Friday, May 22, 2020
2015 Adil Amin Muhammad Tariq Shaban Tayyab Furqan Fundamentals of Corporate Finance 3/8/2015 2015 Adil Amin Muhammad Tariq Shaban Tayyab Furqan Fundamentals of Corporate Finance 3/8/2015 Auto Doctor Auto Doctor ___________________________________________________________________________________________________ PROJECT _____________________________________________ Submitted to: Prof. Syed Sadir Ali Zaidi Submitted by: * Adil Amin (2013-MBA-015) * Tayyab Furqan (2013-MBA-028) * Muhammad Tariq Shaban (2013-MBA-022) Course Title: Fundamental of Corporate Finance TABLE OF CONTENTS ACKNOWLEDGEMENT 3 EXECUTIVE SUMMARY 4 Vision Statement: 4 Mission Statement: 4Ã¢â¬ ¦show more contentÃ¢â¬ ¦Imdad Hussain Wahga (Wahga Estate Advisor) Mr. Fahad Mughal (Mughal Auto Parts) Mr. Shahzad Qadri (Qadri Auto Parts) Executive Summary Our plan is to start an automobile workshop Business named Ã¢â¬Å"Auto DoctorÃ¢â¬ . This is considered to be a profitable business because of its high demand and huge number of cars in Lahore and long-term reward (profit). Our Business is proposed to be established at Bahawalpur Road, Mozang, Lahore. Our Equity/ initial investment will be PRs. 60, 00,000 (PRs. 20, 00,000 contributed by 3 members each). An office and workshop on rent also located in Bahawalpur Road, Mozang, Lahore. Our estimated sales for the first year would be PRs. 94, 64,000 and our total expenses that year would be ******** and after tax deductions our Net income will be ******** which is more than our expectations. And after having calculations of six doctors, we can say that this business is going to earn good profit because the most reliable doctor NPV says that it is positive, itÃ¢â¬â¢s payback period will be 2 years and its discounted payback would be 3 years and it is favorable because we are getting our investment back at the end of 2 years. Its breakeven analysis is also showing favorable answers. Vision Statement: Ã¢â¬Å"********Ã¢â¬ Mission Statement: ******** Important Assumptions: * Equity finance will be on 100% partnership basis, we arrange this amount (********) personally. * After having survey ofShow MoreRelatedBusiness Plan For A Business Essay1708 Words Ã |Ã 7 Pagesbrand-new business, expand an existing company, or get financing for a business venture, you will need to write a business plan. A business plan not only lends your business a sense of credibility, but also helps you to cover all your bases, increasing your chances of success. Although writing a business plan can be a lengthy, intimidating project, it is not necessarily difficult. Here is an overview of how to write a successful business plan. What to Include in Your Business Plan Your businessRead MoreBusiness Plan For A New Venture1355 Words Ã |Ã 6 PagesA business plan can be used for beginning a new business, to create a more profitable business or for consideration of new services and ideas. A business plan is a written document that gives details on a business idea or venture and present the outlook of the business over a number of years. This plan will guide the business project management and operations, assist in vital decisions and measure performance. There are many types of business plans and not one of them is considered a universal planRead MoreEssay about Creating a Business Plan1119 Words Ã |Ã 5 Pagesyou must have guidelines, so to speak, to know where you are heading in the future. That is why before you can start a business you need to draw up a detailed business plan. Business plans are considered blueprints. 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Thursday, May 7, 2020
The Enlightenment brought new thinking, making people closely examine the world around them, which sparked change. Also known, as the Age of Reason there was a questioning of authority as people became enlightened and this caused new thoughts such as liberalism, conservatism, skepticism, and Francis BaconÃ¢â¬â¢s empiricism brought over from the scientific revolution. The Enlightenment was a maturity of mankind to higher level thinking, not just following the status quo. It was a raise in education against established traditions and beliefs, which caused a huge shift from the social norms of society to using reason and logic to disclaim previous ideas. There is a growth of optimism that the human race will become educated about the social and physical environment, finding new information through reason and logic to become enlightened. Although there was a focus on logic and reason, there was also a look towards economics with British enlightened thinker Adam Smith in the Wealth of Nations. Fighting for public, as well as private interest, maximizing private incomes and the nations wealth. There was many ways that the scientific revolution impacted the Enlightenment, but the most important was it caused a social change towards established principles with logic and reason. This caused the abolition of slavery, changed thought from religious to scientific and paved the way for the start of womenÃ¢â¬â¢s equality. As philophes became educated they saw a human inequality with slavery.
Wednesday, May 6, 2020
Since I first entered university, I have evolved from being convinced that an MBA was a necessary part of my future, to believing that MBAs made careers of victimizing other people, to realizing that an MBA truly will help me achieve my passion, which is helping people in my native China. I am now passionate [Comment 1] about attending Wharton to challenge myself with powerful business lessons that will help me grow as a leaders [Comment 2] . My alma mater offered an orientation program that offered [Comment 3] new admits consultation on academic study, and more importantly,[Comment 4] early career plan. We will write a custom essay sample on Business School Essay or any similar topic only for you Order Now I was excited to learn that the tests confirmed what I already expect [Comment 5] Ã¢â¬â that I showed a strong ability in business. Starting that day, I pinpointed [Comment 6] MBA as an ideal master degree to pursue following several years of solid work experience. With plans made, I embarked on the trek by opting to major in international finance, in addition to taking a broad spectrum of business-related electives including intermediate accounting, economics and banking. Although most of the teaching materials [Comment 7] derived from the communist time while [Comment 8] teachers still resorted to the stale methodology of indoctrination, I looked forward to every class that gave me new insights into how good business [Comment 9] function. I missed a chance to have [Comment 10] more interactive learning environment and to be able to challenge the lessons that we were taught, but the classes further solidified my plan to acquire a formal business degree. Originally my career plan was simple: to excel at [Comment 11] workplace, get an MBA, and then work as [Comment 12] top strategy consultant before settling down as an executive at a corporation. I was happy with my career progress as an Information Technology consultant, but it was not always smooth. While my project at International Media Corporation, my second employer, was in high gear, the 9. 11 tragedy reduced international travel to a standstill. (For details, please see essay No. 2. As if this were not enough, the ensuing fiber-optic scandal in which International Media Fiber Optics [Comment 13] was involved, worked perfectly as [Comment 14] the last strawÃ¢â¬âit forced our parent company to suspend its China-based operation [Comment 15] , including my project. That meant that I was unemployed. For the first time in my life I needed to assess my career plan. I had done nothing wrong, but the action of other [Comment 16] affected me and [Comment 17] put me out of job. Was th is what MBAs did? Did they ruin other peopleÃ¢â¬â¢s jobs? Comment 18] For a time,[Comment 19] I started to think that the business world was not where I would [Comment 20] be. Over the next six months I got a much clearer picture of what I wanted to do. [Comment 21] I gained experience in the UN initiative (for details, please see essay No. 3) and I reflected upon the world at large. What did I want to do, other than plan for my next promotion or consulting assignment? What did I want to be in twenty years? Consequently, this experience allowed me to contribute to society and to learn more about what I wanted. [Comment 22] My work in [Comment 23] the UN substantially changed my view of MBAs. This time, I started to perceive MBA [Comment 24] from a new angleÃ¢â¬âfirst and foremost, MBAs [Comment 25] must be socially responsible before they can aspire to reap professional achievements; otherwise they are still doomed to failure however smart they are. [Comment 26] This was again solidified by my acquaintance and mentorship, at the [Comment 27] UN conference, with an investment banker turned philanthropist,[Comment 28] also the founding chairman of the US-based Green Earth Institute. There were, and are, responsible people and organizations after all. I realized that I could be earn an MBA and make an impact just like those people! Six months on, I headed back to the corporate world, confidence recovered. National Data Systems (NDS) seemed an ideal place to start my career anewÃ¢â¬âI knew so the minute I saw the receptionist for interview [Comment 29] Ã¢â¬â in lieu of charming girls [Comment 30] , a disabled person handled the task. Later I learned this deep-rooted culture resulted from NDSÃ¢â¬â¢s strong advocacy of handicapped-hiring. As for me, I further extend it to hiring veterans in my department. Not only do I commit [Comment 31] social obligations, but the department actually benefit [Comment 32] from their ultra reliability and diligence. In addition, I volunteered as the department representative for the office health and safety initiative. Mid 2004 will witness my departmentÃ¢â¬â¢s consummation [Comment 33] of a worldwide business transformation project, to which I have been contributing as a IT consultant and project co-leader. This is [Comment 34] perfect opportunity to see my current work to completion and then embark on my new endeavor. Upon graduation, I would like to join a top-tier IT corporation and rotate in different functions in its leadership/executive development program at mid-management level. I see this ad [Comment 35] being important for gaining the management experience that I will need for my true long-term passion, which comes from my work in the UN. I want to help the underprivileged in China. Consequently, I plan on establishing an IT-based NGO in the long run. My business experience gained from my post-MBA job will render me better positioned [Comment 36] to contribute to this scenarioÃ¢â¬âapplying cost-effective technologies (only possible through my experience with an elite technology firm) to improve the quality of life in communities that have not changed in decades, if not centuries. After all, the betterment of the entire nation cannot hinge upon the prosperity of but a number of regions or cities. Based on my experience in consulting and the UN [Comment 37] I believe that managing an NGO shares much synergy with running a for-profit business. The leadership experience developed and social connections established in the business arena should be most conducive to my long-term career aspiration. The end of my achievements in business will ultimately find their way in the social cause. Yes, financial standing is an important yardstick,[Comment 38] against which personal success is judged; however, it will be even more fulfilling if I can share this success with the needy and bring benefits to them. As the [Comment 39] leading business school, Wharton offers many lectures in addition to [Comment 40] cases that prepare students for all kinds of real business challenges and opportunities, which caters [Comment 41] well to my career aspiration [Comment 42]. Admittedly, Wharton is most famed for its strength in finance; however, it has, over the years, [Comment 43] also produced a plethora of successful general managers. Having said that, I [Comment 44] trust Wharton is where I can attack my weak link by brushing [Comment 45] up my financial skills, which I believe are indispensable to my career advancement later on. Ã¢â¬Å"He is a sharp cookie, a natural leader just waiting to burst out of his shellÃ¢â¬ , goes the comment on my first performance review. My communication with Wharton students and alumni has fully attested to my belief that Wharton is the very school that will transform me from a candidate to a bona fide leader of the future. How to cite Business School Essay, Essays
Monday, April 27, 2020
ToK presentation Paper The result of these different perspectives in media and other sources is a stretching of information, so that it is uncertain where the real accurate stories lie. The best we can really do is to scan all the pieces of information, and compare them to each other to collect the common facts. This is why it is very hard to sieve through the false predictions on global warming to find the true answer. (change slide) A large influence in our understanding of global warming is the way in which Global Warming is presented in the media. We will write a custom essay sample on ToK presentation specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on ToK presentation specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on ToK presentation specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The first theory is most often in the media, partly because it is the easiest idea to understand and it gives hope that there is a way to save the planet from its fate. Plus, its just generally better known. The other two theories are less well known as the media chooses not to advertise it as much. Even among the scientific world, these two theories are given little credit however given the evidence that there is from studying the earths past and the changes and the global events that took place, it is more creditable to believe that global warming is a natural occurrence. The majority of the people in developed countries refer to the media for information in one way or another; newspapers, news on the television or radio, the internet, and despite many media sources are supposed to be realistic, many of them are biased to one point of view over another, effecting our own opinions. The Media is a dangerous thing. It can highlight different perspectives, or project false information into societies. For example one of the key tools of a dictator, or a similar state, is to use media to indoctrinate the public onto their side. Schoolbooks were given an anti-Jewish spin under Goebbels propaganda campaign. Radio stations played Hitlers speeches over and over again; books that argued with any of his views of policies were burnt; and the Olympic Games hosted during his time were even meant to emphasize Aryan superiority. The point is that when media is blackened by propaganda and indoctrination, the result is a complete eclipse of truth and fact, so that even the most basic of your knowledge could turn out to be wrong. The scientific facts presented before us may emphasize mans part in global warming and make us feel bad for polluting, however, it is still the most comforting idea because we have a chance (however small) to change the fate of our world. The other theories are less publicised by the media because they are harder to believe, as it is very scary. It means that even though the world has been going through this cycle for an untold amount of centuries, we will still probably change our lifestyles drastically. It may include having to not only move into places such as Antarctica, but also having to watch our greatest cities, monuments, military bases etc. being destroyed by either rising tides, or scorching climates. (change slide) There are other sources from which scientists can learn about Global Warming, for example from studying the ice in the Artic and Antarctic we can tell how much oxygen, nitrogen and carbon there was in the atmosphere millions of years ago by just looking at how much of these elements there are in the ice. An example of what can be learnt by looking at the ice is that scientists have learnt of ancient tropical forests that lie fossilised below the ice from about 50 million years ago. Also by studying rock and land formations we can learn of major natural disasters, such as the rock formations left behind from an ancient volcano in southwest China tell us what was happening in the climate 250 million years ago. The evidence found from looking at the earths history suggests that global warming is not a new concept but is perhaps a reoccurring event, and from studying the land formations we can suggest what the future holds for us. These resources for predicting the planets future are both more scientifically believable and reliable. Unlike natural resources, human records are much more unreliable because the records we have made on the climate only stretch back to the late 1650s so cannot be seen as very reliable resources as they do not account for changes before this date. From looking at the records it may seem that the hottest summers have been over the passed few years, but what about the climate before records began? Had summer temperatures increased then? We also dont know what has been missed out from these records, for example if a river flooded regularly, then this may have been thought unnecessary to be recorded, whereas this could be very important information now to aid our understanding in Global Warming. However nothing is certain and scientists may be wrong, as science is forever advancing, but one thing is certain, that the world is changing and that it can not be escaped, but to what extent the world will change scientists can not be sure. (change slide) Global warming is of increasing importance because if effect us in our everyday life. Many of us have cars (glare at Ben, India and Lottie), we also use computers and watch televisions and have a range of electrical appliances is our houses and in school. These all require electricity, or oil for cars, which our made in a non-environmentally friendly manner. (Burning fossil fuels produces high amount of carbon emissions, increasing green house effect). Rolos conclusion!!! Its violent =) Changing perspectives are difficult to accept fully, as many people have a set point of view and have difficulty exploring different theories and admitting that they might be true as well. This is often because of human nature and isnt consciously our fault. However its important to broaden our horizons? and to look into alternative reasons as this allows us to learn more about ourselves and our planet. Different perspectives allow us to explore different solutions and outcomes to a situation, enabling us a better understanding of the knowledge issue. This helps us predict the most likely future as it shows we have considered all possibilities. However it is often hard to know what to believe with all the theories available. One theory can sound more logical and safe to believe but can be less scientifically correct, for example it is generally believed that the greenhouse effect is the cause of global warming, however if we dig a little deeper the more scientific, harder to understand theories begin to emerge, for example that it is actually the sun or past atmospheric changes which may be the cause. These theories are more difficult to accept because they are not the reasons we would expect or predict to be the cause, not necessarily because they are more complex science. The media also has an influence in what we believe because it exploits some ideas more than others. The more comfortable theories and narrow mindedness can often cause our perception of truth to blur. Fear can also so play on our emotions, as fear has a large influence on our actions and beliefs. The idea that the end of the world, as we know it, is nigh is, in reality, a terrifying idea. That fact there is nothing we can do about it is even scarier. Blame can be a way of softening the condemned future, as if we blame ourselves, from using too much CO2, climate change is a lot easier to accept. By blaming ourselves it is easier to say I dont care and we can say its our fault and we will get what we deserve. But to say it is actually the suns ever increasing temperature and the result of the recession of an ice age, is scary and leaves us with a sense of helplessness and a loss of hope. Just because there is proof for a theory doesnt necessarily mean it is true. If you correlate the number of crimes and the number of policemen in a number of towns, and crime increases as does the number of policemen, does it mean it is the increased number of policemen that cause the extra crime? No. Just because there is a relationship between two sets of data, doesnt mean they are directly related. Therefore just because temperature increases as does the amount of CO2 emissions, doesnt prove it is actually the increase in CO2 which is causing the temperature rise. Despite the fact we arent certain of what is causing global warming, there is strong evidence to suggest that the climate is getting warmer and that there is no escaping some climate change. It is inescapably clear that this is happening, however the reason and our part in it is not clear. Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our International Baccalaureate Theory of Knowledge section.
Thursday, March 19, 2020
Decision Making. Decision MakingPractically every day people are involved in thinking and making decisions, connected with different aspects of our life. We require decision making every day that is why it is very important not to make the mistake and make the correct decision. The process and result of making decisions depend upon different factors that are very important to take into account. Moreover, the ways of making decisions are also very diverse. For instance, someone make the decisions by flipping a coin, taking a guess, considering the thoughts and feelings of others, thinking aboutÃ values and beliefs, pros and cons, complying with an assignment declaration, or choosing a solution that has more positive and less negative consequences. In order to comprehend the decision making process, we should look at precisely what goes in that process and apply it to the situation in a real world.Ã While making the decision, we should always remember about the consequences and the effects it may have on the other persons surrounding us. When we are able peacefully look at all the reasons we have on both sides of the question, it will frequently become rather obvious which side really is accorded with our principles, what will be the best thing to do. Speaking about me, one of the most important decisions that I had to make in my life was entering a higher educational establishment and choosing the best university for me. In this situation, any person, as usual, faces up with the alternative, between entering university or looking for a job. Choosing a college or university is, probably, one of the most important decisions in life of every person, as it is connected with future of life and success. I had to spend a lot of time while picking up information about all the excising universities in the country and in the nearby districts. While making this decision I had to weight all positive and negative outcomes, results and consequences. In this case, assistance of the relatives can become very helpful, as they can give very useful pieces of advice and forward oneÃ¢â¬â¢s thoughts in the necessary directions. Surely, this process was not lack of troubles and hesitations. First of all, I hesitated about the costs and price for educ ation and did not will I be able to pay my tuition. Then I decided to enter university in any case, whatever difficult it might be, as education is very important in our life. I have chosen the university that completely satisfied my needs and started working hard over the preparation to the entrance exams. Finally, I entered the university and at the moment, I think that it was one of the most successful decisions in my life. Critical thinking is a very popular and helpful way for making decisions. It involves several strategies. I used them while making my decision. The first standard of critical thinking is setting up the goal and the main objective. My main objective was entering the university and choosing the best variant for me. The main problem that I faced up was the cost of tuition. It was one of the main obstacles for me, but after long reflections made the correct decision. The next part of the critical thinking strategy that I used for making my decision is the collection of the information and data. Therefore, I had to make some investigations about the universities in our country to choose the most appropriate variant for me. Unfortunately, this stage takes quite a great amount of time, but it is necessary, as the most important decisions require time and in-depth thinking. Needless to say, that making the decision s the process that should not be conducted in a hurry, as it influences not o nly your life but the life of your surroundings. Finally, when everything was ready, I tried to evaluate all benefits and disadvantages of my decision, trying to foresee the way it can influence my life. To may mind, this is very important while the decision making process, that is why thinking of the consequences is very significant. Therefore, I think that my skills of critical thinking appeared to be very useful for me.
Tuesday, March 3, 2020
Basic Tenets of Animal Rights Animal rights refers to the belief that animals have an intrinsic value separate from any value they have to humansÃ and are worthy of moral consideration. They have a right to be free from oppression, confinement, use and abuse by humans. The idea of animal rights may be difficult for some people to fully accept. This is because, throughout the world, animals are abused and killed for a wide variety of socially acceptable purposes, though what is socially acceptable is, of course, culturally relative. For example, while eating dogs may be morally offensive to some, many would react similarly to the practice of eating cows.Ã At the heart of the animal rights movement are two basic principles: the rejection of speciesism, and the knowledge that animals are sentient beings. Speciesism Speciesism is the disparate treatment of individual beings, based solely on their species. It is frequently compared to racism or sexism. Whats Wrong With Speciesism? Animal rights is based on the belief that treating a non-human animal differently just because the animal belongs to a different species is arbitrary and morally wrong. Of course, there are differences between human and non-human animals, but the animal rights community believes that those differences are not morally relevant. For example, many believe that humans have some cognitive abilities that are different from or higher than other animals, but, for the animal rights community, cognitive ability is not morally relevant. If it were, the smartest humans would have more moral and legal rights than other humans who were deemed intellectually inferior. Even if this difference were morally relevant, this trait does not apply to all humans. A person who is profoundly mentally retarded does not have the reasoning capabilities of an adult dog, so cognitive ability cannot be used to defend speciesism. Arent Humans Unique? The traits that were once believed to be unique to humans have now been observed in non-human animals. Until other primates were observed making and using tools, it was believed that only humans could do so. It was also once believed that only humans could use language, but we now see that other species communicate verbally in their own languages and even use human-taught languages. In addition, weÃ now know that animals have self-awareness, as demonstrated by the animal mirror test. However, even if these or other traits were unique to humans, they are not considered morally relevant by the animal rights community. If we cannot use species to decide which beings or objects in our universe deserve our moral consideration, what trait can we use? For many animal rights activists, that trait is sentience. Sentience Sentience is the ability to suffer. As philosopher Jeremy Bentham wrote, Ã¢â¬Å"the question is not, Can they reason? nor, Can they talk? but, Can they suffer?Ã¢â¬ Because a dog is capable of suffering, a dog is worthy of our moral consideration. A table, on the other hand, is incapable of suffering, and is therefore not worthy of our moral consideration. Although harming the table may be morally objectionable if it compromises the economic, esthetic or utilitarian value of the table to the person who owns or uses it, we have no moral duty to the table itself. Why is Sentience Important? Most people recognize that we should not engage in activities that cause pain and suffering to other people. Inherent in that recognition is the knowledge that other people are capable of pain and suffering. If an activity causes undue suffering to someone, the activity is morally unacceptable. If we accept that animals are capable of suffering, it is therefore morally unacceptable to cause them undue suffering. To treat animal suffering differently from human suffering would be speciesist. What is Undue Suffering? When is suffering justified? Many animal activists would argue that since humans are capable of living without animal-based foods, living without animal entertainment and living without cosmetics tested on animals, these forms of animal suffering have no moral justification. What about medical research? Non-animal medical research is available, although there is quite a bit of debate over the scientific value of animal research versus non-animal research. Some argue that results from animal experimentation are not applicable to humans, and we should conduct research on human cell and tissue cultures, as well as human subjects who provide voluntary and informed consent. Others argue that a cell or tissue culture cannot simulate a whole animal, and animals are the best available scientific models. All would probably agree that there are certain experiments that cannot be done on humans, regardless of informed consent. From a pure animal rights standpoint, animals should not be treated differently from humans. Since involuntary human experimentation is universally condemned regardless of its scientific value and animals are incapable of giving voluntary consent to an experiment, animal experimentation should also be condemned. Maybe Animals Dont Suffer? Some might argue that animals do not suffer. A 17th century philosopher, Rene Descartes, argued that animals operated like clocks- intricate machines that have instincts, but do not suffer or feel pain. Most people who have lived with a companion animal would probably disagree with DescartesÃ¢â¬â¢ assertion, having observed the animal first-hand and watched how the animal reacts to hunger, pain, and fear. Animal trainers are also aware that beating an animal will often produce the desired results, because the animal quickly learns what needs to be done in order to avoid suffering. Isnt the Use of Animals Justified? Some may believe that animals suffer, but argue that animal suffering is justified in certain instances. For example, they may argue that slaughtering a cow is justified because that slaughter serves a purpose and the cow will be eaten. However, unless that same argument applies equally to the slaughter and consumption of humans, the argument is based in speciesism.
Saturday, February 15, 2020
Understanding the Economic Impact prior to Wells Fargo Foreclosures - Essay Example As a result of the crisis, many institutions, including those that are not directly involved in lending collapsed while others merged to stabilize amidst the crisisIn 2007, United States was hit by financial crisis, which emanated from a crisis in the subprime real estate loans (commonly called subprime crisis). One of the financial institutions involved in mortgage lending that stood the crisis is Wells Fargo & company, although its rating dropped since 2007, in the light of the financial crisis. In response to the crisis, Wells Fargo & company and other companies increased foreclosure filings by 2008 to the highest record in historical. This paper provides an overview of the subprime lending industry and state the economy in Wisconsin just prior to subprime crisis and the Wells Fargo Foreclosures. Discussion Prior to 1980s, people in Wisconsin, US, had only two choices for obtaining a mortgage. According to Knapp (2010), one could obtain a home loan insured by either the Department of Veteran affairs or by the Federal Housing administration. Borrowers with good credits histories would typically obtain new loans from a bank, saving and loan or any other financial institution. Knapp (2010) elaborates that obtaining mortgage loans became much easier with the deregulation of the lending industries in the beginning of 1980. For instance, the monetary control act and the deregulation of the Depository institutions in 1980 removed the restrictions that imposed a ceiling on the interest rates charged on mortgage loans. One remarkable impact of the deregulation is that it led to the introduction of new mortgage loans, which included Ã¢â¬Ëadjustable rate mortgages that were particularly favorable to mortgage borrowers who had their credit profiles impaired. However, according to Knapp (2010), these events did not lead to an explosive growth in the mortgage industry until the securitization of mortgage loans in the late 1990s. The securitization option encouraged the majority of the existing mortgage lenders to adopt a new business model which Knapp (2010) refers to as Ã¢â¬Å"originate to distributeÃ¢â¬ business model. This new model required that the credit risk posed by the mortgages loans was not exclusively to be absorbed by the lending institutions. Rather, it was to be shared with other investors in the world who purchased the Mortgage-backed securities. Knapp (2010) further argues that by 2006, approximately one-fourth of all new mortgage loans in United States were made to subprime borrowers while the other ratio was securitized and sold to investors in the United States and around the world. The increased demand for high-yield mortgage-backed securities among investors, including institutions such as hedge funds institutions and large banks, led the lenders to ratchet up their marketing efforts. They then came up with new products, which were designed specifically for the sector of the mortgage market in order to persuade individuals who were deemed to be of high credit risks to obtain mortgage loans. Among the most popular of these products were the stated-incomeÃ¢â¬ and the Ã¢â¬Å"interest-onlyÃ¢â¬ mortgages. The stated-income loan required an applicant to simply report his or her annual income during the application process of the loan (Knapp, 2010). The lender depended on the applicantÃ¢â¬â¢s self reported income in the determination of the size of loan that one could afford. According to Knapp (2010), many applicants for the Stated-income loans grossly overstated their annual income so that they could purchase a larger home than was economically feasible given their actual incomes. An individual who obtained the Interest-only mortgage loan was required to pay interests on his