Federal Home Loan Bank Board Building
The Federal Home Loan Bank Board Building is an historic structure located in Downtown Washington, D. C, it was listed on the National Register of Historic Places in 2007. The structure was built to house the Acacia Mutual Insurance Company, the only federally chartered life insurance company, it was incorporated in 1869 as the Masonic Mutual Relief Association of the District of Columbia. The Federal government took procession of the building in 1934 to house the Federal Home Loan Bank Board, how the building acquired its name in 1937, it was a New Deal program. George E. Mathews of the architectural firm of Hoggson Brothers was the original architect for the building. Louis A. Simon of the Public Works Branch in the Department of the Treasury was the architect for an addition, built from 1935 to 1937; the building exemplifies early-20th-century Classical Revival intuitional office architecture. The exterior features facades covered with limestone with classical detail; the interior features an ornamented lobby.
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Virtual International Authority File
The Virtual International Authority File is an international authority file. It is a joint project of several national libraries and operated by the Online Computer Library Center. Discussion about having a common international authority started in the late 1990s. After a series of failed attempts to come up with a unique common authority file, the new idea was to link existing national authorities; this would present all the benefits of a common file without requiring a large investment of time and expense in the process. The project was initiated by the US Library of Congress, the German National Library and the OCLC on August 6, 2003; the Bibliothèque nationale de France joined the project on October 5, 2007. The project transitioned to being a service of the OCLC on April 4, 2012; the aim is to link the national authority files to a single virtual authority file. In this file, identical records from the different data sets are linked together. A VIAF record receives a standard data number, contains the primary "see" and "see also" records from the original records, refers to the original authority records.
The data are available for research and data exchange and sharing. Reciprocal updating uses the Open Archives Initiative Protocol for Metadata Harvesting protocol; the file numbers are being added to Wikipedia biographical articles and are incorporated into Wikidata. VIAF's clustering algorithm is run every month; as more data are added from participating libraries, clusters of authority records may coalesce or split, leading to some fluctuation in the VIAF identifier of certain authority records. Authority control Faceted Application of Subject Terminology Integrated Authority File International Standard Authority Data Number International Standard Name Identifier Wikipedia's authority control template for articles Official website VIAF at OCLC
United States Statutes at Large
The United States Statutes at Large referred to as the Statutes at Large and abbreviated Stat. are an official record of Acts of Congress and concurrent resolutions passed by the United States Congress. Each act and resolution of Congress is published as a slip law, classified as either public law or private law, designated and numbered accordingly. At the end of a Congressional session, the statutes enacted during that session are compiled into bound books, known as "session law" publications; the session law publication for U. S. Federal statutes is called the United States Statutes at Large. In that publication, the public laws and private laws are numbered and organized in chronological order. U. S. Federal statutes are published in a three-part process, consisting of slip laws, session laws, codification. Large portions of public laws are enacted as amendments to the United States Code. Once enacted into law, an Act will be published in the Statutes at Large and will add to, modify, or delete some part of the United States Code.
Provisions of a public law that contain only enacting clauses, effective dates, similar matters are not codified. Private laws are not codified; some portions of the United States Code have been enacted as positive law and other portions have not been so enacted. In case of a conflict between the text of the Statutes at Large and the text of a provision of the United States Code that has not been enacted as positive law, the text of the Statutes at Large takes precedence. Publication of the United States Statutes at Large began in 1845 by the private firm of Little and Company under authority of a joint resolution of Congress. During Little and Company's time as publisher, Richard Peters, George Minot, George P. Sanger served as editors. In 1874, Congress transferred the authority to publish the Statutes at Large to the Government Printing Office under the direction of the Secretary of State. Pub. L. 80–278, 61 Stat. 633, was enacted July 30, 1947 and directed the Secretary of State to compile, edit and publish the Statutes at Large.
Pub. L. 81–821, 64 Stat. 980, was enacted September 23, 1950 and directed the Administrator of General Services to compile, edit and publish the Statutes at Large. Since 1985 the Statutes at Large have been prepared and published by the Office of the Federal Register of the National Archives and Records Administration; until 1948, all treaties and international agreements approved by the United States Senate were published in the set, but these now appear in a publication titled United States Treaties and Other International Agreements, abbreviated U. S. T. In addition, the Statutes at Large includes the text of the Declaration of Independence, Articles of Confederation, the Constitution, amendments to the Constitution, treaties with Indians and foreign nations, presidential proclamations. Sometimes large or long Acts of Congress are published as their own "appendix" volume of the Statutes at Large. For example, the Internal Revenue Code of 1954 was published as volume 68A of the Statutes at Large.
Revised Statutes of the United States Procedures of the United States Congress Enrolled Bill Federal Register United States Reports California Statutes Laws of Florida Laws of Illinois Laws of New York Laws of Pennsylvania This article incorporates public domain material from websites or documents of the U. S. Government Publishing Office. How Our Laws Are Made, by the Parliamentarian of the House of Representatives. Volumes 1 to 18 of the Statutes at Large made available by the Library of Congress Volumes 1 to 64 of the Statutes at Large made available by the Congressional Data Coalition via LEGISWORKS.org Volumes 65 to 125 of the Statutes at Large made available by the GPO and the Library of Congress via FDsys Sortable by Bills Enacted into Laws, Concurrent Resolutions, Popular Names, Presidential Proclamations, or Public Laws. Volumes 1–124 of the Statutes at Large made available by the Constitution Society Public and private laws from 104th Congress to present from the Government Printing Office, in slip law format with Statutes at Large page references Early United States Statutes includes Volumes 1 to 44 of the Statutes at Large in DjVu and PDF format, along with rudimentary OCR of the text.
United States Statutes and the United States Code: Historical Outlines, Lists and Sources from the Law Librarians' Society of Washington, DC Second Edition of the Revised Statutes of the United States
National Archives and Records Administration
The National Archives and Records Administration is an independent agency of the United States government charged with preserving and documenting government and historical records and with increasing public access to those documents, which comprise the National Archives. NARA is responsible for maintaining and publishing the authentic and authoritative copies of acts of Congress, presidential directives, federal regulations; the NARA transmits votes of the Electoral College to Congress. The Archivist of the United States is the chief official overseeing the operation of the National Archives and Records Administration; the Archivist not only maintains the official documentation of the passage of amendments to the U. S. Constitution by state legislatures, but has the authority to declare when the constitutional threshold for passage has been reached, therefore when an act has become an amendment; the Office of the Federal Register publishes the Federal Register, Code of Federal Regulations, United States Statutes at Large, among others.
It administers the Electoral College. The National Historical Publications and Records Commission —the agency's grant-making arm—awards funds to state and local governments and private archives and universities, other nonprofit organizations to preserve and publish historical records. Since 1964, the NHPRC has awarded some 4,500 grants; the Office of Government Information Services is a Freedom of Information Act resource for the public and the government. Congress has charged NARA with reviewing FOIA policies and compliance of Federal agencies and to recommend changes to FOIA. NARA's mission includes resolving FOIA disputes between Federal agencies and requesters; each branch and agency of the U. S. government was responsible for maintaining its own documents, which resulted in the loss and destruction of records. Congress established the National Archives Establishment in 1934 to centralize federal record keeping, with the Archivist of the United States as chief administrator; the National Archives was incorporated with GSA in 1949.
The first Archivist, R. D. W. Connor, began serving in 1934; as a result of a first Hoover Commission recommendation, in 1949 the National Archives was placed within the newly formed General Services Administration. The Archivist served as a subordinate official to the GSA Administrator until the National Archives and Records Administration became an independent agency on April 1, 1985. In March 2006, it was revealed by the Archivist of the United States in a public hearing that a memorandum of understanding between NARA and various government agencies existed to "reclassify", i.e. withdraw from public access, certain documents in the name of national security, to do so in a manner such that researchers would not be to discover the process. An audit indicated that more than one third withdrawn since 1999 did not contain sensitive information; the program was scheduled to end in 2007. In 2010, Executive Order 13526 created the National Declassification Center to coordinate declassification practices across agencies, provide secure document services to other agencies, review records in NARA custody for declassification.
NARA's holdings are classed into "record groups" reflecting the governmental department or agency from which they originated. Records include paper documents, still pictures, motion pictures, electronic media. Archival descriptions of the permanent holdings of the federal government in the custody of NARA are stored in the National Archives Catalog; the archival descriptions include information on traditional paper holdings, electronic records, artifacts. As of December 2012, the catalog consisted of about 10 billion logical data records describing 527,000 artifacts and encompassing 81% of NARA's records. There are 922,000 digital copies of digitized materials. Most records at NARA are in the public domain, as works of the federal government are excluded from copyright protection. However, records from other sources may still be protected by donor agreements. Executive Order 13526 directs originating agencies to declassify documents if possible before shipment to NARA for long-term storage, but NARA stores some classified documents until they can be declassified.
Its Information Security Oversight Office monitors and sets policy for the U. S. government's security classification system. Many of NARA's most requested records are used for genealogy research; this includes census records from 1790 to 1940, ships' passenger lists, naturalization records. Archival Recovery Teams investigate the theft of records; the most well known facility of the National Archives and Records Administration is the National Archives Building, located north of the National Mall on Constitution Avenue in Washington, D. C.. A sister facility, known as the National Archives at College Park was opened 1994 near the University of Maryland, College Park; the Washington National Records Center located in the Washington, D. C. metropolitan area, is a large warehouse facility where federal records that are still under the control of the creating agency are stored. Federal government agencies pay a yearly fee for storage at the facility. In accordance with federal records schedules, documents at WNRC are transferred to the legal custody of the National Archives after a certain time.
Temporary records at WNRC are
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender, or other lienholder, obtains a termination of a mortgage borrower's equitable right of redemption, either by court order or by operation of law. A lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can repossess the property. Therefore, through the process of foreclosure, the lender seeks to terminate the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowner association dues or assessments.
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". The violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property; when the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, it is said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause and if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment. In many states in the United States, items included to calculate the amount of a deficiency judgment include the loan principal, accrued interest and attorney fees less the amount the lender bid at the foreclosure sale.
The mortgage holder can initiate foreclosure at a time specified in the mortgage documents some period of time after a default condition occurs. In the United States and many other countries, several types of foreclosure exist. In the US for example, two of them – namely, by judicial sale and by power of sale – are used, but other modes are possible in a few other U. S. states. Foreclosure is by judicial sale called judicial foreclosure, involves the sale of the mortgaged property under the supervision of a court; the proceeds go first to satisfy the mortgage other lien holders, the mortgagor/borrower if any proceeds are left. Judicial foreclosure is available in every US state and required in many; the lender initiates judicial foreclosure by filing a lawsuit against the borrower. As with all other legal actions, all parties must be notified of the foreclosure, but notification requirements vary from state to state in the US. A judicial decision is announced after the exchange of pleadings at a hearing in a state or local court in the US In some rather rare instances, foreclosures are filed in US federal courts.
Foreclosure by power of sale called nonjudicial foreclosure, is authorized by many states if a power of sale clause is included in the mortgage or if a deed of trust with such a clause was used, instead of an actual mortgage. In some US states, like California and Texas, nearly all so-called mortgages are deeds of trust; this process involves the sale of the property by the mortgage holder without court supervision. This process is much faster and cheaper than foreclosure by judicial sale; as in judicial sale, the mortgage holder and other lien holders are first and second claimants to the proceeds from the sale. Other types of foreclosure are considered minor because of their limited availability. Under strict foreclosure, available in a few states including Connecticut, New Hampshire and Vermont, if the mortgagee wins the court case, the court orders the defaulted mortgagor to pay the mortgage within a specified period of time. Should the mortgagor fail to do so, the mortgage holder gains the title to the property with no obligation to sell it.
This type of foreclosure is available only when the value of the property is less than the debt. Strict foreclosure was the original method of foreclosure. Acceleration is a clause, found in Sections 16, 17, or 18 of a typical mortgage in the US. Not all accelerations are the same for each mortgage, as it depends on the terms and conditions between lender and obligated mortgagor; when a term in the mortgage has been broken, the acceleration clause goes into effect. It can declare the entire payable debt to the lender if the borrower were to transfer the title at a future date to a purchaser; the clause in the mortgage instructs that a notice of acceleration must be served to the obligated mortgagor who signed the Note. Each mortgage gives a time period for the debtor to cure their loan; the most common time periods allot to debtor is 30 days, but for commercial property it can be 10 days. The notice of acceleration is called a Demand and/or Breach Letter. In the letter it informs the Borrower that they have 10 or 30 days from the date on the letter to reinstate their loan.
Demand/Breach letters are sent out by Certified and Regular mail to all notable ad
Homeowners Refinancing Act
The Homeowners Refinancing Act was an Act of Congress of the United States passed as part of Franklin Delano Roosevelt's New Deal during the Great Depression to help those in danger of losing their homes. The act, which went into effect on June 13, 1933, provided mortgage assistance to homeowners or would-be homeowners by providing them money or refinancing mortgages. Sponsored by Senate Majority leader Joe Robinson of Arkansas, it created the Home Owners' Loan Corporation, building on Herbert Hoover's Federal Loan Bank Board; the Corporation lent low-interest money to families in danger of losing their homes to foreclosure. By the mid-1930s, the HOLC had refinanced nearly 20% of urban homes in the country. Having won a decisive victory in the United States presidential election of 1932, with his party having decisively swept Congressional elections across the nation, Roosevelt entered office with unprecedented political capital. Americans of all political persuasions were demanding immediate action, Roosevelt responded with a remarkable series of new programs in the "first hundred days" of the administration, in which he met with congress for 100 days.
During those 100 days of lawmaking, Congress granted. The original Home Owners' Loan Act of 1933, Pub. L. 73–43, 48 Stat. 128, was enacted June 13, 1933. The 1st Annual Report of the Federal Home Loan Bank Board refers to this act as the Home Owners' Loan Corporation Act. An unnamed act, Pub. L. 73–178, 48 Stat. 643, enacted April 27, 1934, further amended this act to guarantee the bonds of the Home Owners' Loan Corporation. Home Owners' Loan Act 1933 Home Owners' Loan Act of 1933 Housing and Economic Recovery Act of 2008
Credit is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party but promises either to repay or return those resources at a date. In other words, credit is a method of making reciprocity formal enforceable, extensible to a large group of unrelated people; the resources provided may be financial. Credit encompasses any form of deferred payment. Credit is extended by a creditor known as a lender, to a debtor known as a borrower; the term "credit" was first used in English in the 1520s. The term came "from Middle French crédit "belief, trust," from Italian credito, from Latin creditum "a loan, thing entrusted to another," from past participle of credere "to trust, believe"." The commercial meaning of "credit" "was the original one in English" The derivative expression "credit union" was first used in 1881 in American English. Bank-issued credit makes up the largest proportion of credit in existence; the traditional view of banks as intermediaries between savers and borrower is incorrect.
Modern banking is about credit creation. Credit is made up of two parts, the credit and its corresponding debt, which requires repayment with interest; the majority of the money in the UK economy is created as credit. When a bank issues credit, it writes a negative entry into the liabilities column of its balance sheet, an equivalent positive figure on the assets column; when the debt is repaid, the credit and debt are cancelled, the money disappears from the economy. Meanwhile, the debtor receives a positive cash balance, but an equivalent negative liability to be repaid to the bank over the duration. Most of the credit created goes into the purchase of land and property, creating inflation in those markets, a major driver of the economic cycle; when a bank creates credit, it owes the money to itself. If a bank issues too much bad credit, the bank will become insolvent; that the bank never had the money to lend in the first place is immaterial - the banking license affords banks to create credit - what matters is that a bank's total assets are greater than its total liabilities, that it is holding sufficient liquid assets - such as cash - to meet its obligations to its debtors.
If it fails to do this it risks bankruptcy. There are two main forms of private credit created by banks. To reduce their exposure to the risk of not getting their money back, banks will tend to issue large credit sums to those deemed credit-worthy, to require collateral. In this instance, the bank uses sale of the collateral to reduce its liabilities. Examples of secured credit include consumer mortgages used to buy houses, boats etc. and PCP credit agreements for automobile purchases. Movements of financial capital are dependent on either credit or equity transfers; the global credit market is three times the size of global equity. Credit is in turn dependent on the reputation or creditworthiness of the entity which takes responsibility for the funds. Credit is traded in financial markets; the purest form is the credit default swap market, a traded market in credit insurance. A credit default swap represents the price at which two parties exchange this risk – the protection seller takes the risk of default of the credit in return for a payment denoted in basis points of the notional amount to be referenced, while the protection buyer pays this premium and in the case of default of the underlying, delivers this receivable to the protection seller and receives from the seller the par amount.
There are many types of credit, including but not limited to bank credit, consumer credit, investment credit, international credit, public credit and real estate. In commercial trade, the term "trade credit" refers to the approval of delayed payment for purchased goods. Credit is sometimes not granted to a buyer who has financial difficulty. Companies offer trade credit to their customers as part of the terms of a purchase agreement. Organizations that offer credit to their customers employ a credit manager. Consumer debt can be defined as "money, goods or services provided to an individual in the absence of immediate payment". Common forms of consumer credit include credit cards, store cards, motor vehicle finance, personal loans, consumer lines of credit, payday loans, retail loans and mortgages; this is a broad definition of consumer credit and corresponds with the Bank of England's definition of "Lending to individuals". Given the size and nature of the mortgage market, many observers classify mortgage lending as a separate category of personal borrowing, and