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Students for Saving Social Security take on AARP
S4 recently unveiled a new section of their website (http://www.secureourfuture.org/seniors) dedicated to informing the public about the hypocrisy and misjudgments of AARP when it comes to Social Security reform. So what’s the problem? Among other things (more on the site), AARP: Likens investing in the stock market to gambling, while pushing their own investments in stocks to their membership Supports investing some of the Social Security Trust Fund (nevermind that it’s full of IOU’s) in Stocks and...
Bush Touts Voting Rights Act Renewal
President Bush Tells NAACP He Wants to Change Republican Party's Relationship With Blacks
Profile: Secretary of Health and Human Services Mike Leavitt
EPA Chief and Former Utah Governor Picked to Head HHS
FACTS ON SOCIAL SECURITY DISABILITY SERVICES
There are different types of Social Security Disability Benefits and as members we have to be abreast with all legal components concerning Social Security. One type of disability benefit is the Disability Insurance Benefit. This type applies to disabled individuals who have worked in recent years with the general rule 5 out of 10 years. And also included in type of disability benefit are those disabled widows and widowers who are at least 50 years old and whose disability has...
Amid Iraq Debate, a Document Mystery
Political Talking Points, From Pentagon Office, May Have Been Illegal
Poll: Majorities Disapprove of Bush on Ethics
Three-Quarters Favor Release of Abramoff Meeting Records
B Vitamin Case Reaches Supreme Court
B Vitamin Supreme Court Case Could Prove Tough Medicine for Patent Lawyers
SOCIAL SECURITY: THE PROBLEMS WITH LIVING-IN
“Living-in” is very common nowadays. So many children are raised in a family set up wherein the parents are not married. The problem with this arrangement arises when its time to claim for benefits. Take for example, a Social Security member who is an unmarried father dies and has left a spouse and a kid. The big question now is whether the remaining spouse and the kid are entitled to benefits even though the deceased member and his spouse are...
N.Y. Top Court Rules Against Gay Marriage
New York's Top Court Rules Gay Marriage Not Allowed Under State Law
Showdown 2008: Clinton vs. McCain
ABC News Poll Shows Clinton Has Strong Support From Base, McCain's Support Broader
Democratic Congressional Candidate to announce Social Security reform plan
According to the Palm Beach Post Democratic Congressional candidate Joe Klein will “soon offer a Social Security plan of his own”. Students for Saving Social Security has the details.
Republicans Say Bush's Veto Is Risky
President Bush Uses First Veto Against Stem Cell Research Bill Most Americans Support
GSA to seek smart card for Social Security (Government Computer News)
The General Services Administration will issue solicitations seeking smart-card services and devices next month on behalf of the Social Security Administration.
Your Thoughts: Liberty vs. Security
Reactions to NSA Phone Record Surveillance Tactics
End of Campaign for "Paris Hilton Tax Break"
Senate Rejects Highly Contested Estate Tax Law
Krugman's Fraudulent Assault on Lieberman
Written by Students for Saving Social Security Education Director, Nicola Moore: Paul Krugman’s latest New York Times op-ed, “Talk-Show Joe,” critiqued Senator Joe Lieberman for (among other things) the Senator’s stance on Social Security. Krugman claims: Mr. Lieberman repeatedly supported the administration’s scare tactics. “Every year we wait to come up with a solution to the Social Security problem,” he declared in March 2005, “costs our children and grandchildren and great-grandchildren $600 billion more.” This claim echoed a Bush administration talking point,...
THE PROBLEM WITH PEOPLE LIVING LONGER LIVES
In a speech by President Bush in one of his state visits in Florida he mentioned that one problem faced by the Social Security is the fact that people are living longer lives. This poses a problem for the Social Security since they had base their programs to life expectancy of people aging only up to 60 years old and people right now are living more than 60-thanks to food supplements and advance health technology. This means many people are...
Lieberman Losing Ground in Senate Race
Democratic Sen. Joe Lieberman Losing Ground in Conn. Primary Race, Poll Shows
Social Security news - Bernanke affirms policies
Bernanke affirms policiesPioneer Planet - CPI-U is the gauge that government benefits such as Social Security are adjusted by each year, and it also affects the More Middle Class& Elderly in Need of FoodWLNS - Helen Salisbury:'A ll I have is my income from my Social Security to [...]
SOCIAL SECURITY BENEFITS TO DIE FOR
Social Security benefits are supposed to provide living benefits however there some cases that the opposite happens. Take for example a case of a disabled person who files for a disability claim. He was still alive when he filed for the claim however the processing was so long that the disabled member died without having a glimpse of his disability claim. His family has filed for another claim and that is the Survivor’s Benefit or the Death Benefit. The only...
Should you take Social Security at 62 or 65? (The Buffalo News)
NEW YORK - Deciding when to retire has never been so complicated, what with the dwindling of company pension plans, high cost of living and longer life spans. Another factor to consider is the package of benefits you'll get from a lifetime of paying into Social Security.
Social Security update - Supplemental Security Income
Supplemental Security Income Home · Questions? How to Contact Us · Search This is a link to Chapter 21 of the Social Security Handbook which contains material about SSI organized in Free Legal Advice in 100+ Law Topics - Law Attorney click a section topic below and find the [...]
Americans Doubt That the U.S. Effort in Iraq Is Improving
Public Concerned Civil War in Iraq a Real Possibility
Profile: Secretary of Homeland Security Michael Chertoff
Aggressive Prosecutor Named to Be 'Key Leader in War on Terror'
Sen. Obama to Headline Iowa Party Event
Democratic Sen. Barack Obama Will Headline Iowa Democratic Party Event
Social Security Administration - Irving: Social Security reform was missed chance to build wealth
Irving: Social Security reform was missed chance to build wealthCambridge Chronicle - R IrvingThursday, November 17, 005Reforming Social Security seems to be off the Beltway's accounts by themselves weren't going to solve Social Security's looming financial woes Social security institute to spend leva 1 mln on warning letters to [...]
Spy for Israel Loses Supreme Court Appeal
Supreme Court Denies Jonathan Pollard, Convicted of Spying for Israel, Access to Records
Social Security Number Protection (WPMI 15)
(MOBILE, Ala.) July 19 -- Mobile County Fraud Investigator Sgt. James Lackey says your social security number is the key to your identity: "Only one person has your social security number and that's you!" It's understandably a prime target for identity thieves.
YOU’RE NOT ALONE…LET SOCIAL SECURITY ATTORNEYS HELP YOU
In legal matters, it is always better to have a responsive, smart, decisive and knowledgeable lawyer at your side especially in cases pertaining to Social Security benefits. Full attention coupled with great dedication is provided by a Social Security Disability Attorney on your case to ensure quality of his service. Likewise, clients are treated with utmost consideration. Depending on the severity of the subject of the case the initial interview conducted will somewhat provide you with an overview of the outcome...
Bush Addresses NAACP Convention
President Bush Makes His First Appearance at NAACP Convention
Social Security info - Homeless Shelter to Occupy Social Security Building (WTRF)
Homeless Shelter to Occupy Social Security Building (WTRF)Northwood Health Systems has announced that it will place a homeless shelter in the former Social Security buiding. Bush Social Security Plan Laid to Rest (AP via Yahoo! News)The Senate staged sparsely attended burial services Tuesday for President Bush's long-dead plan to remake Social Security through creation of personal [...]
Supreme Court Won't Review Tobacco Award
Supreme Court Refuses Consider Tossing Out a $50 Million Damage Award to the Family of Smoker Who Died
Social Security Commissioner recognizes pair for service (Dover Post)
Social Security Commissioner Jo Anne Barnhart stopped at the Milford Senior Center July 14 to present the agency’s Public Service Award to Ruth Anne Beideman, community outreach coordinator for the Milford Senior Center, and April B. Willey, volunteer service coordinator for the Retired & Senior Volunteer Program.
Social Security provides wide safety net (Peoria Journal Star)
Q: With so much discussion about Social Security and taxes, I have what some may think is a silly question. But I would really like to know exactly what does Social Security pay for?
Social Security honors Apprise officials (Times Leader)
The Social Security Administration presented a public service award to Anne Rappaport, Apprise RSVP director, and Joe Giebus, Apprise coordinator, of the Luzerne County Apprise Program. The award was in recognition of their efforts in educating the public about the extra help available to pay for Medicare’s new prescription drug program. Nick Krutz, district manager, Wilkes-Barre Social Security
Profile: Secretary of Education Margaret Spellings
Longtime Adviser Named to Cabinet
SUPPLEMENTAL SECURITY INCOME IN CALIFORNIA
Different states have various laws governing Social Security that is why it is not right to assume that the social security you applied for say in California will be the same as those found in Ohio and so fort. One of the noblest benefits offered by the Social Security is the Supplemental Security Income also termed as State Supplementary Payment Program in California. The Social Security Program is a federally funded program that offers income support for members who are aged...
Poll: Greenspan Leaves 'Em Wanting More
Federal Reserve Chairman Retires After 18 Years
Editorialist comes out of retirement to write about Social Security Reform
In the 1950’s, the New York Times used to publish editorials written by “McCandlish Phillips”. After so many years, Mr. Phillips (Now John M. Phillips), has submitted an Editorial to the National Review. In it, the author, an admittedly unlikely Bush supporter, says that Personal Accounts are absolutely the right way to go. Mr. President, I know in my heart, my gut, and my mutual-fund balance that you are dead-on right about those private retirement accounts for Social Security. You...
Social Security information - FDIC: Community Reinvestment Act Exam Schedule (Fourth Quarter
FDIC: Community Reinvestment Act Exam Schedule (Fourth Quarter FDIC EXAMINATIONS SCHEDULED FOR FOURTH QUARTER 2002 - CHICAGO REGION 9679, CHI, LEX, Peoples Security Bank, ROUTE 23 AND TOWN BRANCH ROAD, LOUISA Office of the Chicago Regional Administrator Office of the Chicago Regional Administrator functional statement. 7500 Security [...]
President Bush Keeps Fighting for Reform
From the Washington Times: The seemingly dead issue of Social Security reform came to life again in recent weeks, with President Bush saying it should be high on the agenda and Democrats warning that Republicans are resurrecting their plan to privatize the system. Mr. Bush, in a June 27 speech extolling the line-item veto, vowed to keep fighting to fix the impending financial crises in both Social Security and Medicare. “If we can’t get it done this year, I’m going to...
Pay back Social Security money (Selma Times-Journal)
To fix Social Security, one must strike at the cause of the problem!! From where I sit ... that is our political leadership borrowing from the fund to balance the budget, wars or any other place they wish to throw money.
Brilliant Idea of the Week?
Now here’s a great idea. A man is trying to sell his future Social Security benefits on eBay. The starting bid is $200,000. My cousin, who’s an actuary, estimates that, given the seller’s loose assumptions, the present value of the future benefits is $421,305.20 $170,409.06 (The original $421k number was the present value at age 62. Discounted to the present day brings it to $170k, which suggests that the starting bid should be lowered, but is still a nice...
Profile: Secretary of Labor Elaine Chao
With Much to Accomplish in Bush's Second Term, Chao Agrees to Stay
A Chance of Winning a Case
So many individuals who filed for a case would want to know their chance of winning their case. However, there are some factors that need to be considered when filing for a case. Take for example cases concerning Social Security Benefits. It is not easy proving that you have the right to claim since there are legalities involved starting from the time you sign up to become a member of the Social Security up to the time that you are...
Profile: Secretary of Energy Samuel Bodman
Deputy Treasury Secretary Picked to Advance Bush Administration's Second-Term Energy Agenda
Thune Says He'd Distance Himself From Bush
Sen. John Thune of S.D. Says He'd Distance Himself From Bush if He Were Running This Year
Bush Works to Break Immigration Deadlock
Bush Works Behind Scenes to Explore Proposals to Break Gridlock on Immigration Legislation
Profile: Transportation Secretary Norman Mineta
Only Democrat in Bush's Cabinet Asked to Stay On
As if that's a bad thing
Dems Still Using Social Security Reform Against Republicans - The Dems’ anti-choice propaganda continues, to nobody’s surprise.
Congress votes to give Social Security benefits to Illegal Immigrants
In a 50-49 vote (1 abstaining) late last week, the United States Senate voted to table (kill) an amendment (SA 3985 Voting Records) by Senator Ensign (R-NV) that would prevent illegal aliens from collecting Social Security benefits on past illegal employment. Students for Saving Social Security has more on their site including links to the bill, voting records, and commentary.
Podcast: The AfterNote
House Majority Leader Says Violence Underscores Progress But Refuses to Address GOP Congressman's Retreat Call
Profile: Secretary of Veterans Affairs Jim Nicholson
From Humble Beginnings to Decorated War Vet, Businessman, Politician, Diplomat and the Cabinet
Profile: Secretary of the Treasury John Snow
President Seeks Strong Salesman of Social Security, Tax Overhauls
Podcast: The AfterNote
House Majority Leader Says Violence Underscores Progress But Refuses to Address GOP Congressman's Retreat Call
Profile: Secretary of Agriculture Mike Johanns
Nebraska Governor Has Wealth of Experience Promoting Agribusiness
Profile: Attorney General Alberto Gonzales
From Humble Beginnings to Harvard to the White House
Lieberman Losing Ground in Senate Race
Democratic Sen. Joe Lieberman Losing Ground in Conn. Primary Race, Poll Shows
Social Security updates - SOCIAL SECURITY REFORM
SOCIAL SECURITY REFORM National Center for Policy Analysis, France - Nov 16, 2005 that many workers will lose money if they open personal retirement accounts (PRAs), which are a key component of the president's Social Security reform approach Social Security and You: Consider utilizing online application San Antonio Express (subscription), TX - Nov 13, 2005 [...]
Harry 'Head in the Sand' Reid
Here’s Senator Harry Reid’s statement following the release of the Social Security annual report: WASHINGTON, May 1 /U.S. Newswire/ — Senate Democratic Leader Harry Reid released the following statement on today’s release of Social Security and Medicare Trustees Reports: “Today’s report confirms that, despite White House scare tactics, Social Security remains sound for decades to come. The real threat to Social Security comes from Republicans, most of whom support and voted for privatizing Social Security. Instead of working to dismantle Social...
Dow poised to break record, and an opportunity missed
Splashed across the front page of Drudge today is the news that the Dow Jones Industrial Average is poised to break its all-time record. That’s certainly good news, but just imagine if we had converted Social Security over to a system of personal accounts in the early ’80s reform and allowed people to invest them in index funds. Say, like the DJIA:
Social Security information - Woman sentenced for killing husband with insulin injections
Woman sentenced for killing husband with insulin injectionsWLS Chicago - she could continue to gamble with his Social Security checks. Sixty-three-year-old Barbara Garcia continue collecting his pension and Social Security checks. The body was found Bush Social Security plan laid to restVictoria Advocate - Tuesday for [...]
Poll: Weak Ratings for Bush Ahead of Speech
War Fatigue, Ethics Concerns Impact Approval Rating
Representative Payee
Not every Social Security member has a spouse or parents to take care of their children. Some only have relatives or nannies assuming parental responsibilities for them. In cases such as this, if ever there comes a time when the Social Security member dies or becomes disabled the Social Security Law permits the intervention of a representative payee to manage or handle all social security related matters of the beneficiary. The benefits for the incompetent member or benefits due to...
Sen. Obama to Headline Iowa Party Event
Democratic Sen. Barack Obama Will Headline Iowa Democratic Party Event
DeMint Statement on Trustees Report on Social Security and Medicare
Washington, D.C. – Today, Senator Jim DeMint (R-S.C.) made the following statement: “This report is another wakeup call that Medicare and Social Security are in critical condition,” said DeMint. “Democrats who stick their heads in the sand and applaud their own obstruction are putting the retirement security of millions of Americans in jeopardy. We cannot allow cynics with no solutions to deter us from real reform. We are driving Social Security and Medicare over the cliff of financial instability, and...
Social Security information - Job Corps Atlanta Region
Job Corps Atlanta Region Boston Region of Job Corps Chicago Region of Job Corps (coming soon) Dallas Region of Job Corps Educational Systems, Inc. (DESI) Employment Security Commission of North Carolina Florida's Online Chicago Region Stables Directory Equine Facility Information Formerly known as the Online Chicago Region Stables [...]
Changes Ahead for Social Security (Newhouse News Service)
BY ELIZABETH AUSTER c. 2006 Newhouse News S ervice WASHINGTON -- Americans have had plenty of notice that they shouldn't pin too much hope for a comfortable retirement on Social Security.
Getting it right on Social Security (Selma Times-Journal)
Jerome Yelder, Ph.D, Psy.D, M.S. of Selma could not be more wrong about Social Security. His recent letter was alarmist in nature and echoes the propaganda of the Heritage Foundation and the Cato Institute.
McCain, Feinstein Debate Terrorist Trials
Supreme Court rebukes Bush, Senators Debate Fallout on 'This Week'
Profile: Secretary of Interior Gale Norton
Norton Asked to Remain in Post After Uneventful First Term
Profile: Secretary of Commerce Carlos Gutierrez
From Frosted Flakes to Bush Cabinet, He's Come a Long Way
Poll: Rudeness in America, 2006
It's the #@%! Cell Phones
Social Security reports - Spousal benefit another key to Social Security decision (Market Watch)
Spousal benefit another key to Social Security decision (Market Watch)SAN FRANCISCO (MarketWatch) — There's nothing simple about deciding when to take your Social Security benefit, and the figuring gets more complex if you're a married couple trying to sort out which spouse should take benefits when. Statement by Secretary John Snow on DeMint-Santorum Social Security Legislation [...]
RELY on a Social Security Lawyer
They say that things happen for a reason. However, there are some things that happen for no reason at all. Take for example accident, what could be the possible reason why you have to meet an accident? You’ll probably answer to teach the person a lesson about driving but what if the person involved in the accident is not even driving a car. What if the victim was just merely walking on his way home? Again some of you may...
Profile: Secretary of Defense Donald Rumsfeld
Embattled Defense Secretary Will Remain in Cabinet
Poll: Americans Favor Iran Sanctions
Seven in 10 Back Iran Sanctions; Four in 10, U.S. Military Strikes
We Need More Boudreauxs and Less Krugmans
From the Market Correction blog: 15 August 2005 Editor, The New York Times 229 W. 43rd St. New York, NY 10036-3959 To the Editor: Paul Krugman says that the Bush administration “politicized the Social Security Administration” (“Social Security Lessons,” Aug. 15). Earth to Paul: the Social Security Administration was created by politicians, is funded by taxpayers, and is run by bureaucrats. So it is, always has been, and will inescapably remain politicized. If political manipulation of Social Security truly disgusts Prof...
Non-partisan panel forwards a Social Security reform plan
Yesterday, the American Enterprise Institute held a panel discussion on a non partisan Social Security reform proposal created by a team of three experts: A former Clinton White House advisor, a member of President Bush’s reform commission, and an advisor to Senator John McCain. What did they come up with? Head on over to Students for Saving Social Security for the full proposal, summaries, and video of the discussion.
Profile: Secretary of Housing and Urban Development Alphonso Jackson
HUD Secretary Has Years of Public Housing Experience
Annual Report on Social Security
Trustees for the Social Security Trust Fund issued their annual report today. From the AP: The trust fund for Social Security will be depleted in 2040, and Medicare will exhaust its trust fund reserves just 12 years from now, trustees for the programs said Monday. Their annual report showed deterioration in the financial condition of both of the government’s two largest benefit programs. A year ago, the depletion of the Social Security trust fund had been projected to occur in...
IGNORANCE OF THE LAW EXCUSES NO ONE...SO THUS IGNORANCE OF SOCIAL SECURITY
It is quite disappointing to know that very few Social Security members are actually aware of the benefits they are paying for. In fact, some members only know that they are entitled to receive certain benefits only in times when they are about to file for their claims. Ironic isn’t it but this is reality. And the saddest part is some of the people there in the Social Security Administration really takes advantage of this situation. The miniscule knowledge of Social...
Profile: Secretary of State Condoleezza Rice
National Security Adviser and Close Personal Friend Joins Cabinet
Dying Wish – 'Save Social Security, Support Veterans, Fix Health Care' (Senior Journal)
July 18, 2006 – "In lieu of flowers: SAVE SOCIAL SECURITY, SUPPORT VETERANS' BENEFITS, FIX OUR BROKEN HEALTH CARE SYSTEM!" That is what Romulo A. (Chacho) Munguia asked to be placed in his obituary that was published today in the San Antonio Express-News.
AARP Hypocrisy
Neil Cavuto thinks that AARP is being a hypocrite for calling the stock market a “risky parlor game” last year but now deciding to offer mutual funds to its members. Is AARP being hypocritical? Probably. Are they being disingenuous to their members by spreading fear and doubt about the stock market and then having a sudden change of heart? Definitely. Head on over to Students for Saving Social Security for more info and for a link to the video.


Understanding Reverse Mortgage Fears

Tim Paul

Estimates indicate that there is a target population of some 8.8 million senior households that both qualify for and are good potential candidates for HUD's home equity conversion mortgage (HECM) program. (Under an HECM loan, a lender advances money to a elderly homeowner, in the form of a series of fixed monthly payments, a line of credit on which the borrower may draw, or a combination. The senior homeowner is not required to make any payments on the loan so long as he or she remains in the house. The lender collects the loan balance--which includes the accrued interest and other charges as well as the amounts paid out--when the house is sold or the owner dies.)


Yet in the most recent federal fiscal year, just 43,131 HECM loans were originated; over the sixteen year history of the program, a total of 162,268 HECMs have originated, representing only a tiny share of the potential market.


There are some obvious and tangible factors that help explain this low market penetration, most notably the high origination fees and closing costs relative to amounts that can be borrowed through the program. Less obvious are the intangible psychological fears that may prevent senior homeowners from stepping into a reverse mortgage. Being aware of these factors can help potential borrowers more clearly assess their own situation and make a more calculated decision about whether or not a reverse mortgage is right for them:



Fear of Giving-up a Hard-Earned Goal - Most elderly homeowners have spent their working lives focused on the goal of "paying off the mortgage." Taking out a reverse mortgage is, in essence, a decision to do a complete turnabout and initiate the process of growing a new mortgage. For some seniors, this just doesn't make sense, no matter how rational the decision to trade-in home equity for better living standards in later life may appear to a detached observer.



Fear of Being Suckered - HECMs are administered, heavily regulated and insured by federal government agencies (in particular HUD). From the standpoint of protecting innocent borrowers from ruthless lenders, HECMs are about as "safe" a mortgage product as can be imagined. Yet there are true horror stories from the pre-HUD reverse mortgage era about seniors being forced to sell their homes or losing them to foreclosure. Unfortunately, these stories have now become urban legends and still taint the phrase "reverse mortgage".


A related issue is the ongoing problem of elderly homeowners being contacted by "home repair" companies, annuity salespersons, and other pitch-men promoting the reverse mortgage as the ideal way to pay for their valuable product or service. The tacky nature of this type of solicitation further increase doubts and fears about whether reverse mortgages are truly legitimate.



Fear of Financial Complexity - There is no question that reverse mortgages are complex financial tools. Moreover, by their very nature they run counter to many of the golden financial management rules that senior homeowners have strived to abide by over their adult lives - i.e. "reduce debt", "avoid high transaction fees", "grow your home equity", etc. Largely because of the complexity, HUD requires all HECM applicants to participate in counseling sessions to ensure they have full understanding of the reverse mortgage process and the other alternatives that may be available. Yet, while necessary and well-intended, the counseling requirement itself may scare-off some potential applicants who feel that they just won't be capable of digesting all the new information presented.



Fear of Not Leaving an Inheritance - For many seniors, the desire to leave an inheritance to children or grandchildren is quite strong - even to the point of accepting a more modest than necessary lifestyle to ensure that an estate survives them. Seniors who have this goal and whose largest asset is their homestead, clearly will perceive that a reverse mortgage runs directly counter to their strong bequest motive.



Fear of Sacrificing Future Flexibility - To be a sensible financial decision, a reverse mortgage should equate to a conscious decision by the homeowner to stay put for the long term - minimally 5-7 years and, ideally, for the rest of the homeowners' lives. Obviously, this commitment is especially difficult for the elderly homeowner. Death, long-term illness or incapacity and similar issues weigh heavily on the minds of many seniors and make long-term housing commitments especially stressful.



To a large extent, further growth in the reverse mortgage area will depend on the success of efforts to educate the target population. Some observers feel that the next generation of retirees -i.e. Baby Boomers - will enter their retirement years with a far greater understanding of financial matters and with less aversion to indebtedness. This may prove true but the reverse mortgage concept is so fundamentally different from what people are used to that overcomming the fears of potential borrowers will remain a challenge.

 


Tim Paul is a financial management executive with more than 25 years experience. His websites focus on personal finance issues including HELOC loans, college savings and, reverse mortgages.



 

 

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