first_imgDonegal soccer star Ryan McConnell is desperate to regain full fitness and find a new club in England following his release from Old Trafford.Manchester United opted against offering McConnell a new contract and released the talented defender in June this year. The news was a sobering blow for McConnell who had spent THREE years at the Premiership giants.However, the news didn’t come as a surprise to McConnell as he was plagued by injuries last season and only made ONE appearance for the club’s U21 and reserve side.McConnell conceded that it was a devastating blow to be released but said there was no disgrace in being let go by Manchester United.McConnell believes the experience he has gained during his time at Manchester United will hold him in good stead as he attempts to regain full fitness and find a new club in England. McConnell has returned to Old Trafford where the club are allowing him to use their medical facilities to get back to full fitness before going on trial at other clubs.McConnell told The Herald, “There’s no disgrace in getting released by Man United.“They do say that the only way is down when you leave United, but you can start off at the top and drop down.“I have learned a lot in the time I was here, I felt part of the family and it will be hard leaving it but I have to take it on the chin.”“It is so hard to break through at United. They have the money to go out and buy any player in the world that they want, so you have to be so good to make the breakthrough and it’s hard for an Irish lad.“But at the same time it was a great experience, I learned a lot and I am happy I came here, not many people can say they played for Man United. “You learn a lot and pick up good habits from the senior pros, players like Jonny Evans were really good to me, helped me out a lot,” added the Letterkenny native.McConnell is hoping to find a club in England but said he is happy to return to Ireland and play in the League of Ireland if he isn’t able to win a contract in the UK.“Since I found out I was being released a lot of people have helped, the head of education at United came to speak to me about my options, it’s a great club and I could never say a bad word about United, it was just unfortunate with my injury.“Finn Harps were on to me about training there but I was happy to come back to Manchester and train with United. “If it goes well I will get a club over in England, if not I will go home and try my luck in Ireland. My preference would be to get a League One club.“I have to be realistic as a move to the Championship may not suit as I need to play games. Once I can get a club and get a few games I’d be confident that things can move on for me.”RYAN MCCONNELL – “THERE IS NO DISGRACE IN BEING RELEASED BY MANCHESTER UNITED” was last modified: July 6th, 2015 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:newsSportlast_img read more

Fed Mortgage Lending Survey Deemed Flawed

center_img Earlier this week, the Federal Reserve  released their Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS), which found that banks lowered mortgage lending standards in the third quarter of 2015. However, new housing risk research shows that the survey is “flawed.”The survey, which includes responses from 69 domestic banks and 23 U.S. branches and agencies of foreign banks, found that household lending from banks have loosened their credit standards over the past three months on loans eligible for purchase by the GSEs and on qualified mortgage (QM) loans.”The SLOOS shows that mortgage lending standards have loosened on net over the past year. This is the right signal, but the SLOOS arrives there by accident, rather than by design,” said Tobias Peter, housing risk researcher at the American Enterprise Institute’s (AEI) International Center on Housing Risk.The survey is monitored closely by the mortgage industry as a key indicator for lending trends and changes reported directly from banks. But despite its huge following, Peter believes the survey is flawed and has identified a few discrepancies within it.”Unfortunately, the information provided by the survey has always been limited at best, and useless at worst,” Peter explained. “Limited because it only reports results based on about 60 loan officers. But even if these were representative for the fifty percent of mortgage lending originated by banks, it ignores the other half, consisting largely of much riskier originations by nonbanks. And useless because it showed no systematic loosening in mortgage lending standards in the run-up to the 2007/2008 financial crisis, which runs contrary to everything we now know.”In his research he points out that the Fed survey is not based on hard data (i.e. loan records), instead, it is based on the opinion of the 60 participating loan officers from commercial banks.In addition, Peter mentioned that the Fed survey weighs all responses equally, rather than by their share of actual originations.The survey also does not distinguish between loans with a government guarantee originated by all lenders, loans used to buy primary owner-occupied homes, second home purchases, or investor purchases.”While the SLOOS can shed some light on mortgages without a government guarantee, which are not currently covered by the NMRI, the same flaws apply,” Peter concluded. “Instead of basing evaluation of lending standards on a small survey of bankers that will send the correct signal only by accident or even worse, the wrong signal, policymakers and the public should direct their attention to an index grounded in facts, not opinions.”Click here to read the complete report. in Daily Dose, Data, Featured, Government, Market Studies, News, Originationlast_img read more