Overview of the US subprime market Essay Example for Free

Overview of the US subprime market Essay With regards to the U. S. subprime market, the term itself refers to the status of the borrower, alternative terms for which are B-paper, near-prime, or second chance lending, all refer to the practice of giving loans to borrowers who have a faulty credit history and hence do not qualify for the prevalent market rates. Subprime lending and borrowing is risky as it is associated with conditions of high interest rates, dodgy credit history and much less-than-perfect financial situations. To gain access to this expanding market, lenders often assume risks associated with lending to people with poor credit ratings. They offset their risk by charging a higher interest rate, among other ways. Mortgages, car loans, credit cards, all are instruments of subprime lending. In credit cards, for example, a subprime customer may be charged higher amounts for late fees, over limit fees, annual fees, or up front fees for the card. But it offers these borrowers who have an imperfect credit record the opportunity to gain access to credit which might not have been possible otherwise. Subprime Credit Crunch and Mortgage Crisis: Since 2006, however, a severe financial crisis has developed in the subprime credit market. It is especially rampant in the subprime mortgage market which has experienced an increasing rate of foreclosures. When Interest rates rose, this led to adjustable-rate mortgages becoming more popular. But the housing bubble did not last and property values plummeted, borrowers could not fulfill their financial commitments and lenders could not recover their losses. The result is today’s harsh credit crunch which has led to big players in the subprime mortgage lending industry to shut down or file for bankruptcy. Others have been accused of encouraging deceptive income inflation on loan applications. Between December 2006 and March 2007, more than 30 subprime lenders closed operations. The rest have incurred serious losses and are in grave financial trouble. Lending standards have become more stringent and economists at Goldman Sachs have predicted this to cut annual demand for new homes to go down by one-fifth of last year’s sales. According to the September quarterly report (2007) of the Bank for International Settlements (BIS) in Basil, Switzerland, BIS warned of the `dark shadow over global financial markets caused by the collapse of the US subprime market. ` Analysis: It all started as a small setback in December 2006 but has quickly made its way all over the world, and by the summer of 2007 had had a substantial negative impact on stock and bond markets of the world. Investors have suffered heavy losses in their portfolios and now face the additional threat of a possible global recession in the near future. World economic growth is significantly tied to U. S. growth, and as analysts predict a recession in the near future, U. S. Subprime mortgages can be perceived as one of the main catalysts of the current situation. A global financial turmoil has ensued, which has made its presence felt in all corners of the world, as numerous hedge funds, banks and stock markets in remote countries such as Australia, Thailand and Germany have even felt the brunt. This has resulted in a backlash against some financial strategies employed by investors as countries were taken aback by the impact of the problems of American mortgagors and homeowners on their home markets. Funds and banks all over the world were affected because they had earlier bought either bonds, or risks related to bonds, which had bad home loans as collateral, and this entire bundle was known as a C.  D. O. or a collateralized debt obligation. JPMorgan estimates showed that global C. D. O. s accounted for about $1. 5 trillion of debt and structured-finance C. D. O. ’s, which refers to bonds which have subprime mortgages, slightly safer mortgages and commercial mortgages as collateral, accounted for about debt of $500 billion to $600 billion. When these subprime mortgages were hit badly, it led to a chain effect in an imperfect system, with ratings which did not provide an accurate prediction of risk and flawed assumptions about the impact on diversified portfolios with multiple layers of leverage. A ripple effect ensued all over the world as investors started freeing themselves of any risky investments and converting their securities into cash. As Pierre Cailleteau, Moody’s Investors Service chief economist in London said, The combination of a subprime shock, â€Å"untested financial innovation and leverage has led to a confidence crisis. Impact on Financial Markets: Financial markets have been badly affected, as financial institutions on Wall Street and all around the world attempt to cope with the disastrous state of affairs in the U. S. subprime market. In June 2007, according to a report by CNNMoney, assets worth $800 million were seized by Merrill Lynch from two hedge funds being managed by Bear Stearns, one of the largest financial institutions of the world, that were dealing with securities, mainly bonds backed by subprime loans. These troubled funds have almost worthless now. Merrill Lynch itself reported in October 2007 losses of US$5. 2 billion, revised in the same month to $8. 4 million, as a result of the subprime disaster which led to write-downs on subprime mortgages, collateralized bonds and leveraged loans. Standard Poors called this loss startling while analysts agreed that this was probably the largest loss ever to be faced by a Wall Street firm. Bankruptcies and losses are a dime a dozen in the financial world. In August 2007, the 10th largest retail mortgage lender in the U. S. , American Home Mortgage Investment Corporation filed for Chapter 11 bankruptcy. In the same month, Mortgage Guaranty Insurance Corporation, the largest provider of private mortgage insurance in the country announced that due to the billion-dollar loss it suffered on its investment in Credit-Based Asset Servicing and Securitization, it would now abandon the $4. billion deal which would result from its purchase of the Radian Group, a credit enhancement company. The impact was definitely had a global reach. In the same month one of the main banks of Europe and France, BNP Paribas announced that it will no longer value three of its funds (Parvest Dynamic ABS, BNP Paribas ABS Euribor and BNP Paribas ABS Eonia) and that investors were no longer allowed to withdraw their funds. These funds comprise of U. S. asset-backed securities which include subprime mortgages, delinquencies on which have increased while prices have fallen. It took this decision in light of the extremely troublesome plight of the U. S. subprime market as according to the bank, the complete evaporation of liquidity in certain market segments of the U. S. securitization market has made it impossible to value certain assets fairly regardless of their quality or credit rating. The examples do not end here. Global Alpha hedge fund, with a worth of $8 billion and owned by one of the worlds largest global investment banks, Goldman Sachs, fell by 26%. Citigroup suffered colossal credit losses of $700 million in July and August 2007, and while the losses can not be compared to the banks profits of more than $20 billion in 2006, it will be very difficult for the bank to restore investor confidence. In the same month of August 2007, Sentinel Management Group sold off its assets and after three days of doing so, filed for Chapter 11 bankruptcy. Stock indices in U. S. , Europe and Asia continued to decline due to turmoil in credit and housing markets. Within the same week as Sentinel, shares of Countrywide Financial, the largest U.  S. mortgage lender, dipped by 13% on the NYSE amidst fears that the tight liquidity conditions might lead to its bankruptcy. This was the largest one-day decline in the countrys history since Black Monday, the stock market crash of 1987. Just a day earlier, the company had reported that foreclosures and mortgage defaults had never been this high since early 2002. Reverberations could be felt as far as Australia: shares of Rams Home Loans Group fell by 41% on the Australian Stock Exchange, as it could not refinance its loans as buyers did not want to buy AUD$ 6. 7 billion of commercial paper, its main source of funding. Australian Hedge funds, which were highly exposed to U. S. subprime credit, such as Basis Capitals Basis Yield Alpha Fund filed for bankruptcy protection. This fund filed for bankruptcy in August 2007 while in May its assets were valued at $1 billion. According to the IMF, The rapid transmission of disturbances in one part of the financial system to other parts, sometimes through opaque and intertwined channels, has surprised both market participants and the official sector. Impact on Housing Market The Housing Market could not help but be affected by the subprime market crash: sales of previously owned homes dipped to their lowest in four years. Prices plummeted and consumer confidence declined, as the U. S. economy in general experienced a slowdown. According to David Lereah, chief economist at the National Association of Realtors, purchases of existing homes, which had been 6. 68 million in February 2007, declined to an annual rate of 6. 12 million, which has been the largest drop since January 1989. as compared to 2006, sales declined by 11. %. Ben S. Bernanke, Chairman of the Federal Reserve, as well as other policy makers have isolated housing as the sector which would act as a deterrent for the economy to achieve moderate growth. This decline in sales has led to the general sentiment that the housing recession is here to stay. Subprime mortgage defaults show no signs of decreasing and owners do not wish to reduce prices, which will eventually lead to more unsold properties in the market. The housing bubble has definitely crashed as the supply of homes for sale dipped to 3. 45 million in March 2007, which if the current sales rate is accounted for, represents 7. 3 months supply, the highest since October 2006. Industry reports reflecting the SP/Case-Shiller home- price index reported the 1 percent decline in home values in 20 metropolitan areas, which is the largest price drop since the inception of this index in 2001. According to the Commerce Department, construction of new homes has gone down by 14. 3%. The nations major housing markets all reported decline in prices and existing home sales levels dropped in 40 states. The sharper hits were felt in the markets of Arizona, Florida, California, and Virginia. April 2007 had 47% more foreclosures than a year ago, as reported by RealtyTrac Inc. 50 or so subprime mortgage companies have either been sold off or closed down which has worsened matters and let to a credit crunch. D. R. Horton Inc. , the second-largest homebuilder in the country, suffered a drop in fiscal second-quarter profits by 85% as sales declined and the company was not in a situation to buy land. Its Chief Executive Officer, Donald Tomnitz, said, I dont think the market is stabilizing. Clearly our sales are not where we wanted them to be. The housing markets in California, Florida and Arizona are becoming tougher. While regulatory agencies are now becoming wiser to the risky mechanisms which deceptively forced millions of people into houses which were out of their range of affordability, their attempts to look into these practices will not be fruitful in the short term. There exist $1 trillion in Adjustable Rate Mortgages which will reset in 2007. This is a definite recipe for more disaster as over-leveraged homeowners will not be able to make their payments and will invariably default, leading to more trouble for banks and a chain effect which will adversely affect the already-weakened economy. Banks and mortgage lenders are trying to come up with ways to ensure that people stay in their homes but the subprime market in particular with increasing foreclosures and the housing market in general is in the midst of a spectacular crash.

Stereotypes of the Russian Home at the 1851 Great Exhibition in Paris E

Russian House Since the 1851 Great Exhibition, world's fairs have always attempted to celebrate cultural diversity. In pavilions, participating countries promoted their natural resources and industrial products, while celebrating their national identity. However, not all cultures could be accurately portrayed. These exhibits did not prevent negative stereotypes about other people's cultures for persisting. Stereotyping almost became an art form, and was particularly apparent at the 1889 World's Fair in Paris, where specific buildings were built to exemplify architectural stereotypes of different countries. As part of an exhibition called L'Histoire de L'Habitation Humaine or History of Human Habitation, which was the creation of architect Charles Garnier. Many of these small structures related to remote and "exotic" locations around the world. One of the countries that received the exotic treatment was Russia, despite this country's political power. Charles Garnier was born in 1825 and studied architecture at the Paris Ecole des Beaux-Arts. After he was awarded the Grand Prix de Rome in 1848, he went to study architecture in Italy. In 1860, Garnier won the competition for the new Paris Opera House, which was not completed until 1875 and remains his most important commission. His other works include villas he built in Bordighera, Italy, an Observatory in Nice, the Cercle de la Librairie in Paris, and many very famous works in Monte Carlo, including a casino resort. Charles Garnier was also a self-appointed expert in world cultures and their architecture. Thanks to the fame he had acquired at the Paris Opera House, he was asked by the fair commission to design "foreign" buildings for the World's Fair in 1889. Later in 18... ...built by Garnier in for the World's Fair were a resounding success. Bibliography Chandler,Arthur."Revolution." http://charon.sfsu.edu/PARISEXPOSITIONS/1889EXPO.html World's Fair magazine. 1986 revised 2000. Doumato, Lamia. Charles Garnier, 1825-1898 Vance Bibliographies. Monticello, Ill. 1988. Garnier, Charles, "La Maison Russe," L'Habitation Humaine. Paris, Hachette 1892, 701-710 Jourdain, Frantz. Exposition universelle de 1889. Constructions à ©levà ©es au Champ de Mars par M.. Ch. Garnier... pour servir à   l'histoire de l'habitation humaine. J. W. Bouton, New York. 1892. Mead, Christopher Curtis. Charles Garnier's Paris Opà ©ra : architectural empathy and the renaissance of French classicism. MIT Press. Cambridge Mass. 1991. Vernes, Michel. "La leà §on d'architecture de Monsieur Garnier." Architecture intà ©rieure crà ©Ãƒ ©. 249, August-September1992, 38-45.

The Presentation of Isolation in Jane Eyre

Isolation in Jane Eyre and the Wide Sargasso Sea. The theme of isolation is explored in Bronte’s novel; Jane Eyre. This theme is also developed in The Wide Sargasso Sea, by Jean Rhys. Both pieces present different types of isolation, such as isolation due to location and the isolation of a character due to their social status, such as Jane’s status as a governess. The various ways in which isolation is present in each of the texts show how inescapable and unavoidable isolation is for the characters in both Jane Eyre and The Wide Sargasso, with it being present in such a large way in their lives.Physical isolation is present in both texts, with Jane in Jane Eyre and Antoinette in the Wide Sargasso Sea experiencing absolute isolation from society due to their location. In Jane Eyre, Jane experiences such isolation in chapter II when her outburst toward her cousin and patriarch of Gateshead Hall, John Reed, results in her being confined to ‘the red room’. Bron te writes ‘it was silent, because remote from the nursery; solemn, because it was know to be so seldom entered’.This description highlights the extent of the physical separation Jane faces whilst in the room. She is far away from any other beings, being unable to even hear other people, and with little possibility of the room being visited; it suggests there is little hope of escape from the separation from society she is presented with. By saying the room was ‘silent’, it reiterates the idea that Jane was isolated from all things and this highlights its severity and alienates Jane as she is out of touch with her surroundings, and the world.It is clear that this isolation is effective enough to have a negative impact on an individual, as Mrs Reed knowingly uses it as a punishment; this suggests that the isolation is severe. Separation for those who had committed atrocities was seen as apt in this period of 19th century Britain, as it was during this decade that ‘The Separate System’ was being introduced. John Howard proposed that in prisons, criminals must be isolated and alone, as it was felt that they must have time alone to ‘stew in their thoughts’, and to be separated from others to avoid influencing innocent people.The system, although having been used before, was taken up in many households as a punishment. This suggests that the separation from the Reed children, as Mrs Reed had ensured, was due to her fear that Jane would have a negative influence on her children, for fear that they too would learn her ‘ways of the devil’. A review of Jane Eyre, claimed ‘There is a low tone of behaviour (rather than of morality) in the book’, reiterating the point that Jane’s isolation was used to correct her behaviour.Jane’s desperation to escape is shown when she screams ‘Take me out! Let me go into the nursery! ’, and her desire to end her isolation is resultant in her hysteria, attempting to use methods such as violence and pleading to escape her separation. In The Wide Sargasso Sea, Annette and her family inhabit an isolated residence, and subsequently, due to their location, also face separation from society, much like in Jane Eyre.The house owned by Antoinette’s mother is rarely visited, Antoinette is aware of this blatant lack of interaction with other individuals as she asked ‘why so few people came to see us’, suggesting their isolation was severe enough to indicate, even to a child, that their isolation was not common. As Annette responds, it becomes clear that this is due to their geographical location, with the roads leading from Spanish town to their Coulibri estate in need of repair, they limit the accessibility of the residence to visitors and therefore , social interaction.When Annette’s horse, which she uses to attempt to escape the isolated area, dies, she claims ‘we are marooned’. The hyperbole used demonstrates her exasperation and desperation as she is confined to such an isolated area. The term ‘Marooned’ paints a picture of an island, again a piece of land geographical separate from society. This term also demonstrates how helpless she feels in the situation, and suggests she is unable to see a means of escape. It also presents the idea that the separation her family experiences is potentially dangerous.Evidence of isolation due to a characters place, or position, in society can be found in both novels. Bronte demonstrates the isolation Jane inflicts upon herself, coming as a result of her awareness of her place in society, in the Chapter 17 of Jane Eyre, which tells of Mr Rochester’s return from his unexpected departure to Gateshead hall, accompanied by numerous guests enjoying a social stay, comprising mainly of games and dinners. Jane intentionally separates herself from Mr Rochester’s prestigious guests as they gather in the st udy after dinner.After firstly declining her master’s request for her company, anticipating the isolation she will face, stemming from her inferiority in her class, she then goes on to separate herself. Bronte uses the first person narrative to reveal Jane’s feelings, such as in the narrative â€Å"I sit in the shade-if any shade there be in this brilliantly-lit apartments; the window-curtain half hides me†. This demonstrates Jane’s need to physically isolate herself from the party, attempting to not only isolate herself from their conversation with a book, but furthermore their presence, trying to hide.This also indicates her vulnerability, which contrasting with the confidence of the other women. This isolates her further. By saying ‘half hides me’ her reservations are highlighted, shown in the word ‘half’. This demonstrates how unsure she is about her position in society and the level of isolation she should therefore inflict upon herself, which reflects the confusion surrounding the matter in society in 19th century Britain. As a governess, Jane holds a position in society which, during this period, was unclear, as governesses were of the same class as their masters and their peers, but did not hold the same level of wealth.As a result, people serving as governesses would often suffer separation and alienation from those in higher and lower classes as they struggled to determine how to act toward beings in such occupations, Miss Ingram’s mother stating â€Å"don't mention governesses; the word makes me nervous†. Bronte was fully aware of such struggles faced by governesses at this time and wrote in a letter to a friend that his daughter ‘would be very unhappy as a governess’.This suggests Bronte’s knowledge of governesses’ were genuine, as she exerts this knowledge in her personal life. The idea of a struggle to be included is reiterated when the wealthy characte rs talk about Jane as though she isn’t there, which is unusual social behaviour to exert toward those of the same class; â€Å"I noticed her; I am a judge of physiognomy, and in hers I see all the faults of her class. This only furthers Jane’s isolation and separation from the party. Resulting from this place in society and her inferiority in wealth, Jane’s ‘plain grey dress’ contrasts with the extravagant and expensive attires of the other females â€Å"Her black satin dress, her scarf of rich foreign lace, and her pearl ornaments†, furthering her blatant separation and isolation from such a group of people through even her clothing. The Wide Sargasso Sea also presents the theme of isolation due to place in society.Antoinette’s mother, Annette and her spouse were previously slave owners. As a result of this, they are the only white people in the almost solely black community of Coulibri. Slaves in the 19th century were common and wer e often subject to harsh treatment and laborious tasks set by their owners. This would subsequently result in bitterness toward those who had enslaved them, bitterness which drives one man to suicide in The Wide Sargasso Sea.In chapter one of The Wide Sargasso Sea, Antoinette talks about the late man’s house, ‘soon the black people said it was haunted, they wouldn’t go near it. And no one came near us’, groups the family with a house the black community think of as haunted. This suggests that Antoinette feels the black community also believe her family to be alienated and viewed as though from a different world, something to be feared and avoided. By saying ‘near us’, the severity of the isolation they faced is highlighted, with people refusing to even get remotely close to them.This is more severe that Jane’s isolation in chapter 17, in the sense that she is still in the company of others, with Antoinette and Annette rarely experiencin g this, furthermore Jane’s isolation is partly self-inflicted, whereas in The Wide Sargasso Sea, the two desperately wish to escape the isolation they faced, eventually seeking an escape in marriage, however, some could argue Jane’s isolation is consistent throughout her life, having no family, this type of isolation, unlike that faced in her situation in chapter 17, is not self inflicted.Isolation is a theme explored in both Jane Eyre and The Wide Sargasso Sea, with both texts sharing many similarities, in the severity of the isolation faced by characters in each piece for example, and many differences, such as the way in which characters of both novels escaped such loneliness.

Psychology, Theology And Spirituality - 1445 Words

There are some text books that you read and you know, will not only become part of your library, but will definitely become part of your life and this is one of them. Mark R. McMinn uses his book, Psychology, Theology and Spirituality in Christian Counseling to integrate the use of spirituality in Christian counseling in a way that a counselor can use them in a counseling session effectively. McMinn makes the use of various spiritual techniques like prayer, reading the Word and confession and incorporates them in ways that make spirituality work alongside theory in a cohesive matter. McMinn explains the world pf psychology and theology is not only something that confuses the client but also the counselor (McMinn 2011). Integrating the two fields is something that has become quite popular in counseling but we must be cautious on the counselor that we chose. McMinn explains that a psychologist with minimal training in theology will often minimize the importance of doctrine and Christia n beliefs and a theologian with out psychological training will misunderstand the complexities of clinical application (McMinn 2011). To integrate the two studies there needs to be a balance that can equally deal with the issues of clients that are entering your counseling session. McMinn discusses how becoming a Christian counselor can be very difficult. He explains that psychologist can focus on symptom reduction and on ego strength and Christian counselor is concerned withShow MoreRelatedPsychology, Theology And Spirituality1267 Words   |  6 Pages A 4-MAT Review: Psychology, Theology and Spirituality in the Christian Counseling Introduction Mark McMinn is a trained psychologist who is known for his book that was written in 1996 called Psychology, Theology and Spirituality in Christian Counseling. McMinn had advocated for the Christians who are counselors for many years. McMinn is very experienced in the work and in his field of study. One of the biggest things that McMinn stresses is the importance of establishing and maintaining a goodRead MorePsychology, Theology, And Spirituality Essay1665 Words   |  7 Pages Mark R. McMinn’s (2011) Psychology, Theology, and Spirituality in Christian Counseling establish a way to bring Psychology, Theology, and Spirituality to Christian Counselors. He introduces a replica of how to integrate the three disciplines in the counseling office. The purpose of the book is to instruct counselors how to integrate categories of Psychology, Theology and Spirituality into Christian Counseling. McMinn (2011) contends that many challenges both professional and personal face ChristianRead MorePsychology, Theology, And Spirituality Essay1244 Words   |  5 PagesSummary Psychology, Theology, and Spirituality in Christian Counseling by Dr. Mark R. McMinn is a very insightful reading for Christian counselors. This book was originally written in 1996, but the revised in 2011 with the help of Dr. McMinn s students. McMinn begins his wonderful reading by introducing the readers to religion in the counseling office. He starts this section a potential client scenario. This client is looking for a suitable counselor who is spiritually sensitive. Different counselorsRead MorePsychology, Theology, And Spirituality1843 Words   |  8 Pages Psychology, Theology, and Spirituality Summary McMinn unveils the realism of what essentially happens in the counseling office. He dives into the fitting together â€Å"Psychology, Theology, and Spirituality in Christian Counseling†. McMinn explains how â€Å"those who enter therapy in the midst of their pain experience a restorative counseling relationship that brings acceptance hope, and meaning into their broken lives† (McMinn, 2011, p. 20). There are various questions surrounding Christian counselingRead MorePsychology, Theology, And Spirituality1411 Words   |  6 PagesPsychology, Theology, and Spirituality in Counseling by Mark R. McMinn is a book that discusses two different characteristics of the Christian Counseling field: in counseling sessions and life beyond the counseling sessions for example, the counselor’s job and the counselor’s life. Dr. McMinn starts his book with a brief section written with James Wilhoit that discusses religion in the counseling office. This first section talks about the importance of making good use of the Christian faith in counselingRead MorePsychology, Theology, And Spirituality891 Words   |  4 PagesReview of McMinn Summary In the book Psychology, theology, and spirituality in Christian counseling by Mark McMinn (2011), he explores the simultaneous integration of psychology, theology, and spirituality in the counseling relationship. McMinn (2011), stresses the importance of this skill throughout the text and offers insightful and effective ways to manage this. In order to further breakdown this information, McMinn (2011) discusses and evaluates six religious intervention strategies: prayerRead MorePsychology, Theology, And Spirituality1658 Words   |  7 PagesSummary In the book, Psychology, Theology, and Spirituality in Christian Counseling, McMinn expands upon the theory of integrating psychology and theology by providing the reader with concrete methods to utilize in counseling. His approach to integration is filled with helpful guidance for any counselor striving to strike the appropriate balance in their sessions. McMinn divulges into how and when to use scripture, prayer, confession and redemption. He advocates for utilizing these methods on aRead MorePsychology, Theology, And Spirituality1413 Words   |  6 PagesThe book â€Å"Psychology, Theology, and Spirituality in Christianity Counseling† by Mark R. McMinn (2011) is an informative read that delves into the issues of practically integrating concepts of psychological counseling in the Christian context. Some of the questions that McMinn (2011) aspires to address in the book include whether it is appropriate to pray with clients, the role of confession during the therapy process , whether counselors should use scripture memory during the interventions as wellRead MorePsychology, Theology, and Spirituality in Christian Counseling by Mark McMinn1464 Words   |  6 Pages4 MAT Review McMinn Lynetric Rivers Liberty University Abstract In the book, â€Å"Psychology, Theology, and Spirituality in Christian Counseling†, author Mark McMinn gives the reader information on how these three entities can work together in Christian counseling. McMinn offers several ways in which this can be done including the use of prayer, Scripture, confession, forgiveness, the effects of sin, and redemption in counseling sessions. Through narration of counseling vignettes displaying differentRead MoreA Review Of Mcminn s Text : Psychology, Theology, And Spirituality1195 Words   |  5 PagesA Review of McMinn’s Text: Psychology, Theology, and Spirituality in Christian Counseling Summary McMinn tells how psychology, theology, and spirituality are used and how they should be used in Christian counseling. A Christian counselor has to look at not necessarily psychology and theology in a counseling session but how religion and spiritually is brought into the session. McMinn (2011) states, â€Å"Religious interventions require us to understand spiritual formation, place priority on personal spiritual