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Lessons Learned: Chester B. Feldberg, Maryann Haggerty

Journal of Financial Crises

Chester B. Feldberg worked for the Federal Reserve Bank of New York (FRBNY) for 36 years in a variety of roles. In the aftermath of the Global Financial Crisis, he served as a trustee for the AIG Credit Trust Facility (2009-2011). The trust was established in early 2009 to hold the equity stock of American International Group Inc. (AIG) that the U.S. government had received as a result of the 2008 AIG bailout. The three trustees were responsible for voting the stock, ensuring satisfactory corporate governance at AIG, and eventually disposing of the stock.

When he was named as a …

Lessons Learned: Eric Dinallo, Maryann Haggerty

Journal of Financial Crises

Eric Dinallo was New York State Superintendent of Insurance from January 2007 through July 2009. In New York, as throughout the United States, insurance companies are regulated at the state level. In his position as Superintendent, Dinallo oversaw the insurance operating companies of American International Group (AIG) within New York. AIG’s holding company, however, was supervised at the federal level. Much of AIG’s problems came from its non-insurance subsidiary AIG Financial Products (AIGFP), which was a major presence in the market for credit default swaps (CDS), a type of derivative that was a factor behind the 2007-09 financial crisis. This …

The Rescue Of Fannie Mae And Freddie Mac – Module Z: Overview, Rosalind Z. Wiggins, Ben Henken, Adam Kulam, Daniel Thompson, Andrew Metrick

Journal of Financial Crises

In September 2008, as the financial crisis that had begun the previous year escalated, the US government appointed a conservator for two government-sponsored enterprises (GSEs), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), that dominated the secondary mortgage market and were among the largest participants in the global capital markets. The conservatorships were the hallmark of a multipart rescue plan intended to save the firms from insolvency and a disorderly collapse and required the combined and coordinated efforts of several government agencies and instrumentalities. Ultimately, the government invested $191.5 billion into the …

The Rescue Of Fannie Mae And Freddie Mac–Module F: Federal Reserve’S Large-Scale Asset Purchase (Lsap) Program, Daniel Thompson, Adam Kulam

Journal of Financial Crises

By late 2008, the secondary mortgage markets were suffering high default rates, causing mortgage lending to slow and the value of mortgage securities to plummet. The Federal Reserve lowered the federal funds rate, and the government placed Fannie Mae and Freddie Mac into conservatorship, yet credit in housing and other financial markets remained tight. On November 25, the Fed announced its intent to purchase up to $500 billion in agency mortgage-backed securities (MBS) and $100 billion in agency debt to reduce the cost and increase the availability of mortgage credit, which would support housing markets and improve conditions in financial …

The Rescue Of Fannie Mae And Freddie Mac – Module D: Treasury’S Gse Mbs Purchase Program, Michael Zanger-Tishler, Rosalind Z. Wiggins

Journal of Financial Crises

As the housing crisis escalated during the second half of 2007, two government-sponsored enterprises (GSEs), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), occupied an increasingly central role in the secondary mortgage market, purchasing a greater percentage of new mortgages as private securitization rapidly contracted. As their importance in this market grew, the two GSEs also began to suffer billion-dollar losses, inciting concerns that they might not be able to stay solvent throughout the remainder of the crisis. On September 6, 2008, fearing the systemic consequences of the two firms’ failures, the …

The Rescue Of Fannie Mae And Freddie Mac – Module C: Gse Credit Facility, Emily Vergara

Journal of Financial Crises

In 2007 and 2008, the collapse of the subprime mortgage market and the deterioration of the housing market more generally precipitated a crisis at the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), which together held or guaranteed $5.3 trillion in mortgage assets. Over the course of two years, both entities suffered high losses and saw their liquidity positions deteriorate as the market perceived their rapid decline. On September 6, 2008, the Federal Housing Finance Agency (FHFA), pursuant to the authority of the Housing and Economic Recovery Act (HERA) of 2008, took Fannie …

The Rescue Of Fannie Mae And Freddie Mac-Module B: Senior Preferred Stock Purchase Agreements, Daniel Thompson

Journal of Financial Crises

On September 6, 2008, as part of a four-part government intervention, the Federal Housing Finance Agency (FHFA) took into conservatorship the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), two government-sponsored enterprises (GSEs) that dominated the US secondary mortgage market. Concurrently, the FHFA, as conservator, entered into Senior Preferred Stock Purchase Agreements (SPSPAs) with Treasury, under which Treasury committed to provide funding to ensure the GSEs’ positive net worth. In return, Treasury received senior preferred stock and a warrant to purchase 79.9% of the GSEs’ common stock. The SPSPAs have been amended three …

The Rescue Of Fannie Mae And Freddie Mac – Module A: The Conservatorships, Daniel Thompson, Rosalind Z. Wiggins

Journal of Financial Crises

Two government-sponsored enterprises (GSEs), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), dominated the secondary mortgage market during the US housing crisis, collectively holding or guaranteeing $5.3 trillion in mortgage assets by late 2007. As the crisis escalated, the two GSEs began to report substantial losses and their survival became uncertain. On September 6, 2008, the GSEs’ new regulator, the Federal Housing Finance Agency (FHFA), placed the firms into indefinite conservatorships, one step of a four-part government intervention to stabilize the enterprises. This case study evaluates the purpose and efficacy of the …

The Rescue Of American International Group Module Z: Overview, Rosalind Z. Wiggins, Aidan Lawson, Steven Kelly, Lily S. Engbith, Andrew Metrick

Journal of Financial Crises

In September 2008, in the midst of the broader financial crisis, the Federal Reserve Board of Governors used its emergency authority under Section 13(3) of the Federal Reserve Act to authorize the largest loan in its history, a $85 billion collateralized credit line to American International Group (AIG), a $1 trillion insurance and financial company that was experiencing severe liquidity strains. In connection with the loan, the government received an equity interest representing 79.9% of the company’s ownership. AIG continued to experience a depressed stock price, asset devaluations, and the risk of ratings downgrades leading to questions about its solvency. …

The Rescue Of American International Group Module F: The Aig Credit Facility Trust, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

In September 2008, American International Group, Inc. (AIG) experienced a liquidity crisis. To avoid the insurance giant’s bankruptcy, the Federal Reserve Bank of New York (FRBNY) extended an $85 billion emergency secured credit facility to AIG. In connection with the credit facility, AIG issued 100,000 shares of preferred stock, with voting rights equal to and convertible into 79.9% of the outstanding shares of AIG common stock, to an independent trust (the Trust) set up by the FRBNY. Three trustees held the stock for the sole benefit of the US Treasury, exercised the rights, powers, authorities, discretions, and duties of the …

The Rescue Of American International Group Module E: Maiden Lane Iii, Lily S. Engbith, Devyn Jeffereis

Journal of Financial Crises

Starting in mid-2007, American International Group (AIG) faced increasing collateral calls from counterparties looking to protect their positions in credit default swap (CDS) contracts that AIG had written on residential and commercial collateralized debt obligations (CDOs) (US COP 2010, 28-30). Per these agreements, the AIG parent company was responsible for insuring the value of the CDOs against the risk of a negative credit event, such as default (GAO 2011, 5; US COP 2010, 29-30). AIG’s immediate need for liquidity on September 16, largely driven by a securities lending program and those collateral calls, prompted the Federal Reserve to lend the …

The Rescue Of American International Group Module D: Maiden Lane Ii, Lily S. Engbith, Devyn Jeffereis

Journal of Financial Crises

In September 2008, American International Group (AIG) faced increasing difficulty in returning cash collateral to counterparties looking to terminate, rather than roll over, their securities lending agreements, in part because the company had invested the collateral in residential mortgage-backed securities (RMBS), which were becoming illiquid. The Federal Reserve Bank of New York (FRBNY) provided liquidity to the company, including through the Securities Borrowing Facility (SBF), which allowed for the repayment of cash collateral but did not address the falling values of the RMBS. In November 2008, the Federal Reserve Board authorized the creation of Maiden Lane II (ML II), a …

The Rescue Of American International Group Module C: Aig Investment Program, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

In September 2008, the Federal Reserve Bank of New York (FRBNY) extended an $85 billion credit line to AIG to address its liquidity stresses, but AIG’s balance sheet remained under pressure. The insurance giant was projected to report large third-quarter losses and was at risk of being downgraded by major credit rating agencies. For these reasons, in early November 2008, the US Treasury invested $40 billion of Troubled Assets Relief Program (TARP) funds into AIG in exchange for 4 million shares of AIG Series D preferred stock and a warrant to purchase AIG common stock. The investment helped repay a …

The Rescue Of American International Group Module B: The Securities Borrowing Facility, Lily S. Engbith, Alec Buchholtz, Devyn Jeffereis

Journal of Financial Crises

In 2008, American International Group (AIG) was among the largest insurance corporations in the world and maintained a profitable securities lending program. However, AIG invested much of the cash collateral received from counterparties in residential mortgage-backed securities, whose value began to collapse rapidly and unexpectedly, creating liquidity strain for AIG when borrowers returned their securities. Because of these strains, credit downgrades, and losses, in September, the company sought assistance from the Federal Reserve which, on October 6, 2008, approved the establishment of the Securities Borrowing Facility by the Federal Reserve Bank of New York (FRBNY). The FRBNY agreed to loan …

The Rescue Of American International Group Module A: The Revolving Credit Facility, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

On September 15, 2008, the big three rating agencies downgraded AIG’s credit ratings multiple levels, exacerbating liquidity strains that the company was experiencing due to increasing cash demands by securities borrowers and collateral calls by credit default swap (CDS) customers. To prevent AIG from filing for bankruptcy, the Federal Reserve (the Fed) announced on the following day that, pursuant to its emergency powers, it would provide the company with an $85 billion Revolving Credit Facility (RCF). The RCF was secured by AIG assets and interests in its subsidiaries and required AIG to grant the US Department of the Treasury a …

Promising Flex Program Initiatives To Support Critical Access Hospitals During The Covid-19 Pandemic, Celia Jewell Rn, Mph, Sara Kahn-Troster Mph, John Gale Ms

Rural Hospitals (Flex Program)

This brief reports on promising State Flex Program (SFP) strategies to support Critical Access Hospitals during the COVID-19 pandemic. SFPs adapted existing initiatives and implemented new activities to address the emerging needs of CAHs during the pandemic. With approval from the Federal Office of Rural Health, the SFPs redirected funds and activities to address the evolving COVID-19 needs of CAHs while maintaining fidelity to Flex Program goals. Based on qualitative interviews with seven SFPs, the authors, members of the Flex Monitoring Team, discuss initiatives such as resiliency training for frontline staff; packaging and dissemination of COVID-19 information; public health messaging; …

Health Policy Institute Of Ohio Practicum Experience, Farhiya Hirsi

Masters Theses/Capstone Projects

My practicum was completed at the Health Policy Institute of Ohio. I was given a wide range of projects to work on. Some of these projects needed to be completed as quickly as possible while others had a longer due date. These projects included updating HPIO’s online resource pages for the addiction resource page ( AEP) and adverse childhood experiences (ACEs). I conducted literature review and other research on ACEs that was part of the ACEs Impact Project. I also analyzed COVID-19 data on race and ethnicity and learned new skills as a result. I did quality control on the …

Evaluation Of A Transportation Incentive Program For Affordable Housing Residents, Roshin Kurian, Huijun Tan, Nathan Mcneil, John Macarthur

PSU Transportation Seminars

This seminar presents the results from the Transportation Wallet for Residents of Affordable Housing (TWRAH) pilot program launched by the City of Portland’s Bureau of Transportation (PBOT). The program provided a set of transportation incentives for low-income participants including a $308 pre-paid visa card which could be applied to public transit or other transportation services, a free bike share membership, and access to discounted rates on several services. The researchers conducted a survey with the program’s participants to understand how they used the Transportation Wallet and how the program helped them use different modes to get around. The main findings …

Orienting Sphere Sovereignty: The Synthesis Of Kuyperian And Augustian Theories As A Solvent For Modern Social Tensions, Zane Richer, Gai Ferdon

Liberty University Research Week

Graduate

Textual or Investigative

Emergency Management: A Case Study Of Special Needs Populations And Disaster Preparedness, Jessica Windsor, Jimmy Johnson, Melissa Stewart

Liberty University Research Week

Graduate

Applied

Exploring Occupational Therapy’S Role In Equine-Assisted Therapy With Veterans, Collin Cooper, Becki Cohill, Susan Macdermott, Karen Park

Spring 2021 Virtual OTD Capstone Symposium

Equine-assisted therapy (EAT) is a treatment that incorporates activities with a horse and the equine environment to reach rehabilitative goals specific to the client's needs and the medical professional's standards of practice (Meregillano, 2004; Path Int, 2021). There are many methods of using a horse in treatment. Therapeutic riding is a component of EAT, as well as horsemanship, groundwork, horse care, and stable management. Hippotherapy is a healthcare professional (OT, PT, SLP) treatment tool that occupational therapists (OT) use the horse's movement to facilitate change (Meregillano, 2004). Some research has demonstrated veterans who work with horses show improvement in quality …

Police Shootings In The Mountain West, 2015 - 2021, Elia Del Carmen Solano-Patricio, Madison Frazee-Bench, Caitlin J. Saladino, William E. Brown Jr.

Criminal Justice

The Washington Post publishes and regularly updates a dataset regarding the use of deadly force by police since 2015. This fact sheet extracts data for each state in the Mountain West (Arizona, Colorado, Nevada, New Mexico, and Utah), and presents a regional perspective on the total number of individuals shot and killed by police, including demographic variables such as race, gender, and age. Two additional variables are included in this examination: the presence or absence of mental illness in the individual killed by police, and the presence or absence of a body-worn camera in incidents of deadly force by police.

Defining A Role For Occupational Therapy In The Transition From The Military To Academia: A Scoping Review, Elizabeth Cifuentes, Steven M. Gerardi

Spring 2021 Virtual OTD Capstone Symposium

There is a paucity of literature on the role of OT for veterans in transition to school, and the literature that is available has not been systematically reviewed. This makes it difficult for OT practitioners to address the needs of veterans in transition from military service to school.

This scoping review was conducted to answer the question, “What is currently being done to address the transition of veterans from military service to academia and are within the scope of practice of occupational therapy?” An in-depth search of the literature was completed, and it was confirmed that there is no literature …

The Role Of Occupational Therapy With The Homeless Population: A Scoping Review, Shelby Osborne, Steven M. Gerardi, Gina Benevente

Spring 2021 Virtual OTD Capstone Symposium

Homelessness is a global and national occurring pandemic. Individuals experiencing homelessness tend to lack education; health resources; stress management; social, independent, vocational, and leisure skills. These causes of homelessness create adverse impacts on occupations leading to situations described as occupational injustice and barriers to occupational engagement. Due to these adverse impacts on occupations, homelessness is of concern to the occupational therapy profession. It is necessary to identify in what behaviors occupational therapy practitioners are engaging with this population to increase occupational performance and decrease occupational injustice.

The theoretical framework of the Model of Human Occupation and the Occupational Therapy Practice …

Defend America: Dominating The Skies And Protecting U.S. Troops From Ieds, Alex Mishra, Kahlib Fischer

Liberty University Research Week

Graduate

Theoretical Proposal

Supporting The Child Welfare Workforce During The Coronavirus Pandemic: Provision Of Personal Protective Equipment, Quality Improvement Center For Workforce Development

Other QIC-WD Products

At the beginning of the Coronavirus pandemic some child welfare jurisdictions required continued, in-person contact with children and families, and workers struggled to obtain appropriate personal protective equipment (PPE), including masks, gloves, gowns, hand sanitizers, to protect themselves (and their families), as well as their clients. In March of 2020, the National Council on Juvenile Crime and Delinquency conducted a survey of juvenile justice and child welfare agencies in 20 states on agency response to COVID-19. Child welfare agency respondents reported that inadequate PPE was the most significant challenge they faced at that point in the pandemic. Survey recommendations included …

Supporting The Child Welfare Workforce During The Coronavirus Pandemic: Addressing Worker Stress And Trauma, Quality Improvement Center For Workforce Development

Other QIC-WD Products

Studies and our own assessment of secondary trauma in the eight QIC-WD study sites indicate that up to 75% of child welfare caseworkers, especially those with high caseloads and exposure to traumatized families and children, are at risk of experiencing secondary traumatic stress and PTSD. The Coronavirus pandemic exacerbated an already beleaguered workforce. Data from previous pandemics is alarming. Research from the SARS pandemic indicates that survivors often developed PTSD which could last for many years. Those most affected were health care workers who, similar to child welfare workers, were impacted by the social isolation imposed by authorities to contain …

A Comparative Analysis Of Distribution And Allocation Of Covid-19 Vaccines Between Two Administrations, Leila Halawi, J. Mayanja, J. Chilipamushi, Y. Zhang, B Albury, Jude Edwards

Publications

The pandemic of COVID-19 is a life-threatening disease that entailed all governments but especially the U.S government, to quickly prevent methods of spreading the virus while strategically putting in place a plan for biological testing for a vaccine for immunity. The purpose was to determine how effective the formulation of a COVID-19 vaccine and the distribution would impact the mortality with efficacy rates. Besides, this research paper underlines the principles for ethical and equitable distribution for mass immunization. A comparative analysis between the Trump Administration and the Biden Administration will be presented regarding the funding stream, distribution of vaccinations, and …

Mississippi Downtowns: Examining The Relationship Between Downtown Revitalization And Place-Based Economic Development, Cade Slaughter

Honors Theses

This thesis aims to measure the relationship between downtown revitalization and place-based economic development theory in the downtowns of Hernando, Mississippi and New Albany, Mississippi. Collectively, people progress and cultural normalcies shift. This is a facet of life that has historically begotten movement away from the city cores that initially cradled the sole hub of social and professional life. Progression gave way to urban and industrial sprawl that has challenged the American downtown to maintain a spot of relevance and economic as well as social viability.

By analyzing the broad history of the American downtown and also extrapolating interview data …

America's Best Cities: Mountain West Cities, Katie M. Gilbertson, Olivia K. Cheche, Caitlin J. Saladino, William E. Brown Jr., Fatma Nasoz

Cities & Metros

This fact sheet reports the rankings of Mountain West cities, based on perceived desirability for living, visiting, and investment. Resonance Consultancy’s “America’s Best Cities 2020,” report examines the nation’s largest cities on six key metrics: “Place,” “Prosperity,” “People,” “Product,” “Programming” and “Promotion.” Nine Mountain West cities are ranked within the top 100 in the United States.