Tanzania Portland Cement Company Limited (TWIGA.tz) listed on the Dar es Salaam Stock Exchange under the Building & Associated sector has released it’s 2014 annual report.For more information about Tanzania Portland Cement Company Limited (TWIGA.tz) reports, abridged reports, interim earnings results and earnings presentations, visit the Tanzania Portland Cement Company Limited (TWIGA.tz) company page on AfricanFinancials.Document: Tanzania Portland Cement Company Limited (TWIGA.tz) 2014 annual report.Company ProfileTanzania Portland Cement Company Limited (TPCC) is a leading cement producer in Tanzania. The company produces cement for the local market and for export to countries in Central and East Africa. The company owns, operates and manages cement factories, grinding plants and terminals as well as cement retail and distribution outlets. TPCC markets its cement products under the following brands; Twiga Extra, Twiga Jenja, Twiga Plus and Twiga Ordinary. TPCC was founded in 1959 by Cementia Holdings AG of Switzerland; nationalised in 1973 and privatised in 1998. It is a subsidiary of Scancem International DA, which has been consolidated into Heidelberg Cement Group of the Federal Republic of Germany and is now known as Heidelberg Cement Africa (HC Africa). Heidelberg Cement Africa operates in seven sub-Saharan countries and has its headquarters in Oslo, Norway. Tanzania Portland Cement Company Limited is listed on the Dar es Salaam Stock Exchange
Zambian Breweries Plc (ZAMBRW.zm) listed on the Lusaka Securities Exchange under the Beverages sector has released it’s 2016 interim results for the half year.For more information about Zambian Breweries Plc (ZAMBRW.zm) reports, abridged reports, interim earnings results and earnings presentations, visit the Zambian Breweries Plc (ZAMBRW.zm) company page on AfricanFinancials.Document: Zambian Breweries Plc (ZAMBRW.zm) 2016 interim results for the half year.Company ProfileZambian Breweries Plc (Zambrew) is a brewing and beverages company; producing and marketing a wide range of clear beers and soft drinks. The company has a virtual monopoly on clear brew products in Zambia, with popular South African brands in its product range such as Castle Lager, Redd’s, Castle Lite, Carling Black Label and Ohlsson’s Lager. The company also produces strong, local brands to cater for local tastes which are marketed under the Mosi Lager and Eagle Lager brand name. The Soft Drinks division produces well-known international brands, including Coca-Cola, Sprite, Fanta and Schweppes. The company has two breweries and three bottling plants in Zambia. SABMiller has a majority stake in Zambrew (87%). SABMiller is one of the world’s largest brewers, with more 200 beer brands in its international product portfolio. Zambian Breweries Plc is listed on the Lusaka Stock Exchange
Mumias Sugar Company Limited (MSC.ke) listed on the Nairobi Securities Exchange under the Food sector has released it’s 2019 interim results for the half year.For more information about Mumias Sugar Company Limited (MSC.ke) reports, abridged reports, interim earnings results and earnings presentations, visit the Mumias Sugar Company Limited (MSC.ke) company page on AfricanFinancials.Document: Mumias Sugar Company Limited (MSC.ke) 2019 interim results for the half year.Company ProfileMumias Sugar Company Limited is the largest sugar manufacturer in Kenya producing about 250 000 metric tonnes (42%) of the estimated 600 000 metric tonnes of annual national output. Its own sugarcane plantations provide up to 7% of its annual output; its primary source of sugarcane is grown by outgrowers with some 400 square kilometers under cultivation Mumias Sugar Company co-generates over 30 megawatts of electricity which is used for its own operations and surplus is sold into the national electricity grid. Mumias Sugar Company also manufacturers about 24 million liters of ethanol annually and 20 million liters of distilled water. The company was founded in 1971 where the government of Kenya was a major shareholder. The initiative was implemented to provide a source of income for poor farmers in the Mumias district, create job opportunities and curb rural-urban migration. Mumias Sugar Company has reduced Kenya’s dependence on imported sugar products and created a self-sustaining sugar production enterprise where outgrower farmers reap the commercial benefits. Mumias Sugar Company Limited is listed on the Nairobi Securities Exchange
I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has recommended Fresnillo. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Enter Your Email Address Image source: Getty Images. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Simply click below to discover how you can take advantage of this. Our 6 ‘Best Buys Now’ Shares 7.8% dividend yields! 4 UK shares I think are too cheap to miss Royston Wild | Thursday, 12th November, 2020 See all posts by Royston Wild The impact of earlier Covid-19-related stoppages means Bushveld Minerals is expected to record losses in 2020. However, the vanadium producer is expected to bounce straight into the black next year, leaving it trading on a forward price-to-earnings (P/E) ratio of just 6 times. Exploding demand for vanadium redox batteries (or VRBs) should drive terrific profits growth at Bushveld during the 2020s. I don’t think this is reflected in this UK share’s valuation right now.7.8% dividend yields!The following UK shares also trade on rock-bottom earnings valuations today. But, unlike those I’ve already mentioned, they offer bulky dividend yields as well:The BAE Systems share price has snapped sharply from the seven-year troughs of 397p hit on October 30. Today, it trades around 475p but I reckon it still offers plenty of value for money. For 2021, this FTSE 100 share trades on a P/E ratio of 9 times and it offers a 5.8% dividend yield. I think it’s a particularly brilliant pick for risk-averse individuals as financials this week showed. It said its order intake expectations are now higher than they were before the Covid-19 crisis struck in early 2020. BAE Systems is clearly a great non-cyclical UK share for these uncertain economic times.Home, car and travel insurance colossus Direct Line Insurance Group also looks to be a snip at recent prices. This UK share trades on an earnings multiple of just 10 times for 2021. It carries a mighty 7.8% dividend yield as well. Similar to BAE Systems, this defensive stock is also a perfect buy for tough economic periods like these. Customer demand for general insurance products doesn’t tend to suffer during economic downturns, as Direct Line’s latest trading statement showed. Total written premiums were basically unchanged during the third quarter, it said this week, at £851.5m. Such exceptional earnings stability, allied with its formidable cash generation, means it should remain an impressive dividend payer beyond this year and next too. There’s never been a better time to go bargain hunting with UK shares, in my opinion. Despite the rally of recent days there are still masses of top-quality stocks that appear too cheap to miss.2 top UK shares for mining fansHere are a couple of cheap UK shares I’m thinking of adding to my Stocks and Shares ISA today:5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Fresnillo’s share price has endured a double whammy in recent weeks. First the Mexican gold and silver miner cut its production forecasts for 2020. Then a rising US dollar and improving risk appetite pushed precious metals prices lower. I fully expect this UK share to rebound sooner rather than later though. There remain plenty of macroeconomic and geopolitical issues that’ll keep demand for safe-haven commodities bubbling along nicely. The possibility of fresh rounds of central bank money printing could drive gold and silver values higher as well. Today FTSE 100 Fresnillo trades on a forward price-to-earnings growth (PEG) ratio of 0.1 for 2021. This sort of value deserves serious attention.
ArchDaily Products translation missing: en-US.post.svg.material_description Manufacturers: Centor CopyHouses•Trout Lake, United States Trout Lake House / Olson Kundig 2016 Trout Lake House / Olson KundigSave this projectSaveTrout Lake House / Olson Kundig United States ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/892042/trout-lake-house-olson-kundig Clipboard CopyAbout this officeOlson KundigOfficeFollowProductsWoodGlassSteel#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesTrout LakeUnited StatesPublished on April 08, 2018Cite: “Trout Lake House / Olson Kundig” 08 Apr 2018. ArchDaily. Accessed 11 Jun 2021.
Howard Lake | 17 May 2010 | News 20 total views, 1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis One of Ireland’s largest banks, Bank of Ireland, is planning to sell its extensive art collection to raise money for charity, according to a report in the Irish Times.The bank owns 2,000 pieces of art, one of the largest collections in the country. Valued at €5 million, it will be sold on the open market. Works by Basil Blackshaw, Camille Souter and John Behan are included.In common with other banks, including its chief competitor in Ireland, Allied Irish Bank, Bank of Ireland has received funding from the Irish taxpayer following the financial crisis last year.AIB has an art collection of more than 3,000 pieces which was valued at €15 million in 2008.www.bankofireland.ie Bank to sell art to raise money for charity About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Tagged with: corporate Ireland AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis
Twitter Kevin Petershttps://www.tcu360.com/author/kevin-peters/ Previous articleTCU Army ROTC gives back to community with trash pickupNext articleTCU police investigating report of religious harassment Kevin Peters RELATED ARTICLESMORE FROM AUTHOR + posts Students cheer through the rain at the TCU vs Baylor game in Fort Worth Friday night. (Kelsey Ritchie/TCU) Kevin Petershttps://www.tcu360.com/author/kevin-peters/ Will Forsythe, a senior film major, said the reason for TCU’s success at home is because the students and fans are very protective of their home turf.“When we play at home we have to ‘Defend the Carter,’” Forsythe said. “Beating our rivals on their own turf is great, but showing them that TCU and Fort Worth is ‘Frog Country’…nothing else is better.”Amy Cusimano, a senior child development major, said that a reason the students are so involved in the team is because of the community that TCU has established between fans and players.“I think TCU is unique because we are a much smaller school so we actually know our football players,” Cusimano said.“I know for me I’ve become more involved because I lived in the same dorm as many of them so I feel like I know them,” Cusimano said.But the success of playing at home hasn’t been limited to just the football team.The TCU volleyball team has also had an amazing amount of success while at home. In the past two years, TCU had a record of 36-24. Playing at home, their record was 22-5.TCU’s .815 winning percentage over the past two years is good enough for third in the Big 12 over that time span.A lot of the success of the volleyball team stems from where the team plays.The volleyball team calls the University Recreation Center home, and it has a capacity of over 1,900. This season, TCU hosted 11 home matches, sold out all 11 of those matches and went 9-2.Chris Conaty, a junior marketing and management double major, mentioned the TCU vs Oklahoma volleyball match as what convinced him of the home court advantage TCU has.TCU started the match up 2-0, but dropped the third and fourth set, forcing the deciding fifth set. During the fifth set Conaty said that the fans really started to get excited and pushed the team on to victory.“If [the athletes] see those passionate fans cheering them on, then it takes their play to another level,” Conaty said.Similarly, TCU’s baseball program has experienced a tremendous amount of success while playing at home.Over the last two seasons, TCU has had a 60-12 record at home, an .833 win percentage, and a 33-4 record at home during the 2015 season, an .892 win percentage, and good enough for the number one home win percentage in the country.Jay Richards, a senior secondary education major, said that TCU’s winning ability at home makes him proud to be a Horned Frog.“Seeing those statistics makes me proud that the Horned Frog fan base, like myself, can have such an impact on the school’s athletic success,” Richards said. Dylan Thomas back from injury, signs with TCU printTCU has arguably one of the best home field advantages in the NCAA, and the numbers attest to it.It was December 6, 2014 – the TCU Horned Frogs had just won their first ever Big 12 conference championship. Chris Del Conte handed head coach Gary Patterson the microphone. His words will resonate with anyone that was there forever.“I love you guys.”Those four words were met with thunderous cheers and applause.This was TCU’s first successful year in the Big 12, and the fans were definitely excited. That excitement continued when TCU thrashed Ole Miss in the Peach Bowl and continued into the next season ranked No. 2 in the nation.Recently, TCU football has had what can only be called one of the best home field advantages in the country. In the past two years, TCU is a combined 22-3. All three losses came on the road. TCU football has won 13 straight games at Amon G. Carter Stadium.The 13-0 record TCU has posted since 2014 gives the Horned Frogs the best home field record in the Big 12 during that time span. The 13-0 record is also good enough for the third longest current home winning streak in the country.Head coach Gary Patterson praised the student section after the 28-21 victory double overtime victory over the Baylor Bears.“Especially the student section, it was just outstanding,” said Patterson in his postgame press conference. “They were just outstanding, it was definitely a ‘we’ victory.”TCU students celebrate Arlington Heights pitcher joins high school record books Facebook Twitter TCU rowing program strengthens after facing COVID-19 setbacks TCU baseball finds their biggest fan just by saying hello Kevin Petershttps://www.tcu360.com/author/kevin-peters/ ReddIt Kevin Peters Paschal Baseball sets high hopes for the season, conference play TCU Bass Fishing reels in fourth place finish at last tournament Facebook Linkedin ReddIt Another series win lands TCU Baseball in the top 5, earns Sikes conference award Linkedin Kevin Petershttps://www.tcu360.com/author/kevin-peters/ Kevin is a senior sports broadcasting major from Rockton, Illinois. He covers club sports for TCU360.
Pinterest Facebook GEEK: E-mail complexity similar to snail mail Facebook Twitter Pinterest WhatsApp >> Jeff Werner is a software engineer and has been writing this column since 2007. Q: The following message appears every single time I try to send/receive email. Mucho annoying! I am not a computer geek in any way, shape or form, but I did try to research this problem online. Unfortunately, if the explanation is in geek it might as well be Greek to me. I use Windows Live Mail, if that is important. By the way, I do read your column weekly, but understand very little of it. I keep trying though. Thanks!The message could not be sent because the server rejected the sender’s email address. The sender’s email address was ‘[REDACTED]’.Subject ‘Read: Your Quest Diagnostics Invoice for Lab Services is enclosed’Server Error: 550Server Response: 550 5.1.0 Authentication required.Server: ‘smtp.east.cox.net’Windows Live Mail Error ID: 0x800CCC78Protocol: SMTPPort: 465Secure(SSL): Yes– Kimber J.Niceville, FloridaA: I appreciate that you consider yourself an entirely non-technical, non-geeky user, Kimber. But there’s almost no way to talk about problems with an e-mail account without using a certain amount of technical jargon. Before I proceed, I’ll try to dispense with some of the explanation. Pardon me if this is over your head, or if it’s so simplified that I insult your intelligence. No offense is intended either way.When considering e-mail, one may draw a direct analogy to physical snail mail. E-mails are like letters that get sent back and forth. Your e-mail client, in your case, Windows Live Mail, is akin to your mailbox. You put letters into it to send, and when new mail arrives, that’s where it goes. With snail mail, behind the scenes there is the post office, which consists of a series of mail-handling facilities. A physical letter travels from your mailbox to your local post office, then is sent via various means to the recipient’s post office, where it ultimately winds up in his or her mailbox. The same thing happens with e-mail, except the post offices are computers running a special kind of software called an e-mail server. This dedicated software fills all the roles of postal employees in a physical postal facility, from the clerk at the counter, to the letter carrier that picks up and delivers your mail. In order for all this to work in e-mail, all of the computers must be connected to the Internet, and all must speak compatible languages so that they can understand each other as the e-mails are being exchanged. This is called a protocol, or more specifically, a mail-transfer protocol. A protocol consists of a set of rules that both sides of the connection must adhere to in order for the e-mail to go. Modern e-mail uses a well-established set of protocols, developed and standardized a long time ago.In addition to simply exchanging the e-mail, it must be kept safe from tampering and snooping along the way. After all, it wouldn’t do to give all the online bad guys free reign to inspect every e-mail that you send or receive, would it? This security is implemented in multiple places. First and foremost, you must provide your e-mail account’s password for every transaction you do with your mail server. It’s just like logging into your computer – if the username or password are wrong, you can’t proceed. Second, a type of encrypted connection called Secure Sockets Layer or SSL, is often used, so that if anyone happens to intercept the transmission, they will only see gibberish, since the connection is basically scrambled.Now that you know how e-mail works (and I’ve used up most of my column space for the week explaining it to you) let’s address your actual question. The answer that you seek, Kimber, is hidden in plain sight — right there in the error text that you provided, although it doesn’t pinpoint what you can do to fix it. The most important phrases are where it says “the server rejected the sender’s email address” and “Authentication required.” The mail server (your electronic post office) is refusing to accept e-mail from the address you provided, because it was not able to authenticate that address. In this context, “authenticate” means that Windows Live Mail must prove to the mail server that you are who you claim to be. I noticed that the e-mail address in the error message is the same one you used in your personal information. So I don’t think that’s the problem. I suggest you double-check your password though. That error could mean the password you supplied doesn’t match the password that Cox has on file for you. Your other settings look correct to me. The values for Server, Protocol, Port, and SSL all appear to be as they should. The only other possibility is that Cox has blacklisted your e-mail address. I’ve seen this happen before, when a spammer uses someone’s account without their knowledge. To Cox, it looks like you are sending SPAM, and to defend against it, they simply deny that account the ability to send mail. Regardless, a call to Cox Customer Service is in order. Ask them to make sure your account isn’t blacklisted, and for help resetting your password.To view additional content, comment on articles, or submit a question of your own, visit my website at ItsGeekToMe.co (not .com!) Twitter Local NewsBusiness By admin – March 18, 2018 WhatsApp Previous articleA SHARP LIFE: And the band played onNext articlePERRYMAN: Keeping the Texas economy on track admin
Local NewsEducation Facebook Education Partnership logo.jpg Armed with data from a curriculum audit commissioned by the Education Foundation, the Education Partnership is looking to the future and planning for what it hopes will be a new reality in the local education landscape.The Education Partnership features a cross-section of leaders including members from the education, business, government, law enforcement, foundation, nonprofit and religious communities. About 45 people attended the most recent gathering at Complex Community Federal Credit Union Training Center.The committee went over the community’s assets, challenges and opportunities. Some of the attributes, like the strong economy, were noted as double-edged swords because they attract people to the area, but also prompt students, faculty and staff to leave the ECISD.Although a caring community was cited as an asset, Leadership Team member Carol Uranga said parents don’t necessarily take the time to care for their children and don’t turn out to schools unless their student is performing.It was noted that Midland had put up $5 million for teacher housing, but it wasn’t found to be particularly effective. What was effective was a $10,000 signing bonus over three years for teachers in Midland, Midland ISD Foundation Director and Leadership Team member Jami Owen said.Committee members divided into various tables discussed their vision of the future for ECISD and the community.Lorraine Perryman, chairman of the executive committee of the Education Partnership, said the community needs adequate and affordable housing to recruit and retain teachers.Chris Cole, a leadership team member, said the relationship between Odessa and Midland needs to be worked on.Perryman said state-of-the-art facilities and timing elections better so entities in Odessa aren’t competing with each other are needed. She added that she would like to see full community involvement in schools.Perryman said she would like to see a “knock-‘em-dead” career and technology school.Participants also reported out what they think success would look like in 10 years. This would include having a low dropout rate, high graduation rate, a high rate of students going to college, higher teacher retention rate and growing their own workforce.Superintendent Tom Crowe said the district is involved in several programs aimed at bringing more teachers to ECISD.Among the key improvements would be engaged parents, letting all students know they matter, engaging businesses and churches and shifting the cultural perception of education.The curriculum review and analysis conducted by WLK Education Consultants and focused on kindergarten through third grade English Language Arts. Rita Latimer, retired executive director of curriculum and instruction for Richardson ISD who also has worked for ECISD, presented information from the review Tuesday.In terms of curriculum, the audit showed that the staff was committed to improving instruction; was positive about the efforts of the district, but frustrated about key aspects of the kindergarten through third grade language arts program.Perryman said the district got to work immediately after WLK’s presentation in November 2017 and embraced the changes. By the December school board meeting, district officials presented their progress, she said.There were many unconnected resources that did not provide an effective scope and sequence of skills and the curriculum units were extremely long and cumbersome to navigate, information presented at Tuesday’s meeting showed.Units did not have clear student objectives, resources, pacing or sequencing information. Teachers “interpret” units differently and the district could not ensure that a consistent curriculum was being taught across the district, the information said.Findings included:The ECISD program does not show well articulated instructional pieces.The multiplicity of unvetted resources makes it difficult to ensure alignment to the Texas Essential Knowledge and Skills, which are the state curriculum standards.The district does not have a comprehensive phonics or writing program to meet the needs of students.I Station Indicators of Progress results indicate that the needs of students at the mid and lower levels, Tier 2 and Tier 3, are not being adequately met. STAAR reading and writing results for grades three and four indicate the curriculum is not meeting the needs of students in a significant number of schools.Excessive number of assessments and lack of coordination between subject areas.Training is not systematic and differentiated enough to meet the needs of teachers. Latimer said training should be spread throughout the year.The organizational model does not allow for seamless coordination of curriculum.ECISD has difficulty attracting qualified staff.Significant turnover at the elementary level has produced an unstable workforce that is struggling to meet the needs of students.Long-term substitutes in many schools.Bilingual teachers: The district hires bilingual teachers from outside the United States, which is costly and leaves the district dependent on federal regulations outside the control of the district. This practice also contributes to the turnover rate, the report said.The goal of the Education Partnership is to encourage a common understanding of the educational issues and challenges facing the community, from cradle to career, and to work collaboratively to help solve these issues, using the Collective Impact model.The Collective Impact model is based on a “framework that focuses on bringing members from different sectors within a community together to drive large scale social change,” such as education, a news release said. WhatsApp Facebook Twitter Pinterest WhatsApp By admin – March 21, 2018 Education Partnership formulating future goals Twitter Pinterest Previous articleGo Red Luncheon set for MayNext articleCHAREN: Much more than economics admin
The Best Markets For Residential Property Investors 2 days ago Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily 2016-09-16 Scott Morgan Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Non-Prime Programs Make a Comeback Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Scott Morgan Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago September 16, 2016 1,180 Views Share Save Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. The Week Ahead: Nearing the Forbearance Exit 2 days ago The private label securitization market and the industry’s response to crisis after 2008 failed, but “the tide appears to be turning quickly,” according to Kroll Bond Rating Agency. Kroll stated Friday that it has observed the re-emergence of more than a dozen non-prime mortgage origination programs that use securitization as a funding source as the U.S. economy wobbles back toward health.Kroll’s latest report, titled “Credit Evolution: Non-Prime Isn’t Yesterday’s Subprime” stated that today’s non-prime programs are “not a simple rebranding of pre-crisis subprime origination, nor do they signal a return to the documentation excesses associated with ‘liar loans.’” Rather, the asset class meant to serve those with not-pristine credit often has characteristics reminiscent of legacy Alt-A. The asset class is, Kroll said, expansive.“Underwriting practices have been heavily influenced by today’s consumer-focused regulatory environment and government-sponsored entity origination guidelines,” Kroll reported.Kroll’s evaluation of these new non-prime programs compelled the agency to recommend specific actions from market participants. First, loans originated under sound compliance with ability-to-repay rules should be outperforming 2005-2007 vintage loans with similar credit parameters. These include LTV and borrower FICO scores. The ability-to-repay rules have, Kroll said, strengthened underwriting, “which should bode well for originations across the MBS space. This is particularly true of non-prime loans, where differences in origination practices can have a greater influence on future loan performance.”Second, loans that fail to adhere to GSE guidelines for bankruptcy and foreclosure on a borrower’s credit history “should be viewed as having increased credit risk relative to those with similar credit profiles that lack recent disposition activity,” the report stated. Third, Kroll advocates viewing alternative documentation programs, particularly those that serve borrowers with sub-prime credit histories, with skepticism.“Although many programs will meet technical requirements for income verification,” the report stated, “it is also important to demonstrate good faith in determining a borrower’s ability-to-repay. Failure to do so may not only result in poor credit performance, but increased risk of assignee liability.”Lastly, Kroll warned that investor programs that rely on anticipated rental income and limited documentation may be riskier than fully documented investor loans for which the borrower’s income and debt profile are considered.We believe that non-prime securitizations can achieve high investment grade ratings,” the report stated. “The analysis will, however, entail the careful consideration of product-specific risks that can impact future loan performance, and the presence of any mitigating factors.”Click here to view the entire KBRA report. Servicers Navigate the Post-Pandemic World 2 days ago Non-Prime Programs Make a Comeback Related Articles in Daily Dose, Featured, News Previous: Income Growth Outpacing Home Prices In Poorer Cities Next: The Week Ahead: A Tale of Two Housing Markets Subscribe