Private Mortgage Lending Laws

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Private Mortgage Lending Laws faqlaw.com

Just Now A type of blended mortgage loan which avoids private mortgage insurance (PMI). It consists of an 80% - 30 year first lien at market rates, a 10% - 15 year second lien at a slightly higher interest rate, and a 10% down payment. Instead of having to come up with a 20% down payment, a buyer is able to avoid PMI with only 10% down.

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IV. Fair Lending —Fair Lending Laws and Regulations

1 hours ago IV. Fair Lending — Fair Lending Laws and Regulations IV – 1.2 FDIC Consumer Compliance Examination Manual – March 2021 • Use different standards to evaluate collateral. • Treat a borrower differently in servicing a loan or invoking default remedies. • Use different standards for pooling or packaging a loan in the secondary market.

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The special case of private mortgages Law Times

1 hours ago Consumers are increasingly turning to private lenders for mortgage financings and re­financings. Whether this uptick is caused by mortgage stress tests, rising interest rates or borrowers simply wanting to cash in on the equity in their homes, the fact is that, in my opinion, lawyers are being asked to close a growing number of real estate transactions involving private lenders.

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How Much Interest to Charge on Home Loan to Family Nolo

3 hours ago A loan within a family, or among friends, can be a helpful way for such a homebuyer to meet the financial requirements for the purchase. This sort of arrangement has the benefit of keeping the interest money within one's personal circle, too. Such a loan raises the question: Should there be any interest charged at all, and if so, how much?

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Deals Gone Wrong: The Pitfalls of Private Money Lending

1 hours ago Private Money Lending largest price drop in its history. Increased regulations that apply to private money loans, and the case law interpreting these By Adam M. Koss and Heather A. Barnes Another issue that arises in private lending is the standard of care in servicing, modifi - cation, and foreclosure.

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How to Use a Private Mortgage The Balance

1 hours ago A private mortgage is a home loan financed through a private source of funds, such as friends, family, or a business, rather than through a traditional mortgage lender. It can come in handy for people who struggle to get a mortgage the typical way. This kind of mortgage can benefit everyone involved if it's executed correctly.

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Private Money Loan Definition, Regulation, Risks

5 hours ago Private money loans – or simply private money – is a term used to describe a loan that is given to an individual or company by a private organization or even a wealthy individual. The organization or the individual is known as a private money lender. Private money is usually offered to borrowers without the traditional qualification

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California Law on Loans, Notes, Interest and Usury. Are

2 hours ago The result is that a usurious loan may turn into an interest free loan with potentially costly damages and a potential for criminal liability. Any willful violation of the usury laws may also be a violation of Business & Professions Code § 17000, et. seq., which would expose the lender to criminal liability.

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Usury Laws and Unlicensed Private Lenders

5 hours ago Usury in California happens when the interest rate exceeds 10% and you mentioned 7% for 6 months. That's a great rate. Private lenders don't have to be licensed if they don't lend full-time. Paying the $14K is equal to paying 11 points; that sure seems high. Most hard money lenders charge 1-2 points.

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PRIVATE LENDERS AND HARD MONEY LENDERS ARE NOT THE …

6 hours ago Again, "private lender" comes out of SEC and financial regulations, they are defined to be excluded from SEC and financial regulations. Requirement of a private lender is 1. they are related to you, blood or marriage, or 2. you personally know the lender and have past business dealings. or 3. you have been introduced to the lender who has past dealings with a business partner of yours.

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The CFPB DoddFrank mortgage rules readiness guide

1 hours ago Mortgage Rules Readiness Guide (Guide) to help financial institutions come into and maintain compliance with the mortgage rules outlined in the Summary of the Rules in this Guide. The CFPB has designed this Guide for use by institutions of all sizes. This Guide summarizes mortgage rules published by the CFPB through July 24, 2015, but it is

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Mortgage Laws And Regulations To Protect The Consumer: (A

7 hours ago

1. Truth in Lending Act. Enacted in 1968, the Truth in Lending Act (TILA), which is part of the Consumer Credit Protection Act, is a federal law that sets forth certain written disclosure requirements.
2. Fair Housing Act. Also adopted in 1968, the Fair Housing Act prohibits discrimination in housing related transactions (purchase and rental) based upon race, color, sex, religion, national origin, familial status (with or without children), or handicap.
3. Real Estate Settlement Procedures Act. Adopted in 1974, the Real Estate Settlement Procedures Act (RESPA) is another consumer protection law. It covers purchase loans, assumptions, refinance loans, property improvement loans, and equity lines of credit for one to four unit residential properties.
4. Equal Credit Opportunity Act. Adopted in 1975, the Equal Credit Opportunity Act (ECOA) prohibits credit discrimination on the basis of sex, race, marital status, religion, national origin, age, or receipt of public assistance.
5. Home Mortgage Disclosure Act. Adopted in 1975, the Home Mortgage Disclosure Act (HMDA) requires that lenders report public loan data on both approved and denied loans.
6. Community Reinvestment Act. Enacted in 1977, the purpose of the Community Reinvestment Act (CRA) is to encourage financial institutions (insured depository institution's) to help meet the credit needs of the communities in which they serve, including low- and moderate-income neighborhoods.
7. Fair Credit Reporting Act. Adopted in 1978, the Fair Credit Reporting Act (FCRA) is designed to promote accuracy and ensure the privacy of the consumer credit information from consumer reporting agencies such as credit bureaus.
8. New Homeowner's Protection Act. Adopted in 1998, the Homeowner's Protection Act (HPA), also known as the PMI Act, establishes rights for homeowners and rules for lenders regarding private mortgage insurance (PMI) cancellation.
9. Fair Debt Collection Practices Act. Adopted in 1977, the Fair Debt Collection Practices Act requires that debt collectors treat borrowers fairly by prohibiting certain methods of debt collection.
10. Gramm-Leach-Bliley Act. Adopted in 1999, the Gramm-Leach-Bliley Act includes provisions to protect consumers' personal financial information. It has three parts pertaining to privacy requirements

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Mortgage Lending Practices State Statutes

8 hours ago

1. This page addresses fraudulent or abusive lending practices in the mortgage market, commonly referred to as predatory lending. The most prevalent categories of abusive practices include: 1. Loan flipping-repeatedly refinancing loans, charging high fees each time. 2. Excessive fees and "packing"-adding fees far exceeding those justified on economic grounds, often through loan terms, such as the financing of points, fees and pre-payment penalties, single-premium insurance (to cover the balance of the loan should a borrower die, paid in one sum and added to the amount financed) and balloon payments (those due at the end of a loan that are significantly higher than monthly payments). 3. Asset-based lending-lending based on a borrower's overall assets, rather than income and ability to repay. 4. Outright fraud and abuse. Legislation regarding foreclosures is covered on the Foreclosures page. Legislation regarding the specific crime of mortgage fraud is covered on the Mortgage Fraud page....

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When can I remove private mortgage insurance (PMI) from my

Just Now The law generally provides two ways to remove PMI from your home loan: (1) requesting PMI cancellation or (2) automatic or final PMI termination. Request PMI cancellation You have the right to request that your servicer cancel PMI when you have reached the date when the principal balance of your mortgage is scheduled to fall to 80 percent of

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Getting Rid of PMI (Private Mortgage Insurance) Nolo

1 hours ago 7031 Koll Center Pkwy, Pleasanton, CA 94566. master:2021-09-01_13-27-00. "Private mortgage insurance" (PMI) protects the lender in the event that you default on your mortgage payments and your house isn't worth enough to entirely repay the lender through a foreclosure sale. Unfortunately, you foot the bill for the premiums, and lenders almost

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Who Regulates Mortgage Lenders? Investopedia

2 hours ago The Home Mortgage Disclosure Act (HMDA) is a federal law mandating lenders to maintain records on individual mortgages to help reveal whether they are complying with fair housing laws and meeting

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FDIC: Consumer Assistance Topics Mortgages

2 hours ago Private mortgage insurance (PMI) protects the lender against a loss if a borrower defaults on the loan. It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is …

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CFPB Consumer Laws and Regulations RESPA

2 hours ago Laws and Regulations RESPA CFPB April 2015 RESPA 1 Regulation X Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act of 1974 (RESPA) (12 U.S.C. 2601 et seq.) (the Act) became effective on June 20, 1975. The Act requires lenders, mortgage brokers, or

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Predatory Lending U.S. Department of Justice

6 hours ago Predatory lending practices, broadly defined, are the fraudulent, deceptive, and unfair tactics some people use to dupe us into mortgage loans that we can't afford. Burdened with high mortgage debts, the victims of predatory lending can't spare the money to keep their houses in good repair. They strain just to keep up their mortgage payments.

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Usury Regulations Private Lending Made Easy

3 hours ago For any consumer loan secured by a second mortgage or a consumer loan secured by an interest in a manufactured home as defined by 42 U.S.C. 5402(6), a lender may charge interest not to exceed 18% per annum, subject, however to the limitations on prepaid finance charges set forth under Kansas law. If the parties to a consumer loan secured by a

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Federal Mortgage Lending Laws Home Guides SF Gate

9 hours ago

1. Truth in Lending. The federal act is part of the Consumer Credit Protection Act. Since 1968, it has required that lenders disclose the annual percentage rate, finance charges, amount financed, total number of payments and total sales price on a loan.
2. Equal Credit Opportunity Act and Fair Housing Act. The Equal Credit Opportunity Act, which was passed by Congress in 1975, bans lenders from discriminating against consumers.
3. Real Estate Settlement Procedures Act. On Jan. 1, 2010, new RESPA regulations took effect. These laws regard closing costs on mortgage loans and settlement procedures.
4. New Homeowner’s Protection Act. In 1998, Congress passed the Homeowner’s Protection Act, which took effect on July 29, 1999. HPA gives consumers the right to request the cancellation of PMI when they pay down their mortgage loans to 80 percent or more of the home’s value at the time of the loan.
5. Nationwide Licensing System and Standards. In 2008, the federal government passed legislation requiring mortgage lenders to obtain licensing. The special licensing is designed to improve ethics and adherence to federal and state laws.

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Government policies and the subprime mortgage crisis

21.086.4172 hours ago

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Private Mortgage Loans as Investments NuWireInvestor

9 hours ago Private mortgage lending involves an individual investor—usually a home seller—taking on the risks and rewards typically held by mortgage lending institutions. This type of lending can offer good returns and low risk if structured properly, because it is secured against the actual property.

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Federal Regulations of HigherPriced Mortgage loans

Just Now Applicable Law. Applicable law is Regulation Z (12 CFR Part 226), specifically Section 226.35 which is set forth in full at the end of this article. The higher-priced mortgage loan regulations are sometimes referred to as “HPML regs” and such loans are often called “Section 35 loans” or “HPML loans.”

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What you need to know about Private Lenders — Mortgage …

5 hours ago

1. They are flexible. With private lenders you are dealing with business people and not bank employees. Banks are constrained by many rules and guidelines, they have several levels of review and approval, and they have to get an approval any exception or modification to an approved offer. Private lenders don’t have 2 kg manuals but instead they look at the business case. If the deal makes good business sense, they’ll do it. That doesn’t mean they’ll do anything. They will still want you to have some skin in the game so don’t expect them to loan you 100% of the purchase price of a home! As well, private lenders tend to be more comfortable lending in major urban centres because properties hold their values better in more active markets. From a borrower’s perspective, here are some typical scenarios when using a private lender makes sense: 1. You bought a condo pre-sale and now that it is time to take possession you find you don’t qualify for a mortgage under the new stress tests. You pla...

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Predatory Lending: Laws & Unfair Credit Practices

6 hours ago Subprime lending for home mortgages in 2014 was just $4 billion. Some consumer advocates are worried a repeat of loan default crisis is coming, but non-bank lenders like Lending Tree are taking the lead this time and claim they have new algorithms that …

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How Safe Are Private Lenders For NonBank Commercial

9 hours ago The best private money lenders are the most transparent, verified by clients and other businesses, and trusted by the community. Typically, can apply for a private money loan for a non-bank commercial mortgage with a private lender on their website via a submit form, or by calling them directly. Gelt Financial has financed 10,000+ deals since 1989.

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Mortgages & Home Loans information from NC Department of

21.086.4174 hours ago

1. Ask each lender and broker for a list of current mortgage interest rates and whether the rates quoted are the lowest for that day or week. You may also find information on market rates in the newspaper or on the Internet. Ask whether the rate is fixed or adjustable. Keep in mind that when interest rates for adjustable-rate loans go up, generally the monthly payment goes up, too. If the rate quoted is for an adjustable-rate loan, ask how your rate and loan payment will vary, including how high your payment can go and whether your loan payment will be reduced if rates go down. If you think you will have trouble making the loan payments in the future, don’t accept the loan. Ask about the loan’s annual percentage rate (APR). The APR includes not only the interest rate but also points, broker fees, and certain other credit charges that you may be required to pay, shown as a yearly rate. Ask whether there is a prepayment penalty if you decide to refinance or pay off your loan early.

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How to be a Private Mortgage Lender Levy Zavet Law

6 hours ago How to be a Private Mortgage Lender. Date Posted: June 19, 2014 By Jeff Levy, HBSc, MBA, CFA, AMP, JD. This video is an excerpt of an interview with Jeff Levy, the managing partner at Levy Zavet PC, Lawyers. The interview is about lending and private mortgages. As well as the most basic tips on how to start private mortgage lending.

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Private Mortgage Insurance (PMI)

7 hours ago

1. For a conventional mortgage that was effective prior to July 29, 1999, and has not been refinanced, Texas Insurance Code, §§3502.201 - 3502.203(formerly Article 21.50, Sec. 1B) requires: As noted above, in most cases borrowers have the right to cancel private mortgage insurance if the principal balance of your loan is 80 percent or less of the current fair market appraised value of your home. However, many lenders now seek having the principal balance reduced to 78% (rather than 80%), which has been suggested by Fannie Mae if you reside in the home, and from 65 to 70% for rental property. An appraisal will probably be required to cancel PMI. You may want to consider the valuation of similar properties in your neighborhood before expending the cost for a professional appraisal. Contact your lender first to determine what is required.

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Mortgages in English law Wikipedia

4 hours ago History. Like many aspects of English law, the law relating to mortgages is closely tied up with its historical development. Mortgages have existed in English law since the 12th century, but early English mortgages were largely shaped by usury laws. At the time charging interest was both against the law, and a sin. Accordingly, upon the grant of a mortgage, the mortgagee would come into

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What is Private Lending? Mortgage Broker Store

9 hours ago Provided that the property has at least 20-25 percent existing equity — that is, value that has been paid up front, or paid off an existing mortgage — you can get approved for a loan by a private lender. This doesn’t mean that a mortgage from a private lender is free money.

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7 Personal Finance Flashcards Quizlet

1 hours ago b) All credit cards carry a grace period. c) Grace periods are actually beneficial to the credit card company. d) Most bank eliminate their grace period on new purchases if you don't pay your balance in full. D. When you use a credit card at a store, the store is …

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How to Outsmart Private Mortgage Insurance

21.086.4171 hours ago

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Michigan Interest Rate Laws – Loans and Lending

3 hours ago Michigan Interest Rate Laws. Chapter 438 of the Michigan Compiled Laws Service governs the interest rate laws in the state. Section 438.31 of this Chapter prescribes the legal rate of interest as five percent (5 %) per annum. Parties may agree upon in writing for the payment of any rate of interest, not exceeding seven percent (7 %) per annum.

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Predatory Loans NC DOJ

800-388-22276 hours ago Contact a nonprofit credit counseling agency for help deciding if you can afford a loan. Check with the National Foundation for Credit Counseling at 1-800-388-2227 to find a reputable local counselor. Make sure the lender and broker you’re dealing with are licensed. Check with the N.C. Commissioner of Banks at (919) 733-3016.

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FAQ: Hard Money Lending Laws Supplemental Conditions

5 hours ago However, under Pennsylvania law, lenders making mortgage loans to borrowers strictly for business or commercial purposes and for non-residential property are NOT required to obtain a mortgage brokers license. Because the exception to the licensing requirement applies to a narrow classification of loan, lenders should consider obtaining a license.

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Twin Peaks, CA Recently Sold Homes realtor.com®

7 hours ago Page 4 Sold properties in Twin Peaks, CA and related information about Twin Peaks sold homes. Find it here on realtor.com®.

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Usury Laws by State, Interest Rate Caps, The Bible & More

5 hours ago To appreciate the complexity of how usury laws apply in each state, here’s an example using Virginia’s regulations: Under Section 6.2-303 of the Code of Virginia, the highest permissible rate a lender can charge a borrower is 12 percent per year for a loan with a written contract. Several types of loans and financial institutions are exempt from this law.

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Laws and Regulations CA Department of Insurance

5 hours ago Laws and Regulations. Welcome to the California Department of Insurance (CDI) Laws and Regulations page. This page contains links to state of California insurance statutes and regulations as well as all other California statutes and regulations. Insurance companies, agents and brokers are required to comply with these insurance laws.

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Unfair & Deceptive Acts & Practices National Consumer

8 hours ago Every state has a consumer protection law that prohibits deceptive practices, and many prohibit unfair or unconscionable practices as well. These statutes, commonly known as Unfair and Deceptive Acts and Practices or UDAP statutes, provide bedrock protections for consumers. In billions of transactions annually, UDAP statutes provide the main protection to consumers against predators and …

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Mortgage Lender Laws LegalMatch Law Library

2 hours ago The lender is typically a bank or a mortgage company, and often offers a variety of different loan products depending on the needs of the borrower. Mortgage lenders are subject to various laws that are designed to protect the rights of the borrower. For instance, they aren’t allowed to discriminate against buyers based on their race, gender

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, or both. You should ask

7 hours ago the lowest available price for a loan product and any higher price that the borrower agrees to pay is an overage. When overages occur, they are built into the prices quoted to consumers. They can occur in both fixed and variable-rate loans and can be in the form of points, fees, or the interest rate. Whether quoted to you by a loan officer or a

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Private Mortgage Lenders Ontario Mortgage Broker Store

4 hours ago How to Get the Lowest Private Mortgage Interest Rate. To get the best interest rate for a private mortgage a homeowner will need to meet at least three criteria. The first and probably the most important is a low loan to value ratio (LTV). A low LTV means it is a low risk mortgage and therefore should get a low interest rate.

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The 2008 Housing Crisis Center for American Progress

21.086.4174 hours ago

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Predatory Lending and Its Common Practices

9 hours ago A refinanced mortgage can be packed with excessive fees and/or unnecessary fees. A regular mortgage usually will have loan fees below 1% of the total loan amount. A predatory mortgage

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Glossary of Real Estate

2 hours ago A type of blended mortgage loan which avoids private mortgage insurance (PMI). It consists of an 80% - 30 year first lien at market rates, a 10% - 15 year second lien at a slightly higher interest rate, and a 10% down payment. Instead of having to come up with a 20% down payment, a buyer is able to avoid PMI with only 10% down. While the

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14 & 15 Quiz Learning tools & flashcards, for free Quizlet

3 hours ago A mortgage loan requires monthly debt service payments of $675.75 for 20 years and a final payment of $5,095. This type of a mortgage loan is a. a wraparound mortgage. b. an accelerated mortgage. c. a balloon mortgage. d. a variable mortgage.

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Frequently Asked Questions

Are there any regulations on private money loans?

Regulation of Private Money Loans All private lenders must follow federal and state usury laws, and they can be subjected to banking regulations as well. Still, not all routine regulations apply to private lenders and the loans they offer.

What are some of the laws on mortgage lending?

In addition to prohibiting lenders from refusing to offer loans, the Act prohibits the lenders from providing information about loans and from imposing different terms or conditions on loans. For example, a lender cannot assess a higher interest rate only because the borrower is Jewish or elderly.

What does it mean to have a private mortgage?

A private mortgage is a loan made by an individual or a business that is not a traditional mortgage lender. If you’re thinking of borrowing for a home or considering lending money, private loans can be beneficial for everybody if they’re executed correctly.

How much interest can a non licensed lender charge?

In short, however, non licensed lenders can only charge ten percent (10%) interest a year (yes a year) on a a Loan, and if the interest rate is higher then it probably is usurious. What is Usury and What Makes a Loan Usurious?

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