摘要 :
Since the first charter school began operating in 1991 in Minnesota, the number of charter schools has grown rapidly from 250 in 1995 to about 4,000 by 2007. Charter schools now enroll more than 1.1 million students in the United ...
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Since the first charter school began operating in 1991 in Minnesota, the number of charter schools has grown rapidly from 250 in 1995 to about 4,000 by 2007. Charter schools now enroll more than 1.1 million students in the United States (National Alliance for Public Charter Schools 2007). Charter schools face many challenges when they attempt to purchase or lease permanent facilities and frequently operate in temporary space that is poorly suited for delivering educational services (Dolan, Murray, and Walsh 1998). Unlike regular public schools, they typically do not have separate facilities funding from their school districts. Moreover, charter schools generally cannot issue bonds backed by property taxes to finance facilities. Finally, since charter schools often lack tangible assets and an operating history that could be used to support a loan application, securing facilities financing is particularly problematic (Dolan, Murray, and Walsh 1998). In response to this problem, the U.S. Department of Education (ED) established, in 2001, the Credit Enhancement for Charter School Facilities Program (the Program). The Program makes available grants on a competitive basis to eligible entities state or local government, private nonprofits, or consortia which use Program funds for credit enhancements so that lenders will make loans for the following two purposes: The acquisition (by purchase, lease, donation, or otherwise) of an interest (including an interest held by a third party for the benefit of a charter school) in improved or unimproved real property that is necessary to commence or continue the operation of a charter school; and the construction of new facilities, or the renovation, repair, or alteration of existing facilities, necessary to commence or continue the operation of a charter school (Title V, Part B, Subpart 2, SC5224 of the Elementary and Secondary Education Act of 1965, as amended by the No Child Left Behind Act).
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摘要 :
This report is motivated by small business credit market policymakers' concern that banks have not used the secondary market to raise capital for conventional small business lending. Lenders now rely on deposits and corporate debt...
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This report is motivated by small business credit market policymakers' concern that banks have not used the secondary market to raise capital for conventional small business lending. Lenders now rely on deposits and corporate debt for capital; in the event that these two sources of liquidity decline, the lack of a secondary market for conventional small business loans may constrain the ability of lenders to meet the credit needs of small businesses. Yet, there are two recent trends-industry consolidation and credit scoring-that may have an impact on the feasibility of a larger secondary market for conventional small business loans. The purpose of this report is to examine the extent to which these trends, in fact, may make it easier for market participants to structure secondary market transactions that use conventional small business loans as collateral, and, in the future, provide an additional source of liquidity for conventional small business lending.
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摘要 :
Since 1993 Fannie Mae and Freddie Mac, the two large government sponsored enterprises (GSEs) that provide a secondary market for conventional home mortgages, have been subject to quantitative goals for the portion of their busines...
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Since 1993 Fannie Mae and Freddie Mac, the two large government sponsored enterprises (GSEs) that provide a secondary market for conventional home mortgages, have been subject to quantitative goals for the portion of their business that represents mortgages on housing for lower income families and families in underserved areas. The GSEs have more-or-less steadily increased their performance under the goals. Nevertheless, questions have been raised concerning the ultimate effects of the goals on low- and moderate-income families and underserved neighborhoods. This study seeks to address such questions by providing a conceptual framework for the impacts of the goals and through statistical analysis.
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