On the use of auctions as a disposition strategy for RTC real estate assets: A policy perspective

Abstract

A sound strategy for real estate asset disposition is of paramount importance to the Resolution Trust Corporation (RTC) in its efforts to maximize costs resulting from the savings and loan bailout. A popular current approach to this problem is to employ expeditious sales structures such as auctions. Although auctions clearly speed up the disposition process, it is unclear whether they maximize net revenues. This paper analyzes the potential of auction structures to maximize sales revenue when such structures are applied to RTC commercial and residential real estate assets.

Absent political constraints, we conclude that auctions are usually inferior to traditional listing and broker sales channels. For the commercial real estate sector, this conclusion is based on the prominence of information‐acquisition costs, on market thinness on the buyer side, and on continued uncertainty regarding local economic recovery. Our conclusion for the residential real estate sector is based on the degree of property concentrations and the apparent inferiority of auctions for residential properties in weak markets. A recognition of short‐term political reality bolsters the case for auction approaches; however, the RTC should clearly stop promoting an image that it wishes to “sell, sell, sell.”     

FHA restructuring proposals: Alternatives and implications

Abstract

This article evaluates problems of the Federal Housing Administration (FHA) under its current structure, develops criteria for judging alternative structures, and suggests one alternative—an assigned risk pool—that encourages efficiency in the insurance function while still promoting low‐ and moderate‐income housing. A historical introduction explains how the current institutional relationships came about and created FHA's problems.

FHA's decline resulted from the mixing of a heavy social agenda with the basic insurance objective, a destructive reorganization of the Department of Housing and Urban Development that caused FHA to lose control and focus, and government's inherent inability to respond to market signals. Yet the economic rationale for government involvement in FHA functions is strong. An FHA organized as an independent government agency, a government‐sponsored enterprise, or even a privatized entity structured as an assigned risk pool could improve efficiency of underwriting, pricing, and administration while achieving the redistributional objectives.     

Escherichia coli,Corporate Discipline and the Failure of the Sewer State

Recent panics over adulterated beef have led the US federal government to institute what it calls a ‘risk-based, science-based’ approach to food safety. Rather than having federal inspectors monitoring carcasses for microbial contamination, the USDA has implemented a system known as HACCP that asks firms to regulate their own production processes. HACCP is an incidence of audit, a new method of governmentality widely used by state agencies. This paper argues that although ‘sewer states’ try to create trust in government by eliminating contamination, audit-based systems paradoxically create anxiety by highlighting overflows of filth and ‘zones of wildness’ where contamination is rampant.     

Between hearts and pockets: locating the outcomes of transnational homemaking practices among Mexican women in Canada's temporary migration programmes

Temporary migration programmes (TMPs) contain features such as reduced costs and the social legitimation of regularized entry that allow women, including the very poor, to access transnational livelihoods. For mothers, taking up opportunities for employment abroad inevitably involves ‘transnational homemaking’, the set practices involved in caring for family relationships and maintaining household economies across borders. In this article, we examine the transnational homemaking practices undertaken by rural Mexican migrant women employed in highly masculinized TMPs in Canada, tracing how they construct and maintain household economies across borders through a delicate (re)negotiation of reproductive roles and responsibilities with non-migrating kin in Mexico. We find that migration yields material and subjective benefits that enable the expansion of their citizenship across multiple dimensions ranging from the economic to the sexual. At the same time, as racialized, gendered, migrants from the global South, their labour and status in Canada are highly precarious. The advantages derived from transnational migration are thus tenuous, limited, and contradictory.     

The Cultural Revolution in Inner Mongolia 1967–1969: The Purge of the “Heirs of Genghis Khan”

This is the edited text of the Lecture which he delivered to the Society on 8 January 2008, immediately after he had been presented with the Sir Percy Sykes Medal. 1 1. The Sir Percy Sykes Memorial Medal, established in 1947, in memory of Sir Percy Sykes (1869–1945), a British soldier and diplomat who spent 25 years associated with Iran, and was author of one of the first histories of that country, A History of Persia, as well as of the travel book Ten Thousand Miles in Persia. The medal is ‘to be awarded by the Council of The Royal Society for Asian Affairs at such time or times as the council may in its discretion think fit, to any distinguished traveller, writer or other distinguished person whatsoever approved by the Society, who is deemed to have increased man's knowledge of and stimulated man's interest in Asian countries, or done work furthering cultural relations between the Commonwealth and Asian countries?…’. Sit Percy Sykes is not to be confused with his contemporary, Sir Mark Sykes, co-author of the 1916 Anglo-French ‘Sykes-Picot’ Agreement. Previous recipients of the award have included Freya Stark, Albert Hourani, Ella Maillart, Hugh Richardson, Giuseppe Tucci, Gunnar Jarring, Denis Wright, Peter Hopkirk, Mark Tully and William Dalrymple. (See Activities of the Society, page 332 of this issue.)     

Deaths Involving Methylenedioxypyrovalerone (MDPV) in Upper East Tennessee

Two deaths involving 3, 4‐methylenedioxypyrovalerone (MDPV) are reported. MDPV is a synthetic cathinone stimulant found in “bath salts” with neurological and cardiovascular toxicity. Biological specimens were analyzed for MDPV by GC/MS and LC/MS. A White man was found dead with signs of nausea and vomiting after repeatedly abusing bath salts during a weekend binge. Femoral venous blood and urine had MDPV concentrations of 39 ng/mL and 760 ng/mL. The second fatality was a White man with a history of drug and bath salt abuse found dead at a scene in total disarray after exhibiting fits of anger and psychotic behavior. Femoral venous blood and urine had MDPV concentrations of 130 ng/mL and 3800 ng/mL. The blood and urine MDPV concentrations are within the reported recreational concentration ranges (blood 24–241 ng/mL and urine 34–3900 ng/mL). Both decedents’ deaths were attributed to relevant natural causes in a setting of MDPV abuse.     

A Study of PCR Inhibition Mechanisms Using Real Time PCR*,†

Abstract: In this project, real time polymerase chain reaction (PCR) was utilized to study the mechanism of PCR inhibition through examination of the effect of amplicon length, melting temperature, and sequence. Specifically designed primers with three different amplicon lengths and three different melting temperatures were used to target a single homozygous allele in the HUMTH01 locus. The effect on amplification efficiency for each primer pair was determined by adding different concentrations of various PCR inhibitors to the reaction mixture. The results show that a variety of inhibition mechanisms can occur during the PCR process depending on the type of co‐extracted inhibitor. These include Taq inhibition, DNA template binding, and effects on reaction efficiency. In addition, some inhibitors appear to affect the reaction in more than one manner. Overall we find that amplicon size and melting temperature are important in some inhibition mechanisms and not in others and the key issue in understanding PCR inhibition is determining the identity of the interfering substance.     

An exploratory study of women prisoners’ attitudes towards their self-harm and the use of medical skin camouflage

Self-harm is a growing problem in UK prisons with women self-harming more than men. Self-harm can leave permanent scarring. Research on scarring suggests that living with scars can lead to psychological difficulties; however, there is little research on the specific effects of self-harm scars. Medical skin camouflage (MSC) can be used to cover numerous skin conditions. The use of MSC for women in prison with self-harm scars has not been examined previously. A focus group involving 10 women prisoners aimed to (1) explore feelings about self-harm scars, (2) examine effects that scars have on life in prison and (3) examine thoughts on using MSC in prison. This group formed part of a larger project designed to test the feasibility and acceptability of MSC for women who self-harm in prison. A topic guide was created with two service user researchers with experience of self-harm in prison. The results have been divided into three themes: (1) feelings about self-harm scars, (2) covering self-harm scars and (3) attitudes towards MSC. Our findings indicate that women in prison tend to feel embarrassed and self-conscious about their scars, and the presence of scars affects their relationships within prison. The women were enthusiastic about MSC, suggesting that it has the potential to affect women’s well-being and ability to engage with others.