House Puts Wells Fargo in the Hot Seat

first_img All eyes fell again on Wells Fargo Chairman and CEO John Stumpf during the House Financial Services Committee Hearing examining the opening of unauthorized customer accounts at Wells Fargo.Financial Services Committee Chairman Jeb Hensarling (R-Texas) delivered the open remarks the hearing noting that this hearing “is just the beginning of our investigation, not the end.”“In the coming weeks, we will be questioning Wells Fargo executives,” said Hensarling. “If necessary, I will not hesitate to issue subpoenas because we will do what is necessary to get to the bottom of this.”Hensarling did note that Wells Fargo was not the only one on the hot seat for this situation, citing that the OCC and CFPB should also be held accountable for conducting regular examinations but not exposing the issue until now.“We launched this investigation because it is our job to hold both Wall Street and Washington accountable, and to protect consumers from the excesses of both,” said Hensarling.In her opening, Congresswoman Maxine Waters (D-California), Ranking Member of the Committee on Financial Services, urged Stumpf to tell the truth about the fraudulent activity that occurred and take full responsibility.“We still do not have the information we need to understand how this happened, when the sales culture turned toxic, and who knew about it and when,” Waters said.Waters called for a thorough investigation by the Justice Department into executive conduct. “Someone who is responsible for the broken culture that led to this behavior needs to be held responsible,” she said. “Not the lower-level employees that have been left to bear the weight of the mistakes that have been made.”Waters and Congressman Al Green (D-Texas), Ranking Member of the Subcommittee on Oversight and Investigations, requested this hearing to investigate these harmful practices. It is the first time Hensarling has brought a financial executive before the Committee to testify for misconduct.Stumpf was then allowed to give a brief statement before questioning began, where he accepted full responsibility and shared with the Committee updated information about what work Wells Fargo is doing to rectify the issue at hand.During the opening statements and subsequent questioning, the idea of déjà vu kept coming to into play as Hensarling and Waters, among others, noted that this investigation had marked resemblance to the fraudulent mortgage document scandal Wells Fargo was investigated for over 6 years ago.“Unfortunately, this is not the first time we have seen abusive practices at Wells Fargo,” said Waters. “We thought you were working on these practices six years ago, your mortgage executive sat in that very chair, reassuring my Subcommittee that you were committed to fixing Wells Fargo’s forgery of mortgage documents. And yet, we haven’t seen the problem fixed, we’ve just seen it migrate to another part of your bank.” Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News September 29, 2016 1,338 Views Servicers Navigate the Post-Pandemic World 2 days ago Share Save Home / Daily Dose / House Puts Wells Fargo in the Hot Seat Tagged with: House Finances Services Committee Wells Fargo House Finances Services Committee Wells Fargo 2016-09-29 Kendall Baer  Print This Post Previous: How Does Shrinking Foreclosure Inventory Impact Investors? Next: Attorneys Nominated as “Best of the Best” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Related Articles Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Kendall Baer Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. The Best Markets For Residential Property Investors 2 days ago House Puts Wells Fargo in the Hot Seat Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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Steady 2018 RMBS Market Still Holds Risks

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 2018 MBS Moody’s Mortgage-Backed Securities Outlook RMBS 2017-12-08 Dean Terrell Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Steady 2018 RMBS Market Still Holds Risks Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: 2018 MBS Moody’s Mortgage-Backed Securities Outlook RMBS December 8, 2017 2,862 Views Share Save Related Articles About Author: Dean Terrell Moody’s Investors Service released its residential mortgage-backed securities (RMBS) 2018 Outlook recently, showing projections for the RMBS market in year to come. The report summarizes how lenders will issue several different types of loans and deals, particularly regarding issuances of new deal types. The report also covers the collateral quality of prime jumbo deals, re-performing/non-performing loans (RPL and NPL), non-prime RMBS, and the credit quality of single-family rental (SFR) transactions.As performance remains steady amid strong housing and macroeconomic fundamentals, 2018 issuance will include new deals from issuers backed by a wider array of assets. RPLs and NPLs will diversify more as transactions include more types of loans and issuance volume remains high. While the RMBS market will remain stable, it’s worth mentioning that new performance risks will emerge, mainly regarding RPL/NPL transactions. This is due to the variation of servicing practices and collateral composition these loans carry. According to the Moody’s analysis, deals “backed by large percentages of modified loans with looming interest rate step-ups, weak payment histories at issuance, and/or serviced with weaker loss mitigation practices will be at higher risk of an increase in delinquencies.” SFR transaction credit quality will continue to improve on issuer’s operational efficiencies, but issuance will remain low due to consolidation and emergence of alternative forms of financing. SFR’s strong credit performance will continue thanks to stable vacancy rates and strong rental demand driving rents higher across the country. Prime jumbo deals’ collateral quality, as well as GSE credit risk transfers, will weaken somewhat as lenders intend to ease credit standards.Regarding servicing, errors should remain low as controls are put in place to address regulatory changes. The changes put forth by the CFPB should drive servicing quality up, however costs for building compliance departments will remain high. Modification levels will continuing decreasing and small- to mid-sized servicers will continue to play a major role in the RMBS marketplace.You can read more of Moody’s 2018 Outlooks by clicking here. Servicers Navigate the Post-Pandemic World 2 days ago Previous: Royal Bank of Scotland Settlement with DOJ Might Not Happen Next: Manhattan, San Francisco Least Affordable U.S. Marketscenter_img  Print This Post Demand Propels Home Prices Upward 2 days ago Steady 2018 RMBS Market Still Holds Risks Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Journal, Market Studies, News, Secondary Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

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Fair Housing Update: Facebook and Citibank Address Discrimination Accusations

first_img Previous: What Makes Diversity in Mortgage Businesses Critical Next: Ocwen, Wells Fargo Suit Not Over Yet The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Fair Housing Update: Facebook and Citibank Address Discrimination Accusations About Author: Donna Joseph March 19, 2019 2,259 Views Sign up for DS News Daily Earlier in 2017, Facebook vowed to increase enforcement to prevent discriminatory advertising on the social media site. However, a study by ProPublica suggested that their enforcement efforts were not living up to those promises. ProPublica stated that Facebook ads exclude a wide variety of groups, including “African Americans, mothers of high school kids, people interested in wheelchair ramps, Jews, expats from Argentina, and Spanish speakers.”Citibank Fined for ViolationCitibank has been fined $25 million by the Office of the Comptroller of the Currency (OCC) for violating the Fair Housing Act. The OCC on Tuesday assessed the civil money penalty against Citibank on account of “certain control weaknesses related to its Relationship Loan Pricing (RLP) program designed to provide eligible mortgage loan customers either a credit to closing costs or an interest rate reduction.” The civil money penalty will be paid to the U.S. Treasury. The release by OCC also stated that as a result of these control weaknesses, some bank borrowers did not receive the RLP benefit for which they were eligible and were adversely affected on the basis of their race, color, national origin, or sex. Citibank has formulated a plan to reimburse all customers who did not receive the appropriate RLP benefit. Furthermore, to prevent future violations, the bank is taking corrective measures, according to OCC. Citibank will provide reimbursement to approximately 24,000 customers in the amount of approximately $24 million as a result of the bank’s failures and control weaknesses. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Fair Housing Update: Facebook and Citibank Address Discrimination Accusations Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Citibank facebook in Daily Dose, Featured, Government, News The Fair Housing Act prohibits discrimination in housing transactions including print and online advertisement on the basis of race, color, national origin, religion, sex, disability, or familial status. As we prepare to celebrate Diversity Month this April—to encourage opportunities to include and appreciate different perspectives, cultures, and lifestyles—a pair of headlines today stand in contrast to remind us that many challenges still exist in this area. Facebook Announces Changes to Housing AdsAs reported by NPR, Facebook, after facing years of lawsuits on account of alleged discrimination by allowing advertisers to display their ads to a select few, has announced that changes in its ad platform will be implemented by the end of the year. DS News previously reported on the U.S. Department of Housing and Urban Development (HUD) announcement that they were filing a formal complaint against Facebook for violating the Fair Housing Act by allowing landlords and homesellers to use its advertising platform to engage in housing discrimination. HUD had claimed that Facebook enabled advertisers to control which users receive housing-related ads based upon the recipient’s race, color, religion, sex, familial status, national origin, disability, and/or zip code. It further alleged that Facebook then invites advertisers to express unlawful preferences by offering discriminatory options, allowing them to effectively limit housing options for these protected classes under the guise of “targeted advertising.” According to NPR article, Facebook officials said “we can do better” and announced other ad changes would include:Anyone who wants to run housing, employment or credit ads will no longer be allowed to target by age, gender, or zip codeAdvertisers offering housing, employment, and credit opportunities will have a much smaller set of targeting categories to use in their campaigns overallWe’re building a tool so you can search for and view all current housing ads in the US targeted to different places across the country, regardless of whether the ads are shown to you Citibank facebook 2019-03-19 Donna Joseph Share Save Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

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ServiceMac Implements Collateral Loss-Mitigation Solution From DIMONT

first_img Company News DIMONT ServiceMac 2019-09-26 David Wharton Demand Propels Home Prices Upward 2 days ago Subscribe DIMONT, a provider of specialty insurance and loan administration services to the residential and commercial mortgage industries, announced from The Five Star Conference & Expo that Fort Mill, South Carolina-based ServiceMac, a new entrant in the mortgage servicing and portfolio management market, has selected DIMONT’s complete Collateral Loss Mitigation solution to further compliment their Special Servicing product offering.DIMONT’s Collateral Loss Mitigation solution is comprised of an end-to-end conveyance management platform that incorporates both hazard insurance claims adjustment and FHA & investor claims management, enabling mortgage servicers to handle all aspects of the hazard insurance and FHA claim recovery process in parallel, from beginning to end.“DIMONT is a recognized industry expert in loss analysis and hazard claims management, which are key to our growth initiatives of offering a full-scope subservicing and specialty servicing portfolio,” said Bob Caruso, President and CEO of ServiceMac. “Utilizing DIMONT’s Collateral Loss Mitigation solution—in tandem with our other offerings—creates a competitive advantage for us while also supporting our commitment to leading the industry toward increasing efficiencies through innovation.”“By investing in our complete suite of collateral loss mitigation solutions, organizations like ServiceMac are well positioned to drive operational efficiency and provide more end-to-end solutions to support their clients,” said Denis Brosnan, CEO, DIMONT.ServiceMac is focused on providing superior technology, products, and services for the mortgage and real estate industries backed by highly personalized service and support. Through continuous innovation and acquisition, its offerings are comprised of personalized solutions that span the mortgage continuum and enhance security, customer satisfaction, and profitability. Founded in 1996, Dallas-based DIMONT is a provider of specialty insurance and loan administration services to the residential and commercial mortgage industries in the United States. September 26, 2019 1,656 Views Tagged with: Company News DIMONT ServiceMac About Author: David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Related Articles Previous: Altisource Celebrates 10 Years of Providing Asset Management Services Next: Making Diversity a Business Prioritycenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Headlines, News, Technology Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / ServiceMac Implements Collateral Loss-Mitigation Solution From DIMONT Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Sign up for DS News Daily ServiceMac Implements Collateral Loss-Mitigation Solution From DIMONTlast_img read more

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Doherty says hospital contractors must be paid

first_img The government has been called on to intervene and ensure Donegal contractors, owed money by the McNamara construction company to be paid.McNamara went in to liquidation last week. All its projects, including building the new emergency department at Letterkenny General, ground to a halt.During a visit to the county the Taoseach Brian Cowen said any outstanding projects or debts McNamara had were now a matter for NAMA.But Sinn Fein by-election candidate Senator Pearse Doherty says that is not good enough:[podcast]http://www.highlandradio.com/wp-content/uploads/2010/11/prdoc830.mp3[/podcast] 448 new cases of Covid 19 reported today Pinterest Facebook Google+ Pinterest Three factors driving Donegal housing market – Robinson WhatsApp Twitter Facebook Twitter Guidelines for reopening of hospitality sector publishedcenter_img By News Highland – November 16, 2010 Doherty says hospital contractors must be paid Previous articleRutland whales to be incineratedNext articleSW Candidates clash on IDA land deal News Highland WhatsApp Newsx Adverts RELATED ARTICLESMORE FROM AUTHOR NPHET ‘positive’ on easing restrictions – Donnelly Help sought in search for missing 27 year old in Letterkenny Calls for maternity restrictions to be lifted at LUH Google+last_img read more

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Oireachtas Insurance Report to be acted on without delay – McConalogue

first_imgHomepage BannerNews Previous articleCouncillor Jack Murray urges local public not to speculate over cause of man’s tragic deathNext articleWinter readiness campaign launched admin Google+ Facebook Twitter By admin – November 26, 2016 Guidelines for reopening of hospitality sector published WhatsApp Oireachtas Insurance Report to be acted on without delay – McConalogue A Donegal Deputy is calling for the Oireachtas Insurance Report to be acted on without delay.Deputy Charlie McConalogue says this is a matter of urgency.The Oireachtas Joint Committee on Finance, was charged with investigating the spiralling costs of motor insurance and have accused the insurance industry of “cartel-like” behaviour.Deputy McConalogue says this is a major financial burden for people …Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/11/charlieweb.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Calls for maternity restrictions to be lifted at LUH RELATED ARTICLESMORE FROM AUTHORcenter_img LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Pinterest Nine Til Noon Show – Listen back to Wednesday’s Programme Pinterest GAA decision not sitting well with Donegal – Mick McGrath Twitter WhatsApp Facebook Google+ Almost 10,000 appointments cancelled in Saolta Hospital Group this weeklast_img read more

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US report accuses Ireland of being tax haven

first_img RELATED ARTICLESMORE FROM AUTHOR WhatsApp Pinterest US report accuses Ireland of being tax haven Google+ 70% of Cllrs nationwide threatened, harassed and intimidated over past 3 years – Report Twitter Twitter Ireland is being accused of being a tax haven for computer maker Apple by a US Senate Committee.According to the Committee report a corporation tax rate of less than 2 percent was negotiated by the company with the Irish government. That is far below the normal 12.5 percent rate.The iPhone maker is alleged to have avoided paying 44 million dollars in US tax in the last 4 years by setting up companies in Ireland, which paid little or no tax on sales of the company’s products outside America.Apple employs 4,000 people at its European headquarters in Cork.Senior business lecturer at DCU Tony Foley says this committee won’t help Ireland in the argument over our corporation tax rate.”One of the big problems we face of course is that this adds grist to the mill to try and get people to – as it were – reform our tax code; but we are hugely dependent on multi-nationals” he said.”About 80 percent of our exports, about 140,000 jobs, we collect in profits tax about 3 billion a year”.”So the economy’s success in the future – particularly if it’s going to be export oriented – is crucially dependent on the continued attraction of the likes of Apple” he added. Man arrested in Derry on suspicion of drugs and criminal property offences released Pinterest Facebookcenter_img Previous articleWill Lacey and McHugh be ready for Tyrone?Next articleNew Croke park proposals distributed to public sector unions News Highland Almost 10,000 appointments cancelled in Saolta Hospital Group this week WhatsApp Facebook Minister McConalogue says he is working to improve fishing quota Need for issues with Mica redress scheme to be addressed raised in Seanad also By News Highland – May 21, 2013 Dail hears questions over design, funding and operation of Mica redress scheme Google+ Newslast_img read more

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HSE says difficulties in recruiting Junior Doctors will not compromise A&E Services

first_img Facebook The HSE is playing down fears that difficulties in recruiting Junior Doctors will compromise A&E Services from the 11th of next month.The Irish Association of Emergency Medicine this week claimed there won’t be enough Non-consultant doctors to fill all the vacancies conming up in July.Letterkenny General Hospital is one of the hospitals facing potential problems, with the executive promisingmeasures will be taken to protect servicesIn a statement to Highland Radio News this morning, the HSE says all hospitals across the country face significant challenges, and patient safety is of paramount concern to the HSE across the hospital system.The executive says it is putting in place a number of processes to address the issues contributing to this difficulty on a short, medium and long-term basis. A recruitment drive for a new intake of Non-Consultant Hospital Doctors is underway and a number of other initiatives are being considered to ensure that Emergency Departments continue to offer a high level of care to all patients.Given that this recruitment process is still ongoing and its outcome as yet unknown, the executive says it is too early to say which hospitals and what parts of the country might be affected and to what degree.The statement concludes that hospital management at Letterkenny General Hospital is working to devise contingency arrangements, which can be implemented in the hospital if and as required from July when the change over of NCHDs takes place. Twitter Facebook Man arrested in Derry on suspicion of drugs and criminal property offences released WhatsApp Pinterest WhatsApp News Google+ HSE warns of ‘widespread cancellations’ of appointments next week RELATED ARTICLESMORE FROM AUTHORcenter_img HSE says difficulties in recruiting Junior Doctors will not compromise A&E Services Dail hears questions over design, funding and operation of Mica redress scheme Google+ Twitter Watch: The Nine Til Noon Show LIVE Dail to vote later on extending emergency Covid powers Previous articleSpectators urged to respect the roads during rally weekendNext articleSeanad should meet outside Dublin – Senator Harte News Highland Pinterest By News Highland – June 16, 2011 PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegallast_img read more

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Youth workers aim to highlight dangers of cyber bullying

first_img WhatsApp Youth workers aim to highlight dangers of cyber bullying Twitter Facebook Previous articlePSNI Chief concerned over dissident republican threat to UK City of Culture in DerryNext articleReaction To Jim McGuinness’ Celtic Appointment News Highland Youth workers are going all out to inform schools, sports and teenage clubs on the dangers of cyber bullying.Since the tragic death of Erin Gallagher less than a fortnight ago, Donegal Youth Service has been inundated with requests from across the north-west to inform teens about the perils of cyber bullying and how to address it.Three DYS workers have given seminars on the issue at 10 secondary schools since the October bank-holiday weekend and another 30 are planned.Gareth Gibson, who is a Youth Information Officer with the Donegal Youth Service said since the death of Erin, the demand for their free seminars has increased immensely…..[podcast]http://www.highlandradio.com/wp-content/uploads/2012/11/gar10.mp3[/podcast] PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal HSE warns of ‘widespread cancellations’ of appointments next week Pinterest By News Highland – November 10, 2012 Dail hears questions over design, funding and operation of Mica redress scheme WhatsAppcenter_img Facebook Google+ Dail to vote later on extending emergency Covid powers RELATED ARTICLESMORE FROM AUTHOR Man arrested in Derry on suspicion of drugs and criminal property offences released Watch: The Nine Til Noon Show LIVE Google+ Pinterest News Twitterlast_img read more

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Confidential counselling documents found on Derry street

first_img Facebook Previous articleMan shot in paramilitary style attack in DerryNext articleCabinet to discuss fate of Town Councils tomorrow News Highland RELATED ARTICLESMORE FROM AUTHOR Facebook Pinterest PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal By News Highland – July 23, 2012 Confidential counselling documents found on Derry street News Dozens of confidential documents have been found lying in the streets of Derry.They are from the charity, Lifeline, which supports people in distress and mostly log telephone calls. The charity is based at the Embassy Building in the city.The BBC is reporting it has seen one of the documents, which appears to identify callers by their first and second names. Others contain personal accounts of counselling conversations.Contact NI, which runs Lifeline, is expressing shock at what’s happened, and urging anyone who finds documents to return them to their offices. Twitter Google+center_img WhatsApp HSE warns of ‘widespread cancellations’ of appointments next week Pinterest Google+ Twitter Man arrested in Derry on suspicion of drugs and criminal property offences released Dail hears questions over design, funding and operation of Mica redress scheme Dail to vote later on extending emergency Covid powers WhatsApp Man arrested on suspicion of drugs and criminal property offences in Derrylast_img read more

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