Report: Fed Paid Record $98.7 Billion to Treasury in 2014

first_img The Best Markets For Residential Property Investors 2 days ago Preliminary unaudited results indicate that the Federal Home Loan Banks of the U.S. Federal Reserve Board paid a record amount of approximately $98.7 billion out of their 2014 estimated net income of $101.5 billion to the U.S. Department of Treasury, according to an announcement from the Fed on Friday.The previous high was $88.4 billion, paid in 2012. The Fed paid $79.6 billion to Treasury in 2013. That number has been above $75 billion every year since 2010 following a then-record high of $47.4 billion in 2009.The Fed’s policy requires each of its FHLBanks to distribute its residual earnings to Treasury, after providing the cost of operations, dividend payments, and the necessary amount to equate surplus with capital paid-in.Interest income on securities acquired through open markets, which totaled $115.9 billion, was primarily responsible for the Fed’s 2014 estimated net income of $101.5 billion. Those open market operations included Treasury securities, federal agency and GSE mortgage-backed securities, and GSE debt securities. The operating expenses for the FHLBanks totaled $3.6 billion in 2014 (net of amounts reimbursed by Treasury and other entities for services the banks provided as fiscal agents).Other assessments on the FHLBanks included $711 million for costs associated with producing, issuing, and retiring currency, $590 million for board expenditures, and $563 million to fund Consumer Financial Protection Bureau (CFPB) operations. Interest expenses associated with reserve balances and term deposits held by depository institutions totaled $6.9 billion for the banks, which also recorded foreign currency translation losses of $2.9 billion that resulted from foreign currency denominated asset holdings being revaluated daily at current exchange rates.Services of $435 million accounted for additional earnings for the FHLBanks, and consolidated limited liability companies created in response to the financial crisis netted another $101 million in income. Statutory dividends for 2014 amounted to $1.7 billion, and the amount used to equate surplus to capital paid-in totaled $1.1 billion. Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Home / Daily Dose / Report: Fed Paid Record $98.7 Billion to Treasury in 2014 Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Report: Fed Paid Record $98.7 Billion to Treasury in 2014 About Author: Brian Honea in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Previous: Fannie Mae Economist Says Latest Job Data Might Not Be Good News For Housing Next: DS News Webcast: Monday 1/12/2015center_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Federal Home Loan Banks Federal Reserve U.S. Department of Treasury 2015-01-09 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Federal Home Loan Banks Federal Reserve U.S. Department of Treasury Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago January 9, 2015 1,101 Views Related Articles Subscribelast_img read more

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Judge Rules HSBC Must Face RMBS Suits From Investors

first_img June 2, 2015 1,015 Views HSBC Holdings Lawsuits Residential Mortgage-backed securities 2015-06-02 Brian Honea Judge Rules HSBC Must Face RMBS Suits From Investors Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News, Secondary Market Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Home / Daily Dose / Judge Rules HSBC Must Face RMBS Suits From Investors Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Previous: Distressed Sales Do Not Slow Home Price Appreciation Next: DS News Webcast: Wednesday 6/3/2015center_img Demand Propels Home Prices Upward 2 days ago Judge Shira Sheindlin of the U.S. District Court for the Southern District of Manhattan ruled HSBC Holdings must face three lawsuits from investors that claim the bank tried to hide defects in residential mortgage-backed securities from them before the crisis, according to media reports.Plaintiffs BlackRock Inc., Allianz SE’s Pacific Investment Management Co., and TIAA-CREF, claim that HSBC breached its duties as the trustee in 283 trusts, causing more than $34 billion in losses when the financial crisis hit in 2008, according to a report from Reuters.Scheindlin wrote in her decision that it was “plausible” to infer that HSBC knew about the breaches. According to court papers, the mortgage-backed securities in the lawsuit were issued during a four-year period from 2004 to 2008.In late March, Scheindlin denied HSBC’s motion to have the suits by the investors dismissed. HSBC was asking for the judge to dismiss the complaints based on lack of subject matter jurisdiction.In addition to allowing the plaintiffs to pursue the breach of contract suits against HSBC, Scheindlin ruled that they could pursue a conflict of interest claim against the British-based bank, accusing it of refusing to expose loan servicers who engaged in misconduct, according to reports.Some claims of negligence were dismissed, according to reports. The plaintiffs were allowed 30 days to amend the complaints. A follow-up conference has been scheduled for June 24.A spokesperson for HSBC declined to comment on the judge’s ruling when reached by email. An attorney for the plaintiffs did not immediately respond to a request for comment.Plaintiffs BlackRock, Allianz, and TIAA-CREF were involved in a similar suit that was dismissed in May by U.S. District Judge Katherine Forrest in Manhattan. In that suit, the plaintiffs accused Bank of America and U.S. Bancorp of failing in their duties as trustees for 843 mortgage-backed securities totaling about $778 billion in collateral. Forrest ruled that the claims were not pleaded correctly on 33 of the trusts and that the remaining 810 trusts did not fall under her jurisdiction. Tagged with: HSBC Holdings Lawsuits Residential Mortgage-backed securities About Author: Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland.  Print This Post Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

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Analyzing Millennial Homeowners’ Credit Profiles

first_imgHome / Daily Dose / Analyzing Millennial Homeowners’ Credit Profiles March 22, 2019 1,110 Views Demand Propels Home Prices Upward 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. About Author: Radhika Ojha Even though they are the largest group of homebuyers, what is keeping millennial renters from buying real estate? A study by LendingTree set to answer this question by analyzing the credit profiles of millennial homeowners and comparing them with those of renters in the same age group.The study found that millennial homeowners had a higher credit profile than renters, with a median credit score of 671 compared with 582 for nonhomeowners. The study found that this was one of the key reasons that kept renters from becoming homeowners as higher scores make homeownership more accessible.It also found that homeowners had more accounts than renters. While the average homeowner had around nine accounts, renters or nonhomeowners had an average of four accounts.The higher credit scores also helped homeowners to borrow more, according to the analysis. This included the nonmortgage categories where homeowners had a median balance of $6,633 in credit card balances, compared to $2,218 for renters. As a result, only 64 percent of renters had a credit card balance compared with 92 percent homeowners.”This reflects the higher credit scores of homeowning millennials, as they are able to obtain more credit accounts. Many renters may face difficulty accessing credit due to their lower credit scores,” said Tendayi Kapfidze, Chief Economist, LendingTree.Despite lesser access to credit, the analysis found that renters’ median utilization of their available credit was 58 percent, “almost double the 31 percent for homeowners.”While homeowners and renters owed almost an equal amount in student debt, at 37 percent, the analysis indicated that homeowners were more likely to have an auto loan as well as personal loans. However, renters had more trouble servicing their debt, “with an average of eight negative marks on their credit profiles compared with just three for homeowners,” Kapfidze said.Renters were late on 4.6 percent of all payments over four years, with homeowners late on just 1.5 percent of payments. Credit Scores debt hoemowners LendingTree loans Millennials Renters 2019-03-22 Radhika Ojha Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Credit Scores debt hoemowners LendingTree loans Millennials Renters The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Analyzing Millennial Homeowners’ Credit Profiles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Previous: What Will Hold Back Home Sales? Next: Housing Market Needs New Construction Subscribelast_img read more

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Could Fed Policy Inadvertently Disrupt the Housing Market?

first_img The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Share 1Save Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago The seeming disconnect between the economic tumult created by the COVID-19 pandemic and the record-high levels for the Dow Jones Industrial Average and the S&P 500 Index can be explained when held up against the performance of the mortgage market, according to an op-ed piece authored by Brian Chappatta, a columnist with Bloomberg.Chappatta observed that 30-year mortgage rates “slowly but surely dropped to record lows throughout the pandemic, touching 2.78% earlier this month, according to Freddie Mac data.” As a result, an increasing number of homeowners sought to refinance their mortgages, with the goal of either lowering their monthly payments or tapping into their property’s equity. Former Federal Reserve Chairwoman Janet Yellen referred to this as a “savings glut” and Chappatta noted this helps mitigate much of the financial trauma fueled by the pandemic.“With more cash in their pockets, these people have kept spending levels relatively steady while also socking money away or investing in stocks or other assets,” he said.Simultaneously, Chappatta continued, was the Federal Reserve’s efforts to bolster the economy in what he dubbed “pushing the $6.8 trillion mortgage-backed securities market to extremes.” He also warned that the Fed will create even greater problems for the economy if it steps away from this strategy.“As it stands, the Fed has bought more than $1 trillion of mortgage bonds since March, a record pace, and now holds $2 trillion of the securities on its balance sheet,” he explained. “That easily eclipses the previous high during the last economic recovery. Central bankers have pledged repeatedly to keep adding bonds each month ‘at least at the current pace,’ which is often quoted as $40 billion. But that’s actually a net figure: Total monthly purchases tend to be closer to $100 billion because borrowers’ principal repayments take out some debt already on the Fed’s balance sheet.”Chappatta highlighted the central bank’s decision on Oct. 29 of purchasing conventional 30-year securities with a 1.5% coupon, a historic low percentage. Because of this action, Chappatta theorized the Fed will not raise interest rates in the coming years – which, he argued, creates another problem.“All of this serves to squeeze mortgage-bond investors in higher-rate securities,” he stated. “Most of them bought the debt at a premium, and the constant reduction in lending rates leaves them vulnerable to prepayment risk as homeowners refinance and pay off their existing obligations at par. But it would be arguably even more painful if investors are herded into ultra-low coupon MBS, only to see rates rise.”Chappatta cited the threat of extension risk, where “fund managers left holding 1.5% or 2% MBS could be saddled with huge losses if longer-term interest rates start to increase next year as the U.S. economy rebounds and inflation starts to pick up on the back of a COVID-19 vaccine.”As for the homeowners taking advantage of ultra-low mortgage rates, Chappatta cautioned that a rapid economic recovery in 2021 will cause spikes in longer-term Treasury yields and the benchmark 30-year mortgage rate, which would disrupt the advantages that homeowners are currently enjoying – which Chappatta predicted would create “at least a hiccup in the U.S. housing market and an implosion at worst.”“If there’s a modest correction in housing prices, that shouldn’t be too disruptive for the economy as a whole,” he said. “Rather, it’s the second-order effects of higher mortgage rates that should concern investors … The refinancing boom the central bank engineered has helped countless Americans get through the pandemic. But it can’t afford to see it go bust. Most likely, the Fed won’t be able to extricate itself from buying mortgage bonds for at least the next several years, and possibly longer, or else risk toppling the entire house of cards it built.” Could Fed Policy Inadvertently Disrupt the Housing Market? Subscribe in Daily Dose, Featured, Government, News November 20, 2020 1,224 Views Home / Daily Dose / Could Fed Policy Inadvertently Disrupt the Housing Market?  Print This Post 2020-11-20 Cristin Espinosa Previous: Forbearance Volumes Change Course Next: The Week Ahead: A Breakdown of Delinquency Statistics Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast “The Online Movie Show,” co-host of the award-winning WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Phil Hall Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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Over 100 pubs closing in Donegal as VFI demand government action

first_imgNews Twitter Pinterest Twitter Over 100 pubs closing in Donegal as VFI demand government action Calls for maternity restrictions to be lifted at LUH RELATED ARTICLESMORE FROM AUTHOR Guidelines for reopening of hospitality sector published Previous articleHuge increase in Magee College applications as A Level results are publishedNext articleMother of student who died in Derry tells of A level sorrow News Highland Facebook WhatsApp Pinterestcenter_img By News Highland – August 19, 2010 448 new cases of Covid 19 reported today Three factors driving Donegal housing market – Robinson Facebook Google+ Help sought in search for missing 27 year old in Letterkenny NPHET ‘positive’ on easing restrictions – Donnelly Google+ It’s emerged that over 100 pubs in Donegal have chosen to cease trading over the past 12 months following the publication of new figures from the Revenue Commissioners.106 pubs in the county did not renew their licences over the past year, the third highest figure in the country after Dublin and Cork.Publicans say the smoking ban, reductions in drink drive limits and cheap alcohol in supermarkets have all contributed to what is becoming a terminal decline for many pubs.Martin Gibbons is VFI spokesperson in Donegal, he says there are things that could be done to help, but he’s not confident they will materialise……..[podcast]http://www.highlandradio.com/wp-content/uploads/2010/08/yymgibs1pm.mp3[/podcast] WhatsApplast_img read more

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Pat The Cope Gallagher to fight it out with Marian Harkin for final European…

first_img Three factors driving Donegal housing market – Robinson Pinterest Help sought in search for missing 27 year old in Letterkenny Facebook Pinterest Google+ The Fouth Count has been completed in the Midlands-North-West constituency, with outgoing Fine Gael MEP Jim Higgins eliminated.Sinn Féin’s Matt Carthy is less than than 5,000 away from the quota of 129,290, with Fine Gael’s Mairead McGuinness 20,000 votes away.The final seat will be between outgoing MEPs Marian Harkin and Pat The Cope Gallagher, with Ms Harkin now over 24,000 votes ahead, after benefitting strongly from the distribution of Ronan Mullen’s votes.However, Mr Gallagher told Highland Radio News a short time ago that their software is telling them that with his running mate Senator Thomas transferring strongly to him, he is in a strong position…………Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/05/cope1pm.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Pat The Cope Gallagher to fight it out with Marian Harkin for final European seat NPHET ‘positive’ on easing restrictions – Donnelly Guidelines for reopening of hospitality sector published Calls for maternity restrictions to be lifted at LUH WhatsAppcenter_img Facebook WhatsApp 448 new cases of Covid 19 reported today Previous articleSt Johnston Priest says village devastated by death of Oisin CrawfordNext articleResults for fifth count in Midlands Northwest News Highland RELATED ARTICLESMORE FROM AUTHOR Twitter News Google+ By News Highland – May 27, 2014 Twitterlast_img read more

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Council rejects calls for ‘special meeting’ to be streamed online

first_img Google+ Council rejects calls for ‘special meeting’ to be streamed online The Council has rejected call to stream a special meeting online as a matter of public interest.The Council will meet in special session on Friday afternoon to discuss last Monday’s RTE’s Investigates Programme, featuring Donegal County Councillor John O’Donnell.The meeting is set to focus on the matters broadcast during the programme and its aftermath.Councillor Michael Cholm Mac Giolla Easbuig says the meeting should be available to view online as the public are keen to hear what their own Councillors have to say:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/12/mich1pm.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Homepage BannerNews Previous articleGAA Programme – 09/12/15Next articleConcern as reports suggest elective surgery is to be scaled back at Letterkenny University Hospital admin Facebook Pinterest Guidelines for reopening of hospitality sector published LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Nine Til Noon Show – Listen back to Wednesday’s Programme Google+ Facebookcenter_img Pinterest RELATED ARTICLESMORE FROM AUTHOR By admin – December 10, 2015 WhatsApp Three factors driving Donegal housing market – Robinson Twitter WhatsApp Calls for maternity restrictions to be lifted at LUH Twitter GAA decision not sitting well with Donegal – Mick McGrath last_img read more

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New Drink Drive limits to come into effect next month

first_img Google+ Almost 10,000 appointments cancelled in Saolta Hospital Group this week New Drink Drive limits to come into effect next month Pinterest Previous articleGardai continue Inishowen fire investigationsNext articleCouncil slammed for road closures during tourism season News Highland Twitter Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey RELATED ARTICLESMORE FROM AUTHOR Facebook Guidelines for reopening of hospitality sector published Twitter Three factors driving Donegal housing market – Robinson center_img Google+ LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton WhatsApp WhatsApp Calls for maternity restrictions to be lifted at LUH The Road Safety Authority is rejecting claims that the new drink-driving regime sends out the wrong message.Changes to drink-driving legislation come into force next month and will see the breath test limit being reduced. However, there won’t be an automatic ban attached to the lower limit.Gardaí will also be given new powers under the new legislation.They’ll be able to impose three penalty points and an on-the-spot fine of 200 euro for motorists who are caught slightly above the new legal limit of 50 milligrams.Susan Grey of the Donegal based road safety organisation PARC says it’s sad to see that people caught over the limit won’t receive an automatic ban, but accepts it may deter people from chancing one drink. However, she’s critical that the ban for people caught between 80 and 100 milligrams will be reduced to six months.[podcast]http://www.highlandradio.com/wp-content/uploads/2011/08/susan1pm.mp3[/podcast] Facebook By News Highland – August 23, 2011 Newsx Adverts Pinterestlast_img read more

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Government open to selling closed Donegal garda stations

first_img Twitter 70% of Cllrs nationwide threatened, harassed and intimidated over past 3 years – Report Facebook Government open to selling closed Donegal garda stations Dail hears questions over design, funding and operation of Mica redress scheme Google+ By News Highland – December 12, 2011 Twitter Pinterest WhatsApp Minister McConalogue says he is working to improve fishing quota WhatsAppcenter_img It has emerged that Culdaff and Dunkineely garda stations in Donegal could be sold off.The two stations were of 39 across the country which will close as part of a cost cutting exercise.Now Minister of State Brian O’Shea has proposed a new scheme that could see the stations sold to individual gardaí or used for community activities.Deputy O’Shea said that where people or local communities see a possible use for these stations that are to be closed the government is open to that.He added that some of the stations already had living quarters attached, a fact that might make them attractive to individual buyers. Facebook Google+ RELATED ARTICLESMORE FROM AUTHOR Pinterest Man arrested in Derry on suspicion of drugs and criminal property offences released Previous articleGardai appeal for information after Convoy hit-and-runNext articleDeputy McConalogue wants state to apologise to abuse victims News Highland Newsx Adverts Need for issues with Mica redress scheme to be addressed raised in Seanad also Dail to vote later on extending emergency Covid powerslast_img read more

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Strabane SDLP local election candidate hits out at rates increase

first_img Google+ Strabane SDLP local election candidate hits out at rates increase HSE warns of ‘widespread cancellations’ of appointments next week Man arrested in Derry on suspicion of drugs and criminal property offences released Pinterest Facebook Strabane District Council has agreed to increase its district rate for the coming year by 2.5%.This means that local ratepayers will see an average increase in their domestic rates bill of £18 in the coming financial year.It’s the second year in a row there has been a rates increase in the town, last year they went up 3.76%.SDLP Local Election candidate Liam Stewart says there should have been a rates freeze in Strabane and not another increase:[podcast]http://www.highlandradio.com/wp-content/uploads/2014/02/liamstew.mp3[/podcast] WhatsApp Twitter Twitter News By News Highland – February 12, 2014 center_img WhatsApp Pinterest PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Dail hears questions over design, funding and operation of Mica redress scheme RELATED ARTICLESMORE FROM AUTHOR Previous articleMcConalogue – Young farmers may be forced off land without government supportNext articleCastlefin community said to be shocked at 400k drugs seizure News Highland Facebook Google+ Dail to vote later on extending emergency Covid powers Man arrested on suspicion of drugs and criminal property offences in Derrylast_img read more

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