Orphan Mortgages Canada

Orphan Mortgages can be red flag for lot of real estate investors.There are mainly three ways how a mortgage can become orphan.

First of all if your current mortgage is through a lender who is no longer in the business. When you mortgage becomes due, they will not renew it. You have to find a new lender upon the maturity of the term.this can be nightmare for lot of Real estate investors.

Second one if the builder arranged your mortgage, upon maturity, the lender may not renew your mortgage.

Third, if you have not heard from your lender sixty to ninety days prior to your mortgage renewal, you are subject for non renewal.

Many Real Estate Investors are being abandoned by a breed of Alternative lenders that have stopped lending to Real Estate Investors, who, because of poor credit scores, lower paying jobs, minimal equity, too many properties in their portfolio where they may not be able to obtain conventional financing from a chartered bank.

There is bright side to this equation. These property owners have to obtain financing from other source or face foreclosure. These property owners become panic sellers due to time frame available to get rid of the property.

World Wealth Builders offers many unique, practical, out of the box real estate investor apprenticeships which offers the student hands on, in the trenches style instruction to facilitate both a different mindset as well as a successful and lucrative real estate investment business. To find out more, please go to www.WorldWealthBuilders.com/live

The above information is provided as a guideline and is not intended to give a professional legal advice. Please consult a real estate lawyer for their opinion on your particular case.

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Hybrid Mortgages Canada

Due to uncertainty of the mortgage rates, Canadians are on the fence about where interest rates are heading, you may want to consider a hybrid mortgage, one of the latest products offered by the major Banks and other financial institutions that can help you hedge your interest rate bets.

Hybrid mortgages Canada is a mortgage with multiple terms. Hybrid mortgages are a new solution to this old dilemma. At least that is the theory. As with anything financial, it all depends on market forces that are beyond your control.. In the case of hybrid mortgages, your interest rate payments fluctuate, so you need to be able to weather some stormy waters before signing up.

Hybrid mortgages Canada works as follows. You split your mortgage into two portions – often 50/50, but not always. One portion is fixed, i.e. locked in like a typical 5-year fixed mortgage. The other portion is variable, giving you half your mortgage at a lower interest rate. The concept is similar to dollar-cost averaging, where you buy a little bit of an investment each month, paying more some months and less others, with the result that the total cost of the investment averages out to less than it would be if you simply bought it in a lump sum

These terms may be part fixed and part variable, and/or part long-term and part short-term.

Hybrid mortgages Canada works

For example, a hybrid mortgage might be contain the following:
30% in a 3-year fixed rate
30% in a 5-year variable rate
40% in a 1-year fixed rate

Of course, payments on the variable portion are subject to change according to fluctuations in the prime rate, and that is where the benefit of the hybrid takes effect. When interest rates go up, the fixed portion of your mortgage stays the same, so you experience less of an impact.

If interest rates go down, the variable portion costs less, making up for the higher costs on the fixed side. In uncertain times, the hybrid can make sense.

World Wealth Builders offers many unique, practical, out of the box real estate investor apprenticeships which offers the student hands on, in the trenches style instruction to facilitate both a different mindset as well as a successful and lucrative real estate investment business. To find out more, please go to www.WorldWealthBuilders.com

The above information is provided as a guideline and is not intended to give a professional legal advice. Please consult a real estate lawyer for their opinion on your particular case.

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You have the permission to re-print this article ,as long as you dont make any changes and include the bio above.

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Ottawa to Charge CMHC a Risk Fee : CMHC’s quarterly financials revealed today that the government will start charging the nation’s largest default insurer a “risk fee.”

Effective January 1, 2014, CMHC will pay the federal government an additional 3.25% of its insurance premiums, plus 10 basis points extra on the low-ratio bulk insurance (a.k.a. Portfolio insurance) that it sells.

Ottawa to Charge CMHC a Risk Fee

Private mortgage insurers (Genworth Canada and Canada Guaranty) have been required to pay a fee of 2.25% of premiums since January 1, 2013. CMHC’s fee is higher, because it “takes into account the 100% Government backing of CMHC’s liabilities as compared to the 90% guarantee of the private mortgage insurers’ obligations to lenders.

CMHC projects the fees will amount to $50 million in 2014. Where will that money go? The receipt of all fees from mortgage insurers are treated as part of the Government of Canada’s general revenues.

CMHC said that its insurance in force is $560 billion. That’s 6.7% below its legal limit, and $7 billion below its year-end 2011 level. As you may recall, CMHC announced in early 2012 that it would be rationing bulk insurance.

Since then, the Finance Department has taken numerous steps to cut its exposure to mortgage insurance, tighten underwriting, and slow housing momentum.

Mortgage insurance is mandatory in Canada when the borrower has a down payment of less than 20 per cent. It reimburses the bank if the borrower defaults on their mortgage. Portfolio or bulk insurance is something that banks can buy to cover large portfolios of previously uninsured mortgages.

Ottawa to Charge CMHC a Risk Fee

CMHC said it earned $452-million in the third quarter, up 20 per cent from a year ago, thanks largely to a reduction in net claims. The total amount of insurance in force fell to $559.8-billion, compared with $566.1-billion at the end of 2012.

Royal Bank of Canada analyst Geoffrey Kwan said that CMHC’s two private-sector rivals, Genworth MI Canada Inc. and Canada Guaranty, already have to pay a risk fee to the government of 2.25 per cent of premiums written.

The fact that CMHC’s new risk fee is higher than that likely reflects the fact that Ottawa provides more backstop to the Crown corporation. The government guarantees 100 per cent of CMHC’s business, but only 90 per cent of its private-sector competitors.

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Let us compare their products and features. You will be amazed that their competitiveness is helping Canadians to get more bangs for their buck.

Future Fit and You are The Boss Mortgages

Future Fit and You are The Boss Mortgages, Financing your home purchase raises so many choices: down payments, terms, interest rates. But it’s important to structure your mortgage so that it works for you now and in the future. Future Fit mortgage feature does just that. It gives you the flexibility to meet your financial goals and lifestyle as they change and evolve.

Features and benefits

* obtain your mortgage with only one approval, there are no legal costs on future advances

* diversify your interest-rate risk by splitting your mortgage to include Home prime variable and fixed-rate components

* manage your interest-rate risk by having portions of your mortgage mature at different times

* switch your Home prime variable rate portion to a fixed rate during the term of your mortgage*

* use part of your mortgage as a line of credit to fund home renovations, debt consolidation or an investment property

* reduce your mortgage and interest cost with 20/20 lump-sum payments:

Or prepay up to 20% of your original mortgage amount once a year without penalty Increase your payments up to 20% once a year without penalty

* enjoy other standard Van city mortgage features: flexible payment options, portability and assumability. And great rates.

Van city has 400,000 members with $14.5 billion of their assets, making them Canada’s largest Credit Union.

Future Fit and You are The Boss Mortgages  is full of flexible features designed to put you in charge. Because saying hello to a mortgage shouldn’t mean saying goodbye to life as you know it.

Management at Coast isn’t content with being the second largest credit union in Canada. They want to be the first. So, the BC-based company has been challenging big banks head on.

Its strategy has primarily been two-pronged:

a) Advertise some of the most competitive mortgage rates in BC; and,

b) Develop innovative products.

The you’re the Boss mortgage comes with:

* 30% lump-sum pre-payment privileges

The most of any closed mortgage in Canada (Here’s how Coasts pre-payments compare to the banks.)

* A Save and Take feature

This lets people re-borrow the money they’ve used to pre-pay their mortgage (subject to a $500 minimum)

Customers can check their available re-borrowing limit online

Clients can make a withdrawal by phoning Coasts call center. The money is put in the customer’s account the next business day.

O BMO has something similar called the Mortgage Cash Account but BMOs minimum re-borrowing amount is $2500 vs. Coast Capitals $500

* A Half & Half rate option

o This sets the rate at the mid-point between the current variable and fixed rates, thus reducing risk compared to a straight variable mortgage

o Coast says this feature appeals to the 47% of borrowers who are unsure about whether to purchase a fixed or variable rate.

o Customers can instead opt for a regular 5-year fixed or variable rate if they choose

* 100% payment top-up privileges

o Allows customers to make up to double their regular payments

o Clients must phone in to make these extra payments (it can’t be done online).

Big pre-payment allowances are swell, but remember that only 12% of people actually made lump-sum pre-payments last year, according to CAAMP.

Save-and-Take-Payments Coasts new save and Take feature works sort of like a re advanceable mortgage. The difference is that re advanceable mortgages let you re-borrow all of your principal payments. The Save and Take feature only lets you re-borrow principal that has been pre-paid over and above normal scheduled payments.

In researching this product Coast found that 40% of local mortgage holders set aside funds for emergencies rather than using that money to pay down their mortgage. Allowing re-borrowing keeps people liquid and makes pre-payments more appealing.

Other notables of the You’re the Boss mortgage:

* Maximum loan-to-value: 80%

* Property Types: Owner-occupied residences only

* Term: 5-year fixed, 5-year variable, or Half & Half (part fixed/part variable)

* Where to get it: Coast branches, Coast mortgage specialists and approved brokers

Not all lenders can offer this kind of mortgage. The re-borrowing feature makes it very hard to securitize and more complicated to fund. For those reasons, mortgages like this generally have to be kept on a lenders balance sheet (which Coast does). That makes it harder for non-deposit-taking lenders to compete with this kind of product, apart from competing on price.

Coast Capital serves British Columbia and has 425,000 members, 50 branches, and $12.9 billion in assets.

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The Mortgage Investment Corporation, aka MIC, is a corporation who has been given a special designation by Canada Revenue Agency, as highlighted in the section of 130.1 of the Income Tax Act.

It is a Canadian Corporation which allows investors to invest their RRSP, RESP, RRIF, and money in a pool of mortgages (mostly residential mortgages) where the properties are located within Canada.

The infrastructure of Mortgage Investment Corporation (MIC) is almost similar to a mutual fund.

Mortgage Investment Corporation

The Mortgage Investment Corporation (MIC) is a flow-through investment corporation, which means that all revenues generated can be redistributed to all the investors without accruing any income tax.  So therefore, MIC is not taxed as corporation, which is a bonus for full-time Canadian real estate investors looking for alternative ways to invest.

What are the major characteristics of Mortgage Investment Corporation (MIC) under the section 130.1 of the Income Tax Act?

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• Mortgage Investment Corporation (MIC) must have a minimum of 20 shareholders, and not more than 40 investors who are deemed accredited investors
• A shareholder may not hold more than 25% of the Mortgage Investment Corporation’s total capital
• Must invest at least 50% of its capital in Canadian residential mortgages, and/or Canada depository insurance corporation insured instruments
• All investments of Mortgage Invest Corporation (MIC) must be in Canada
• All investment are eligible for all registered pension plan, and educational plans, such as RRSPs, RESPs, RRIFs
• MIC is allowed to invest up to 25% of its total capital directly in real estate property for income purposes
• Restricted from developing land and engage in any type of construction in Canada
• Mortgage invest Corp is a tax-exempt corporation
• MIC is a flow-through investment and distributes all of its net income to all its shareholders
• Dividends received by Mortgage Investment Corporation (MIC) shareholders that have invested cash are taxed as interest in the shareholders end
• There are a few highlights under the Income Tax Act 130.1. For more details, consult the Canada Revenue Agency. In the next article we will be discussing advantages of Mortgage Investment Corporation (MIC).

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Good credit report

credit score are important factors in determining whether or not you will be approved. This is one of the factors mortgage professionals consider in qualifying you for a mortgage. The lender requires excellent beacon score possibly above 680 or more.

Canadian lenders will require mortgage loan insurance unless you can put down a down payment of more than 35 % . Insurers also recommend that lenders demand higher credit scores from borrowers stating their own incomes.

The simplest way for the self-employed to qualify for a mortgage is for the lender to look at your income on the Canada Revenue Agency notice of assessment for the past two years and see if you qualify for a mortgage.

Mortgage for Self Employed Canadians

(CMHC) will allow self-employed individuals to increase the income on their notice of assessment by 15 per cent in order to qualify for a mortgage. This is a generally accepted increase to compensate for non cash items such as business use of the home.

For full details, visit their website at CMHC -schl.gc.ca/en/hoficlincl/moloin/hopr/upload/CMHC-Self-Employed.pdf.

CMHC will average your income from the past two years.  If your income has been rising each year for the past four years or more, they will use the latest year for calculations.  To take advantage of certain tax strategies, many self-employed may keep money in their business  than generating income.

If you’re unable to qualify based on your verifiable income, you can still obtain insured mortgage finance, but CMHC will charge you a higher premium. Since April, CMHC permits you to state your own income if you have been in business for less than three years.

Most of the Canadian lenders will require mortgage loan insurance unless you can put down a down payment of more than 35 per cent. Insurers also recommend that lenders demand higher credit scores from borrowers stating their own incomes.

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If you have RRSP contribution room, you should contribute your savings before March 1, 2013 or 60 days after the December 31.

More information can be obtained from Canada Revenue Agency at http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html

You can qualify for a 2012 tax refund based on the amount you contribute and your marginal tax rate.  Use Canadian RRSP Tax Refund as Down Payment. Then, after 90 days, you can redeem those funds under the Home Buyer’s Plan (HBP).

The Home Buyers’ Plan (HBP) lets first-time home buyers withdraw up to $25,000 each (or $50,000 for a couple) tax-free from their RRSPs.  You’ll need to pay those funds back, of course, on a repayment plan, but this strategy of Use Canadian RRSP Tax Refund as Down Payment can make a substantial difference in the affordability of home ownership!

And while your funds are tied up for those 90 days, the Mortgage Brokers or banks can get you an interest rate hold. To learn more about how to implement this strategy attend upcoming Canadian Real Estate Investment Training Seminar Apprenticeship.

Align yourself with the most powerful, knowledgeable, influential, successful over 12,500+ Canadian Real Estate Investors for monthly mentoring,network and support at Professional Real Estate Investors Group (PREIG) Canada.

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 P.S. Take Action now to attend the eye-opening seminar and walk away with confidence, knowledge, and specific “action ideas” that can help you achieve your dreams and leave the rat race behind.

 We have been training Canadian Real Estate Investors since 1993.

A high ratio mortgage is a mortgage in which a borrower places a down payment of less than 20% of the purchase price on a home. Another way of phrasing a high ratio mortgage is one with a loan to value ratio of more than 80%. A mortgage with more than a 20% down payment is called a conventional mortgage.

A high ratio mortgage will require mortgage insurance. Mortgage insurance is usually purchased by the lender through one of Canada’s three default insurers, the Canada Mortgage and Housing Corporation (CMHC), Genworth and Canada Guarantee and the cost of the premium is charged to the buyer as a closing cost, or is financed through the mortgage.

What is Down payment?

The buyer must pay the down payment from his/her own funds or other eligible sources before securing a mortgage. The portion of the home price that is not financed by the mortgage loan.

What is Mortgage payment?

A regularly scheduled payment that is often blended to include both principal and interest. This payment can be made weekly, bi weekly or monthly depending upon the bank and what have you negotiated.

What are Property taxes?

The taxes are property taxes your community levies based on a percentage of the value of your home. The tax is generally used to help finance the cost of running your community, say to build schools, roads, infrastructure and other needs. You must pay property taxes even if you don’t need an escrow account and even after your mortgage is paid off.

What is a Mortgage?

Nowadays, a mortgage involves an agreement between a lender and a borrower where the lender decides to loan the borrower money to purchase property under the condition that the borrower promises to repay the loan and provides that land as security for their payment of the loan; when the loan is repaid in full, the lender will release the property to the borrower.

What can I use as my down payment?

For those home buyers who have saved up a down payment, traditional mortgage loan insurance products require home buyers to provide the minimum down payment from their own resources, however gift down payments from immediate relatives are also acceptable.

What is Flex down product?

Additional sources of down payment are also available through CMHC’s Flex Down product. With Flex Down, home-buyers with a proven track record in managing their debt can provide the five per cent down payment from a variety of sources, including borrowed funds or lender incentives, provided the funds are at arm’s length from and not tied to the purchase or sale of the property.

When does my bank need mortgage loan insurance?

Typically lenders will require mortgage loan insurance if a borrower has a down payment of less than 20 per cent of the purchase price of the home. By protecting lenders against borrower default,

Who arranges Hi ratio Mortgage Loan Insurance?

Your bank will arrange for the purchase of hi ratio mortgage Loan Insurance. When you negotiate your loan terms make sure to ask that the mortgage be CMHC insured.

Does CMHC Mortgage Loan Insurance only apply to traditional single-family residential properties?

No, CMHC offers mortgage loan insurance products on various property types including duplexes, condominiums, owner-occupied properties, manufactured or mobile homes, properties requiring renovations and much more, including rental and nursing homes.

Who pays for the CMHC Mortgage Loan Insurance?

Like any other kind of insurance, there are premiums to be paid. The lender typically passes on the cost of insurance to the borrower. The premiums can be paid up front in a lump sum or blended in with your mortgage loan payments.

 Is there an upper limit to the price of a house I can buy with a minimum payment?

Not any more. As of September 2003, CMHC removed its price ceiling limitations. For the purposes of qualifying for CMHC Mortgage Loan Insurance, CMHC does not have a limit on the purchase price of a property.

Can you refinance your home to make some renovations?

If your Bank refinances your mortgage using CMHC Mortgage Loan Insurance, you can increase the existing mortgage on your home up to 90 per cent of its current value or as improved value. Refinanced funds may be used for any purpose you wish, except default management.

Is CMHC Mortgage Loan Insurance available for secured lines of credit?

Yes. With a secured line of credit, you can draw funds up to your insured credit limit (up to 80 per cent of the current or as improved value of your home) at any time without the need to re-apply, and you can also make interest-only payments for a period of time. Equally important, you have the flexibility to prepay without penalties.

My mortgage is currently CMHC-insured and I am moving to another house. Are there any CMHC products available to me?

When a lender has received CMHC Mortgage Loan Insurance on your home loan on or after April 1, 1996 and you are purchasing another home, there may be a mortgage portability option. Portability allows the repeat user of CMHC insured mortgage financing to save money by reducing or eliminating the premium on a new insured loan for the purchase of another home.

World Wealth Builders offers many unique, practical, out of the box real estate investor apprenticeships which offers the student hands on, in the trenches style instruction to facilitate both a different mindset as well as a successful and lucrative real estate investment business. To find out more, please go to www.WorldWealthBuilders.com.

The above information is provided as a guideline and is not intended to give a professional legal advice. Please consult a real estate lawyer for their opinion on your particular case.

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RRSP Registered Retirement Savings Plan Canada is a tax-deferred account designed specifically for retirement savings. Any resident of Canada under the age of 71 who has earned income may establish and contribute to an RRSP.

RRSP Registered Retirement Savings Plan Canada

Why Contribute to RRSP’s?

Most Canadians contribute to an RRSP to lower their tax bill. But there are many other benefits to consider:

• Immediate Tax Savings: your allowable contributions are tax deductible from your annual income
• Lifelong Learning Plan: you can use up to $20,000 of your RRSP to pay for your own or your common-law partner’s education. If certain conditions are met, the withdrawal is tax-free and can be paid back to your RRSPs over ten years.

Common Registered Retirement Savings Plan (RRSP) Mistakes

 Here are the common mistakes many Canadians make when contributing to Registered Retirement Savings Plan (RRSP) which can also be used as Home buyer plan for first time home buyers in Canada.

 Proper Reporting

Receipts for contributions in the first 60 days of 2011 properly belong on your 2010 tax return. Receipts for the first 60 days of 2012 count as 2011 contributions of Registered Retirement Savings Plan (RRSP)

Do not hold them back to claim them on your 2012 tax return.

Reporting RRSP contributions on a calendar year basis is technically incorrect. According to Schedule 7 of your 2011 tax return, Canadians should be reporting the contributions you make from March 2, 2011 to Feb. 29, 2012.

You must be over 18 to contribute to an RRSP.

You must be 18 to open a TFSA but you can contribute at any age. Kids under 18 who earn money through part-time or summer jobs should be encouraged to file a tax return to demonstrate their earned income to the Canada Revenue Agency, creating RRSP contribution room. They can then choose to either make an RRSP contribution with their summer earnings or, at the very least, build up that RRSP contribution room for use in future years.

 Defined Contribution Pension  

Note that deposits to a defined contribution – or DC – pension plan made in 2011 do not use up any of your 2011 RRSP contribution room. A pension plan member does not get any receipt to deduct 2011 DC contributions on line 207 for RRSPs.

Instead, the calendar-year total for an employee’s own DC plan contributions will appear in Box 20 of the 2011 T4 slip, which means they can be claimed as a deduction on line 208 as Registered Pension Plan contributions. Furthermore, the total of employee plus employer matching RPP contributions becomes a Pension Adjustment amount shown in Box 52 of the T4 slip. In turn, this PA reduces the employee’s 2012 RRSP contribution room.

If you’re over 71, you can no longer contribute to an RRSP.

While it may be true that you can no longer contribute to your own RRSP once over 71, you can still contribute to a spousal RRSP if you have younger spouse. This would only be applicable if you have an RRSP contribution room, either because you haven’t contributed the maximum allowed during your working years or you generate new room annually from employment or rental income, both of which count as “earned income.”

Over Contribution

The penalty for RRSP over contributions in excess of $2,000 is 1%  per month. Completing a T1OVP form to calculate this onerous penalty is a chore most accountants detest.

The problem compounds itself when you ignore the amount of unused RRSP contributions shown at the very bottom of your 2010 Notice of Assessment. Those who inadvertently over contribute usually do so when they make their top-up RRSP contributions in the first 60 days of the calendar year.

Find this key number immediately below the line that tells you how much to deduct for 2011.

You must report and claim your RRSP

Contribution annually or face a penalty tax of 1% per month.

While you do need to report all 2011 RRSP contributions (including those made in the first 60 days of 2012) on your 2011 tax return, you do not need to claim the deduction in the year they are made. Provided you have the necessary RRSP room, you will not be penalized for over contributing if you don’t claim the deduction. That being said, it rarely makes sense to defer claiming the deduction unless you are certain that your marginal tax rate for a coming year will be significantly higher.

High Interest Loan

Don’t use a credit card or high interest loans cash advance to fund your RRSP contribution. Assuming a 35 % tax bracket, paying 18-24% credit card interest after-tax is equivalent to a 30 per cent cost before tax. In other words, your RRSP needs a guaranteed 30 % RRSP growth rate to make a credit card RRSP loan worthwhile.

RRSP loan logic is simple. Top up your RRSP with money you borrow. Use the refund to pay down the loan and reduce the time it takes to pay it back. The invested money starts working immediately.

Borrowing at 18-24% to contribute to an RRSP is a bad idea. But that is effectively what you are doing when you use available cash to make an RRSP contribution while you still have an outstanding credit card balance.

Last minute contribution

Putting it off each year and then planning to really save at a later date. The key factor as an investor is time and the compounding growth. Investing a small amount earlier may help you retire earlier. If you have the cash and the RRSP room, speak to your accountant, financial advisor or bank about making your 2011 RRSP contribution.

Not naming a beneficiary

Your spouse can receive your RRSP tax-free and you can name a charity (with certain provisions) as beneficiary as well.

RRSP loan rates are very low so you won’t pay a lot of interest over the term of an RRSP loan. However, the tax refund that you can receive when you use your RRSP loan to make even a small RRSP contribution is usually much more – even 10 times more! – compared to the interest that you’ll pay on the loan. In addition, you’ll earn interest on your RRSP investment!

RRSP Catch Up Loans

Borrowing to maximize your RRSP contribution usually leaves you further ahead than making a smaller contribution without a loan. Even though interest on an RRSP loan is not tax deductible, the combination of low borrowing rates and paying off the RRSP loan within one year will result in more total assets.

Options to Invest RRSP

Common types of qualified investments for RRSP money are, guaranteed investment certificates (GICs), government and corporate bonds, mutual funds, and securities listed on a designated stock exchange. You can also invest in Canadian Mortgages as well syndicate mortgages.

RRSPs are better than TFSAs since you only get a tax deduction when you contribute to an RRSP, not a TFSA.

Sure, you get a tax deduction and potential refund when you make a deductible RRSP contribution but that’s only potentially beneficial to you if you expect your marginal effective tax rate upon withdrawal of the funds to be lower than your tax rate today. In other words, that “refund” you receive in respect to your contribution is meaningless if your tax rate stays constant between the time of contribution and withdrawal. If your tax rate is expected to increase upon retirement, you would have been better off socking the money away in a TFSA before considering an RRSP contribution.

Don’t Let taxman use your money Interest free
If you are making regular deposits to your RRSP (e.g. monthly PAC deposits), you can complete and file a TD1 or T1213 to reduce the taxes withheld from your pay cheque. This allows your employer to deduct your RRSP contribution amount from your income, before income taxes are calculated, giving you an instant tax deduction. Why let the government use your money interest free? 

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