Loan Processing Could Slow Due to Appraiser Shortage

first_img Appraisal Subcomittee ASC Board of Governors of the Federal Reserve System FDIC Federal Deposit Insurance Corporation Federal Financial Institutions Examination Council FFIEC National Credit Union Administration OCC Office of the Comptroller of the Currency 2017-05-31 Staff Writer Sign up for DS News Daily Home / Daily Dose / Loan Processing Could Slow Due to Appraiser Shortage The Best Markets For Residential Property Investors 2 days ago Subscribe Share Save Previous: Appeals Court Dismisses LA Case v. BofA, Wells Next: Elm Street Technology Acquires Consolidated Knowledge Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago May 31, 2017 1,447 Views About Author: Staff Writer Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Appraisal Subcomittee ASC Board of Governors of the Federal Reserve System FDIC Federal Deposit Insurance Corporation Federal Financial Institutions Examination Council FFIEC National Credit Union Administration OCC Office of the Comptroller of the Currency Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Due to a shortage of licensed and certified appraisers in rural areas, which has led to significant delays in the consideration of loan applications, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, National Credit Union Administration, and the Office of the Comptroller of the Currency issued a joint advisory Wednesday to regulated institutions on suggested alternatives. Appraisals are of paramount importance in pushing through loan applications, as financial institutions will not supply a mortgage to a prospective buyer for more than the property is valued by the appraisal.The advisory offers two possible solutions for effected areas to deal with the shortage. The first and most ideal option is for states to issue temporary practice permits, which would allow appraisers licensed in other states to work in areas experiencing shortages. Out-of-state licensed appraisers must apply to the wanting state’s regulatory agency for their temporary permit. Per Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act, states are barred from requiring extreme licensing requirements or charging excessive fees in order to secure the permit.States experiencing shortages are also encouraged to engage in reciprocity with one another and recognize each state’s appraisal certification and licensing, allowing out-of-state appraisers to perform duties for federally related transactions without having to go through all the red tape.The second, and more complicated and cumbersome option would be for the Appraisal Subcommittee (ASC) to issue temporary waivers of any state imposed certification or licensing requirements to facilitate the timely completion of federally related transactions.In order for the ASC to consider a temporary waiver, a federal bank regulatory agency, regulated credit union or financial institution, or state appraisal licensing agency must submit a request and provide evidence of the shortage of appraisers in a certain geographic area and also prove that the shortage is the cause of “significant delays.”This route is also the more time consuming of the two, as the ASC is required to post a public notice on the Federal Registrar and has 15 days to post its decision. And, even if the temporary waiver is approved by the ASC, its validity is still up to the discretion of the Federal Financial Institutions Examination Council (FFIEC), who has the final say.There is, however, one benefit for institutions to attempt to obtain a temporary waiver, which is that, once approved, the waiver will apply to all regulated institutions in that geographical area regardless of which institution submitted the application. The ASC determines how long the waiver will be valid, and may terminate the waiver if the shortage ebbs. Financial institutions may also petition for an extension if the shortage persists after the waiver’s expiration, although that, once again, will be subject to review by both the ASC and the FFIEC. Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Loan Processing Could Slow Due to Appraiser Shortage Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Postlast_img read more

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The future is bright for the Bulldogs entering year 4

first_imgOn the court, the team has had success since day one.When putting a roster together these team owners are thinking about a lot more than just talent on the floor. “There has been a lot of hard work that goes into this,” said Derkach. Jimmy Evans and Meribeth Derkach introduced the Bulldogs to Binghamton in November of 2017. “My passion is basketball so bringing those two things together, business and basketball for me personally was a great idea, it was a dream job,” said Bulldogs owner Jimmy Evans. “We do go home after and take a deep breath and say that feels really good,” said Evans. BINGHAMTON (WBNG) – Three years ago the Bulldogs came to Binghamton with uncertainty following. In that short time the team has become a main attraction. The Bulldogs have a fan base that rolls deep. No matter which venue the team plays in, the Bulldog faithful has followed. “After the game they can give them a high-five and tell them how great they did and that’s where our focus lies is we are really tangible to our fans,” said Derkach. center_img “We want to bring in talented people to our community but also quality citizens to our community,” said Evans. In just three short years, the city has recognized the team as their own. As the two owners celebrate three years of success, they hope the next three will be even better. “We’ve been blessed that the community has really bought into us and believes in us and it’s just been a roller coaster the whole way,” said Evans. The Bulldogs will compete in the East Coast Basketball League next season. Evans is eyeing an early January start. “Our main strength is our fan base,” said co-owner Meribeth Derkach. last_img read more

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First microscopy centre for South Africa

first_imgThe high resolution transmission electronmicroscope, valued at R30m, thatcan measure materials down tothe atomic level.(Image: NMMU) Jan Neethling, head of the centre andone of the country’s foremost electronmicroscopists.(Image: NMMU) The new facility is the most sophisticatedbuilding of its kind on the continent(Image: NMMU)MEDIA CONTACTS • Debbie Derry Senior Manager: CommunicationMarketing and Corporate Relations+27 41 504 3057Wilma den HartighSouth Africa’s new R120-million (US$15 million) electron microscopy centre, the first of its kind on the continent, will enable the country and Africa to compete with the world’s best in nanoscience and nanotechnology research.The Centre for High Resolution Transmission Electron Microscopy (HRTEM) is based at the Nelson Mandela Metropolitan University in Port Elizabeth, Eastern Cape.Nanoscience is the study of atoms, molecules and objects at microscopic scale. Nanotechnology, often referred to as “the science of small things” has numerous applications in the development and manufacture of new products.“Without a doubt, this new centre for nanoscience and nanotechnology is going to mean big business for South Africa,” says Prof Jan Neethling, head of the centre and one of the country’s foremost electron microscopists.The hi-tech HRTEM centre was established in collaboration with the National Research Foundation, the Department of Science and Technology, Sasol and the Department of Higher Education and Training.“To be internationally competitive in materials research and nanoscience, South Africa needed a modern, high-resolution transmission electron microscopy facility,” he says.Bringing world-class technology to SANeethling says that until now South African scientists had to travel overseas to conduct research of this nature.“For many years, South Africa couldn’t afford or didn’t realise the importance of putting money into a centre like this,” he adds.Now that the new centre is up and running, scientists can conduct world-class research without leaving the country.Importance of electron microscopy researchElectron microscopy uses electron microscopes to view objects. This type of microscope is capable of much higher magnifications and has a greater resolving power than a light microscope, enabling the viewing of far smaller objects in finer detail.Developments in electron microscopy over the past 80 years have yielded many important technological advances worldwide.It has contributed to the development of modern engineering materials and the micro-electronics revolution, which has given the world access to television, mobile phones, optical fibre communication and computers.In the medical field it has enabled biologists to study the structure of cells, bacteria and viruses.Powerful microscopes on siteThe centre is equipped with technology valued at R90-million ($11 million). The suite of instruments includes the Japanese-made high-resolution transmission electron microscope, which can analyse materials at atomic level. It’s one of the world’s highest resolution commercial analytical transmission electron microscopes.There are also three additional hi-tech electron microscopes, each with different capabilities.Having such advanced technology in South Africa is of major benefit to the country.Neethling says it will help South Africa to become a manufacturing-driven nation and improve its international competitiveness.“With our research and instruments we will be able to assist with the development of new products,” he explains.Many industries to benefitSectors that can benefit from research conducted at the centre include the aerospace and automotive industries, Sasol’s coal-to-liquids technology, the cutting and drilling tool industry, nuclear energy, minerals beneficiation and sensor technologies such as infra-red.The new technology will also make it possible to perform important research into national priorities, which include clean water, energy, mineral beneficiation and manufacturing.Sasol will use the high-resolution microscope, in which it has invested R6-million ($764 000), to improve and analyse the catalysts required to make liquid fuels and chemicals from coal.Element Six, which manufactures synthetic diamonds, will use the facility to improve the strength of oil drill bits composed of synthetic diamond particles held together by a strong glue-like compound.Neethling says the development of these diamond tools relies heavily on nanoscale research using high-resolution electron microscopy.Building designThe new facility is the most sophisticated building of its kind on the continent and had to be constructed in keeping with stringent requirements.The HRTEM centre consists of two buildings: one houses the microscopes and the other accommodates staff and students.The building and research centre had to be designed around the high resolution transmission electron microscope. The structure was built in such a way to protect the microscope from mechanical and acoustic vibrations and magnetic fields, as the slightest deviation could result in failure to see atoms.The labs housing each microscope also have to be absolutely quiet to limit mechanical vibrations. To achieve this, a “room within a room” design was used.Each lab is built on top of a large isolated concrete block, weighing 100 tons, positioned on a specially prepared graded substrate. Each concrete block and adjoining laboratory is separated from external walls by a 100mm air cavity on all four sides.last_img read more

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Boxers, paddlers give India four gold medals

first_imgAchanta Sharath Kamal cries as India’s national anthem is played at the medal ceremony for the tables tennis men’s doubles event at the Delhi Games. Sharath had promised his coach the anthem would play at the ceremony. Having lost the singles semifinal narrowly, Sharath and Subhajit Saha came from behind to win the men…’s doubles gold. [Read story: http://bit.ly/bFVYbr] – PTI PhotoIndia’s Achanta Sharath Kamal and Subhajit Saha bagged the men’s doubles table tennis gold, followed by a hat-trick of gold medals by boxers Suranjoy Singh, Manoj Kumar and Paramjeet Samota. But news of race walker Rani Yadav testing positive for a banned steroid was a dampener on the penultimate day of the Commonwealth Games.The day opened with the shocking revelation that 20km woman walker Rani had tested positive for prohibited anabolic agent 19-Norandrosterone to deflate the euphoria surrounding the contingent after yesterday’s stellar show in athletics and men’s hockey.Yadav, who finished sixth in 1 hour, 42 minutes, 54 seconds in the 20km walk held on October 9 on Central Delhi streets, was provisionally suspended and a hearing was scheduled later in the day.In the tussle for gold medals, England managed to take India’s second spot. At the time of writing, England had 37 gold medals to India’s 36.After Yadav’s positive dope test, the performance of Sharath Kamal and Saha — who shocked Singapore’s Gao Ning and Yang Zi 4-3 in the final — came as the perfect balm.The victory was also sweet revenge for Sharath Kamal whose dreams of defending his singles title were shattered by Zi who had scored a 4-3 semi-final win over the Indian.advertisementThe Indian duo had despatched Andrew Baggaley and L Pitchford of England 3-2 in the semi-finals.Kamal would fight it out with compatriot Soumyadeeep Roy for the men’s singles bronze medal tomorrow. The latter was beaten 4-0 by Ning in the other semi-final.In women’s doubles, India’s Poulomi Ghatak and Mouma Das lost in the semi-finals and will have to play in the bronze medal play-off tomorrow.Indian women have already clinched a team silver, while their male counterparts have fetched a bronze in the team events.Boxer Suranjoy Singh did not have to show his fisticuff powers as his injured Kenyan rival Benson Njangiru failed to show up for the 52kg title bout awarding the gold to the Indian fighter.Manoj Kumar clinched the 64kg class gold with a convincing 11-2 win over Bradley Saunders of England.Indian shooters failed to notch up a gold and had to settle for a silver and a bronze in their last day of the campaign at Dr Karni Singh Range.The silver was claimed by Heena Sidhu in the women’s individual 10m air pistol, while 2006 Games hero Samresh Jung disappointed with a bronze in 25m standard pistol.last_img read more

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Boost for India-Pakistan bilateral Test series

first_imgThe ball has been set rolling on resumption of the stalled India-Pakistan bilateral Test series. Pakistan Cricket Board (PCB) chairman Ijaz Butt met Rajeev Shukla, vice-president of the Indian Board, in London a few days ago, crucially just a few days before a change of guard in India.N Srinivasan takes over as president of the Board of Control for Cricket in India (BCCI) at the annual general body meeting on Monday and Tuesday.Butt described his meeting with Shukla as “positive”. And with positive vibes coming from the heads of national governments in India and Pakistan – especially after Prime Minister Manmohan Singh and his counterpart Yousuf Raza Gilani watched the India- Pakistan semi-final in Mohali in March – a full- fledged Test series looks on.According to the International Cricket Council’s (ICC) Future Tour Programme (FTP), Pakistan is scheduled to tour India for a Test and One- day International series. But a brief series before that can’t be ruled out, though India’s scheduled till then is packed. The picture will become clear once Srinivasan assumes charge and meets Butt.Shukla, also the minister for parliamentary affairs, confirmed that the Indian government has already given the green signal for the bilateral Test series that has not been played since 2007, when Pakistan toured India. The series has been discontinued due to political reasons, particularly as India believes terrorists based in Pakistan attacked Mumbai in 2008.When contacted in London, Butt said that there was a forward movement towards resuming the most eagerly awaited series in Asia, if not the entire cricketing world.advertisement”There is a positive development (from the talks with Shukla). But I can’t give you more details until things are finalised,” Butt, a former Test batsman, told M AIL T ODAY . Shukla, on his return to India from London, said that the BCCI would approach the government with a formal request after the two boards have finalised the series.”There is no problem from the Indian government. But we will go to the government after the series dates are finalised,” Shukla told M AIL T ODAY . Shukla could play the most important role in resumption of the series as he is the best link between the BCCI and the government.His good rapport with Congress general secretary Rahul Gandhi could give further fillip to the background work needed in securing the final government nod.Meanwhile, former PCB chairman Shahryar Khan, during whose tenure India and Pakistan resumed Test series after 15 years in 2004, said that the series should be played at any cost and that the Boards should not squabble over the venue.”It’s my strong feeling that we should re-start the series. Let’s start the process. This was what I told PCB too a good two or three months ago when they contacted me and it would be my advice to them (again) if they were to seek it,” Khan, also a former foreign secretary of Pakistan, told M AIL T ODAY from Pakistan.”Although it’s our turn to host India, it’s not possible to do so in Pakistan in the present circumstances.We should go to India, which would mean that India would now owe two tours to Pakistan. But we should not put too many conditions,” he said. “I told this to Rajeev too – that we should start the series come what may.” Khan also pointed out that a task force set up by the ICC post the Lahore attack on the Sri Lankan team in March 2008 to assess the ground situation for hosting international matches has also recommended an India- Pakistan series.The career diplomat acknowledged and appreciated that the Indian government would not allow its cricket team to go to play Pakistan in the Middle East.”It’s difficult that an India-Pakistan series would be played in Dubai or Abu Dhabi as I know India would not go there,” he averred. “The best possible venue would be South Africa or Sri Lanka, but finding a slot in the itinerary is difficult (other than the ICC’s FTP),” he suggested.last_img read more

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Madrid Set to Start Bernabeu Renovation at End of Season

first_imgMADRID (AP) — Real Madrid says work to remodel Santiago Bernabeu Stadium will begin at the end of the season.The 72-year-old venue will gain a retractable roof and a revamped facade to modernize its appearance.The new-look Bernabeu will also have a 360-degree video screen and a new seating section, though its capacity is expected to remain at about 80,000 people.“The new Santiago Bernabeu will be the best stadium in the world,” Real Madrid president Florentino Perez boasted on Tuesday.The reconstruction will last three to four years. The club said the work will not affect the team’s home fixtures, as most of the heavy work will be done in the offseason.Real Madrid board of directors and guests watch a projection of a artist’s image of the proposed new Santiago Bernabeu stadium during a presentation to remodel the stadium in Madrid, Spain, Tuesday, April 2, 2019. (AP Photo/Paul White)The first step will be the demolition of a shopping center which will become a public plaza by the stadium located in the high-end Madrid neighborhood of Chamartin.The corner access towers, one of the stadium’s most notable features, will be covered by the new steel facade when work is completed.Real Madrid had tried to remodel its stadium several times but earlier projects were turned down by the city and court decisions. The club wasn’t allowed to increase the total size of the structures already in place so it had to rearrange the current constructions, transferring some office spaces to the team’s base in Ciudad Real Madrid, in the city’s outskirts.Madrid first started working on the stadium project in 2009. Three years ago, the club said the goal was to finish the new stadium by 2020, with a cost initially estimated at 400 million euros ($450 million).“The new stadium will allow us to keep growing,” Perez said. “It will allow Real Madrid to remain competitive in an increasingly difficult scenario in international football.”Perez said that since 2000 Real Madrid has invested more than 250 million euros ($280 million) in the stadium, which was inaugurated in 1947.Madrid rival Barcelona has also started a project to remodel Camp Nou Stadium, which will have a new roof and an increased seating capacity.Atletico Madrid inaugurated its new Wanda Metropolitano Stadium in 2017.By: Tales Azzoni, AP Sports WriterTweetPinShare0 Shareslast_img read more

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GSL Upbeat on Small MidSized Boxships

first_imgDespite the depressed overall market, UK’s containership lessor Global Ship Lease (GSL) remains encouraged by the longer-term prospects for small and mid-sized vessels that are the focus of the company’s strategy.“The supply/demand dynamics for those vessels continue to move in the direction of equilibrium, driven by record levels of vessel scrapping, an orderbook heavily skewed towards very large ships, and the continued growth of the non-mainlane trades most reliant upon our vessels,” Ian Webber, GSL’s CEO, explained.The announcement comes on the back of the firm’s financial results which show that GSL suffered a net loss of 68.2 million in 2016, widened from a net loss of USD 31.9 million seen in 2015.Operating revenues stood at USD 166.5 million in 2016, against USD 164.9 million recorded in 2015. According to the company, operating revenues were higher mainly due to the full-year contribution of OOCL Qingdao and OOCL Ningbo, offset by reduced revenue after the sale of Ville d’Aquarius and Ville d’Orion, the effect of the amendments to the charters of Marie Delmas and Kumasi and increased offhire from six scheduled drydockings in 2016, compared to only one in 2015.Additionally, adjusted EBITDA amounted to USD 114.7 million in 2016, compared to EBITDA of USD 108.8 million in 2015.“In 2016, we maintained a strong focus on maximizing the profitability of our long-term, fixed-rate time charters and ensuring our insulation and resilience in the face of a challenging market environment. Throughout the year, we made progress in reducing our vessel operating costs, successfully extending the contract durations of two of our vessels chartered to CMA CGM, and meaningfully strengthening our balance sheet,” Webber added.GSL’s fleet is currently comprised of 18 vessels, with 15 of them chartered to CMA CGM and three to OOCL.last_img read more

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LS passes Companies Amendment Bill

first_imgNew Delhi: Finance Minister Nirmala Sitharaman Friday said government has de-registered 4 lakh shell companies as the Lok Sabha approved a bill seeking to tighten CSR norms and ensuring stricter action for non- compliance of the company law regulations. Piloting the Companies Amendment Bill 2019, the minister said companies not spending the mandatory 2 per cent profit on Corporate Social Responsibility (CSR) activites for a total period of four years will be required to deposit the amount in a special account. Also Read – India gets first tranche of Swiss bank a/c details The amendments in the Companies Act, she added, were aimed at improving ease of doing business and also reducing compliance burden on the companies, especially the smaller ones. The Bill was later passed by the Lower House unanimously after Congress leader Adhir Ranjan Chowdhury withdrew statutory resolution opposing it. Responding to the concerns of members on shell companies, Sithsaraman said the word “shell companies” has not been defined in the rule book, but it is loosely referred to inactive companies or those which do not maintain a registered office. Also Read – Tourists to be allowed in J&K from Thursday “Four lakh companies have been identified and de-registered,” she said, adding non-maintenance of registered office will be a ground for de-registration of companies. A key change in the Bill pertains to CSR spending, wherein companies would have to mandatorily keep unspent money into a special account. Under the Act, companies earning profit of over Rs 5 crore, turnover of Rs 100 crore or networth of more than Rs 500 crore are required to shell out at least two per cent of their three-year annual average net profit towards CSR activities. India, Sitharaman said, has become the first country to make CSR spending mandatory through a law. The companies will have one year to firm up the CSR proposal and another three years to spend funds. In case money remains unspent for one plus three years, the money will have to be moved to an escrow account, she said, adding it could even be the Prime Minister’s Relief Fund. The bill empowers the Registrar of Companies (ROC) to initiate action for removal of the name of the company from Register of companies if it is not carrying on any business or operation in according with the company law. Among other things, the bill also provides for re- categorisation of 16 minor offences as purely civil defaults, transferring of functions with regard to dealing with applications for change of financial year to Central government and shifting of powers for conversion from public to private companies from NCLT to the central government, as well as more clarity with respect to certain powers of the National Financial Reporting Authority (NFRA).last_img read more

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Robben I have a good relationship with Kovac

first_imgBayern Munich winger Arjen Robben was pleased to have eased some of the pressure off Niko Kovac following their 5-1 Champions League win over BenficaThe Dutchman handed Bayern a 2-0 lead inside the opening half hour before a Robert Lewandowski double and Franck Ribery’s strike sealed the win for Bayern.Speaking afterwards, Robben expressed his satisfaction with getting his first goals in Europe this season.“My goals were important for the team, but it’s nice to score goals,” Robben told the club website.“We wanted to stand up and turn in a good display, also for the crowd. Big teams do that.“They get up again. We did just that. We’re in a difficult phase. We put into practice what we’d planned, the pace was good, we were solid and compact and staged lots of attacks. ”RB Leipzig, Bayern Munich, Robert LewadowskiMatch Preview: RB Leipzig vs Bayern Munich Boro Tanchev – September 14, 2019 RB Leipzig will have the chance to prove their title-winning capabilities when they host Bayern Munich today at 18:30 (CET).Reports in Germany have named Robben as one of the four players unhappy with Kovac’s coaching methods.But the 34-year-old insists things are good between himself and Kovac.“Of course we’d have liked to keep a clean sheet, especially for Manuel [Neuer]. But a 5-1 victory is convincing,” added Robben.“It’s what we need. I was pleased for Niko. He’s deserved it. He works his butt off. We work together every day. We have a good relationship.”Bayern will next take a trip to Werder Breman for a Bundesliga match on Saturday.last_img read more

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CWC 2018 For Kashima tomorrows match is a final

first_imgThe Japanese club defeated Guadalajara in the Quarterfinal but was easily beaten by Real Madrid in the Semifinal of the FIFA Club World CupJapanese side Kashima Antlers defeated Club Deportivo Guadalajara in penalty kicks, after being down by one goal in the 2018 FIFA Club World Cup Quarterfinals.And they got the right to play against Real Madrid in the Semifinals, but Los Blancos were better and ended up winning 3-1, sending the Japanese to the Third Place match.But for Kashima Antlers, this game is still important and it will be played like a final.“This will be the final match for us in this season,” said coach Go Oiwa in a press conference at Zayed Sports City Stadium.“And we want to have a grand finale for ourselves.”River Plate v Boca Juniors - Copa CONMEBOL Libertadores 2018Match Preview: River Plate vs Boca Juniors Boro Tanchev – September 1, 2019 It is time for one of the most intense derby games in the world, as River Plate and Boca Juniors go head-to-head tonight at 22:00 (CET).“It is going to be a very tough match,” he said about the chance to play against Argentina’s River Plate.“We will try to be solid in attacking and defending, and focus on set plays. Any weakness we will try to exploit.”#CWC18: @kashimaantlersL’ coach Go Oiwa says his team will treat the Third Place match as a “grand finale.” pic.twitter.com/pg4ZKW5z7U— Ronaldo.com (@ronaldocomint) December 21, 2018last_img read more

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