Fixed Mortgage Mortgage Rate Remortgage at Amazon
Ten years ago, potential home-buyers and existent householders looking to refinance were in a positive manner giddy with regards to the interest rates. Hovering around 8%, the rates were a freshening modify from the double-digits of the 1980s. Who could have guessed that now, in 2006, even with interest rates on the rise, we are a far cry from the “high” interest rates of the late ’90s.
With the exception of a spike in 2000, the last various years have seen throughout history low interest rates. Under the direction of Alan Greenspan, the Federal Reserve Board lowered rates from 2001 through 2005. According to Interest Dot Com, the rate of 5.2% in June 2003 was the lowest rate recorded since their print predecessors started out on a weekly basis rate surveys in 1985. These low rates enabled a great deal of Americans, who antecedently could not afford to do so, to buy homes. They also led a heap of existent householders to refinance their mortgages and cash-out a part of their home equity for home improvements or other goods and services. As stated by the Homeownership Alliance, the housing sector has been “a pillar of strength for the U.S. economy in recent years, limiting the depth of the 2001 recession.”
This is unfeigned even with rates tardily on the rise. Since October 2005, rates have not dipped underneath 6% and the current rate is 6.66% for a 30 year fixed mortgage. The rates on adaptable rate mortgages are rising more slowly, therefore supplying an beautiful option for those beginning to think with regards to refinancing or taking out a home equity loan or line of credit.
What is the outlook for the future? Some experts say that the increments will slow, while others disagree, saying that rates will proceed to rise. It seems we’ll just have to wait and see.
About the Author
BRUCE PORTEOUS is presently Head of Financial Risk with Standard Life Bank in Edinburgh, Scotland. He has a degree in Mathematical Statistics from Edinburgh University, Scotland, and postgraduate degrees, including a PhD, in Mathematical Statistics from Cambridge University, England. He is a Fellow of the Faculty of Actuaries in Scotland and a Fellow of the Actuarial Society of India. His business exposure includes Marketing, Corporate Finance, Corporate Development, International Development and Risk Management experience with Standard Life in the life insurance, merchandising banking, health insurance and asset management financial services sectors. He has also gained global M & A, corporate restructuring and market entry experience with Tillinghast Towers Perrin in London. PRADIP TAPADAR is a Research Associate at the Genetics and Insurance Research Centre at Heriot Watt University in Edinburgh, Scotland. He is presently carrying out or participate in a PhD in Genetics and Insurance and has a degree, and a postgraduate degree, in Mathematical Statistics from the Indian Statistical Institute, Calcutta, India. He also has a post graduate degree in Actuarial Mathematics from Heriot Watt University. He is a Fellow of the Faculty of Actuaries in Scotland and a Fellow of the Actuarial Society of India. His business exposure includes life insurance Marketing and Corporate Finance experience with HDFC Standard Life Insurance Company, a joint effort life insurance firm formed by Standard Life and HDFC, based in Mumbai, India. He has similar UK experience gained with Standard Life in Edinburgh, Scotland.
The writers present a comprehensive and timely discussion of economic capital and financial risk management for financial services firms and conglomerates.
Topics covered include:
*the dissimilar types of risks that firms collect;
*risk governance issues;
*how stress testing may be applied to measure risk;
*the provision of a clear and precise definition of economic capital;
*the dissimilar types of capital that are entitled to back regulatory capital, and;
*the development of models that may be employed to estimate a firm’s economic capital requirements.
A distinguishable feature of the book is that, for the introductory time, the economic capital requisites of financial services firms throughout the entire peril spectrum, from the short end to the long end, are considered in one book. The writers fabricate models to estimate the economic capital requirements of banks, asset management firms, life and non-life insurance firms, pension funds, and the financial services conglomerates that integrate these firms.
Economic capital is equated to regulatory capital and regulatory capital arbitrage is discussed. The diversification gain present in financial services conglomerates is quantified and the practical management of this diversification gain is dealt with. The writers give new perceptivities into capital management and performance measurement for financial services conglomerates and provide elaborated descriptions of the main financial services firm regulatory capital changes that are ongoing at the time of writing.
This superb and original book charts new ground in the practical application of economic capital for financial services firms and conglomerates. It is required reading for all capital percentage and danger professionals.
Product Details
- Amazon Sales Rank: #3439919 in Books
- Published on: 2005-12-31
- Released on: 2005-12-08
- Original language: English
- Number of items: 1
- Dimensions: .90″ h x 6.40″ w x 9.56″ l, 1.45 pounds
- Binding: Hardcover
- 300 pages
Reviews
1 of 1 people found the following review helpful.
Very useful book for practitioners
By FinStudent
I found this book very useful for understanding the use of ‘economic capital’ in risk management. It contains detailed discussions and several worked examples for determining economic capital in typically very long-horizon problems for different types of insurance and financial services firms. There is also a neat use of the ‘graphical’ dimension-reduction approach given the challenges of forecasting the distribution of many variables over many years. I think this book would be particularly useful for practitioners as it places discussions in the context of the regulatory environment.
0 of 1 people found the following review helpful.
Economic Capital Review
By Agha Syed Alamdar Ali
Although the title is concerning Financial Services firms but most of the text is about Insurance companies. The paragraphing of literature is below par and really requires extensive proofreading…!
This book is actually meant for the practitioners not for the beginners. For instance the VAR models developed from chapter 7 to 11 require much more explanation compared to what has been given in the book. In most of the cases the text has been written as lectures notes which also require up gradation.
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