Financial Regulators Finalize QRM Rule

Federal regulators announced on Tuesday they have finalized a rule establishing a risk retention framework for mortgage lenders securitizing and selling loans.

The so-called qualified residential mortgage (QRM) rule, which was put up for consideration by FDIC's board of directors Tuesday morning, would require banks to retain at least 5 percent of a loan's risk when packing mortgages to sell to investors in the secondary market. The rule comes as a response to last decade's housing bubble, when lenders let their standards slip and passed on the risk to investors, resulting in an economic crash as those mortgages defaulted.

The QRM rule is one of the bigger provisions mandated by the 2010 Dodd-Frank Act, with co-author Barney Frank remarking in the past that risk retention is "the single most important part of the bill."

Regulatory leaders agreed, assuring lawmakers last month that they were close to completing the rulemaking.

The road to finalizing a QRM rule has been a bumpy one. Regulators—including FDIC, HUD, the Federal Reserve, the Securities and Exchange Commission, the Office of the Comptroller of the Currency (OCC), and the Federal Housing Finance Agency (FHFA)—first proposed a draft in 2011.

The group released a second proposal in 2013, removing some of the more contentious provisions—in particular, a requirement that banks must retain risk on mortgages with down payments lower than 20 percent—in response to industry concerns.

The finalized rule is more closely aligned with the Consumer Financial Protection Bureau's (CFPB) qualified mortgage (QM) rule implemented early this year. Both rules exclude from qualification mortgages with debt-to-income ratios exceeding 43 percent, and both prohibit loans with riskier features like balloon payments or terms longer than 30 years.

In separate statements released Tuesday, regulators expressed optimism that the finalized rule will give the housing finance sector greater certainty, opening the door for more activity from private investors.

"Aligning the Qualified Residential Mortgage standard with the existing Qualified Mortgage definition also means more clarity for lenders and encourages safe and sound lending to creditworthy borrowers," FHFA Director Mel Watt said. "Lenders have wanted and needed to know what the new rules of the road are and this rule defines them."

Comptroller of the Currency Thomas J. Curry said securitizations can provide an incentive for lax underwriting if the weak credits can be transferred from originators to investors with no further responsibility for the loans.

"The rule we are approving today will require lenders to retain some of the risk for the loans that go into securitized pools except for home mortgages that meet the standards necessary under the qualified residential mortgage, or QRM, exception," Curry said. "Under this rule, QRM is equivalent to QM – that is, the Qualified Mortgage rule approved by the Consumer Financial Protection Bureau."

Industry groups were also optimistic about Tuesday's announcement, praising policymakers' efforts to avoid confusion by lining up QM and QRM together.

"This rule was required by Dodd-Frank to ensure that loans sold into the secondary market are properly underwritten, a goal which the QM rule also helps to ensure.  It is appropriate and good policy to align the two," said Frank Keating, president and CEO of the American Bankers Association. "This will encourage lenders to continue offering carefully underwritten QM loans, and avoid placing further hurdles before qualified borrowers, allowing them to achieve the American dream of homeownership."

Fore more information contact

Jerry Gusman, The Gusman Group

888-213-4208

Housing Market Cools Off as Inventory Slows

Housing indicators cooled off slightly in September, marking the annual start of what is typically a slower season for the market, according to a report from listings site Realtor.com.

At the national level, Realtor.com reported the median age of September's housing stock was 90 days, four days longer than August's median age as home shoppers back off for the season. Compared to last year, however, September's median inventory age was down three days, indicating demand is still there.

The number of listings last month was approximately 1.87 million, down 2.7 percent annually and 7.9 percent monthly. The decline compares to Redfin's latest analysis, which showed an unexpected bump in inventory from new listings. Redfin's data measures a narrower list of markets nationwide.

As other market indicators have seen steady improvement, inventory has remained a consistent problem, with shortages across the country limiting buyers' options and pushing prices beyond affordability in some areas. According to the National Association of Realtors' latest existing-home sales report, the nation's housing stock sat at a 5.5-month supply in August, short of the six- to seven-month supply considered to be a balanced market. New homes were in even shorter supply at nearly five months.

"To truly relieve the inventory shortage on a sustained basis, new home construction needs to rise by at least 50 percent from the current levels," said Lawrence Yun, chief economist for the National Association of Realtors.

Though the market's pace has slowed nationally, Realtor.com found 12 major metros are still selling quickly, with each one seeing a median inventory age of less than two months. Those markets include a number of California metros—Oakland, San Jose, San Francisco, San Diego, and Los Angeles-Long Beach—as well as a handful of others around the country, including Denver, Seattle, Houston, Austin, Omaha, Melbourne, and Washington, D.C.

Though largely spaced out geographically, those markets have a number of factors in common that are helping to drive their local housing markets: Notably, they feature the best opportunities for math and science professionals, and they're home to large baby boomer populations.

As Realtor.com explains in its report, the first group tends to pull in a higher median income and brings enhanced buying power, while the second group is rapidly coming to an age when they have to make retirement-related housing decisions.

"When we see homes moving quickly in a particular market, we expect the trend to be supported by signs of local health like growth in economic production and employment," said Jonathan Smoke, chief economist for Realtor.com. "This month, we also observed more out of the ordinary trends including high proportions of math and science professionals, as well as baby boomers in each of the fast moving markets. As the technology industry grows and aging baby boomers decide to make housing moves to support their retirement, we'll continue to see strong housing demand associated with these factors."

For more information contact

Jerry Gusman, The Gusman Group

888-213-4208

A total of 811 U.S. county housing markets (52 percent) were rated as "better off" than they were two years ago, compared to only 11 percent (176 markets) categorized as "worse off," according toRealtyTrac's 2014 Election Housing Scorecardreleased on Tuesday.

Meanwhile, 560 counties (36 percent) were categorized as a "toss-up" as far as the health of housing market in those counties, according to RealtyTrac.

The total population of the markets in the better off category was about 140 million, which accounted for 50 percent of the population in all the housing markets RealtyTrac analyzed for the election housing scorecard. The total population of the worse off markets was 24 million, about 9 percent of the population in markets analyzed. The housing markets that rated as a toss-up had a total population of about 115 million, or 41 percent of the population in markets analyzed.

"The housing market recovery has truly taken hold in about half of the country, but the recovery is weak or experiencing a relapse in the other half," said Daren Blomquist, vice president of RealtyTrac. "Whether because of good government policy, sheer luck or otherwise, the majority of county housing markets in six of the eight states with close U.S. Senate races are better off than they were two years ago. This should favor the incumbent, or the incumbent’s party, all else being equal — which of course we know it is not. The only exceptions were Iowa and Alaska, where the majority of county housing markets were classified as toss-ups compared with two years ago."

RealtyTrac's election housing scorecard rated 1,547 county housing markets in the U.S. based on five factors that affect the health of housing: housing affordability, unemployment rates, median home prices, and foreclosure starts all compared with two years ago, as well as the percentage of seriously underwater homeowners.

With three weeks remaining before the election, RealtyTrac examined the housing market in eight states where the Senate Race is most highly contested: Alaska, Arkansas, Colorado, Georgia, Iowa, Kansas, Louisiana and North Carolina. The states that had the highest population out of those eight states in the better off category were Colorado (99 percent, 4.8 million) and Kansas (97 percent, 2 million). The states that had the highest population in the toss-up category were Alaska (81 percent, 387,000) and Iowa (62 percent, 641,000). Only three of those eight states reported at least one county in the worse off category: Iowa (29 percent, 304,000), Georgia (5 percent, 427,000), and North Carolina (4 percent, 387,000), according to RealtyTrac.

For more information contact

Jerry Gusman, The Gusman Group

jerryggroup@aol.com

How to get a mortgage right now, even with bad credit

In his interview with HousingWire, Mel Watt, the director of Federal Housing Finance Agency urges the opening of the mortgage credit box to less-than-optimal borrowers.

"We are getting lenders to reduce some of the credit overlays," he said in the exclusive interview.

Furthermore, FICO scores will ignore debts that have been paid off or settled, and a lesser weight will be assigned to medical bill collections, which account for about half of all unpaid collections on consumers’ credit reports.

Nonetheless, the average FICOs have been going down steadily since 2006 and it’s not hard to see why, what with the housing crisis, the financial meltdown and the general recession and record unemployment and underemployment.

So what can those with a FICO that is under 620 do to get a mortgage?

1. Prepare to pay more

People with poor credit can still get a mortgage, but they will pay far more than even those with credit scores on the margin.

Guidelines from the U.S. Department of Housing and Urban Development and the GSEs, Fannie Mae and Freddie Mac, advise waiting at least two years after a short sale, so long as credit after the short sale is good.

Sellers should be advised to do their homework on the mortgage brokers they are working with – shady and dodgy operators are like bottom feeders, looking to prey on those who are more desperate and who aren’t financially savvy, which is how they see people with poor credit.

2. Refinance ASAP

A bad credit mortgage may seem like the borrower is signing away their life on a bad deal, but so long as the borrower maintains their credit after the mortgage is signed, they can be eligible to refinance for a much better deal within two years, and their credit will have improved.

In short, a bad credit mortgage is a short-term solution that gets them in a home. It's important to bear in mind that bad credit needn't follow the borrower longer than necessary.

3. Ask about options

The 30-year mortgage is a popular choice, but maybe not the right one if the borrower's credit is weak. Adjustable rate mortgages are also a possibility, depending on the circumstance, during which time the borrower can work on repairing and maintaining their credit while paying at a lower interest rate than are offered on fixed-rate mortgages.

Many people who had their credit torn up in the recession were not the typical bill skippers. They were hard-working, responsible people whose world was upended through layoffs, downsizing, the loss of contract work, and a dozen other legitimate reasons.

4. Get a co-signer

Many have some other assets, or have family members who are responsible. These people may be willing to co-sign. Federal Housing Administration rules allow for a co-signer on loans.

Above all, check with HUD, FHA, the FHFA, Fannie Mae and Freddie Mac for information on pathways to homeownership for those who have damaged credit.

It is possible to get a mortgage with bad credit today. Possible, but still challenging.

For more information contact

Jerry Gusman

The Gusman Group

(888) 213-4208

jerryggroup@aol.com

Analyst Predicts Home Price Decline In Report to White House

Former Goldman Sachs executive Joshua Pollard sent a sobering 18-page report to the White Houseon September 17 warning of a potential downturn in home prices that could put the country back into a recession before the ripples of the previous one settle.

According to Pollard, the former head of the Goldman's housing research team, home price appreciation is outpacing income, and the United States is on the brink of a 15 percent decline in home prices over the next three years. Rising interest rates and values will cause already overvalued homes (Pollard says values are 12 percent higher than they should be) to be even further out of sync with reality and generate an unnatural surplus that will itself lead to a slowdown in investor purchases.

Flipped homes have declined 50 percent in the last year, and home flippers are losing money outright in New York City, San Francisco, and Las Vegas according to the report.

If Pollard is correct, the impact on the U.S. economy would be seismic. Overvalued homes, according to his report to President Obama, make up $23 trillion of consumer asset value and "serve as the psychological linchpin" for $17 trillion of invested capital.

Put together, that 15 percent decline translates to a $3.4 trillion cut to consumers' net worth.

"As an economist, statistician and housing expert, I am lamentably confident that home prices will fall," he wrote. "Home price devaluation will expose a major financial imbalance that could lower an entire generation's esteem for the American dream."

Student debt and a 45 percent underemployment rate for recent college grads has handicapped millennial buyers already, Pollard wrote.

Pollard outlined three distinct stages of the decline—the first of which, the "hot-to-cool" stage, is already underway. This is where home price growth slows and turns negative in large markets across the country. Investors slow their purchases, homebuilders lose pricing power as absorption rates decline, and press outlets shift their market pieces from positive to mixed.

In Stage II, the "demand-to-supply" phase, new negative shocks cause investors to shift from raising prices in an effort to outbid competition to reducing prices to beat future declines. In Stage III, the "deflation and response" phase, consumers come to the decision that now is a bad time to buy a home. Fewer people seek mortgages and banks become less willing to lend. Consequently, deflation hits, taking jobs with it and triggering calls for new policy.

In other words, Pollard fears the recent past will be prologue. His report squarely targets public finance and housing officials and calls upon the White House to devise "forward-looking monetary policy that balances the risk of raising interest rates," create a skilled trade externship program for laborers whose jobs are most at risk whenever housing investments drop, and "forcefully rebalance number of homes to the number of households" by reducing the number of new builds as well as the number homes that can force prices down—particularly those that are already vacant, unsafe, and expensive to rehabilitate, the report states.

"The shift from a good market to a bad market occurs quickly, exaggerated by the circular currents of confidence from consumers, investors and lenders in Unison," Pollard wrote. "When unnatural levels of demand or supply impact the market, prices are pushed in lockstep."

For more information contact

Jerry Gusman, The Gusman Group

(888) 213-4208

jerryggroup@aol.com

Survey: Misconceptions Holding Back Homebuying

While nearly seven in 10 Americans agree that now is a good time to become a homeowner, a large number remain reluctant due to their own misguided understanding of the financing process, according to survey results released Monday.

In a poll of more than 2,000 consumers, Wells Fargo found 68 percent feel that now is a good time to buy a home, and 95 percent want to own if they don't already.

The results jibe with Fannie Mae's latest consumer housing survey, in which 64 percent of Americans said now is a good time to buy (matching the survey's record low).

"Although the homebuying process has changed in many ways in recent years ,our survey found Americans still view homeownership as an achievement to be proud of and many believe that now is a good time to buy a home," said Franklin Codel, head of Wells Fargo Home Mortgage Production.

On the other hand, while nearly three-quarters of respondents in Wells Fargo's survey said they "know and understand" the financial process involved in buying a home, large numbers also expressed doubt or misguided notions about homebuying requirements. For example, Wells Fargo reported, 30 percent of respondents expressed belief that only people with high incomes can obtain a mortgage at this point, and 64 percent said they believe only those with a "very good"” credit score can buy a home right now.

While 64 percent of respondents said they have an understanding about how much of a down payment is needed to purchase a home, nearly half said 20 percent is required. Forty-four percent also said they know little or nothing about closing costs.

While most lenders report that lending requirements at the moment are still high as a result of enhanced regulations and reluctance to take risks, Codel says lenders would be well served to work on educating homebuyers about all programs available to them—especially the millennial crowd, most of which pointed to lack of down payment funds as one of their biggest hurdles to homeownership.

"It is important for prospective homebuyers to feel empowered to ask lenders and real estate agents questions about available options, such as down payment assistance or FHA [Federal Housing Administration] or VA [Veterans Affairs] loans for veterans," he said. "Informing prospective homebuyers about their options is the first step toward helping them realize their goals."

On the other hand, the survey also found most Americans are confident in managing their personal finances, with 82 percent saying they know how to save, invest, and work within a budget. In addition, 63 percent said they have a "rainy day fund," including more than half of millennial-aged respondents.

With so many Americans focused on keeping their financial houses in order, Codel says there's a decent opportunity to turn those consumers into responsible homeowners with an educational push.

"[W]e have an opportunity as lenders, nonprofit agencies and real estate agents to better inform Americans about credit ratings, mortgage costs and housing affordability," he said. "This would help demystify the homebuying experience for many consumers."

For more information contact

Jerry Gus,man, The Gusman Group

(888) 213-4208

jerryggroup@aol.com

Fannie Mae Relaxes Waiting Period for Distressed Borrowers

Fannie Mae recently released a report revising the waiting periods for distressed borrowers with a derogatory credit event such as a foreclosure, bankruptcy, short sale, or deed-in-lieu of foreclosure on their credit history to obtain a new loan.

For borrowers with a short sale or deed-in-lieu of foreclosure on their record, Fannie Mae's new mandated minimum waiting period to become eligible for a new loan is four years. The time is shortened to two years if there are extenuating circumstances. According to Fannie Mae, extenuating circumstances are defined as "nonrecurring events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations."

If a borrower has a foreclosure on his or her credit record, the new minimum waiting period is seven years. Under extenuating circumstances, that period is shortened to three years with some additional requirements for up to seven years.

For those with a bankruptcy (chapter seven or 11), the waiting period is four years (two years with extenuating circumstances). For distressed borrowers with a chapter 13 bankruptcy, the required waiting period is now two years from the discharge date and four years from the dismissal date. If there are extenuating circumstances, the waiting time from the dismissal date is shortened to two years.

If there are multiple bankruptcy filings on a borrower's record, the waiting period for a new loan is five years if there has been more than one filing in the previous seven years.  Under extenuating circumstances, the waiting period is cut to three years from the most recent dismissal or discharge date.

Fannie Mae said in the report that it is "focused on helping lenders to provide access to mortgages for creditworthy borrowers while supporting sustainable homeownership" and that the new policy "provides opportunities for borrowers to obtain a loan to Fannie Mae’s maximum LTV (loan-to-value) sooner after the preforeclosure (short) sale or DIL."

The new policy is effective for loans with application dates on or after August 16, 2014.

Under the previous policy, the standard waiting period for borrowers with a derogatory credit event was two years with a maximum 80 percent LTV ratio; four years with a maximum 90 percent LTV ratio; or borrowers were eligible for a new loan after a standard seven-year waiting period. For borrowers with extenuating circumstances, the previous waiting period was two years with a maximum 90 percent LTV ratio.

For More information contact

Jerry Gusman, The Gusman Group

888-213-4208

jerryggroup@aol.com

Improvements in the labor market in 2014 have not translated to rapid housing market recovery this year, according to the Fannie Mae August 2014 National Housing Survey. Instead, data in the survey indicated that recovery for the housing market will be slow heading into 2015.

The number of people surveyed who said they believe now is a good time to sell a home fell six percentage points to 64 percent, an all-time low since the monthly survey began in June 2010. The number of people who said now is a good time to buy a home also declined to 38 percent.

"The August National Housing Survey results lend support to our forecast that 2015 will likely not be a breakout year for housing," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "The deterioration in consumer attitudes about the current home buying environment reflects a shift away from record home purchase affordability without enough momentum in consumer personal financial sentiment to compensate for it."

The number of respondents surveyed who believe home prices will increase in the next 12 months stayed at 42 percent from July to August, while the percentage of respondents who say they think home prices will go down in the next year increased to 9 percent while the share of those who thought and mortgage rates will go up in the next 12 months fell to 50 percent. The average 12-month home price expectation also took a slight dip from July to August, to 2.1 percent.

The percentage of survey respondents who said they would buy a home if they moved dropped to 64 percent while they number who said they would rent if they moved jumped up to 32 percent. The 32 percent gap between the two is the smallest in more than a year.

As far as attitudes toward the economy, the number of people surveyed who believe the economy is on the wrong track dropped down to 56 percent from July to August. The number of respondents who believe their financial situation will get better in the next 12 months went up to 44 percent, but the percentage who say their household income is significantly higher than it was at this time last year dropped from 28 to 23 percent from July to August.

"To date, this year’s labor market strength has not translated into sufficient income gains to inspire confidence among consumers to purchase a home, even in the current favorable interest rate environment," Duncan said. "Our third quarter Mortgage Lender Sentiment Survey results, to be released later this month, are expected to show whether mortgage demand from the lender perspective is in line with consumer housing sentiment."

Fannie Mae representatives polled 1,000 Americans live via telephone for the results in the August 2014 National Housing Survey.

For more information contact

Jerry Gusman, THe Gusman Group

(888) 213-4208

jerryggroup@aol.com

Southern California home sales plunge in July

Southern California home sales plunged in July and show little signs of rebounding. And
that, economists say, could stunt the region's economic growth.

Buyers scooped up 20,369 new and resale houses and condos in the six-county region last month,
down 12.4% from a year earlier, research firm CoreLogic DataQuick said Wednesday. The sharp
drop follows steady declines since October, as would-be buyers struggled to afford houses after
prices surged last year.

he drop in sales could have economic repercussions. When someone buys a home, they often
splurge on items such as new furniture, fresh paint or new carpeting. Then there are real estate
agents, mortgage brokers and moving companies to pay.
"The housing multiplier effect is very significant, because there are so many things that happen
With home prices sharply higher, there are simply fewer buyers able to afford them. Above, a home for sale in Lake Forest last year. (Patrick T. Fallon / Bloomberg)
9/2/2014 Southern California home sales plunge in July - LA Times
http://www.latimes.com/business/la-fi-home-sales-20140814-story.html 2/4
with a home purchase," said Leslie Appleton-Y oung, chief economist for the California Assn. of
Realtors. "That is dampened when you have lower home sales."
The pain is especially acute for brokers, who depend on a commissions.
"There are a lot of hurting agents right now," said South Bay agent Leo Nordine, who said his
volumes have been roughly flat this year. "There are too many agents and not enough sales."
The steady declines come despite more homes on the market compared with last year. With prices
sharply higher, there are simply fewer buyers able to afford them.
Changing demographics are also playing a role, experts said. Surveys show most young adults still
want to own a home, but significant barriers exist for that large demographic group.
Student debt is high, income growth is meager and many are putting off marriage, which
historically has spurred purchases. And the massive baby boom generation isn't downsizing en
masse, further limiting home sales as its members hold onto their spacious suburban homes,
Appleton-Young said.

"It's clearly a concern," she said of low sales volumes. "And I'm not seeing the way out of it."
Others experts aren't so dour. Sales of previously owned homes, the largest segment of the market,
have an economic impact, but a small one, said Richard Green, director of USC's Lusk Center for
Real Estate. Housing's economic punch comes chiefly from new home construction, which
demands legions of laborers and raw materials, he said.
New home sales fell 1.9% last month, after rising 4.4% in June.
The broad sales drop stems from less demand not only from families but also investors.
Foreclosures, a favorite target of those buyers, flooded the market after the bubble burst,
depressing values and wrecking credit for those forced to leave their homes. With the availability
of those low-priced properties rapidly shrinking, investors have pulled back.
Once distressed sales — foreclosures and short sales — are removed from the data, conventional
sales fell only 2.8% in July.

"This is just all part of getting back to normal," said Bill McBride, who writes the financial blog
Calculated Risk. "We are getting rid of the foreclosures."
Families, however, haven't filled the void created by the investor retreat, even though more homes
are for sale, mortgage rates are near historical lows, and price appreciation is slowing. The
Southland's median home price rose 7.3% to $413,000 in July, the smallest year-over-year gain since June 2012.

"Prices came a long way in a couple of years, and now a lot of would-be buyers just can't stretch
their finances enough to buy in today's more conservative lending environment," CoreLogic
DataQuick analyst Andrew LePage said.
And if demand for homes remains subdued, builders aren't likely to ramp up construction to
historic levels, further blunting housing's economic impact.

Home sales last month were 19.4% below the 26-year average for July, CoreLogic DataQuick said.
"We haven't had an average month in more than eight years, and I don't think we are going to see
one in the next six months," LePage said.

For more information contact
Jerry Gusman
The Gusman Group
(888) 213-4208
Jerryggroup@aol.com

Pittsburgh Best, San Francisco Worst For Home Flipping

Recent data released by RealtyTrac for the second quarter of 2014 indicated that Pittsburgh is the best market in the nation for home flipping, while the San Francisco-Oakland-Fremont market was the worst.

Flipped homes accounted for 3.6 percent of total home sales in Pittsburgh, a increase of 3 percent over the second quarter last year. But while the average gross return on investment for flipped homes in Pittsburgh was 63 percent for Q2 2013, that percentage shot up to 106 percent for Q2 2014, the highest percentage by far for any market in the nation.

Rounding out the top five best markets for flipping homes in Q2 2014, according to average gross ROI, were New Orleans-Metairie-Kenner, Louisiana (76 percent); Baltimore-Towson, Maryland (73 percent); Virginia Beach-Norfolk-Newport News, Virginia (66 percent); and Deltona-Daytona Beach-Ormond Beach, Florida (63 percent). The national average gross ROI for flipped homes was 21 percent, according to RealtyTrac.

San Francisco-Oakland-Fremont turned in an average gross ROI of –9 percent, the lowest in the nation, RealtyTrac reported. Flipped homes made up 5.6 of all home purchases in the Bay Area for Q2 2014, a decrease of 33 percent from the same period last year. The only other market with a negative average gross ROI in Q2 2014 was Las Vegas-Paradise, Nevada (–4 percent). Third worst was Mobile, Alabama (9 percent), while Charlotte-Gastonia-Concord, North Carolina-South Carolina, and Madison, Wisconsin tied for fourth worst with 13 percent each.

According to RealtyTrac in Q2 2014, flippers bought homes at an average of 8 percent discount from their estimated market value (AVM), then re-sold the homes at an average of 6 percent higher than their AVM. All of the 10 best markets for flipping homes except one (Chattanooga), flippers purchased properties at a discount of 24 percent or more from their AVMs, then sold the properties at a premium rate above their AVMs.

For more information contact

Jerry Gusman, The Gusman Grouyp

(888) 213-4208

jerryggroup@aol.com