Fannie Mae - 2047 Words

Table of Contents Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..3 History†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..3 Business Method and Philosophy†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦4 Corporate Growth and Diversity.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦6 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...7 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦8 Figure Chart 1†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦10 Fannie Mae Fannie Mae is a leading mortgage company and one of the most financially successful businesses within its industry. Given the salient features of the organization that has culminated into its current standing, this report offers a brief but concise overview of the corporation. The organization began as a part of Roosevelt’s New Deal, a program†¦show more content†¦A community credit union is a financial cooperative operating to lend money to its members. The constituents of a mutual organization put money into a collective, where it may then be disbursed to members in need of loans, at agreeable rates and with good terms. By eliminating the need to turn a profit, mutual organizations are able to give lower rates on loans than traditional banking organizations. The sub-prime lenders are considered, in some instances, as a last resort since they tend to give loans to people with a very low credit scores or an otherwise extremely high risk of default. This type of lender offers loans at exorbitant interest rates as a way of covering losses from the high default rate they experience with their borrowers. Fannie Mae does not hold onto all of the purchased mortgages. It will take the individual loans and package them up with hundreds of others and market them as mortgage-backed securities (MBS) that it then sells to investors (for example, insurance companies, pension funds). Fannie Mae provides a guarantee to these investors that they will receive timely principal and interest payments, no matter what happens with the underlying mortgages. If there are large numbers of defaults, Fannie Mae will have to make the investors whole, utilizing tax dollars. Investors can also buy sharesShow MoreRelatedFannie Mae Fannie Freddie Mortgage Finance System1766 Words   |  8 PagesFannie and Freddie remain two of the largest financial institutions in the world, responsible for a combined $5 trillion in mortgage assets. The primary function of Fannie Mae and Freddie Mac is to provide liquidity to the nation’s mortgage finance system. Fannie and Freddie purchase home loans made by private firms (provided the loans meet strict size, credit, and underwriting standards), package those loans into mortgage-backed securities, and guarantee the timely payment of principal and interestRead MoreEssay about Fannie Mae Case1377 Words   |  6 PagesFannie Mae case. Federal regulators noted a growing string of high profile scandals at major U.S. corporations in recent years. The number of fraud cases investigated by the Securities and Exchange Commission jumped 41 percent in the last three years (112 cases in 2001 compare to 79 cases investigated in 1998), resulting in tens of millions of dollars in fines to settle the charges. I have decided to take a closer look at Fannie May. This company operates in the residential mortgage finance industryRead MoreFederal National Mortgage Association ( Freddie Mac )1034 Words   |  5 PagesIn 2008 two government sponsored enterprise (GSE), Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), received the second-largest bailout in the United States, totaling $187 billion. The bailout of Fannie Mae and Freddie Mac drew attention to the problems with too big to fail (TBTF) entities and government guarantees. The bailout highlighted the lack of market discipline and encouraged moral hazard. The erosion of the prerequisitesRead MoreAn Asset Price Bubble1286 Words   |  6 Pagesadvantage of the situation for benefiting in short run. 1.3 Fannie Mae and Freddie Mac Wallison and Pinto (2009) claimed that Fannie Mae and Freddie Mac have to take the responsibility for the lack of quality of mortgage (blemished credit, low or no down payments, negative amortization and the lack of documentation of income) that leads to the growth of the housing bubble. In 9 years (1994-2003), purchases of mortgages from Fannie and Freddie as a percentage of all mortgage originations increasedRead MorePennymac Loan Services Llc Financial Statement819 Words   |  4 Pagesmainly to gains in Mortgage Loans Held for Sale at Fair Value. Fannie Mae’s and Freddie Mac’s net worth requirement is a minimum net worth of $2.5 million plus 25 basis points of Unpaid Principal Balance (UPB) for total 1-4 unit residential mortgage loans serviced and a tangible net worth/total assets ratio greater than or equal to 6%. Ginnie Mae net worth requirement is equal to $2.5 million plus 0.35% of the issuer’s outstanding Ginnie Mae single-family obligations. As of all three year-end reportingRead MoreSubprime Mortgages And The Mortgage Crisis1546 Words   |  7 Pagesmortgage securities when they are issues. Other dealers in a secondary market sometimes redistribute securities. Mortgage securities are issued by the Government National Mortgage Association (Ginnie Mae), or by government-sponsored enterprises (GSEs) such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (Freddie Mac, 2002). Mortgage securities are often priced at a higher yield that corporate or Treasury bonds. The opportunities forRead MoreLoan Agencies And The Federal Housing Authority976 Words   |  4 Pagesgovernment introduced new laws and programs that would help people who have had their homes foreclosed or fell victim to a short sale,return to the buyer’s market. These people are called â€Å"boomerang buyers† in real estate terms. Loan agencies, such as Fannie Mae and Freddie Mac, have changed their guidelines to help boomerang buyers. The Federal Housing Authority has also assisted boomerang buyers by creating a program for people that have fell victim to the economic crisis. The option of renting to ownRead MoreKey Factors Affecting The Foreclosure Crisis1286 Words   |  6 Pagesthough Fannie Mae and Freddie Mac had not directly provided these types of no-down payment no-documentation loans, they had purchased them as an investment. As the defaults mounted and the losses grew, the value of Fannie’s and Freddie’s investments plummeted. Fannie Mae and Freddie Mac became insolvent not solely because the mortgages they guaranteed had defaulted; they suffered more because these investment portfolios became worthless. Turns out, while no one was looking Fannie Mae and FreddieRead MoreA Note On Subprime Loans1565 Words   |  7 Pagescalled mortgage-backed securities, which derive their value from mortgage payments and housing prices, greatly increased† (Subprime mortgage crisis). Pools of the loans were sold to federal government agencies like Ginnie Mae or a government sponsored-enterprise such as Fannie Mae or Freddie Mac. In the movie, The Big Short, McKay states, â€Å"In the end, mortgage-backed securities mutated into a monstrosity that collapsed the whole world economy† (McKay). Additionally, securitization was the process ofRead MoreSimultaneously, The Community Reinvestment Act (Cra) Of1320 Words   |  6 Pagesthem to Fannie Mae and Freddie Mac and others† (Wessel, 2009, p. 117). And when you can theoretically spread risk around, especially to government guaranteed enterprises, you’re much more likely to accumulate more and more of it because higher risk also theoretically leads to higher returns. â€Å"When half or more of the mortgages the GSEs bought had to be made to people below that [median] income level, it was inevitable that underwriting standards had to decline. And they did. By 2000, Fannie was offering

Feminism in Gibsons Neuromancer - 2669 Words

Feminism in Gibson’s Neuromancer Regarded as the beginning of the â€Å"cyberpunk† movement, William Gibson’s classic novel Neuromancer, confronts the pronounced societal issues of feminism of the time. By distorting the female traits of his characters, Gibson illustrates that gender equality is only achieved when the female persona is able to transform away from both the desired and rejected feminist attributes imposed by societies fixed gender roles. Although the Cyberpunks are almost always male, Gibson’s portrayal of the female character, Molly, is quite rare and illustrates the perceptions of women during the time. Quite opposite to the soft and gentle woman Case marries and settles down with, Molly is depicted as a hard†¦show more content†¦It returned, but he still couldn’t read the features† (Gibson 18). In the final scenes, Neuromancer comments on Case’s visual failure by saying â€Å"he never saw Molly again† (Gibson 271).This final commentary is critical because it reveals that though intimate with Molly, Case is only able to see the outline of her existence, but never expose her actual being hidden behind her lenses. However, it is during the simstim scenes, that Case’s ocular frustration becomes truly visible. In one scene Molly â€Å"was moving through a crowded street, past stalls vending discount software†¦ For a few frightened seconds he fought helplessl y to control her body† (Gibson 56). Though Case is able to see through Molly’s eyes he is still unable to control her, rather she controls him by exposing his vulnerability as a result of only allowing only her view not what he chooses. This represents that though forced to become the embodiment of a male, Molly is able to utilize her female strengths to maintain control though physically sacrificed to the opposing sex. Later, Case comments on her control by saying, â€Å"he began to find the passivity of the situation irritating† (Gibson 56). Cases mirrors Rivera’s feeling of being threatened when in simstim scene because though experiencing through Molly, Case is unable to suppress her mind or control her body, taking away his masculine empowerment. In both cases, Gibson illustrates that it through theShow MoreRelated Feminism in William Gibsons Neuromancer Essay716 Words   |  3 PagesFeminism in Neuromancernbsp;nbsp; nbsp; Neuromancer is an amazingly complex novel. Being one of the first of its kind, Gibson tells a chilling tale of a world where computers, and a thing called the matrix, become more real than reality. The story, set in the not-so-distant future, has our hero, Henry Dorsett Case, embarking on an adventure that stretches the limits of the readers imagination. But even though Case is our main character, there are others with as much or more power and

What is Economic Uncertainty and Volatility Free Essays

Uncertainty and volatility are common attributes of today’s national economies. While Small and Medium Enterprises (SMEs) represent major players in these economies, their stability and profitability are crucial issues that need further investigation. This statement is particularly significant in the Saudi Arabian context, because such enterprises have relatively recently begun to emerge and are beginning to play a dominant role in the country’s economy. We will write a custom essay sample on What is Economic Uncertainty and Volatility? or any similar topic only for you Order Now At the same time, the SME sector in Saudi Arabia is currently facing many barriers related to their relatively new economic situation (Kuada, 2006), as the atmosphere of the economic world is constantly changing and tends to be somewhat uncertain. As a result, companies, including SMEs, need to be more creative and flexible as they seek to get maximum profits in the minimum amount of time. Moreover, it has been noted that human resources play a vital role for every company to achieve its goals (Barney Wright, 1998), hence most companies seek to recruit high aptitude managers who can be a valuable addition to a workplace and can lead a company to achieve sustained success. In this respect, employee retention is considered one of the most serious challenges facing the stability of small organizations, since employee turnover can be harmful and expensive. When an employee intends to leave the company voluntarily, the issue is of such importance that numerous researchers have investigated the causes and effects of voluntary turnover (Al-A’Raj, 1989). Whilst the cost of losing skilled employees can be harmful for any organization (Ballinger, Craig, Cross, ; Gray, 2011), it is particularly so in SMEs as the effect is proportionally greater. According to O’Connell and Mei-Chuan (2007), the average cost of employee turnover is approximately $13,996 per employee. Further, Ballinger, Craig, Cross and Gray (2011) estimate that the direct cost of hiring and training a new employee can range from 25% to 500% of the employee’s annual salary, and, as such, Boushey and Glynn (2012) found that the replacement of highly educated executive employees averages 213% of the annual salary bill for a company. It has been noted that because this significant turnover is such a costly process (Al-A’Raj, 1989), it could lead to serious negative consequences for an organization. Indeed, in some situations, the consequences of significant turnover rates could expand beyond the organization to influence the labour market, the economic cycle and communities in general. Furthermore, Hyson (2016) and George (2015) argue that an organization can both conserve knowledge and manage resources more cost-effectively through being proactive in attempting to retain valuable employees. As a result of such deliberate actions to maintain staff, organizations are likely to increase their overall performance and develop long-term stability. In this respect, it has been suggested that manager behaviour plays a vital role in staff turnover. For example, Snyder and Lopez (2009) have specifically asserted that the encouragement of skilled employees by managers is vital in this regard. Of particular interest to the current study is that, in the SME sector, because enterprises are fiscally smaller their resources are generally scarcer. In the light of this scarcity, employee turnover is a more harmful occurrence than in large organizations which are able to absorb the consequential additional financial outlay described above. For this reason, the SME sector constitutes an important area for further research. Moreover, researchers analysing the behaviour of managers in SMEs report that the manager’s emotional intelligence is of great importance, as it significantly affects the management processes and outcomes within their enterprises. It is telling that the debate over topics related to EI and employee’s behaviour is ongoing in different cultures and parts of the world (Ang et al., 2007) , and it is asserted here that the role of EI in reducing turnover is one particular area that requires further investigation. Therefore, it is postulated that the analysis of the role of EI in the SME context should be carefully investigated in order to understand the way it affects employee’s retention outcomes in Saudi Arabia. It has also emerged that there is an extensive amount of controversy surrounding whether there are any differences in the levels and perceptions of EI in managers from different backgrounds and cultures, and, in addition, to what extent EI can be affected by these factors. limited research has been conducted on the relationship and/or link between EI and employee turnover in SMEs, specifically in the Middle Eastern context. Thus, this research aims to fill an important void in the literature. How to cite What is Economic Uncertainty and Volatility?, Papers

The Idea Of Originality In Postmodernism Art Essay Example For Students

The Idea Of Originality In Postmodernism Art Essay A figure of postmodern theoreticians and creative persons have questioned whether there is such thing as originality in art. Discuss this issue with mention to illustrations of the work of one or more recent creative persons who have questioned the impression of originality in their work. Postmodernism rejects the modern thought of originality as the new, and substitutes it with a combination of elements from the yesteryear. One of the chief features of Postmodernism was its rupturing down of boundary lines between manners and assorted cultural elements and the progress towards seeking something new and original was discarded and substituted with an merger of elements from past and bing civilizations. ( Perina 2006 ) Postmodernism distances the topic, to declare the decease of individuality. It leads to the reprocessing of objects and images from the past to make a more existent and personal experience. There is excessively much information for us to treat and do sense of and we are trapped in a universe of second-hand experiences, dependent upon media representation of the universe instead than our first-hand experience. ( Crouch 1999 ) Originality as observed by modern-day creative persons, borrows to a great extent from postmodernist discourse. This essay will look at the plants of several postmodern creative persons who participate in a review and deconstruction of the myth of traditional originality whilst at the same time seeking new ways to take their art in new and unexpected waies. It farther inquires into the positions of good known art authors and critics who acknowledge the manner in which the arrangement of an graphics in a different context, or the re-working of an original image or images from the yesteryear can confer it an full new apprehension, hence allowing an component of originality. Sherrie Levine, Andy Warhol and their many followings questioned and re-positioned issues around writing and the original in artistic pattern. This bequest is of import to research as the appropriated image and the pastiched image is so cardinal in today s art and commercial pattern particularly since the growing of digital imagination. ( Hammerstingl 1998 ) Sherrie Levine ( B. 1947 ) is a primary illustration of a postmodern creative person who confronts the issues environing postmodernist appropriation. Her review of writing and aura are cardinal to Sherrie Levine s brave and influential deconstruction of the modernist myths of originality in many of her re-appropriations of eminent plants by male creative persons. ( Delacour 2009 ) Since the early 1980 s, Levine has made a calling out of re-using or appropriating celebrated plants of art, frequently by doing new versions of them and puting them in different contexts. ( Walker Art Center 2007 ) Her plants have been understood as a commentary on the decease of Modernism and its ideals, impressions of artistic originality, the genuineness and liberty of the art object and its position as a trade good. ( Museum of Modern Art 2010 ) Levine s Fountain ( After Marcel Duchamp: A.P. ) ( 1991 ) , ( Fig. 1 ) is an unmistakeable mention to Marcel Duchamp s celebrated 1917 piece Fountain ( Fig. 2 ) . Cast in bronze to a extremely polished coating, it transforms an mundane object into a beautiful and pretentious piece which is presented on a narrow base that closely resembles the show of Duchamp s Fountain. Levine strove for entire historical truth by turn uping a urinal from the indistinguishable maker and twelvemonth that Duchamp used, although she was unable to happen the exact theoretical account. ( Buskirk 2003 ) Figure 2 Marcel Duchamp, B. 1887, French, Fountain ( 1917 ) , porcelain, 360 ten 480 ten 610 millimeter Figure 1 Sherrie Levine, B. 1947, American, Fountain ( After Marcel Duchamp: A.P. ) ( 1991 ) , bronze, 14.514.2525 inches When compared to Duchamp s sculpture, it is apparent that Levine s Fountain is non an exact reproduction. Most notably, Duchamp s piece was an existent urinal which was turned inverted and remained unchanged apart from his signature. In contrast, Levine s urinal is more modern-day and has been cast in bronze, the traditional metal of sculpturers. ( Walker Art Center 2007 ) This usage of bronze in such a manner makes mention to another creative person, Constantine Brancusi, who was ill-famed for bring forthing sculptures in extremely polished bronze ( Buskirk 2003 ) . When polished to a superb radiance Levine s urinal no thirster remains a common, boughten point. Alternatively it has been transformed by the creative person into a alone object. ( walkerart ) Writer and critic Martha Buskirk remarks that despite the blatantly obvious mention to Duchamp s readymade, Levine s urinal has been transformed into a typical piece as a consequence of this pick to hold it cast from extremely poli shed bronze. ( Buskirk 2003 ) Due to the rewording of the fountain in bronze, she raises the inquiry of is the sculpture any longer a readymade? Due to the stuff features of it being altered. By recasting the urinal, Levine challenges the map of the readymade as approaching heterosexual from the manners of production of society. Her object is no longer inextricably tied to its presence in mundane society. ( Buskirk 2003 ) Buskirk states that in one sense, Levine s Fountain is non a transcript at all because she did non necessitate the original Duchamp fountain to make a reproduction. Alternatively she attended the same beginning as Duchamp, which was the kingdom of mass production. Her piece triggers a history of mentions to past readymades and reproduction of the mundane object. ( Buskirk 2003 ) American Revolutionary War - Ticonderoga and Crown EssayFigure 6 Andy Warhol, B. 1928, American, Brillo Soap Pads Boxes ( 1964 ) , silkscreen and acrylic boxes, 43.2 ten 43.2 ten 35.6 centimeters each It could be argued that Brillo Soap Pads Boxes, and much of Andy Warhol s work, is absent of any sort of originality due to its about indistinguishable resemblance to the original merchandise in which he had no engagement in the creative activity of, nevertheless he makes a dramatic part via his insightful review of the alluring nature of trade good in a civilization driven by mass media. He achieves this through his usage of repeat. The anon. writer who designed or photographed the merchandises adopted by Warhol for usage within his work becomes replaced by the creative person who remarks on the merchandises cultural acquaintance, an act of recontextualizing. ( Buskirk 2003 ) In Warhol s Flowers ( 1965 ) ( Fig. 7 ) , he appropriated an image of flowers that he found in a 1964 issue of Modern Photography magazine. When the lensman of the exposure, Patricia Caufield discovered that Warhol had appropriated her image she filed a case against him for conflicting on right of first publication as she was able to claim legal writing. The instance was settled out of tribunal, with Warhol offering to give Caufield two of his Flower pictures. When analysed, it is apparent that there exists several differences between Caufield s image and Warhol s appropriation. First of wholly he cropped the exposure so that it focussed on four flowers ; the image has been flattened by the remotion of item and the adding of solid blocks of coloring material within the flowers. His alterations in medium, graduated table and coloring material helped to transform the image well. ( Buskirk 2003 ) Figure 7 Andy Warhol, B. 1928, American, Flowers ( 1965 ) , man-made polymer pigment and silkscreen ink on canvas, 4848 inches. Although the original exposure that Warhol sourced to establish many of his graphicss on were neither taken by or owned by him, his works become original by the mode in which he re-works them and exhibits them. It is really difficult to confound writing as Warhol upholds a manner that is distinctively his ain. He takes ordinary images and through his changes of them makes them extraordinary. ( Buskirk 2003 ) In each of the instances presented, the creative persons have exercised an act of recontextualisation by taking a recognizable object or image and transforming it by changing how it is made or where it is found. Through this procedure each of the creative persons has achieved the act of both recognizing and admiting the original writer whilst claiming writing for themselves via the procedure of this recontextualisation? . ( Buskirk 2003 ) The diverse ways that creative persons have adopted and transformed these familiar images and objects moreover articulate a complex layering of citation and mention that exemplifies modern-day art. ( Buskirk 2003 ) In add-on, the artistic merchandise desires a step of creativeness on the audience s portion. The spectator contributes to the creative activity of plants via their readings and ratings of them. ( Leddy 1994 ) Gallic literary theoretician and critic Roland Barthes attributes authorship to the reader who shapes significance and apprehension. Barthes created Hagiographas that straight suggested the thought of Death of the Author as a cardinal post-modern construct. ( Hammerstingl 1998 ) He states To give a text an Writer and delegate a individual, matching reading to it is to enforce a bound on that text. Roland Barthes asserts that each piece of composing or graphics contains multiple beds and significances. In a well-known citation, Barthes draws an analogy between text and fabrics, declaring that a text is a tissue of citations, drawn from countless centres of civilization, instead than from one, single experience. The indispensable significance of a work depends on the feelings of the reader, instead than the passions or gustatory sensations of the author ; a text s integrity lies non in its beginnings, or its Godhead, but in its finish, or its audience. ( New World Encyclopedia 2008 ) To summarize, Barthes attributes authorship to the reader who forms significance and apprehension. To repeat, it is non the value and map that an object relies on to pass on with its audience, but its veiled mentions and codifications from the past that permit a more single perceptual experience. The originality and genuineness of the primary beginning ceases to be imperative in postmodernist art. Alternatively it is the recycled message which is constructed upon the unconscious memories and perceptual experiences from the past that gives command to new perceptual experiences and new positions of originality. The merger of non-referring manners united together helps to make a new original , assembled from good identified masters of the yesteryear. Equally the postmodernist construct of deconstruction utilises the intercommunication amid the influence and continual procedure of mentioning. ( Perina 2006 )