Film and lantern lectures

The Dutch East Indies. By Amry Vandenbosch. University of California Press. 1941. (Second Edition.)

Wanderer Between Two Worlds: An Autobiography. By Norman Bent‐wich. 8/1/2>” x 5/3/4>”. Pp. vii+358. Kegan Paul, Trench, Trübner and Co., Ltd. 12s. 6d.

Gertrude Bell. By M. R. Ridley. Blackie. 206 pp. Map. Four illustrations. 3s. 6d.

Modern Iran. By L. P. Elwell‐Sutton. Pp. xii+234. Illustrations, maps and plans. Routledge. 1941. 12s. 6d.

Ruz‐gar i Nau. A quarterly illustrated magazine in Persian. No. 2, Autumn, 1941. New York: Doubleday, Doran and Co., Ltd.; London: Hodder and Stoughton. is. net or 20 cents.

Turkey and Britain, is.

This Impertinence. By Peter Arnott. Jenkins. 12s. 6d

Soviet Asia : Its Records and its Problems. By E. S. Bates. Pp. 191 and a map. Jonathan Cape. 8s. 6d.

Green Prison. Twenty Years in Thailand. By W. Leigh Williams. 8/1/2>” x 6”. Pp. 352. Illustrations. London. Herbert Jenkins. 12s. 6d.

The Earth is the Lord's. A novel by Taylor Caldwell. Pp. 400. Collins. 19.41. 9s. 6d.

Genius of Friendship:T. E. Lawrence. By Henry Williamson. 10/1/4>” x 6/3/4>”. Pp. 78. Faber and Faber. 12s. 6d.     

Der Europ?ische Gerichtshof als Motor der Integration: Eine akteursbezogene Erkl?rung

For nearly five decades, the European Court of Justice (ECJ) has developed a decisively pro-European case law and has become the ??engine of integration??. Institutional explanations shed light on the Court??s room for manoevre. They have to be complemented by actor-centered explanations that shed light on the judges?? motives of action. The explanation offered by the following paper is unfolded in two steps. In the first one, the article describes idiosyncrasies of the European law discourse that already shaped the judges before they were appointed. The analysis of the idiosyncrasies corresponds to a scepticism towards the idea of national sovereignty, a belief in the necessity of creative and idealist, law-augmenting judges and a dominance of output-oriented legitimization strategies. In a second step, the article shows that in the sociological sense the ECJ judges constitute a group. While the individual judges share an understanding of the aims and functions of European law, the group develops its own identity and grants status to those who perform successful actions with respect to the common integration agenda. This explanation is more realistic than ??rational choice?? explanations which point to the direct and personal benefits that judges derive from their pro-European case law.     

Affordability and mortgage design: Permanent buydowns and buyups

Abstract

A simulation model that mirrors the actual practices of lenders in setting qualification requirements for mortgage loans is used to assess the impact of permanent buydowns and buyups on the maximum sale price that buyers can afford. Buydowns are reductions in the coupon rate traded off against higher discount points; buyups are the reverse. Although buydowns have little effect on afford ability, buyups can have significant effects. Their potential is largely unrealized, however, because of the call risk to lenders of loans carrying premiums. The authors propose a “discount recovery” provision, which would be similar to a prepayment penalty except that the payment upon prepayment would be tied to the amount of the discount foregone by the lender. This would protect lenders against call risk, giving them every reason to offer buyups as a way of expanding demand.