MBS South: New price YTD advantages

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Morning Market Updates

A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBSonMND Dashboard.

10:59AM  :  MBS Reach New YTD Price Highs. Two Risks Remain

With this morning's 9/32nd gain, Fannie Mae 4.0 MBS coupons are now at their highest price levels since November 2010. Rate sheets have improved today as a result. There are two looming threats in the hours ahead that could reverse these additional appreciations. First, Treasury will sell $21 billion 10-year notes at 1pm. Because rates have rallied significantly since the last auction and bond prices are much more expensive, traders could take aggressive action to cheapen up the issue before they buy it. This strategy might not play out until during the actual auction though which means there is a chance the fundraiser does not go well. This would lead to weakness which could force lenders to reprice for the worse. 10yr Treasury yields are currently right on the ledge between November's higher yields and December's lowest. That, in conjunction with other past precedent creates a technical inflection level at 2.96, which is where 10's are currently bid. This technical pivot point could be a tipping point depending on the auction results. The second threat is a constant presence: the stock lever. While stocks are exhibiting bearish big picture sentiment, low volume intraday rallies remain a possibility. If equities muster the energy to attempt a recovery bounce, it would likely come at the expense of Treasuries and MBS.

10:27AM  :  Bond Market Threat: Lawmakers Consider Brief Default

We think this is a TERRIBLE idea....(Reuters) - An idea once confined to the fringe of the Republican party is seeping into its mainstream -- that a brief default might be an acceptable price to pay if it forces the White House to deal with runaway spending. An increasing number of Republicans do not believe the Obama administration's dire predictions of economic "catastrophe" if the debt limit is not increased. They argue a period of technical default can be managed without plunging markets into chaos. Establishment Republicans including Tim Pawlenty, the former Minnesota governor who announced his presidential candidacy last month, are backing a short-term default if it leads to deep, immediate spending cuts. Jeff Sessions and Paul Ryan, the top Republicans on the Senate and House Budget Committees, have also said failure to raise the debt limit would not trigger immediate catastrophe. Republican Senator Pat Toomey has even introduced legislation directing the Treasury to prioritize debt service over other payments if the debt limit is not raised. It has 22 Republican co-sponsors in the Senate and 98 in the House of Representatives, although no members of the Republican leadership have backed it. David Frum, a former speechwriter for President George W. Bush and a Republican advocate for raising the debt limit, said he holds regular question-and-answer sessions with Republican congressman over a beer. "I have yet to meet one Republican who actually says a failure to raise the debt limit scares them," Frum said. "It is deeply, deeply troubling the number of Republicans I now talk to -- and I include the mainstream -- who think a technical default is manageable. Many on Wall Street disagree. They fear even the briefest default would cause a steep climb in interest rates worldwide and a tumbling dollar, which would tip a fragile economy back into recession and cause financial market upheaval on a scale not seen since the collapse of Lehman Bros

10:23AM  :  MBA Apps: Rates Falling. Where is Loan Demand?

The Refinance index seems to be stuck around the 2500 level, having risen about 500 points during the 2 month interest rate rally. The last two times mortgage rates were this low, the MBA’s Refi Index was operating almost exclusively above the 4000 mark. That was over 7 months ago. The fact that these rates haven’t motivated more refinance activity speaks to several barriers that continue to prevent borrowers from reducing their monthly payment. The Purchases Index fell 4.4% to 182.9 from 191.4 and continues to stagnate at very low levels. Since the tax credit expired, the index has been stuck between 160 and 220, languishing in a sideways. Regarding the barriers that continue to block borrowers from reducing their monthly payments... Two weeks ago we wrote, "Right now we're witnessing the beginnings of a mini-refinance boom in the primary mortgage market, but there has been little activity in the secondary market that would indicate increased rate locking by consumers." says MND's Managing Editor Adam Quinones. "However, if conventional 30-year rates reach 4.25%, we'd expect to see a mini-boom scenario play out. There is much stored demand in the system as many borrowers missed the boat on record low rates in October and early November. This crowd is waiting in the wings for those rates to return. " In reaction to that comment, Ted Rood, a loan originator from MetLife Home Loans added, "One thing to consider regarding refi volume is that HUD effectively ended FHA streamlines over the course of the last year by tightening underwriting guidelines and jacking up monthly MIP fees. After the change, many existing FHA clients have been unable to meet net benefit rules, even when dropping their rate by 1% or more, since their monthly MIP would double on the new loan. So FHA clients don't get to benefit from lower rates and HUD doesn't get new upfront MIPs from existing clients with clean payment histories who want to refinance".

8:39AM  :  ALERT: Loan Pricing Better as Rates Rally and Stocks Fall

A downbeat speech from Fed Chairman Ben Bernanke had the effect of erasing gains in the stock market and reversing losses in Treasuries yesterday. The flight to safety continues this morning.
The benchmark 10-year Treasury yield is three basis points lower at 2.962%, the two-year yield is a tad firmer at 0.397%, and the 30-year yield is three basis points lower at 4.221%. Mortgages are better bid as well with the Fannie Mae 30-year 4.0 MBS coupon +7/32 at 101-12 and the Fannie Mae 4.5 +5/32 at 104-18. Rate sheets should improve on these MBS price appreciations. The stock market isn't looking good. S&P 500 futures are 6 points lower at 1,278.75 and Dow futures are 59 points off at 12,013 - its lowest since March 18. "With five sessions gone so far in the month, none of the Dow, S&P 500 or the TSX have managed a daily gain in June," noted economists at BMO Capital Markets. They said markets are soft again on fears that "the global soft patch may linger and/or deepen." Light crude oil remains under the $100 mark at $98.16 per barrel, 0.94% down from Tuesday. Gold prices are 0.60% lower at $1,534.60. New data didn't from Europe only compounded Bernanke's concerns. In Germany, Industrial production fell 0.6% in April, versus forecasts for a modest gain, and in another report German exports dived 5.5%. "The soft German numbers show that even Europe's powerhouse didn't escape the current global economic soft patch unscathed," BMO said. "That should make the ECB think twice about potentially signalling a July rate hike at Thursday post-policy-meeting press conference." Meanwhile, the World Bank cuts its 2011 global GDP forecast to 3.2% from 3.3%. US growth is expected to be 2.5%, revised down from 2.8%. Japan's forecast was cut to 1.8% from 1.9%. The day ahead is highlighted by two events: a $21bn 10yr note auction at 1pm and the release of the Beige Book at 2pm eastern. http://www.mortgagenewsdaily.com/mortgage_rates/blog/214900.aspx

8:12AM  :  New MBS Commentary Post

Featured Market Discussion

Brent Borcherding  :  "FTHBs are active, too, much more organic feel vs. last year's "I need my tax credit" group. Took 3 purchase apps yesterday, TBDs, all FTHBs in each case parents gifting down payment. Interesting."

Brent Borcherding  :  "Ira--I don't know how to answer that with certainty...I can say that rents are going up & investors are coming out of the woodwork to buy properties... a SFR hits $170K & cash buyers are on the spot."

Steven Bote  :  "I spoke to a financial planner regarding this not too long ago. He said that he no longer considers his home an "asset" regardless of how much equity an appraisal told him he has. He just thinks of it as a nice place to live with a tax break to boot."

Adam Quinones  :  "further home price declines = more strategic defaults = more home price declines = very strong negative feedback loop"

David Zilkha  :  "how can values go up anytime soon with lack of qualified buyers, more stringent loan approvals, and all the coming distressed properties. ...i think double digits are a real possibility."

Brent Borcherding  :  "That's the price range that's taken the biggest hit here, and the further out of the city the greater the decline in value. A common consumer comment I hear is, "We'll probably sell when the market gets back to previous price levels." None seem to get that that's a decade+ away."

Andrew Horowitz  :  "USbank did a shortssale from 602k"

Andrew Horowitz  :  "friend of mine just closed on a purchase of a property, the previous owner paid 700k in 2006, my friend paid 440k"

Andrew Horowitz  :  "property values around Philadelphia have declined 30-40%"

Brent Borcherding  :  "I thought for sure, we were headed lower in value here, but now I'm starting to question...Our low end in Portland $200-$250K (FTHB) is really starting to heat up...I'm not sure it can go much lower...without a massive, immediate, inventory dump by the banks."

Andrew Horowitz  :  "they have to draw a line in the sand and stop the decline in values,"

Brent Borcherding  :  "I think 10% more is expected, so I'm not shocked with "double" digit, but if you're talking another 20% or more....yes, disasterous."

Andrew Horowitz  :  "meredith Whitney was also on this AM calling for a further double digit decline in values"

Adam Quinones  :  "straight from the horse's mouth"

Adam Quinones  :  "they should just follow our MBA apps recap. We tell them exactly what y'all share with us."

David Zilkha  :  "i think it also takes some time for the knowledge of the lower rates to get out their."

Andrew Horowitz  :  "Bond guru from Blackrock on CNBC this morning talking about how they have been following the refi index and see very little movement at current rates, they see lower rates necessary"

Adam Quinones  :  "new origination flows mostly into 4.0s....but we've only seen a few days where volume crossed over $1.5bn. So not huge. Mostly relative value players."

Ira Selwin  :  "AQ - how has volume been for the 4 coupon lately?"

Oliver S. Orlicki  :  "the fha streamlines do not make sense unless your client has a rate of 5.75% or more with the new 1.15 MIP"

Adam Quinones  :  "625k max"

Lion  :  "So what's the new cpnforming loan limit amount going to be come the fall?"

Matthew Graham  :  "can even be seen in the hour preceding the auction."

Matthew Graham  :  "could still be in the cards Dave"

David Zilkha  :  "dont we usually see profit taking and hedging before an auction like today? Instead we are seeing a rally, so is that more of a positive for us to expect?"

Daniel Kramer  :  "That is correct Adam. "

Adam Quinones  :  "only conventional streamline is HARP right?"

Ira Selwin  :  "How has everyone's strealine refi business gone since April? "

Jeff Anderson  :  "With you Dan. Have had a number of clients that would have saved $80-90 per month but it wasn't 5% of the payment due to the MI increase. The people making the rules just don't seem to get it sometimes."

Ira Selwin  :  "Dan, I think one issue might be is that a borrower who is more focused on the monthly savings only"

Mike Drews  :  "Clearly they are saying something about their appetite for refi's"

Dan Clifton  :  "even with MI factor increases, you have to show the interest savings over the life of the loan. I had 1 FHA streamline only saving $70 oer month, but the interest savings over life of loan AFTER considering increased MI paid and remaining interest on exisiting loan was over $60k. closing costs were only $2500. show me a financial planner than can Guarnatee a retunr of $60k for an investment of $2500"

Wilkin Rodriguez  :  "Thats only FHA I have seen a large increase in quote requests for conventional lots 30 year loan looking to go down to 20 that just closed in 08-09"

Ira Selwin  :  "As the rates drop, unless the factors are lowered, there will be no one to refi for fha when rates go back up"

Adam Quinones  :  "yep. really puts a kink in net benefit analysis"

Ira Selwin  :  "Tough for those pre-pay speeds to pick-up with the past mi facot increases"

Adam Quinones  :  "5.0s on up outperformed yesterday after the prepay report showed no sign of a pick-up in payoff speeds. Some of those "up in coupon" gains are reversing this AM but buyers are lurking in the shadows. It is a big "rinse and repeat" trade. Has been for last 14 months or so. Down in coupon does indeed benefit from flatter curve. A lack of loan production also supports current coupon valuations ("rate sheet influential" MBS)"

Mike Drews  :  "I wish there was another abbreviation for that"

Matthew Graham  :  "yeah, partially a factor of a flatter yield curve. I would continue to set a "down in coupon" milestone of a sustained effort under 300bps between 4.0's and 4.5's"

Dan Clifton  :  "looks like D.I.C."

The advantages and disadvantages of personal credit to Cash provident loan in advance

Review of the credit for Provident Personal image esqfin-

Personal credit for provident is prepared to borrow money for new and existing customers who do not have a credit limit check. Borrow up to £ 500 more than 52 weeks, for any purpose.

Provident personal credit, the lender is home to the sales, which specialise in providing quick cash advance loans to people who you have been declined credit elsewhere. You can be a bad credit history or the employees are. You can even be accepted if the credit profile of the local bank is not the best fit. Does not have a credit limit check and money can be used for any purpose.

The benefits of the credit for Provident Personal

It does not matter if you have defaulted on any credit agreements in the last six years, since your application is guaranteed to be accepted. Provided, that the monthly repayments you can afford, to bad credit and no job is not a problem of door-to-door grantors.

How to get the money within a few days for your application. When approved, the local representative is not in a position to provide the cash. This is perfect if you have no bank account payable to the recent credit problems. They even come round to collect the repayments on a weekly basis.

You can make your application from the Internet, by post or via the Internet. The status of the application does not affect the outcome, so select the method, which is better for you. A personal approach to reserve an appointment, if you choose to do so 72 hours with a local agent may take.

You can lend money to poor credit, for any purpose. They are only interested in the opportunity to pay the debt, home sales are the lenders why you need the money. This means that you can get a little cash to pay the mortgage, or a family vacation, in the winter sales costs.

The disadvantages of provident personal credit

The cost of the credit is high. For example, a loan of £ 500 to spend money quickly to 1 during the year is the annual percentage rate of 272.2%. To pay the £ 17,50 per week and the total cost of credit is £ 910. Repayments are, however, cheap, because the maximum amount you can borrow is relatively small.

It is not always easy to make monthly repayments. If you run the Fishing communities, it is recommended that you address the issue with the loan, the lender's home sales. If you fail to do this, the debt collection agencies operated. They try to the principal, interest and fees.

It can be very tempting to splurge money you have borrowed items that you don't have to. Urgent Bill of materials (BOM) cost is one thing, but the seasonal sale may prove tempting. Tomorrow's money you are spending just today.

When you know how and where to get money quickly, it is difficult to resist firmly returns at a later date. Even if you don't like the paying agency, the interest rate, the idea of the Kingdom, some of the money very quickly prove attractive allure.

Sources:

Copyright © Asa Ghaffar. Contact the creator of the republication permission.

Asa-Asa Ghaffar is 10 years of practical experience and the approval of the loan, bad credit loan, repair and overhaul (MRO) and the trading of stocks by ...

MBS reminder: in the vicinity of the 2011 price advantages

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Afternoon Market Updates

A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBSonMND Dashboard.

4:01PM  :  Next Week: Less Data Overall, but NFP on Friday

If it seems that we've been alternating busy and slow weeks recently, we have. In general, the "on weeks" for Treasury Auctions have also coincided with comparatively heavy amounts of economic data. Next week follows the same rules with one noticeable exception: Friday's Employment Situation Report. Monday leads off with ISM Manufacturing and Construction Spending. Tuesday is perhaps the lightest day of the week with only Factory Orders on tap. Wednesday and Thursday pick up the pace a bit with ADP Employment, ISM Non Manufacturing, Jobless Claims, Productivity/Costs, and several Fed speakers including Bernanke on Thursday morning. Friday's only report will be the biggie, Employment Situation at 830am. We may well be waiting until then for guidance firm enough to coax bonds out of what's expected to be a range trade.

3:15PM  :  ML 11-18: Elimination of Origination Fee Cap on 203(k) Program

This letter amends guidance provided in Mortgagee Letter (ML) 2009-53. The guidance in ML 2009-53 removed the
one percent origination fee cap for standard FHA insurance programs, except for the 203(k) Rehabilitation Mortgage Insurance and Home Equity Conversion Mortgage programs. This new ML removes the one percent origination fee cap from the 203(k) Rehabilitation Mortgage Insurance Program, and clarifies that the supplemental origination fee permitted under this program is not affected.
Effective Date: April 26, 2011 for all case number regardless of when they were assigned...http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/11-18ml.pdf

2:55PM  :  TSYs Test Best Levels in Low Volume

The overall caveat to the day is the low volume. It's quite low... About half that of yesterday. With that in mind, we're forced to sort of "brush off" a recent dip below 3.29 in 10yr notes. It looks "cool," yes... As long as you don't read anything into it making any profound statement about the strength of the bond market or the impending movement in the week to come. FNCL 4.5's didn't quite make it to their best levels of the day, but at 102-28 are 3 ticks up on the day, close to their 102-29+ high. Reprices for the better wouldn't be the craziest thing we've seen this week, but not likely enough to make an "alert" out of it.

2:04PM  :  New Mortgage Rate Watch Post

1:45PM  :  Stocks Soar. MBS Stay Strong

Stocks are the real performers of the day with very little change to positive momentum today. The S&P is making another multi-year high and is currently at 1364.17. While MBS and TSYs are also in the green, they're not quite as well off as stocks. FNCL 4.5's are up 2 ticks on the day at 102-27 and 10yr notes are almost 1 basis point lower, currently at 3.3029. There's really no more significance in today's market movements as the volume largely came and went with yesterday's and Wednesday's events. Only thing to do is turn on cruise control into the close and watch for potential reprices. We're not incredibly likely to see any at these levels.

1:40PM  :  Failed-Trade Charge for Mortgage Bonds Proposed

(Bloomberg) -- Dealers and investors in agency debt and government-backed mortgage bonds should face penalties for failing to complete trades at agreed times, according to an industry group that guides market rules. The Treasury Market Practices Group, which the Federal Reserve Bank of New York helped form in 2007 to offer advice on debt markets, is seeking comments on the proposals, which would follow the introduction of a similar practice for U.S. government bonds that the organization helped create in 2009. Uncompleted trades in agency mortgage securities remain elevated after rising to a record of almost $2.4 trillion during a week in November, according to Fed data. “We strongly believe that, like the fails charge recommended by the TMPG in the Treasury market, these recommendations will lead to more robust markets for agency debt and agency MBS and will serve to broadly reduce the risks associated with high levels of fails,” Tom Wipf, the group’s chairman, said in an e-mailed statement. The central bank’s decision to hold benchmark interest rates at record lows has encouraged failures by reducing the cost of uncompleted trades, while its purchase of $1.25 trillion of mortgage bonds through March 2010 has made it more difficult to find bonds to settle contracts in a timely manner. http://www.businessweek.com/news/2011-04-29/failed-trade-charge-for-mortgage-bonds-proposed-pimco-balks.html

12:49PM  :  Bernanke: Economy Needs More Time to Heal

WASHINGTON, April 29 (Reuters) - The U.S. economy is not fully recovered from its deep recession with housing still weighing on growth, Federal Reserve Chairman Ben Bernanke said on Friday in a speech on the importance of community development. "Our economy is far from where we would like it to be," he said in remarks prepared for delivery to a conference. The Fed earlier this week said it will see its $600 billion bond buying program, launched in November to spur a sluggish recovery, through to its planned conclusion at the end of June. The world's largest economy grew at a sluggish 1.8 percent annualized rate in the first three months of the year, but unemployment is still at a lofty 8.8 percent. The depressed housing market is holding back the economic recovery, Bernanke said. Home foreclosure rates remain high and many families find themselves owing more for their homes than the homes are worth. "Obviously, the problems in the labor market and the housing market are not unrelated," he said. (Reporting by Mark Felsenthal; Editing by Andrea Ricci)

11:46AM  :  ALERT: Reprice Outlook: For Better or Worse

C30 loan pricing improved by 16.8bps on average among the five major lenders today. The largest rebate gains are seen in note rates at and below 4.75%. With these improvements it's likely we'll be hearing more reports of attractive 4.75% quotes being offered. The buydown cost is still uber-expensive (95.1bps on average) but the note rate now carries enough rebate to offer it under lender paid commission models, even if the deal is slightly skinny in the banker/retail world. In regard to the reprice outlook, with loan pricing +16.8bps on the day and "rate sheet influential" MBS prices +5/32, gains are already baked in. We'd expect to see lenders reprice for the worse if the FNCL 4.5 hits 102-20. We'd expect reprices for the better if FNCL 4.5s break into the 103 handle. We'd target a sustained move up to 103-02.

11:23AM  :  Domestic Banks Prefer MBS Over TSYs

Who has been buying securities backed by mortgages? Over the three week period ending on April 13, domestic bank holdings of agency MBS have increased by $26 billion (from $1,093bn to $1,119bn). This sharp rise occurred after bank holdings of agency MBS remained nearly flat for about 3-4 months. In addition, a major portion of the recent spike in bank holdings of agency MBS can be attributed to the purchases of large banks instead of small banks (large bank holdings are up $21.5bn over the three week period ending on 4/13). This is unlike with the prior 3-4 months when agency MBS holdings of small banks continued to increase while those of large banks remained flat or even declined. It is also apparent that domestic banks that were aggressively growing their Treasury holdings (and agency debt) in 2009 and 1H'10 are now preferring agency MBS over Treasuries.

11:16AM  :  New MBS Commentary Post

11:02AM  :  MBS Reach Highs of the Day

FNCL 4.5's are up 4 ticks on the day now at 102-29. If the day ended right now, that would be the highest closing level of 2011 by 1 tick. 10yr notes are doing fairly well also, down 3/4ths of a bp now at 3.305. The current zone for TSY yields is a highly traveled technical level, but volumes are a bit low today. If volume picked up on a move into the high 3.2's, that would be about the only reason to get excited about current gains, otherwise it's just part of the bigger-picture range trade ahead of next week's NFP and June's termination of QE2. Potential reprices for the better aren't yet very likely. If current trends continue though, it's not out of the question.

Featured Market Discussion

Aaron Buyside Meyer  :  "During the weekend of June 18, 2011, Fannie Mae plans to implement changes to Desktop Underwriter® (DU®) for government loans, which will support a number of FHA Mortgagee Letters and a VA Circular. FHA and VA calculation, eligibility, and message changes will also be included with this release. Note that the Release Notes also incorporate information from a recent HUD announcement."

Matthew Graham  :  "with 27 economists polled so far"

Matthew Graham  :  "325k high"

Matthew Graham  :  "118k low"

Matthew Graham  :  "reuters at +190"

Matthew Graham  :  "things are gonna worsen in the first few days of next week. or at least that's how you almost have to plan it... lock up short termers, cross fingers for NFP"

Matthew Graham  :  "3.29"

Victor Burek  :  "whats the lowest the 10yr been today?"

Matthew Graham  :  "about half yesterday's volume"

Matthew Graham  :  "2nd slowest day of the month"

Ira Selwin  :  "Nice timing on the reprice outlook. FAMC reprice"

Adam Quinones  :  "i think they offer more yield than TSYs but still have government guarantee. The never ending "chase for yield" aka seeking alpha"

David Zilkha  :  "Adam, relating to that post, do you think the banks are buying them partly to bring down rates to keep the Refi bus going?"

As you can see in the chart below...FNCL 4.5 prices are near their highest levels of the year......

The advantages of renting over buying a home

17. February, 2011, Natalia Jones

Rent or buy a home-Image: Filomena Scalise/FreeDigitalPhotos.net

In the context of the hire is frequently frowned and Convention logic screams is always better than to rent your own home. After all to punish the money every month, the landlord is like money to throw away. At least this is the Home ownership supporters have to say. But pay rent would no longer like tossing money than food for the payment of the Bill at the end of the month. In both cases, you can never see again, to spend the money, but in both instances have received the necessary product or service.

Although the decision to buy or rent is ultimately up to the individual's preference, the following are some of the reasons why renting may actually have a better option than the purchase price.

You do not have to deal with the unfavourable interest rates

Buying a huge life in relation to the House way. If you are unable to secure a favourable interest rate, as well as the current economic situation, or because the interest rate on the market is simply skyrocketed, it is better to put off buying until it changes. Excessive rate of payment bearing up home ownership to the point where simply not wise to proceed.

Viewing House investment possibly a bad logic

There are many costs associated with home ownership, which hamper investment or savings plan vastikkeellisiksi. Homeowners are usually comfortable paying mortgage payments on a monthly basis, since this is considered to help your home equity. Even if the actual value of this site may be the best way to save money, because you use this you must make additional loan interest for the slower. Putting your money may be better to direct savings plan if you want to build your own savings.

Vuokrakonetta does not have to worry about maintenance

When you do not need to worry about rent a leaky faucets, resistance to ageing shingles or cleansing the skin from the roof of the paint. Homeowners must be ready, on the other hand, take care of their children on these issues as they arise out of the dip into the Fund. Home rehabilitation can be expensive, so it is especially important for you to buy more House than you need, really, because this is just unnecessary costs to do so.

Home prices fluctuate. So Home-owners are exposed to risks

Although the general trend is the increase in home prices, housing market varies over time, as each of the asset. Home prices move up and down, and if you want to sell when the market is soft you may realize a loss of investment.

The freedom to move at will

Vuokrakonetta Finally, live free lifestyle. They simply move from place to place to pick up and whim. This is not for everyone, but if the work requires the use of information about where you live, or if you just want to know, you can move then renting at the drop of a hat might be more your style.

Copyright © Natalia Jones. Contact the creator of the republication permission.