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The article discusses definitions of unfunded federal mandates in America, and it mentions the U.S. Unfunded Mandates Reform Act of 1995 (UMRA). According to some federalism scholars, an unfunded mandate is any responsibility, action, or procedure that is imposed by constitutional, administrative, executive, or judicial action or is required as a condition of aid. America's Advisory Commission on Intergovernmental Relations (ACIR) is examined.

We present evidence that binding mortgage processing capacity constraints reduce mortgage originations to borrowers with low to modest credit scores. Mortgage processing capacity constraints typically bind when the demand for mortgage refinancing shifts outward, usually because of lower mortgage rates. As a result, high capacity utilization leads mortgage lenders to ration mortgage credit, completing mortgages that require less underwriting resources, and are thus less costly, to produce. This is hypothesized to have a particularly adverse impact on relatively higher credit-risk borrowers' ability to obtain mortgages. What is more, we show that, by lowering capacity utilization, a rise in interest rates can, under certain circumstances, induce an increase in mortgage originations to relatively higher risk borrowers. In particular, we find fairly large effects for purchasing borrowers with low to modest credit scores, in which we find that a decrease in capacity utilization of 4 applications per mortgage employee (similar to that observed from 2012 to 2013) could result in increased purchase mortgage originations, as the relaxed capacity constraint might have offset any negative effect on mortgage demand from higher interest rates. [ABSTRACT FROM AUTHOR]

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The article offers international news briefs as of August 2015. Topics mentioned include the attack by Moroccan Ayoub El-Kahzzani on a train in France which was foiled by heroic intervention of travelers from France, U.S., and Great Britain, the awarding of medals to the bravery of the passengers, and the international tragedy on the bomb explosion at the Hindu Erawan shrine in Bangkok, Thailand which killed people and injured citizens from countries including Indonesia, China, and Malaysia.

Earlier this week, I watched the livestream footage of the ceremony featuring President Donald Trump and First Lady Melania Trump as they officially pardoned the Thanksgiving turkey, "Cob." Feeling inspired, I have decided I will also pardon a turkey this year and forego the traditional poultry fare in favor of prime rib. And while I'm very thankful for the homegrown beef on my plate, I'm even more thankful for the people I get to share a Thanksgiving meal with. [Extracted from the article]

The article reports that India Volatility Index (VIX), a gauge for market's short term expectation of volatility increased by 1.17% and reached 11.62. AVI Photochem has informed about Compliance Certificate of Radico Khaitan certifying maintaining physical & electronic transfer facility under Regulation 7(3) of SEBI. Reliance Industries (RIL) has commissioned second and final phase of its project to produce paraxylene (PX) at Jamnagar in western Indian state of Gujarat.