Xinhua corrects China Finance minister’s growth target comment
More than a third of respondents had outsourced internal auditing, which is a high-level function. Simplifying and standardizing F&A processes is a key characteristic of well-run companies, and by instilling good F&A processes these companies can achieve a variety of good outcomessuch as more information, more service and more cash. By simplifying their F&A processes, companies have found they can reduce the cycle it takes to close books, and they can develop better benchmark and baseline financial processes to help them meet regulatory requirements. Expanding the scope of outsourcing can multiply such benefits, some experts say. One simple example is accounts payable and receivables, says Jag Dalal, managing director of thought leadership at the International Association of Outsourcing Professionals (IAOP).
Progress on Housing Finance Reform
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The total losses of Fannie and Freddie during the crisis were equal to about 4 percent of the firms combined assets. The firms were shielded by homeowner down payments and by private mortgage insurance before they had to make good on their guaranteed securities, but the housing price collapse of more than 30 percent combined with concentrations of Fannie and Freddies risk in key bubble states such as Nevada combined to generate losses that wiped out the firms thin capital cushions of less than 1 percent of their assets. With a 10 percent capital requirement, the firms would easily have made it through the worst housing cycle in recent memory. To be sure, a 10 percent capital requirement is not the same as the 100 percent in a fully private system. But a fully private system is neither feasible nor stable. By the standards of the recent housing debacle, the Corker-Warner legislation provides considerable protection for taxpayers. Still, any government guarantee gives rise to moral hazard, since investors will naturally seek to obtain government backing on risky mortgages that provide a high private upside if the loan works out, and a loss for taxpayers if it does not.