Delinquencies and Home Equity

first_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Urban Institute’s Housing Finance Policy Center released its monthly chartbook, revealing an expanding housing market with rising equity, a low share of adjustable-rate mortgages (ARMs), and a continuing rise in the presence of nonbank mortgage loan originators. Growing household equity is amplifying the value of the housing market. As of the first quarter of 2018, total household equity stood at a record high of $15.7 trillion, the Urban Institute reported according to data from the Federal Reserve. Meanwhile, debt and mortgages held steady at $10.6 trillion. Mortgage loans continue to perform well. The hurricanes in the second half of 2017 led to a spike in serious delinquencies, bringing them to 1.72 percent. However, as of the first quarter of this year, serious delinquencies were down to 1.45 percent, and 1.16 percent of loans were in foreclosure. The total value of the housing market is up 10 percent from its pre-crisis peak reached in 2006, now at $26.4 trillion, according to the report. Taking a look at the composition of the mortgage market, the Urban Institute found agency mortgage-backed securities accounted for 59.3 percent; unsecuritized first liens at the GSEs, commercial banks, savings institutions and credit unions accounted for 30.1 percent; private-label securities accounted for 4.9 percent; and second liens claim the remaining 5.7 percent of the market. With interest rates on the rise, first lien originations dropped 16 percent over the year in the first quarter, totaling $380 billion. When it comes to the types of mortgages fixed-rate mortgages continue to dominate the purchase market while ARMS claim just a meager market share. As of May 2018, 30-year fixed-rate mortgages accounted for 89.0 percent of new purchase loan originations, while ARMs made up just 5.6 percent of new originations. While this disparity has been the trend of late, the Urban Institute pointed out this wasn’t always the case. During the peak of the housing bubble in 2005, ARMs made up 52 percent of new originations. In 2009, they plummeted to just 1 percent of the market. They climbed back to 12 percent in December 2013 before declining to today’s 5.6 percent. Moving forward, “We would expect the ARM share to remain low as long as mortgage rates stay relatively low and the yield curve remains relatively flat by historical standards,” the Urban Institute said. Also of note in the monthly chartbook from the Housing Finance Policy Center is the fact that nonbank mortgage originators are continuing to grow and are contributing to an expansion in credit access. Nonbank originations make up more than half of agency volume, according to the Urban Institute, claiming 79 percent at Ginnie Mae, 55 percent at Fannie Mae, and 58 percent at Freddie Mac. Having recently reported an expansion in credit access according to its Housing Credit Availability Index, the Urban Institute reflected that its index reached its highest level since 2013 in the first quarter of this year, and nonbanks are a major contributor to this increase. “Nonbank originators have played a key role in opening up access to credit,” the report noted. While median loan-to-value ratios for nonbanks are similar to those recorded at banks, debt-to-income ratios are higher. However, rising interest rates are contributing to higher debt-to-income ratios among all originators across the board, with the Urban Institute explaining: “Rising DTIs are to be expected in a rising rate environment, as higher rates and usually accompanying higher home prices drive up borrowers’ monthly payments, and the reduction in refinance volumes makes lenders more apt to work a bit harder to get a loan approved for a marginal borrower.”Regardless, credit is still relatively tight, as evidenced by FICO scores on new purchase loans. The bottom 10th percentile of FICO scores stood at 648 in April, up from the low 600s prior to the housing crisis. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Previous: Michigan Residents Get Foreclosure Relief Next: HUD Approves $1.5B Disaster Aid for Puerto Rico Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Home / Daily Dose / Delinquencies and Home Equity Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe 2018-07-30 Krista Franks Brock About Author: Krista Franks Brock July 30, 2018 3,078 Views Share 1Save The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, Journal, News Sign up for DS News Daily Delinquencies and Home Equitylast_img read more

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Financial Services Bills Address Rural Housing and Appraisals

first_img Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Tagged with: House of Representatives The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Financial Services Bills Address Rural Housing and Appraisals House of Representatives 2019-09-11 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Government, News About Author: Seth Welborn September 11, 2019 1,282 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Postcenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Previous: Hurricane Season Hitting its Peak Next: Promotion of Innovation, Compliance Addressed in New CFPB Policies The U.S. House of Representatives passed five bills offered by House Financial Services Committee Members on Tuesday, three of which are directly housing related. The bills included the Homebuyer Assistance Act of 2019 (H.R. 2852), which seeks to make it easier for homebuyers to buy a home with a Federal Housing Administration (FHA) mortgage by alleviating the current shortage of certified appraisers. This bill was introduced by Rep. Brad Sherman.The House also passed two bills related to multifamily and public housing, the Strategy and Investment in Rural Housing Preservation Act of 2019 and the Safe Housing for Families Act of 2019. The Rural Housing Preservation Act  would permanently authorize the U.S. Department of Agriculture’s (USDA) Multifamily Housing Preservation and Revitalization (MPR) Program and further authorizes $1 billion to carry out the program. It also requires USDA to come up with a plan for preservation of rural multifamily housing backed by USDA loans and establishes an advisory committee to advise USDA in implementing this plan.The Safe Housing for Families Act is a bill that protects residents of public housing from carbon monoxide poisoning by authorizing over $300 million over three years to fund the installation and maintenance of carbon monoxide detectors in Department of Housing and Urban Development-subsidized housing units that have combustion-fueled appliances or a ventilation system that connects them to such units.A non-housing related bill passed on Tuesday titled the Ensuring Diverse Leadership Act of 2019. This bill would require the Federal Reserve Bank to interview at least one individual reflective of gender diversity and one reflective of racial or ethnic diversity in making the appointment of a regional bank president. This bill was introduced by Rep. Joyce Beatty, Chairwoman of the Subcommittee on Diversity and Inclusion. Another non-housing bill was the Bank Service Company Examination Act. The bill’s goal is to amend the Bank Service Company Act by enhancing the coordination of state banking agencies with federal banking agencies in regulating and examining the activities of bank service companies. It also allows for the sharing of information related to examinations and regulations between federal and state agencies related to banks’ technology service providers. Demand Propels Home Prices Upward 2 days ago Financial Services Bills Address Rural Housing and Appraisals Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

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The Limits of the ‘FEMA Hold’ Moratorium

first_img in Commentary, Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: For Homeowners, ‘Historically Affordable’ MBS Remain Source of Capital Next: The Industry Pulse: Women’s History Month Edition Home / Commentary / The Limits of the ‘FEMA Hold’ Moratorium Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post FEMA holds Foreclosures Texas 2021-03-08 David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles In February 2021, an unprecedented snap of winter weather covered much of Texas in snow, ice, and freezing temperatures. Although the winter weather lasted less than one week, the federal declaration of a major disaster in Texas initiated a FEMA Hold that will last 90 days. At a time when many loans already fall under the COVID moratorium, servicers should consider several limits of the FEMA Hold, which suggest it may not apply widely in Texas.Source of the FEMA HoldThe Robert T. Stafford Disaster Relief and Emergency Assistance Act empowers the president to declare a major disaster or emergency, thereby initiating relief efforts coordinated by FEMA (42 U.S.C. 5121–5208). The current version of the Stafford Act does not mention foreclosures or mortgages. What, then, is the source of the FEMA Hold?The FEMA Hold refers to a regulation set forth by the Department of Housing and Urban Development (HUD) in Chapter 14 of the Administration of Insured Home Mortgages Handbook (4330.1). The regulation provides: “All the National Disaster Areas identified by the Federal Emergency Management Agency (FEMA) will be subject to a moratorium on foreclosures following the disaster.” (Handbook 14-2.)Limit 1: FHA-Insured MortgagesTo what types of mortgages does this moratorium apply? The stated purposes of Chapter 14 focus on mortgages insured by the FHA. Chapter 14 regulations aim in part at mitigating “hardships faced by mortgagors with FHA-insured mortgages” and reducing “the impact of the disaster on claims submitted for FHA insurance benefits.” (Handbook 14-1.A.)Furthermore, the Handbook exists to provide “guidelines that must be followed when servicing an FHA/HUD-insured mortgage” (Handbook 1-2). Chapter 14 authorizes FEMA to give temporary mortgage payments assistance to “eligible applicants who, as a result of a major disaster or emergency, have received written notice of dispossession or eviction from their primary residence by foreclosure of any mortgage or lien” [Handbook 14-6, citing 44 CFR 206.101(g)]. The context of the Handbook and the relevant provision of the Code of Federal Regulations, taken together, presuppose that foreclosures may proceed on non-FHA-insured mortgages even under a FEMA Hold. Although borrowers with other types of mortgages may apply to FEMA for financial assistance with loan payments, the moratorium on foreclosures does not apply to those borrowers.Fannie Mae, Freddie Mac, and VA LoansLike the Handbook, this article focuses on FHA-insured mortgages. Fannie Mae’s Servicing Guide section D1-3-01, entitled “Evaluating the Impact of a Disaster Event and Assisting a Borrower,” addresses servicing loans of borrowers impacted by natural disasters. Freddie Mac’s Single-Family Seller/Servicer Guide at chapter 8404 considers “Servicing Mortgages Impacted by a Disaster.” The U.S. Department of Veterans Affairs (VA) encourages servicers to establish a 90-day moratorium and to extend all possible forbearance to borrowers on VA-insured loans impacted by disasters. See VA Guidance on Natural Disasters (citing 38 CFR 36.4311, 4314, 4315, and 4359). These resources provide starting points for exploring the differing rules and guidelines for responding to natural disasters set forth by Fannie Mae, Freddie Mac, and the VA.Limit 2: Properties Directly Affected by the DisasterReturning to FHA-insured loans, HUD clearly and emphatically limits the FEMA Hold to properties directly affected by the natural disaster: “The property has to be directly affected by the disaster to be included in the moratorium” (Handbook 14-2). Hurricane Katrina in Louisiana or Hurricanes Matthew and Irma in Florida directly affected many properties by leveling or severely damaging them. The FEMA Hold undoubtedly covered such properties. However, the recent winter weather in Texas had less physical impact on properties.On February 19, 2021, the president declared that a major disaster exists in 77 counties in Texas. FEMA added another 31 counties to the federal disaster area on February 23, 2021. However, the disaster was limited to atypical cold weather including snow and ice and power outages. The snow and ice melted and power was restored to most homes less than a week after the declaration. Although some roofs were damaged under the weight of snow and ice, property damage occurred mainly where water pipes froze and burst, causing water leakage. Because such damage could be immediately mitigated by turning off water sources, relatively few residential homes sustained extensive damage as a direct result of the natural disaster. Therefore Texas’ winter weather affected relatively few homes such that they would fall under the FEMA Hold.Limit 3: ForeclosuresFinally, HUD limits the FEMA Hold “to the initiation of foreclosures and the suspension of all foreclosures already in process” (Handbook 1402.B). HUD omits from the FEMA Hold additional restrictions on mortgagees found in the CARES Act and Regulation X. Specifically, the FEMA Hold does not prohibit mortgagees from moving for a foreclosure judgment or order of sale [see Handbook 1402.B; cf. CARES Act § 4022(c)(2); 12 C.F.R. § 1024.41]. Under a FEMA Hold, then, servicers may continue to prosecute foreclosure actions.ConclusionThe moratorium of the FEMA Hold prohibits only foreclosures of FHA-insured loans on properties directly affected by the declared disaster. Strictly speaking, the FEMA Hold likely applies to few homes in the Texas counties declared to be disaster areas during the winter weather of February 2021. Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img About Author: Daniel Van Slyke Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save The Limits of the ‘FEMA Hold’ Moratorium March 8, 2021 4,388 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Daniel G. Van Slyke is a Senior Attorney in the Litigation Department of Mackie, Wolf, Zientz & Mann, P.C. Mackie Wolf represents lenders and servicers throughout the states of Texas, Tennessee, and Arkansas. Van Slyke earned his law degree magna cum laude from Texas A&M University School of Law in Fort Worth. Before joining Mackie Wolf, Van Slyke worked under Justice Bob McCoy in the Second Court of Appeals in Fort Worth. Van Slyke is admitted to the state bars of Texas, California, and Missouri. He can be reached at [email protected] Tagged with: FEMA holds Foreclosures Texas Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Subscribelast_img read more

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Pipe bomb made safe in Dungannon

first_img Pinterest Previous articleSoccer – Devine Delighted To Take Charge Of His Home ClubNext articleMore budget protests taking place this afternoon News Highland Facebook A number of homes and businesses had to be evacuated in Dungannon last evening after a suspicious object was spotted on Mark Street.Army experts attended the scene, and determined the object was a pipe bomb.It was made safe and residents allowed return to their homes last night. Facebook Help sought in search for missing 27 year old in Letterkenny WhatsApp News NPHET ‘positive’ on easing restrictions – Donnelly Google+ Pinterest By News Highland – January 8, 2012 center_img Pipe bomb made safe in Dungannon Google+ Guidelines for reopening of hospitality sector published LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton WhatsApp Three factors driving Donegal housing market – Robinson Twitter RELATED ARTICLESMORE FROM AUTHOR Calls for maternity restrictions to be lifted at LUH Twitterlast_img read more

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Receiver handling hospital contractor announces assets sale

first_imgNewsx Adverts NPHET ‘positive’ on easing restrictions – Donnelly Facebook Pinterest Facebook By News Highland – November 20, 2010 Pinterest WhatsApp The receiver appointed to Michael McNamara & Company, has put its main assets up for sale.Declan Taite, of Farrell Grant Sparks, has invited offers for the business and for its assets.Work on the new emergency department at Letterkenny General Hospital has ground to a halt as a result of the company going in to receivership.Declan Taite has invited offers for the company’s assets that include substantial work in progress sites, large premises in Dublin and Galway, plant and machinery and motor vehicles.The company was well advanced in the construction of the new emergency department at Letterkenny General Hospital, however it is not clear how the assets sale will effect that project.Taoiseach Brian Cowen says the money has been allocated to finish the department but said that how it would be finished was for the determination of  NAMA.Michael McNamara & Company went into receivership following a legal action by NAMA as part of its efforts to recover the millions owed to Irish banks.Declan Taite has already closed down the company’s sites and laid off half of its 110 staff.The asset sale is the next part of the process to recover as much money as possible to pay off the debts Mr McNamara owes. He personally owes about €1.5bn. Twitter Almost 10,000 appointments cancelled in Saolta Hospital Group this week Google+center_img Three factors driving Donegal housing market – Robinson Previous articleFine Gael election candidate accuses Senator O’Domhnaill of being ‘out of touch’Next articleSt Johnston man vows to fight council bid to demolish home News Highland Google+ LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton RELATED ARTICLESMORE FROM AUTHOR Receiver handling hospital contractor announces assets sale Calls for maternity restrictions to be lifted at LUH Guidelines for reopening of hospitality sector published WhatsApp Twitterlast_img read more

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Arts Minister refuses to answer questions on Mc Nulty Seanad candidacy

first_img RELATED ARTICLESMORE FROM AUTHOR WhatsApp By News Highland – September 27, 2014 Google+ Pinterest Facebook Almost 10,000 appointments cancelled in Saolta Hospital Group this week WhatsApp The Arts Minister has refused to answer any further questions about John McNulty.Heather Humphreys attended an event at The National Gallery in Dublin this morning where she blanked waiting reporters.Yesterday the Taoiseach admitted he was responsible for the controversy surrounding the Donegal man’s candidacy for the Seanad bye-election, and his appointment to the Board of IMMA.When asked about Enda Kenny’s comments, Heather Humphreys walked passed reporters giving only a stony silence…………..Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/09/humphsilence.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Facebook Minister McConalogue says he is working to improve fishing quota LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton center_img Pinterest Twitter Homepage BannerNews Arts Minister refuses to answer questions on Mc Nulty Seanad candidacy Twitter Need for issues with Mica redress scheme to be addressed raised in Seanad also Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Previous articleMac Lochlainn hits back at Mc Gowan’s criticism of Sinn FeinNext articleRyder Cup: Day 2 Foursomes News Highland Google+ 70% of Cllrs nationwide threatened, harassed and intimidated over past 3 years – Reportlast_img read more

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71 year-old Derry woman has been targeted by thieves as slept in her home

first_img RELATED ARTICLESMORE FROM AUTHOR 71 year-old Derry woman has been targeted by thieves as slept in her home A 71 year-old Derry woman has been targeted by thieves as slept in her home.Detectives are appealing for information following the burglary in Shaw Court during the early hours of Saturday morning, 24th November.Sometime between 12.30am and 8.30am, the house was entered and a sum of cash, bank cards and mobile phone were stolen.A 71-yr old female was asleep in the house at the time but was not injured. It is thought the burglars gained entry to the house through an open door.Police are appealing to anyone who may have seen anyone acting suspiciously in the area or has any information to contact them. Twitter Twitter Pinterest By News Highland – November 26, 2012 WhatsApp WhatsApp Man arrested on suspicion of drugs and criminal property offences in Derry 75 positive cases of Covid confirmed in North Google+center_img Pinterest Google+ Facebook Previous articleMcGarvey gets council backing for Rathmullan public toiletsNext articleMilton Keynes arrest as part of Kerr murder investigation News Highland News 365 additional cases of Covid-19 in Republic Main Evening News, Sport and Obituaries Tuesday May 25th Further drop in people receiving PUP in Donegal Facebook Gardai continue to investigate Kilmacrennan firelast_img read more

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Deputy Doherty urges Government to abandon property tax plans

first_img Facebook Deputy Doherty urges Government to abandon property tax plans RELATED ARTICLESMORE FROM AUTHOR Man arrested on suspicion of drugs and criminal property offences in Derry Main Evening News, Sport and Obituaries Tuesday May 25th 365 additional cases of Covid-19 in Republic Facebook By News Highland – August 27, 2012 Google+ WhatsApp Twitter Google+center_img 75 positive cases of Covid confirmed in North News Previous articleStrabane man faces jail after posting racist tweets on Liverpool FC websiteNext articleBishop Boyce announces clerical changes in Raphoe Diocese News Highland Further drop in people receiving PUP in Donegal WhatsApp Twitter Pinterest Sinn Féin is urging the Government to abandon plans for a property tax next year and introduce a wealth tax instead.The party says people should only pay tax on assets totalling more than one-million-euro.At the weekend, it emerged the coalition’s told the Troika it will introduce a ‘value based’ charge for next year – but it’s unclear if that’s on the site or the property.Donegal South-West Deputy Pearse Doherty says neither way is fair:[podcast]http://www.highlandradio.com/wp-content/uploads/2012/08/pd.mp3[/podcast] Pinterest Gardai continue to investigate Kilmacrennan firelast_img read more

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Update – Buncrana Road in Derry reopens, three other roads still closed

first_img The Buncrana Road in Derry has reopened between the Skeoge Road and Templemore Sports Complex following an earlier security alert. The Coshquin, Whitehouse and Groarty Roads remain closed.Police say they are searching the area following reports of suspicious activity, and army bomb disposal experts are at the scene. Previous articleGardai identify mystery girl found in DublinNext articleMayor will attend opening of Letterkenny Water Treatment plant News Highland Google+ 75 positive cases of Covid confirmed in North Twitter Update – Buncrana Road in Derry reopens, three other roads still closed RELATED ARTICLESMORE FROM AUTHOR Pinterest WhatsApp Twitter Facebook Man arrested on suspicion of drugs and criminal property offences in Derry center_img WhatsApp By News Highland – November 6, 2013 Facebook Pinterest Main Evening News, Sport and Obituaries Tuesday May 25th 365 additional cases of Covid-19 in Republic Google+ Further drop in people receiving PUP in Donegal News Gardai continue to investigate Kilmacrennan firelast_img read more

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Fears grow for Lifford Hospital as HSE puts final touches to service plan

first_img Previous articleKenny quits Derry City to manage Shamrock RoversNext articlePSNI appeal for information about Strand Road traffic incident News Highland Google+ Man arrested on suspicion of drugs and criminal property offences in Derry Facebook WhatsApp By News Highland – December 24, 2011 Pinterest WhatsApp RELATED ARTICLESMORE FROM AUTHOR Twitter Google+ Fears grow for Lifford Hospital as HSE puts final touches to service plancenter_img Gardai continue to investigate Kilmacrennan fire Further drop in people receiving PUP in Donegal 365 additional cases of Covid-19 in Republic Twitter 75 positive cases of Covid confirmed in North Newsx Adverts Facebook Main Evening News, Sport and Obituaries Tuesday May 25th A decision on the future of Lifford Community Hospital and other facilities in Donegal could be known early in the new year. The Irish Times is reporting today that a draft service plan to be given to Health Minister Dr James Reilly by the HSE next week will include provision for the closure of 10 facilities and 900 community hospiotal and nursing home beds next year.A recently leaked document shows that at present, Lifford is the only facility which is being considered for closure in Donegal, but a comment from MInister Reilly recently that units with less thn 50 beds are at risk has led to considerable concern across Donegal. Pinterestlast_img read more

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