brand South Africa +27 11 483 0122 [email protected]• Cape Flats gang film an Oscar contender • Watch: Four Corners, South Africa’s Oscars contender, releases locally • South Africa: a top film location • Filming incentives grow South African movie industry • Homeland moves to Cape TownMelissa Jane Cook Earlier this year, Four Corners was selected as the South African entry for the Best Foreign Language Film for the 86th Academy Awards.The gritty, hard hitting crime thriller tells the story of a young chess prodigy who must defy the odds and stay one move ahead of the gangs in a game where losing can be the difference between life or death. It takes a hard look at the reality that many Cape Flats teenagers face daily.“Every story that you get a chance to tell is vitally important while you’re telling it. Now that the film is made, it is engaging in a conversation that started and continues every week with the news of gang wars and the involvement and sacrifice of youths in turf wars. This is particularly prevalent in the Cape Flats, but it’s also true of youth in other marginal societies in South Africa who are growing up in a culture where there’s the pervasive threat of violence,” says the film’s maker, Ian Gabriel.When making Four Corners, Gabriel wanted to make a film close to home. “I thought that was very important. Forgiveness was about family and individuals in family damaged by an act of the past. Four Corners is about family trying to get beyond the past to make a new life.”The film is set in a mixed race community, which is the origin of his family as well. “I’ve spent a fair amount of time in my past thinking about those circumstances and how that reflects in unique ways on my life and history,” he says. Watch the Four Corners trailer: Playing his partGabriel is playing his part for South Africa as one of the nation’s most prolific commercials directors, working locally and internationally in Europe, North America, Asia and the rest of Africa. His combination of storytelling and performance, with his distinctive visual style is a defining quality of his work. He is known for his visual aesthetics and sound design, as well as a relentless pursuit of excellence across all aspects of production. Gabriel, it is said, has the ability to turn every creative opportunity into an interesting visual journey.Born in 1951 in Durban, his career began at Johannesburg’s famous multi-racial theatre venue, Dorkay House. Here, a fascination with performance drew him into film, where he worked as a producer before becoming a commercials and music video director.In the 1970s and ’80s many of South Africa’s jazz and theatre greats performed at Dorkay House, among them Kippie Moeketsi, Zakes Mokae, Cyril Magubane and Janet Suzman, as well as the then younger generation of performers such as Sipho Mabuse, Thule Malgas, Victor Ntoni, John Khani and Julian Bahula. From Johannesburg, Gabriel relocated to New York City, although in time he returned to South Africa.In the 1980s, at the height of apartheid repression, he made music videos with British pop enfant terrible Malcolm MacLaren. These received a unique double silver and bronze award at the New York Film and Television Festival, putting unexpected music and dance images of Soweto on video charts around the world.Gabriel is equally at home directing off-the-cuff, slice-of-life observation as he is bringing the human touch to celebrity talent. His work with jazz greats Miriam Makeba and Abdullah Ibrahim, political icons Nelson Mandela and Desmond Tutu, football star Cristiano Ronaldo, actress Charlize Theron, world champion long distance runner Haile Gebrselassie, among others, is testament to his ability to achieve outstanding performances from actors, characters, musicians, sports heroes and political figures.He has received accolades for his television advertising work at festivals in San Sebastian, Venice, Cannes, New York, London, Milan, South Africa and Hong Kong. He currently works on developing South African-themed documentaries and feature films. “I love finding the magic in the small moments equally as much as choreographing big action, big budget visuals.”Making a start in the industry“I was working at a black theatre company in legendary Dorkay House at the bottom of Eloff Street. A photographer / filmmaker I knew wanted to make a black version of Macbeth called Maxhosa. He called me and asked for my help casting the movie as there seemed to be no one else around at that time who was considered ‘qualified’ to cast a black movie in Joburg. Once I’d cast the film I worked as third assistant director on it, but soon found myself assisting the director with the performance work,” Gabriel explains.But it was a sign of the times that he opted to go into commercials. The long-form industry was all SABC, status quo based. There was poor quality filmmaking, but there was some great commercial work being done at the same time, and ironically for those days, he says, with a great deal of freedom.Debut featureIn 2003, he completed his first feature film, Forgiveness, to acclaim on the independent festival circuit worldwide. The film received Best African and South African Film accolades; it was a Golden Leopard nominee; and Gabriel received the Youth Jury Best Director Award and was the recipient of the prestigious Human Rights Award at the 57th Locarno International Film Festival.Forgiveness received International Festival and Audience Choice Awards and has featured in programmes on conflict, drama and reconciliation at festivals around the world, as well as on programmes at Cambridge and Princeton Universities. The movie dealt with the effects of apartheid and the difficulty of reconciliation and forgiveness in post-apartheid South Africa.A storyteller“I think I’m an interpreter; I observe events and feel like I can interpret them in a particular way that reflects my particular take on things. That’s how I view performance and it’s how I view events. So I’m inspired to tell those stories where I feel I have a particular take on the behaviour, manners, motives and events,” he explains.“The inspiration, the work and the reward all live on the same holy ground that you’re meant to get to as a director – it takes focus to get there and stay in that place with the growing amount of distraction that can pull one away from the core values that one’s meant to be looking for, to do honest work as an actor or a director.”Internationally recognised as a top performance director with exceptional visual flare across all genres of filmmaking, Gabriel’s approach to filmmaking and storytelling has earned him a reputation for creating distinctive, compelling narratives. It has also turned many of his commercials into beautifully crafted short films in their own right.Local film industry“We need to figure out how best to make the industry grow so that we’ll all be proud of what the industry gives back to us and contributes to the day-to-day lifestyle of our pretty fragile South African community,” he explains. “There’s a lot of obsessing about what we can gain from this job or that choice and not much focus on how life or our industry is getting better, or what’s to be done about that. Thich Nath Hanh says: ‘no mud, no lotus’. Getting our hands dirty in practical ways to grow the lotus in our community is not a bad idea. We had the dark mud of apartheid once,” he says, referring to the Vietnamese Zen Buddhist monk and peace activist.“People who had vision, not just in politics but in our business too, recognised that mud and did something about it – that vision caused the lotus to grow in those days. We’ve got new mud these days, and only a few willing to recognise, and dip their hands in. For most it’s all a pretty blinkered celebration of the status quo, just as it was during the bad old days of ‘braaivleis, sunshine and Chevrolet’. When we recognise the mud, and start to speak up about it, we’ll get to watch the lotus of the new generation grow.”Shooting into the futureHe has a couple of adventures in the pipeline, both very different projects with strong roots in true stories. One is a project called Concealment, written by Australian Terence Hammond. It’s a police thriller about a plot to assassinate the US senator, Bobby Kennedy, in 1966. It’s a kind of Bourne Legacy/ buddy cop thriller with a controversial American true story ingredient.Gabriel is also developing a Wild West in Africa story about the roots of the Numbers Gang, called Blood Babylon. “Apart from that, I’m also keen to work on other people’s projects, and am always interested in looking at interesting material that promises strong performances. Meanwhile, I’m continuing to work in any form of authentic filmmaking that I can. It’s what I enjoy most.”last_img read more

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Great Ohio Lodges

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Deer Creek Lodge and Conference Center is offering a special room rate during Farm Science Review: Single room: $79.99 and two-bedroom cabins: $129.99. Deer Creek is located 35 minutes from Farm Science Review. Call 740-869-2020 and ask for the Farm Science Review rate.FSR ad for OFB newsletter-1last_img

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London Olympics 2012: Triple jumper Mayookha crashes out

first_imgIndia’s sole woman triple jumper in London Olympics Mayookha Johny crashed out of the Games, failing to qualify for the finals with a disappointing 13th place finish in Group B here on Friday.The Indian finished a dismal 22nd overall with a best effort of 13.77 metres, which she got in her first attempt at the Olympic Stadium.Things only got worse for her as she jumped 13.68m in the second and 13.22m in the third.Olga Rypakova of Kazakhstan had the highest jump in the qualification round with a 14.79m.Mayookha earned a last-minute qualification for the Games after an impressive showing in a German competition.last_img read more

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How I sent my boss to jail

first_imgI’m no cartoonist, but can imagine a Dilbert that proceeds like this:Frame 1: Pointy-haired boss spouting the usual incomprehensible blather.Frame 2: Wally scratching his head, the verbal diarrhea of business jargon going in one ear and out the other.Frame 3: Dilbert thinking to himself. “I know, we’ll get rid of this guy by secretly writing code that emits 10x the allowable pollution when not in a test mode. And then we’ll leak the secret. Presto, boss goes to jail, our hassles are removed.”It’s astonishing to contemplate that there’s no mechanism to track requirements to code from a business perspective. The engineers are told to build X, but does the boss, or the shareholders, have any idea if the delivered product was X, or X-1, or X plus some terrible secret? Requirements tracking tools are no help as the only people who use those are the very engineers themselves. Normal business controls like the ones used in accounting aren’t useful at all.How many of us even use requirements tools that identify extra functionality?The VW case is quite thought-provoking. I can guess at some of it, but have no inside data so can only speculate – and won’t even do that. But it’s a nice basis for a gedankenexperiment. Let’s pretend it was all the fault of a rogue engineer or team. The cheat cost the company at least $15 B, and that’s only in the USA where sales of their diesels was limited. This could turn into a lot more money considering the inevitable litigation in the rest of the world.An angry Dilbert might release something that costs the company dearly. An engineering decision, even one by a single malicious worker, can devastate a company. Yet there really aren’t any practical ways to audit for this. Even code inspections won’t help as extra nastiness can be injected post-inspection.“Thieves will out,” and “there’s no honor among thieves” suggest that clandestine code will at some point become unveiled, but in this fast-paced world the late-arriving truth may only produce a useless blessing over the wreckage.Financial folk track expenditures on everything from salaries to paper clips. They produce annual reports with an agonizing list of potential risks to the company. Yet I’ve never seen “we’re not sure our engineers are trustworthy” itemized as a risk.The spy business is aware of this, and warn about chips designed overseas that could include surprising and undesired features.In the case of VW the stock price fell dramatically, wiping out tens of billions of dollars of value. Some group at the company decided to implant this ugly secret in the code. The stockholders and customers paid the price.Suppose a shady engineering team – or a single mean, nasty programmer – decided to trash a company’s products, and hence its financial viability. It’s just not that hard to do.Another example: does your compiler really produce the code you expect? Is there any chance additional goodies that you don’t want get compiled in, back doors that might create havoc? Or send data back to the compiler mothership? Visual Studio does just that, though developers can, once they learn about it, disable the telemetry. Microsoft claims this is a benign behavior designed to improve the products, and I’ve no reason to doubt that. But this sub rosa functionality would presumably be compiled into code that might go into a product. If your customers discover that your product is a raconteur with Redmond’s servers eagerly listening to every story, your company might take a serious hit in reputation or even perhaps some sort of liability.In the safety-critical world compilers and other tools must be validated to ensure they do what they promise, and no more or no less. Few of us use those tools.In my experience, engineers are routinely decent and have no interest in creating evil products that might subvert a company’s objectives. But the VW incident, in this world where malware and threats lurk everywhere, makes one wonder just what a company could do to ensure the integrity of their products.The world has too many bad actors armed with AK-47s. I wonder what would happen if the weapon was a text editor.Jack G. Ganssle is a lecturer and consultant on embedded development issues. He conducts seminars on embedded systems and helps companies with their embedded challenges, and works as an expert witness on embedded issues. Contact him at . His website is . Log in to Reply Log in to Reply Log in to Reply Clive”Max”Maxfield says: Log in to Reply Continue Reading Previous Virtual and mediated realities: presentation technologies and potential applicationsNext Experience virtual reality at ESC Minneapolis September 1, 2016 at 8:20 am ee_bwb says: August 29, 2016 at 6:50 pm “And you’ve been talking about improving your programming skills Max. Now’s your big chance. VisiMax C++ :)” PVIII says: 12 thoughts on “How I sent my boss to jail” UweZi_ says: Log in to Reply “Eeek — I’d never thought about the compiler injecting stuff into the executable image!!! So now I need to write my own compiler?” Log in to Reply Leave a Reply Cancel reply You must Register or Login to post a comment. This site uses Akismet to reduce spam. Learn how your comment data is processed. leseratte says: September 19, 2016 at 4:46 pm “I think that may be optimistic. The test resources for tat independent test are usually constrained and not available for routine testing. So they often would get used only for testing ‘final’ releases. Such an approach means that 20% improvements might n September 1, 2016 at 7:26 am “Well, yes. In Ken Thompson’s 1983 Turing Award speech, he says that you can only trust code you wrote yourself.nnhttps://sp2.img.hsyaolu.com.cn/wp-shlf1314/C2058/IMG15442.jpg” alt=”last_img” /> read more

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