![]() The source also claimed that “distance was another issue” in Zac and Tayshia’s relationship, as Zac “never, ever leave New York” while Tayshia and her family are based in California. ![]() He wasn’t secure enough to handle her success.” It seemed like he was jealous of her too, with a lot of new opportunities opening up for her while he stayed in her shadow. ![]() The insider continued, “It was like they lived two separate lives. He hated not having her around a lot of the time with her being primarily in Los Angeles or traveling for filming.” “The more her career took off, the more controlling he would be. “She has asked him to work on that controlling aspect of himself but it’s only gotten worse as their relationship went on,” the insider said. The source also claimed that Tayshia felt Zac was “very controlling” and “intense,” which “worsened” as she became more successful after her Bachelorette season. Their fights would start small but unravel and explode.” The insider continued, “They fought a lot and this one was bad like some of the others but it just happened to be the fight that broke the camel’s back. “She put her foot down after she reached her breaking point during a big fight they had last week.” A source told The Sun on November 22, 2021, that Tayshia was the one who “called things off” with Zac and the breakup was “her decision.” “Zac wasn’t on board and tried and tried to talk her out of it, he really wanted to make things work but they’ve been struggling for a few months now,” the insider said. Why did Tayshia and Zac break up after The Bachelorette? Zac’s “controlling” behavior played a part. Like, okay, we need to remember where we came from.” … It’s hard to be in a new relationship and then kind of go away for a couple of weeks, you know what I mean? And this is me being real and honest.” She continued, “People don’t need to need to know our story, but like, I think people need to know that even when two people are heavily in love, you still go through things. “And I think that that’s absolutely normal. In an interview on the “Almost Famous” podcast in August 2021, Tayshia talked about the “hard” time she had while she was away from Zac to host The Bachelorette season 17 with Katie Thurston.”I think after that, it was kinda like we need to remember why we were with each other,” she said at the time. I’m going to choose you forever, because I love you. “And the other night when we were talking, you spoke about this idea of someone choosing you and I can’t picture another day, another moment, without you in my life and if you’ll let me, I’m gonna choose you right now, I’m gonna choose you tomorrow morning, I’m gonna choose you next week and next year. That’s when I knew, that’s when they knew,” Zac told Tayshia during his proposal. “The night of my hometown…when we walked in and my parents got to see that smile on my face, you gave them the best gift you could ever give them. ![]() The couple got engaged during the Final Rose Ceremony, where Tayshia gave Zac her final rose and Zac proposed to her. “It’s really hard but we’re here for you and obviously want you to be happy,” Kaitlyn, who also experienced a post-show breakup, said.Īfter trying to gather herself and move on, Tayshia suddenly exited the stage after one of Michelle’s contestants sat down.Īlthough it was upsetting to watch at the time, it appears Zac and Tayshia may have made peace with their split.Tayshia Adams and Zac Clark fell in love on The Bachelorette season 16 in 2020. “But we tried really hard and I still love him very much. “All in all, all I have to say is that I’m heartbroken,” Tayshia said on Michelle Young’s Men Tell All episode. Tayshia had been co-hosting The Bachelorette with Kaitlyn Bristowe, but when asked about her breakup, Tayshia struggled to answer. ![]() for a hot minute and was able to finally drop off my ring and get it sized.” “But ironically enough, as I was showing my hand maybe a week and a half ago, my ring was literally swinging around my finger, and a lot of you messaged me like, ‘Don’t lose your ring!’ Well, I was in L.A. I don’t know what is happening, but you guys, I was holding my phone with my left hand,” she said on Instagram at the time. “There’s always weird rumors circulating around that I’m not wearing my ring and that Zac and I are broken up. ![]()
0 Comments
![]() Tixati provides in-depth and comprehensive data on the peers that you’re connected with, from the amount of data you’re sharing with them to their likely location based on their IP address and the priority you’ve set them in your sharing schedule. Still, it’s where it goes beyond that helps separate it from some of the alternative clients out there. It supports all the essential primary functions of a modern torrent client, like magnet links, connection encryption, and event scheduling. It might look retro compared to some of the other torrent clients on this list, but Tixati is one of the most fully-featured. That makes it an excellent tool for a download and distribution server, as well as a standard torrent client for individuals on their home system. You can let it run in the background or control it remotely. Some of those - like notifications, IP blocklists, Scheduler, and Extractor - come built into Deluge’s current version, but many more third-party options are available.Īs it downloads, Deluge functions entirely well as a desktop client, but it can be run as a service instead. But if you want some of the more advanced features, you can heavily customize Deluge to your liking by using its expansive range of dozens of plugins. It’s lean and quite bare-bones with its base installation, which is perfect if that’s all you need. DelugeĪnother free and open-source torrent client that we’re big fans of is Deluge. However, it does tend to favor more experienced users compared to beginners, who may need to spend a bit of time learning the extra features. It’s a finely tuned balance, and the software works well across these major platforms: MacOS, Windows, Linux, FreeBSD, and OS/2. You can also choose to give any torrents top priority, create torrents from your own files, and more - without losing speed or becoming too confusing in the process. There are plenty of features to love here, like the in-app search engine for locating specific files, a bandwidth scheduler, and support for extensions including those for private torrents and encrypted connections. ![]() Totally ad-free, qBittorrent is focused on functionality for frequent torrenters. ![]() It should be noted that torrents are sometimes used for illegal piracy, and Digital Trends does not condone that use in any way. ![]() ![]() ![]() Pirate Bay has been featured heavily in many countries’ efforts to crack down on illegally pirated material. Probably the most well-known torrent website on the internet. Worth saying that when you download torrents you will reveal your IP address, so this and all other sites that use torrents should always be used with a VPN to maintain your safety and anonymity. Access a massive amount of content through this easy-to-use addon. RARBG is a content aggregator that pulls streams from lots of different torrent sites and gives you the best option to download. Mostly all of the addons that also available on Stremio are supported by Torrentio. It also provides data from scraped torrent providers. When you click on a title, torrentio will find all the torrent streams available. Torrentio is a great addon when watching movies and series. Stremio may not have as big a collection as the thousands of add ons offered by Kodi, but these add ons will give you all the content you could ever need. If your Firestick still has the older interface, read this article to learn how to update it: Update Firestick Interface. You need to jailbreak your firestick first before you can download the app. ![]() On the other hand, Stremio is a third-party application. You can also check our article about Stremio. These addons are categorized into four types namely Movies, Series, Channels, TV channels, Others, Sports, Podcasts, Games, and Kyuchek. You can easily look for them in the Add-ons section of the application. One good advantage of these addons is that they are so much easy to install. There are only a few available but most of them are great. The add-ons library of Stremio is not as big compared with Kodi’s. It is the presence of addons that enhance the streaming capabilities of both apps. ![]() Stremio often described as the best alternative for Kodi, mainly because they have one common denominator. ![]() ![]() The rainfall-induced change in moisture content in the fractured soil was used to obtain the influence of moisture content change on expansive soils, and to analyze the dry–wet cycle failure mode of surface soil. ![]() The cracks on the slope’s surface were processed using a self-made binarization program, and the crack evolution mechanism of the expansive soil during the drying process was analyzed. The change in soil moisture content at different depths during the drying–wetting cycles was monitored using a moisture content sensor, and the variation in crack depths in the expansive soil during the drying process was measured using a crack depth detector. This study investigated the crack propagation law of expansive soil slopes under drying–wetting conditions and the influence of cracks on slopes by conducting a large-scale indoor slope test subjected to drying–wetting cycles. z ) #endif #ifdef OUTPUT_TEAPOT // display quaternion values in InvenSense Teapot demo format: teapotPacket = fifoBuffer teapotPacket = fifoBuffer teapotPacket = fifoBuffer teapotPacket = fifoBuffer teapotPacket = fifoBuffer teapotPacket = fifoBuffer teapotPacket = fifoBuffer teapotPacket = fifoBuffer Serial. dmpGetLinearAccelInWorld ( & aaWorld, & aaReal, & q ) Serial. dmpGetLinearAccel ( & aaReal, & aa, & gravity ) mpu. dmpGetQuaternion ( & q, fifoBuffer ) mpu. ![]() z ) #endif #ifdef OUTPUT_READABLE_WORLDACCEL // display initial world-frame acceleration, adjusted to remove gravity // and rotated based on known orientation from quaternion mpu. dmpGetLinearAccel ( & aaReal, & aa, & gravity ) Serial. println ( ypr * 180 / M_PI ) #endif #ifdef OUTPUT_READABLE_REALACCEL // display real acceleration, adjusted to remove gravity mpu. dmpGetYawPitchRoll ( ypr, & q, & gravity ) Serial. println ( euler * 180 / M_PI ) #endif #ifdef OUTPUT_READABLE_YAWPITCHROLL // display Euler angles in degrees mpu. z ) #endif #ifdef OUTPUT_READABLE_EULER // display Euler angles in degrees mpu. dmpGetQuaternion ( & q, fifoBuffer ) Serial. cpp/.h files // for both classes must be in the include path of your project #include "I2Cdev.h" #include "MPU6050_6Axis_MotionApps20.h" //#include "MPU6050.h" // not necessary if using MotionApps include file // Arduino Wire library is required if I2Cdev I2CDEV_ARDUINO_WIRE implementation // is used in I2Cdev.h #if I2CDEV_IMPLEMENTATION = I2CDEV_ARDUINO_WIRE #include "Wire.h" #endif // class default I2C address is 0圆8 // specific I2C addresses may be passed as a parameter here // AD0 low = 0圆8 (default for SparkFun breakout and InvenSense evaluation board) // AD0 high = 0圆9 MPU6050 mpu //MPU6050 mpu(0圆9) // 1 packet available // (this lets us immediately read more without waiting for an interrupt) fifoCount -= packetSize #ifdef OUTPUT_READABLE_QUATERNION // display quaternion values in easy matrix form: w x y z mpu. */ // I2Cdev and MPU6050 must be installed as libraries, or else the. Visualise the motion in 3D in my next tutorial. Likewise,the MPU sensor is the Bus Slave. Consequently, at that time, all the other ICs are regarded to be Bus Slaves.As bus masters are generally microcontrollers, here for instance, the bus master is ArduinoUno. The I2C protocol specification states that the IC that initiates a data transfer on the bus is considered the Bus Master. This means that more than one IC capable of initiating a data transfer can be connected to it. Obviously, an LCD driver is only a receiver, while a memory or I/O chip can be both transmitter and receiver.The I2C bus is a multi-master bus. Each of these chips can act as a receiver and/or transmitter, depending on the functionality. SDA is the Serial DAta line, and SCL is the Serial CLock line. Every device hooked up to the bus has its own unique address, no matter whether it is an MCU, LCD driver, memory, or ASIC. The active wires, called SDA and SCL, are both bi-directional. do you know,what I2C stands for?Īns : The I2C bus physically consists of 2 active wires and a ground connection. Likewise,we also included an I2C library in this project. KNOWLEDGECORNER > We saw that the communication between the sensor and arduino is based on I2C Bus protocol. ![]() ![]() ![]() iMacs come with excellent screens, too.įor me I'll stick with my custom PC and iPad Pro, if I was to buy a laptop again it'd be a ThinkPad or a MacBook Pro (with regular USB ports, thank you!). You can build an extremely powerful PC for the price of a desktop Mac but that requires more know how than a lot of people possess, so paying some more for a Mac isn't a big deal to them. Scarica Final Cut Pro per macOS 11.5.1 o versione successiva e comincia a usarlo sul tuo Mac. PC makes more sense, and for the most part the applications you'll be using are multiplatform so who cares?īuilding a PC is definitely better value for money. I'd be perfectly happy using OS X on a desktop full time but ultimately I play games and I'd rather not have to keep rebooting into Boot Camp to play them (as OS X gaming is sparse). I've owned and used both, prefer OS X for laptops due to the excellent trackpads and gestures. PC argument is old and boring, even more so now that it's easier than ever to install OS X on a 'Windows PC' via Hackintosh. Apple has also published a 22-page whitepaper for Final Cut Pro 7 users who are switching to X. This contains the latest updates to video codecs at the time of 10.4.6. If you install it, Software Update should hopefully prompt you to install ProVideoFormats 2.0.7 which is also the highest version for High Sierra. You can purchase these applications on the Mac App Store."įinal Cut Pro 7 users who are interested in making the transition to the newer version are being directed to this page. The highest FCPX you can go in High Sierra is 10.4.6. "New versions of Apple pro video applications - including Final Cut Pro X, Motion 5, and Compressor 4 - are compatible with macOS High Sierra. Specifically, the new version of Time Machine makes use of APFSs snapshot technology. Final Cut Pro X - 299.99 - Download Now Motion - 49. "Older versions of Apple pro video applications - including applications in Final Cut Studio - will not launch on a computer running macOS High Sierra," reads the email. Time Machine, the backup mechanism introduced back in Mac OS X 10.5 Leopard, has been overhauled to utilize the APFS file system (introduced in MacOS High Sierra) instead of the outdated HFS+. Final Cut Pro X 10.3.4 or later Motion 5.3.2 or later Compressor 4.3.2 or later Logic Pro X 10.3.1 or later MainStage 3.3 or later If you'd like to start moving your workflows over to Apple's newer professional apps, you can find them on the Mac App Store. According to cinema5D, Apple has started to notify Final Cut users about the change in an email that informs users that they'll need to upgrade to newer versions like Final Cut Pro X, Compressor 4 and Motion 5 ASAP. If you don't update to the latest macOS, you might expose yourself to security risks if you do, you'll be forced to adapt your workflow to Final Cut Pro X, which many professionals are less fond of. This puts video editors who use FCP 7 in a rough spot. If they update Apple's upcoming operating system, existing Final Cut Pro 7 users who want to continue using Final Cut for video editing will be forced to transition to Final Cut Pro X. Apple has revealed that its aging-but-beloved video editing program, Final Cut Pro 7, will not be supported by macOS High Sierra. ![]() ![]() ![]() ![]() Green hydrogen, on the other hand, can come in liquid form and is lighter. Operating a plane or a large ship, for instance, requires so much energy that any battery used to store electricity from solar or wind would likely be too large and heavy for the vessel. “Hydrogen is versatile enough to fill some of these critical gaps – in providing vital feedstocks for the chemicals and steel industries or crucial ingredients for low-carbon fuels for planes and ships,” Remme told CNN. “Electricity from sources such as wind, solar and nuclear is essential for decarbonising our energy system – but it cannot do it alone, and long-distance transport and heavy industries are home to the hardest emissions to reduce,” said Uwe Remme, an energy analyst at the International Energy Agency. This is where experts say green hydrogen has huge potential. That’s a problem, because those industries are among the top emitters of greenhouse gas. For those already electrified, like computers and home appliances, electricity from nuclear and renewables like wind and solar are replacing coal.īut there are some industries that require so much energy that traditional renewables can’t meet their demand. ![]() At the same time, plans to use blue hydrogen – which is produced using fossil fuels – are coming under increasing scrutiny.Ī big part of the shift away from fossil fuel involves electrifying some of the everyday machines we use that are powered by oil and gas – cars and local transport, and heating for homes in some countries, for example. The burgeoning global green hydrogen market is projected to be worth $11 trillion by 2050, by Goldman Sachs’ estimates.īut critics of green hydrogen say using solar or wind energy to produce another fuel right now is a waste of precious renewables, as the world struggles to transition away from fossil fuels. It can be used to power heavy industry and fuel large vehicles, like planes and ships.įacilities to produce this cleaner form of the gas have popped up across the globe – in the United States, western Europe, China, Australia, Chile and South Africa, among other countries. One potential form of clean energy is green hydrogen – which can be derived from sources like water, rather than fossil fuels, and is produced with renewable energy. As the climate crisis escalates, the world is banking on carbon-free energy to achieve a future with zero greenhouse gas emissions, or a net-zero future, where we remove just as much greenhouse gas from the atmosphere as we emit. ![]() ![]() ![]() And as a quick summary, this diagram shows the electrolytic cell for the electrolysis of Remember that a good way to remember this is to ![]() Since oxidation is occurring at the inert electrode on the left, this electrode must be the anode. So the electrons wouldįlow through this wire back toward the positive And as the liquid chlorideĪnions are oxidized, that's loss of electrons. So we would see bubbles of chlorine gas at this electrode. Oxidation is taking place because liquid chloride anions are turning into chlorine gas. Next, let's think about the other inert electrode on the left. Liquid sodium cools down, you would have some solid sodium metal because reduction is occurring at the electrode on the right, the electrode on the Therefore, at this high temperature sodium will remain a liquid. The melting point of sodium chloride is higher than the The liquid sodium ions into liquid sodium. At the surface of the electrode, the electrons reduce For example, the electrode could be a piece of platinum metal, which is very unreactive. Inert means the electrodes aren't going to participate Moving in this wire toward the inert electrode on the right. Of the power source is where the electrons come from. Molten sodium chloride, and let's start with the power source. Our electrolytic cell for the electrolysis of So in order for this reaction to occur, we need some sort of a power source to provide an electric current, to drive this thermodynamically However, delta G naught for this reaction is greater than zero, which means this reaction is thermodynamically unfavorable. So if we had some molten sodium chloride, we could form sodium and chlorine gas. Half reactions together, the two electrons cancel out and we get two liquid sodium cations plus two liquid chloride anions goes to two liquid So that'd be two liquid sodium ions, two electrons, and two liquid sodiums. The reduction half reaction, we need to multiply everything in our reduction half ![]() Since we have two electrons in the oxidation half reaction and only one electron in The number of electrons are equal in both half reactions. And before we do that, we have to make sure Half reactions together to get the overall redox reaction. So loss of electrons is oxidation and gain of electrons is reduction. As a quick reminder, one way to remember that loss of electrons is oxidation and gain of electrons is reduction is to think about LEO the lion goes GER. Two chloride anions, we're going to lose two electrons. Since we have two chlorines on the right, we need to put two as a coefficient in front of the chlorideĪnions on the left. So this is the oxidation half reaction, and we need to balance it. Therefore, the liquid chloride anions are oxidized to chlorine gas. So going from minus one to zero is an increase in the oxidation number. Oxidation number of minus one, and chlorine gas has an If we assign oxidation numbers, liquid chloride anions have a In our next unbalanced half reaction, liquid chloride anions Therefore, liquid sodium ions are reduced to form liquid sodium metal So going from plus one to zero is a decrease or a reduction Liquid sodium ions haveĪn oxidation number of plus one and liquid sodium metal has an oxidation number of zero. That this is a reduction half reaction is toĪssign oxidation numbers. Ion is gaining an electron, this represents the In one half reaction, liquid sodium ions react with an electron toįorm liquid sodium metal. Of electrolytic cell, let's look at the half reactions that will occur in the cell. Electrolytic cells use an electric current to drive a thermodynamically unfavorable reaction. ![]() ![]() ![]() It is a simple question and answer game where all of the hens can learn a little (or a lot) more about the bride and the soon to be groom. The Mr & Mrs questions below feature classy, rude, about her, love and funny questions which can customised to suit your bride to be.Ī hen party classic! Everyone has heard of Mr and Mrs Questions, but the question is how well does the bride know her groom? Mr and Mrs Questions are a great way for the group to mingle and to have a giggle with a glass of bubbly. Very funny Mr and Mrs questions quiz game for hen parties! This free Mr & Mrs quiz is printable or downloadable. See who is the most daring out of the group. From classic dares to ones specific for a girl’s night out and everything in between. We have over 50 different dares for you to pick from. Make sure you don’t end up looking like a mummy.Īdd something a little bit risky to your hen night out with some hen party dares. There is no better time to practise making your own perfect wedding dress than now! Have some fun with the girls before you head out or during your hen party at home and make your own toilet paper wedding dress. We have over 100 amazing questions to choose from that will suit all different types of couples. Get the grooms answers before the hen party or add it to the wedding. Test how well the soon to be wed couples know each other with the Mr & Mrs Quiz. Use our free printables or make your own with some inspiration from us! It’s a right laugh for you and the girls. ![]() Sometimes you want to make your own fun on the hen weekend and what better way to do that than with a hen party scavenger hunt. ![]() You will still be asking these type of questions but instead of talking you will be using blue and pink paddles to answer whether it’s the bride or groom that the question best suits. A different but extremely popular take on your standard Mr & Mrs questions. ![]() ![]() ![]() The All-Star guard missed his seventh game as part of an eight-game suspension for "conduct detrimental to the league."ĭevin Vassell had 25 points for San Antonio.ĬHICAGO - DeMar DeRozan scored a season-high 49 points, Zach LaVine had 39 and Chicago beat Minnesota in double overtime. The huge comeback win came as Ja Morant nears his return for Memphis. scored 28 points and Memphis completed the largest comeback in franchise history after trailing by 29 in the third quarter, rallying to beat San Antonio in overtime.ĭesmond Bane added 21 points, including eight points in overtime, and Tyus Jones had 20 points, 10 rebounds and 10 assists for Memphis, which faced a nine-point deficit in the final minute of regulation. John Collins had 22 points and Onyeka Okongwu added a season-high 19 as Atlanta snapped a two-game losing streak to remain eighth in the Eastern Conference playoff standings. The Hawks led 123-119 before Young's steal from Curry and layup stretched the advantage to six points. ![]() Stephen Curry scored 31 points in Golden State's 10th consecutive road loss. Terry Rozier scored 14 points for Charlotte.ĪTLANTA - Trae Young's steal and layup with 45 seconds remaining protected Atlanta's slim lead and the Hawks took advantage of Golden State's continued poor perimeter defense on the road. James Harden had 11 points, 11 rebounds and 10 assists for Philadelphia. Embiid also had five assists and was once serenaded in each half with chants of "MVP! MVP!" by the many 76ers fans at Charlotte's Spectrum Center. Joel Embiid had 38 points and 13 rebounds in just 29 minutes and the Philadelphia 76ers beat the Charlotte Hornets 121-82 on Friday night for their seventh straight victory.Įmbiid scored 12 points in each of the first two quarters before calling it an early night in a game the 76ers (47-22) led by 42 points in the second half. The teams will meet again Sunday night in Houston.CHARLOTTE, N.C. Jonas Valanciunas added 22 points and 17 rebounds, one shy of his season high. added 20 points and six assists.īrandon Ingram led New Orleans with 31 points. Jalen Green led Houston with 25 points and had seven rebounds and six assists. Smith had 11 points and eight rebounds in 29 minutes. hit a 3-pointer with less than a second remaining to lift Houston past New Orleans in the first of straight games between the teams. Washington lost for the sixth time in eight games and fell into a tie with Indiana and Chicago for the final East play-in tournament spot. The Cavaliers’ next two games are in Brooklyn.īradley Beal scored 22 points and Kristaps Porzingis had 20 points and nine rebounds for the Wizards. Rudy Gobert had 21 points and 19 rebounds, and Jaden McDaniels scored 25 points.ĬLEVELAND - Darius Garland had 24 points and nine assists, Donovan Mitchell scored 20 points and Cleveland never trailed against Washington.Įvan Mobley had 20 points, eight rebounds and four blockes for the Cavaliers.Ĭleveland moved three games ahead of New York and 4 1/2 in front of Brooklyn in the battle for fourth place in the East and home-court advantage in the opening round of the playoffs. Mike Conley led Minnesota with 28 points, making 8 of 12 3-pointers. Minnesota All-Star Anthony Edwards left with a sprained right ankle in the first quarter, and the Timberwolves lost for the fourth time in five games. Nikola Vucevic added 21 points and 11 rebounds. The All-Star guard missed his seventh game as part of an eight-game suspension for “conduct detrimental to the league.”ĭevin Vassell had 25 points for San Antonio.ĬHICAGO - DeMar DeRozan scored a season-high 49 points, Zach LaVine had 39 and Chicago beat Minnesota in double overtime. ![]() The Hawks led 123-119 before Young’s steal from Curry and layup stretched the advantage to six points. Stephen Curry scored 31 points in Golden State’s 10th consecutive road loss. ATLANTA - Trae Young’s steal and layup with 45 seconds remaining protected Atlanta’s slim lead and the Hawks took advantage of Golden State’s continued poor perimeter defense on the road. ![]() ![]() ![]() ![]() ![]() Please read the disclaimer for COVID-19 for more context on economic risk. To the extent actual or baseline forecasts diverge from the current forecast, future publications of the MMDI will change accordingly. The MMDI reflects a baseline forecast of future home prices. While the current level of robust home price growth is certainly a function of the pandemic and supply/demand imbalances, it is difficult to estimate how home prices may react post-pandemic. Therefore, comparable Q3 data is not available. As previously noted, this publication of the MMDI uses the most recent data available to provide timely information on credit trends. This is because actual home price movements were more favorable than previously forecasted. However, in the 2021 Q4 release economic risk decreased quarter over quarter (i.e., the lines in the chart for the 2021 Q4 release are lower relative to the 2021 Q2 release). We notice from the chart that economic risk has remained steady for older originations, while economic risk for newer originations has sharply increased, as we anticipate slower home price growth in the future. For more recent cohorts, we anticipate slower home price growth (or negative growth for some local geographies) after the housing supply returns post-pandemic, which contributes to increases in economic risk for recent origination years.įigure 2 shows the economic risk component of the MMDI for GSE mortgages stated as of 2021 Q Q4. This results in reduced default risk for older cohorts. Actual home price appreciation has been robust from 2014 through 2021, which has resulted in embedded appreciation for older originations. ECONOMIC RISK RESULTS: 2021 Q4Įconomic risk is measured by looking at historical and forecasted home prices. Underwriting risk is not a large contributor to the MMDI given the tight underwriting requirements for conventional mortgages. Underwriting risk after the global financial crisis remains low and is negative for purchase mortgages, which were generally full-documentation, fully amortizing loans. ![]() Underwriting risk represents additional risk adjustments for property and loan characteristics such as occupancy status, amortization type, documentation types, loan term, and others. Refinance loans typically have lower borrower risk as it is typical for the borrowers to have higher credit scores and lower loan-to-value ratios. Refinance loans made up about 58% of the total loan pool in Q3, compared to 61% in Q4. BORROWER RISK RESULTS: 2021 Q4įor GSE loans, borrower risk decreased from 1.33% in 2021 Q3, to 1.25% in 2021 Q4. Economic risk measures the risk of the loan defaulting due to historical and forecasted economic conditions. Underwriting risk measures the risk of the loan defaulting due to mortgage product features such as amortization type, occupancy status, and other factors. Borrower risk measures the risk of the loan defaulting due to borrower credit quality, initial equity position, and debt-to-income ratio. There are three components of the MMDI: borrower risk, underwriting risk, and economic risk. The value of the MMDI increased for Freddie and Fannie acquisitions over 2021 Q4. To explore the MMDI data on a more granular level, including loan origination and type, click here. We are making this change because Ginnie Mae data is released much later relative to the data published by Freddie and Fannie, and focusing on GSE originations will provide more timely insights into mortgage credit risk trends. Note on Ginnie Mae loansīeginning with this release, the MMDI publication will primarily focus on Freddie and Fannie (GSE) loan originations, and no longer include commentary on Ginnie Mae loans-although the index will continue to include this data. For both purchase and refinance, the primary driver of this increased default risk is an expected slowdown of home price growth over the next several years. Figure 1 provides the quarter-end index results for these loans, segmented by purchase and refinance. The index value of the MMDI was 1.98% for loans originating in 2021 Q4 compared to 1.65% for 2021 Q3 originations. For refinance mortgage originations, rising interest rates have reduced the incentive for borrowers to refinance, resulting in lower refinance volume. Purchase mortgage originations are typically lower during Q4, so this decrease is not unexpected. Mortgage originations declined during the fourth quarter (Q4) of 2021 compared to the third quarter (Q3) of 2021. 1 The results of the MMDI reflect the most recent data acquisition available from Freddie Mac and Fannie Mae, with measurement dates starting from January 1, 2014. For the purposes of this index, default is defined as a loan that is expected to become 180 days or more delinquent over the life of the loan. The Milliman Mortgage Default Index (MMDI) is a lifetime default rate estimate calculated at the loan level for a portfolio of single-family mortgages. ![]() |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |