Not All Housing GSEs Are Alike: An Analysis of the Federal Home Loan Bank System and the Foreclosure Crisis

While the financial crisis of 2008 ultimately affected the range of U.S. financial institutions, it began with practices in home ownership finance. The Federal Home Loan Bank (FHLBank) System was the first instrumentality created by the U.S. government, in 1932, to sustain affordable home ownership finance. In this article, the authors ask what role, if any, the FHLBanks played in the subprime lending and securitization practices that precipitated the current crisis. The authors analyze publicly available FHLBank financial data in terms of a framework focused on the System's assets: advances; mortgage loans acquired from members; and investments, particularly in mortgage-backed-securities. They conclude that the FHLBanks did not contribute significantly to problematic practices. Nonetheless, they recommend consideration of three reforms to the FHLBanks to ensure a return to effective regulation and responsible, affordable home ownership finance.     

Understanding third‐party advertising: An analysis of the 2004, 2006 and 2008 Canadian elections

For approximately two decades, the federal regulation for third‐party election spending was the focus of repeated constitutional debate. However, with the 2004 Supreme Court decision in Harper v. Canada, a relative level of policy stability has been established. This stability permits us to evaluate the performance of spending limits according to the principles of the egalitarian model on which it is based. Using an original data set compiled from third‐party election advertising reports from the 2004, 2006 and 2008 federal elections, this article offers the first empirical analysis of this important election policy. A number of observations can be offered. First, third parties are not spending large amounts relative to spending limits. Second, despite legislative changes in 2006 banning all federal party contributions except those from individuals, there appears little strategic action by third parties in spending “around” contribution limits. During this three‐election cycle, third parties quite simply did not spend significant amounts. Current third‐party spending limits therefore appear to be situated comfortably within the expectations of the egalitarian model, though why third parties of all types spend so little remains in question.     

Patterns of Middle School Adjustment and Ninth Grade Adaptation of Rural African American Youth: Grades and Substance Use

The transition to high school has been identified as a potentially difficult time in adolescents’ lives. Reductions in both academic and social functioning often accompany this transition. While these effects have been documented in urban youth, the move to high school has not been extensively studied in rural minority youth. Toward that end, the academic grades and substance use in ninth grade of 447 (184 male and 263 female) African-American adolescents from two rural counties in a state in the deep South were examined in relation to configurations of adaptation from sixth through eighth grade. Results indicate that individual with consistently positive patterns across middle school had higher grades and lower rates of substance use compared to individuals with persistent difficulties or those that transitioned to problem behavior. Many individuals who improved in their patterns of adaptation had relatively high grades, but also rather high rates of substance use in the ninth grade. David B. Estell is an assistant professor of educational psychology at Indiana University Bloomington. He received his PhD in Developmental Psychology from the University of North Carolina at Chapel Hill. His major research interests include peer relations and the development of aggression. Thomas W. Farmer is an associate professor of education at Pennsylvania State University and director of the National Research Center on Rural Education Support. He received his PhD in Special Education from University of North Carolina at Chapel Hill. His major research interests include peer relations and the development of aggression in students with and without special needs. Matthew J. Irvin is a research scientist at the Center for Developmental Science at the University of North Carolina at Chapel Hill. He received his PhD in Educational Psychology from the University of North Carolina at Chapel Hill. His major research interests include resilience and student engagement. Jana H. Thompson is a research associate at the Center for Developmental Science at the University of North Carolina at Chapel Hill. Her research interests include peer social relations and developmental transitions into early adolescence. Bryan C. Hutchins is a research assistant at the Center for Developmental Science at the University of North Carolina at Chapel Hill. He is also a graduate student in the Educational Psychology, Measurement, and Evaluation Program at UNC. His research interests include child and adolescent social development and school based emotional and behavioral interventions and prevention programs. Erin M. McDonough is currently a doctoral candidate in School Psychology at the University of North Carolina at Chapel Hill. She received her Bachelor of Arts degree in Psychology from Emory University. As a research assistant at the Center for Developmental Science, she has been able to explore her interests in student achievement as well as rural education. Another major research interest of hers is school-based mental health.     

The Haunting of Alice: Local Approaches to Justice and Reconciliation in Northern Uganda

Through the story of a former rebel fighter, this article examinessome of the justice and reconciliation challenges in northernUganda today. While talks between the Lord's Resistance Army(LRA) and Government of Uganda have generated the best chancefor peace in the 20-year conflict, the International CriminalCourt's indictment of rebel leaders threatens this process.The rebels refuse to disarm if indicted; the Chief Prosecutorrefuses to withdraw indictments as he believes withdrawal willfoster impunity. To resolve this dilemma, local cultural andreligious leaders advocate adapting local justice and reconciliationmechanisms to the situation, arguing that these will both holdrebels accountable and achieve peace. However, little is knownabout local justice processes or their potential to foster reconciliationin war-torn northern Uganda. On the basis of participatory research(2004–2006) with war-affected persons, the article seeksto address this gap, illustrating the potential and limitationsof such locally relevant mechanisms.