Abstract
The paper provides a critical analysis of the role of credit ratings agencies in the process of securitization, and discusses the current proposals to impose controls on ratings agencies (CRAs). The paper explains that credit rating agencies play an important role in the financial world; their ratings on securities positively affect the efficiency of the credit and financing capital markets. The paper notes, however, that major problems have arisen from the issuer-pays business model, which in turn led to faulty ratings on securities to the disadvantage of the investors. The paper concludes that needed changes include increased transparency in credit rating methodologies and transactions, as well as disclosures of vital information, to ensure that standards are met and the problems of conflict of interest are solved.

Outline:
Brief History
Credit Rating Agencies (CRAs)
Weaknesses
Managing Conflicts
Reputation Risk
Transparency
Disclosure
Regulatory Measures
Market Alternative
Investor Pays
Mutual Rating Organization
Conclusion
References

From the Paper
"A mutual organization, unlike public ownership, functions for the sole benefit of its members who supply capital and get shares in the organization. Any profits that accrue from the activities of the mutual are shared among the shareholders/owners. A mutual rating agency would ensure that access to ratings is free for all hence there would be no need of charging issuers for ratings. Its shareholder or customer base would cater for the cost of access to ratings. A mutual rating agency would soon see the crowding out of competitors as each stakeholder is concerned about the success of the agency. Most of the issuers would undoubtedly prefer free ratings especially if investors placed keen interest on such ratings."

Tags:securities, mutual, investor, pays, disclosure

Abstract
This paper analyzes Michigan's economy, attributing the wane to the decline in the motor-vehicle industry and low tax rates. It also discusses bond ratings, and Michigan's present bond rating of AA - which is the middle high range bond rating offered due to the changing economic climate. The paper reviews this rating by studying the demographics, unemployment rate, income and administrative structure of Michigan as well as Michigan's major sources of income and expenditure.

Table of Contents:
Executive Summary
Demographics
Population Trends and Growth
Michigan's population breakdown by age is as follows:
Michigan's population breakdown by race is as follows:
Educational Attainment
Unemployment, and Income
Income
Unemployment
Housing
Administrative Structure
Political Affliation in Michigan's Administrative Structure
Current 2008 Economic Agenda
Job Creation
The No Worker Left Behind Program
Family Health Care
Education Spending
The Michigan Legislature
Government Shut-Down
The Budget Process
Key players in the budget process include:
Development of the Executive Budget
Legislative Action
Governor Signs Bills And/Or Vetos:
Budget Revisions
The impact of economic and political issues on the Budget Process:
Revenues
The Major Sources of Revenue:
Federal Revenue
Sales and Use Taxes
Income tax:
Non-tax Revenues:
Other taxes:
Transportation Revenues:
Business Taxes:
State Education Tax:
Expenditures
Expenditures between FY 2006 and FY 2005
Cause of Budget Problems
Education expenditure
Public welfare expenditure
Hospitals expenditure
Health expenditure
Highway expenditure
Police expenditure
Corrections expenditure
Natural resources expenditure
Parks and recreation expenditure
Government administration expenditure
Utility expenditure
Economy
Credit Rating
Employment
Debt Analysis
Historical Levels of Michigan State Government Debt
Michigan Government Debt Outstanding
State Government Debt in Michigan Compared with Other States
Economic Analysis
The Economy
Unemployment
Gross Domestic Product
Contributors to the Economy
Museum Industry
Hunting Industry
Michigan Department of Natural Resources
Bond Rating and History
Bond Ratings and Their Definitions
Factors that Affect Credit Rating:
Economic Factors
Debt/Issue Structure
Financial Factors
Management/Structural Factors
Standard & Poor's and Fitch Classify Bonds as Follows:
Moody's system
Michigan's Bond Rating
Financial Impact of Lower Bond Rating
Table One--2005 Full Time Year Round Workers in Michigan by Educational Attainment
Table Two--Michigan Gubernatorial Election 2002
Table Three--Michigan Gubernatorial Election 2006
Table Four--Total State Revenue Source FY 2006
Table Five--2006 General Expenditures by Function
Table Six-- Total Expenditures between FY 2006 and FY 2005
Table Seven--Percentage Difference of Expenditures in FY 2006 and FY 2005
Table Eight--2006 Worst State Unemployment Rates Compared
Table Nine--Yearly Debt Outstanding Between 1979-2006
Table Ten--2006 Specific Debt Outstanding
Table Eleven--State Rankings of State Debt Per Capita 1980-2005
References

From the Paper
"Michigan's budget problems are largely due to revenues not keeping up with the cost of maintaining programs and policies. Most of the budget goes towards organizations or individuals that provide services - a little over 80 percent supports K-12 education, community colleges and state universities, cities, counties, Medicaid, community mental health programs and corrections. Trying to reduce spending will mean cutting these programs. Since revenue growth has exceeded expenditures, the state budget demands structural change. Michigan used their reserves to maintain current programs and policies, such as, education, health and corrections - the economy has declined, but spending pressures continues to accelerate. Since Michigan's state sales tax rate is low, difficult to fund major projects and programs. Half of the school aid fund is covered by sales tax."

Tags:policies, budget, credit, debt

Abstract
The paper describes how our credit ratings affect everything from insurance premiums to the interest rates we are offered on loans and deposits required for certain services. The paper explains that a credit score is simply a numerical ranking between 300 and 850 that financial institutions assign to an individual's credit report. This information is then statistically ranked to determine how likely that individual will be to repay credit. The paper discusses how credit scores are established, how they are utilized and what components are considered.

From the Paper
"Susan's insurance carrier sent her a renewal quote for her automobile policy, which she had held with them for several years at the same rate. Susan had never had an accident or even a speeding ticket, so she was quite surprised to see that her premiums had increased substantially since her last bill! She called the insurer to find out what the source of the increase was, thinking it could be a clerical error, and found out that the financial difficulties with late payments and large debt she had experienced the previous year had been factored into establishing her car insurance cost. Susan was shocked to find out that her financial issues had affected her insurance prices, even though she had never been late in paying a premium nor had any claims on her policy!"

Tags:loans, payments, rating, quote

Abstract
This paper reviews three of the more prominent rating agencies who are globally recognized and who assist issuers in entering capital markets more economically and at frequent levels. These three rating agencies work in all countries that utilize the universal rating scale.
This paper also takes a look at the history of rating agencies and how their findings influenced major business decisions.

From the Paper
"Three prominent credit rating agencies are widely acknowledged globally. They are Moody's Investor Service, Standard & Poor's and Fitch Ratings. They accord domestic and external ratings at the request of borrowers. They are present in almost all the countries having a universal rating scale. The Standard & Poor's rating agency was first instituted by Henry Varnum Poor in 1860 with the guiding principle 'the investor has the right to know'. In the year 1906, Standard Statistics Bureau Company was established to entail the financial information on US companies that in 1916 started to assign debt ratings to corporate and sovereign debt. During 1940 it introduced Municipal bond ratings. (International Credit Rating Agencies)"

Tags:markets, economic, finance, risk, investor, credit, bonds, equity

Abstract
This research report addresses the main reasons why EFCU has encountered a decline in membership and what is prompting people to borrow from other financial bodies. In order to better understand these reasons, however, the paper first looks at why people are initially attracted to credit unions instead of commercial banks and the principles that guide the growth of credit unions. The report is based on a survey of EFCU members, which was conducted through mailed questionnaires.

From the Paper
"This has been a major setback for most federal credit unions including EFCU the number of its members has decreased and many existing members prefer commercial banks to meet their loan requirements. While the governmental regulations are certainly playing a dominant role in poor performance of credit unions in last few years, we must not forget how banking industry has persistently forced the government to develop such legislation. The worst part is that due to this persistent challenges, market share of credit unions came down to 12% in 1995 from 13% in 1980 while that of bans increased from 50 to 56% during these fifteen years."

Tags:regulations, government, business, join, lower, rates, loans, not-for-profit, credit, union, membership, access, act, borrowing

Abstract
This paper explains that online credit recovery programs are a way to insure optimum high school graduation by providing second-chance opportunities for students who have failed classes. The author describes a research project to assess the effectiveness of online credit recovery programs by comparing two online credit recovery programs: one implemented and designed by a commercial educational resource company, Aventa Learning, and another called the Georgia Virtual School under the auspices of the state of Georgia. The paper relates that weaknesses of this design is a shortage of currently available data, the probability of errors with only two programs being studied and the unreliability of former students answering opinion questions positively.

Table of Contents:
Introduction
Mixed Method Research Design
Integration of Data
Quantitative Validation and Qualitative Verification
Ethical Considerations and Role or the Researcher
Strengths and Challenges and Summary

From the Paper
"In order to evaluate the success of both programs, researchers must rate them in terms of success rates in addition to graduation rates. In order to do this, researchers can conduct opinion polls of students taking the programs, asking them whether or not the material was easier to understand or moved at a better pace in the online programs as opposed to the courses they failed. Additionally, researchers must conduct tests five years after the students graduate in order to determine their success rate in terms of income, profession, and community involvement."

Tags:at-risk, graduation rate, quantitative privacy, diagnostic exam

Abstract
While credit cards give the consumer many advantages, this paper takes a look at how credit cards have pushed the margin on high interest rates, at hidden fees and negative marketing strategies which have put society into debt.

Table of Contents
I. Introduction
A. Americans in credit card debt.
II. Origin of credit cards
A. Dates
B. Statistics
C. Relevant background
III. High Interest rates
A. Interest rates in recent years
B. Usury Laws
C. Who sets these laws?
IV. High Hidden Fees
A. The inflating Interest Rate Game
B. The Grace Period
C. Extra Fees
V. Negative Marketing Strategies
A. What to do first, if you have a complaint
B. Government agencies to contact
C. Can the company get penalties?
VI. Laws and Legislation regarding high interest rates, hidden fees and negative marketing strategies.
A. Truth in Lending Act
B.Governing finance charges
C.EFT Act
VII. CONCLUSION

From the Paper
"Credit cards have become a symbol of the American way of life. Until recently Americans were enjoying a period of wealth and freedom never before experienced in history. They were in a mood to buy, and buy they did. Many turned to credit cards to make the purchases that they desired. Some commodities, such as rental cars cannot be obtained with out plunking down a credit card. While credit cards give the consumer many advantages, credit cards have pushed the margin on high interest rates, hidden fees and negative marketing strategies, putting society in to debt."

Tags:interest, consumer, dept, economy, loan, social

Abstract
The paper shows that for Visa Credit Cards, there was $487 million in fraudulent charges reported last year. The fraud rates on the Internet are .09%, compared to rates of .07% in the real world. The paper provides a background to the issue of credit card fraud, its relation to Internet technology and possible solutions to overcome the problem.

From the Paper
"Hoodwinks have gone high tech, using the Internet to deceive consumers in a variety of clever ways. One such way is through credit card fraud. As the use and availability of credit cards on-line increases, so does the occurrence of credit card fraud. The amount and frequency of fraud is increasing at a high rate, and many consumers fall victim to it. Credit card fraud has the ability to harm consumers and credit card companies. However, the ones suffering the most are not individuals in such a situation. Although individuals that never notice the extra charges end up paying for products they never bought, they are only responsible to pay for the first $50 if they notice the fraudulent charges and report them. Merchants tend to suffer the most, as they lose huge amounts of money in goods that were sold, yet never paid for. This has contributed to the closing of many companies, especially those on-line. Credit card companies report huge losses due to this type of fraud."

Tags:crime, theft, IRC, Mod-10

Abstract
The paper examines various surveys and studies on the topic of financial education. Based on these results, it conducts another study which focuses on the affects of financial education, administered through a website called 'Jumpstart', on the attitudes and feelings about finance. The results are studied both before and after using the Jumpstart website to gain more knowledge about financial matters. The research shows that students will have a more responsible attitude towards finance after using the Jumpstart website for two hours, than they had prior to working on the website. It further demonstrates the role of early financial education on developing responsible attitudes towards finance. The paper uses graphs to illustrate points.

From the Paper
"The main subject of this study was to determine if education could help to teach young adults to be more responsible with credit card debt, thus giving them a chance for a better future. This study indicates that is not only suggested, but is necessary. If this small amount of education can change attitudes, then more emphasis needs to be placed on financial planning classes. Adding curriculum to help students grasp the practical applications of math and other subjects will help them to have greater control over their futures and destinies. Universities and high schools alike, need to work to develop a curriculum concerning both personal and business finance. The future of our youth and the future of our country depend on it."

Tags:card, purchases, Likert, rating, socio-economic

Abstract
The writer of the well-researched paper examines the history of sovereign ratings which have been around since approximately 1979. This paper details the importance of sovereign ratings, which basically assess the financial worth of an individual country. This paper analyzes the methods in which countries are rated, which include calculating the financial history, current assets and liabilities of a particular country. Sovereign ratings are significant when calculating whether or not a particular country can repay its debt, or whether the country in question will choose to default on its debt, to the lending country. This paper delves into the relevance of these ratings, when dealing with international trade and currency. This paper explores the various risks involved in lending money to sovereign nations. This paper examines the methodologies that are generally used by rating agencies, such as Standard and Poor's and Moody's. The writer discusses the various shortcomings that are associated with sovereign ratings, while discussing why certain countries, such as Korea and Malaysia do not have good ratings. This paper also supplies two tables relevant to this particular topic, including a sovereign credit rating, listed by country.

Table of Contents:
Literature Review
Introduction
History of Sovereign Ratings
Methodologies Used by Rating Agencies
Shortcomings
Conclusion
Works Cited

From the Paper
"While sovereign ratings are seen to be very important, more recent history is still suggestive of the fact that lending to sovereigns remains very risky. A survey taken by Standard & Poor's that dealt with 72 governments and looked at the debt based on outstanding foreign and domestic currency indicated that 30 of these had defaulted at least one time on either foreign or domestic currency debt since 1970. None of these sovereigns had any type of sovereign rating by a rating agency that was recognized internationally before they defaulted but nine of them have been rated subsequently by Standard & Poor's and Moody's. The frequency of default for many of these countries has been relatively high and this has been something that has caused a lot of stress and concerns for individuals in those sovereign countries that are simply trying to conduct good business today without being held back by the past."

Tags:economy, international, countries, government, finance, investment, debts, loans