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JAKt Cbihdksb Nkikldhlf Kds]otsbc nxEk`bt A, Dk~~ klc Ihtk ^hdbol Cbdb`nb~ >;) >=;>

Sab JAKt ~bdbls jhlkldhki ~b}o~s dk~c so Dolf~btt hlchdkshlf saks sab kfbldx `kx lbbc so sr~l so sab RT S~bktr~x

jo~ jhlkldhki tr}}o~s akt fhzbl cbs~kdso~t oj saks kfbldx lbv k``rlhshol vhsa vahda so cht}k~kfb hst o}b~ksholt klc

dakiiblfb hst bqhtsbldb, K~bdbls tsrcxnx Bc ]hlso oj sab K`b~hdkl Blsb~}~htb Hltshsrsb !KBH() jo~ bqk`}ib) dikh`t saks

JAK ht }r~trhlf h~~bt}olthnix ~htgx iblchlf so rl{rkihjhbc no~~ovb~t vhsa iov d~bchs tdo~bt klc iov covl}kx`bls,

Nrs JAKt jhlkldhki tsksrt ht kdsrkiix k ~b`k~gknib sbtsk`bls so ta~bvc jhlkldhki `klkfb`bls hl k sh`b oj hld~bchnib

jhlkldhki ts~btt, Klc d~hshdht`t oj hst dr~~bls rlcb~v~hshlf }~kdshdbtk~b rljorlcbc,

Saks tkhc) sab kfbldxt kdsholt so h`}~ozb hst jhlkldhki orsioog k~b los vhsaors dols~ozb~tx, Tb~hort doldb~lt bqhts

knors sab `kllb~ hl vahda sab kfbldx `kx hld~bkthlfix nb jkiihlf tao~s ol }~osbdshlf sab doltr`b~ klc dhzhi ~hfast oj

dr~~bls klc }osblshki no~~ovb~t) }k~shdrik~ix vo~ghlf jk`hihbt klc }bo}ib oj doio~,

Fbsshlf Hst Jhlkldhki Aortb hl O~cb~

Sab abkcihlb tso~x hl sab kfbldxt hlcb}blcbls kdsrk~x ~b}o~s ht saks sab JAKt hltr~kldb jrlc akt kl bdolo`hd

zkirb oj lbfkshzb #;:,4 nhiihol, Los fooc jo~ tr~b, Nrs sab jrlct lbfkshzb zkirb ht k jrsr~b }~oebdsbc tao~sjkii) los k

dr~~bls cbjhdhs, Sab kfbldx ht lovab~b lbk~ ~rllhlf ors oj dkta, Sab kdsrk~x ~b}o~s taovt JAK tshii akt `o~b sakl

#4= nhiihol oj do`nhlbc dk}hski ~btor~dbt, @o~bozb~) sab `kllb~ hl vahda sab JAKt jrlc ht dkidriksbc cobt los

hldircb jrsr~b }~oebdsbc hldo`b, Kt k ~btris) #;; nhiihol oj klshdh}ksbc hldo`b bq}bdsbc hl sab dr~~bls >=;4 jhtdki xbk~

ht los hldircbc hl sab jrlct lbfkshzb zkirb dkidrikshol,

Sab cbdhthol vabsab~ sab hltr~kldb jrlc vhii lbbc so c~kv ol sab S~bktr~x vhii nb cbsb~`hlbc vabl sab ]~bthcblst

nrcfbs ht ~bibktbc hl Eklrk~x, Bzbl sabl) JAK voric los ihgbix sk} sab S~bktr~x rlshi lbqs jkii) ks sab bk~ihbts, Kt k

~btris) JAKt }b~jo~`kldb ht h`}~btthzb vabl dolthcb~hlf saks kt bk~ix kt >==6) `ots `keo~ }~hzksb `o~sfkfb

iblcb~t klc `o~sfkfb hltr~kldb jrlct bhsab~ jhibc jo~ nklg~r}sdx) vb~b nkhibc ors o~ vb~b tarssb~bc,

Los olix akt sab JAK dolshlrbc so o}b~ksb vhsaors k thlfib coiik~ oj skq}kxb~ tr}}o~s fohlf so hst hltr~kldb jrlc) hs

akt bq}klcbc hst kllrki tak~b oj sab `o~sfkfb `k~gbs j~o` k `ocbts 4 }b~dbls so `o~b sakl 4= }b~dbls cr~hlf sab

}kts jbv xbk~t) t}bdhjhdkiix so do`}bltksb jo~ sab jkhir~b oj hst }~hzksb tbdso~ dorlsb~}k~st, Klc hs chc to vahib

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h`}~ozhlf sab {rkihsx oj ioklt ol hst noogt7 JAKt noog oj nrthlbtt jo~ sab }kts svo xbk~t ht k~frknix sab ts~olfbts hl

hst ahtso~x,

JAKt iottbt k~b ik~fbix sab ~btris oj ioklt `kcb cr~hlf sab n~hbj }b~hoc >==6 so >==8) klc cht}~o}o~sholksbix crb so

k thlfib iokl }~ocrds) tbiib~-jhlkldbc covl}kx`bls ktthtskldb !C]K( ioklt, Hlsb~btshlfix) JAK akc kssb`}sbc so

bih`hlksb tbiib~ jhlkldhlf oj covl}kx`bls) vahda kiiovbc sah~c }k~shbt !lol}~ojhs o~fklhuksholt( so dols~hnrsb jrlct

onskhlbc j~o` sab ao`b tbiib~ so sab nrxb~t covl}kx`bls dotst) kt jk~ nkdg kt sab xbk~ >===, Nrs hl t}hsb oj

vhcbt}~bkc knrtbt hl sab C]K }~of~k` klc ahfa cbjkris ~ksbt) sab kfbldxt bjjo~st so tso} sab }~kdshdb chc los

}~bzkhi rlshi Dolf~btt nkllbc tbiib~-jhlkldbc C]K ioklt hl >==8,

KBHt ~b}o~s kssb`}st so nik`b sab JAKt dr~~bls jhlkldhki dakiiblfbt ol no~~ovb~t vhsa iov d~bchs tdo~bt klc iov

covl}kx`bls) nrs saht ht rltr}}o~sbc nx sab cksk, Vahib hst s~rb JAK hltr~bt k ik~fb tak~b oj ioklt saks `hfas los

nb o~hfhlksbc hl sab dolzblsholki doljo~`hlf `k~gbs) do~~bikshol taoric los nb doljrtbc vhsa dkrtkshol, Fhzbl saks

sab JAK akt o}b~ksbc jo~ ki`ots 61 xbk~t vhsaors bzb~ lbbchlf so c~kv ol sab S~bktr~x so jhlkldb hst hltr~kldb jrlc)

KBHt kssb`}s so }khls saks kfbldx kt k jkhibc o~ jhlkldhkiix h~~bt}olthnib jbcb~ki }~of~k` ht vhsaors `b~hs,

Fohlf jo~vk~c) JAKt jhlkldhki dolchshol vhii cb}blc ol sab }b~jo~`kldb ojsab bdolo`x klc) hl }k~shdrik~) jrsr~b

ao`b }~hdbt klc hlsb~bts ~ksbt, Osab~kttb~sholt nx KBHk~frb saks JAKt bdolo`hd kttr`}sholt k~b ozb~ix o}sh`htshd

klc saks k thflhjhdkls c~kv ol sab S~bktr~x ht hlbzhsknib, Nrs R~nkl Hltshsrsb }~bthcbls Tk~ka Vk~sbii klc Dblsb~ jo~K`b~hdkl ]~of~btt ~btbk~da klkixts Eoal F~hjjhsa akzb~bzhbvbc klc cbnrlgbcth`hik~ d~hshdht`t ikts xbk~, Sabx

k~frb saks KBH ~btbk~dab~t ozb~tsksb klc `ht~b}~btbls gbx bdolo`hd cksk o~ hlkddr~ksbix hlsb~}~bs JAKt dk}hski

~btb~zb ~b{rh~b`blst,

K`o~b ~bdbls ~b}o~snx Rlhzb~thsx oj Lo~sa Dk~oihlk-Dak}bi Ahii }~ojbtto~t ^onb~so [rb~dhk klc Gbzhl ]k~g ahfaihfas

sab d~hshdki ~oib saks JAK akt }ikxbc ahtso~hdkiix so }~o`osb kddbtt so `o~sfkfb d~bchs) }k~shdrik~ix hl ozb~do`hlf

no~~ovb~ vbkisa dolts~khlst) }~o`oshlf }~ocrds hllozkshol klc tsklck~chukshol) klc bq}klchlf hst d~rdhki ~oib cr~hlf

ahfaix kczb~tb bdolo`hd }b~hoct,

Klc) F~hjjhsa }ohlst ors saks klx skq}kxb~ coiik~t saks `hfas nb lbbcbc nx sab JAK akzb ki~bkcx nbbl `o~b sakl

ojjtbs nx sab bqs~ko~chlk~x zkirb so sab bdolo`x JAK akt }~ozhcbc sa~orfaors sab ~bdbls jhlkldhki d~htht, F~hjjhsadhsbt

kl rl}rnihtabc @oocxt Klkixshdt ~b}o~s saks btsh`ksbt sab zkirb oj JAKt hlsb~zblshol hl sab aorthlf `k~gbs sodo`}bltksb jo~ sab iott oj }~hzksb `k~gbs hltshsrsholt, K`olf sab gbx jhlchlft oj saks ~b}o~s) @oocxt btsh`ksbt saks

vhsaors JAKt bq}klcbc aorthlf ~oib cr~hlf sab ~bdbls d~htht) ao`b }~hdbt voric akzb jkiibl nx kl kcchsholki >2

}b~dbls) dolts~rdshol t}blchlf voric akzb tihc := }b~dbls iovb~) 4 `hiihol kcchsholki eont voric akzb nbbl iots) FC]

voric akzb nbbl ~bcrdbc kl kcchsholki > }b~dblskfb }ohlst klc sab RT bdolo`x voric akzb bq}b~hbldbc k cornib

ch} ~bdbtthol,

^bktolt jo~ Doldb~l

H`}~ozhlf sab jhlkldhki abkisa oj JAKt hltr~kldb jrlc akt los do`b vhsaors hst dotst, Ks ibkts jor~ doldb~lt k~b

hld~bkthlfix nbhlf ~khtbc nx aorthlf klc dhzhi ~hfast kczodksbt vao vo~g ol nbakij oj `ocb~ksb-hldo`b jk`hihbt klc

no~~ovb~t oj doio~, Sabtb doldb~lt hldircb5

^hthlf jbbt7 Iblcb~ d~bchs tdo~b ozb~ikxt7 Ibtt sakl kcb{rksb iokl `ochjhdksholt7 klc Hld~bkthlf rl~bts~hdsbc iokl tkibt so hlzbtso~t,

;, ^hthlf Jbbt, JAK akt ~khtbc hst hltr~kldb jbbt sa~bb sh`bt thldb >==1 klc jr~sab~ kcerts`blst `kx nb hltshsrsbc,

JAK akt kito kllorldbc hs vhii ~b}bki hst }oihdx oj kiiovhlf `o~sfkfb hltr~kldb }~b`hr`t so nb dkldbiibc vabl

ao`bovlb~t ~bkda k iokl-so-zkirb ~ksho oj 61 }b~dbls,

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Saht ikssb~ kdshol kiolb ht btsh`ksbc so nb vo~sa kt `rda kt#;= nhiihol so #;> nhiiholso sab JAK hltr~kldb jrlc jo~ sab

>=;=->=;> noogt oj nrthlbtt, Vahib }othshzb jo~ sab kfbldx) saotb trntsklshki dotst vhii nb }kttbc olso no~~ovb~t

vao) ol kzb~kfb) bk~l ibtt klc }kx `o~b jo~ `o~sfkfb d~bchs ~bikshzb so no~~ovb~t ~bdbhzhlf Jkllhb @kb klc J~bcchb

@kd ioklt, Klc nbdkrtb~orfaix := }b~dbls oj ioklt`kcb so Kj~hdkl-K`b~hdkl klc Ikshlo ao`b nrxb~t k~b JAK)

sab~b vhii nb k thflhjhdkls lbfkshzb h`}kds ol saotb no~~ovb~t, Jr~sab~) nbdkrtb sabtb bqdb}sholki jbbt k~b lbbcbc so

kcc~btt }kts iblchlf `htskgbt) ~ksab~ sakl so dozb~ bq}bdsbc iottbt j~o` jrsr~b ioklt) Kj~hdkl K`b~hdklt klc Ikshlo

no~~ovb~t k~b bjjbdshzbix klc cht}~o}o~sholksbix }kxhlf jo~ JAKt }kts iblchlf `htskgbt,

Oj dor~tb) }~bzkhihlf ahtso~hdkiix iov hlsb~bts ~ksbt ojjtbs) to`bvaks) sab jhlkldhki h`}kds oj }~b`hr` hld~bktbt klc

daklfbt so JAKt `o~sfkfb hltr~kldb }oihdx, Nrs so sab bqsbls saks JAK jbbt lbfksb sab nblbjhs oj iovb~ hlsb~bts

~ksbt) iovb~-hldo`b klc iovb~-vbkisa no~~ovb~t k~b }~bdircbc j~o` nblbjhsshlf j~o` sab dr~~bls jkzo~knib hlsb~bts

~ksb blzh~ol`bls hl sab tk`b `kllb~ bleoxbc nx ahfa-hldo`b klc ahfa-vbkisa jk`hihbt vao k~b los cb}blcbls ol

JAK jo~ sabh~ `o~sfkfb d~bchs,

>, Iblcb~ D~bchs Tdo~b Ozb~ikxt, JAK doric co `o~b so dakiiblfb iblcb~t saks jkhi so }~ozhcb `o~sfkfbt so no~~ovb~t

vhsa d~bchs tdo~bt ol sab iovb~ blc d~bchs oj vaks ht kiiovbc nx JAK, Saht ht k f~ovhlf httrb, Hl >=;=) sab Lksholki

Do``rlhsx ^bhlzbts`bls Dokihsholn~orfas ibfki kdsholkfkhlts >> iblcb~t dikh`hlf }otthnib jkh~ aorthlf zhoiksholt

jo~ jkhihlf so o~hfhlksb ioklt vhsa d~bchs tdo~bt nbiov :>= klc hl to`b hltskldbt :3=, Kisaorfa tbzb~ki iblcb~t akzb

daklfbc sabh~ }oihdhbt) d~bchs tdo~bt jo~ JAK no~~ovb~t dolshlrb so ~htb,

Iblcb~t ertshjx sabh~ ~bthtskldb so o~hfhlksb ioklt so no~~ovb~t vhsa d~bchs tdo~bt covl so 21=) kt kiiovbc nx JAK) ol

sab nktht saks iovb~ d~bchs tdo~bt s~kltiksb hlso ahfab~ iottbt saks k~b los jriix ~bh`nr~tbc nx JAK hltr~kldb

dozb~kfb, Iblcb~t jr~sab~ k~frb saks JAKt ~bfriksholt }blkihub iblcb~t saks akzb ahfab~ iottbt sakl sabh~ }bb~t klc

saks saht }~kdshdb) hlsblcbc nx JAK so }~o`osb {rkihsx rlcb~v~hshlf) akt nbdo`b kl kcchsholki chthldblshzb so o~hfhlksb

ioklt vhsa iovb~-blc d~bchs tdo~bt, Sab }~onib` vhsa nosa oj sabtb k~fr`blst nx iblcb~t ht saks sabx }ikdb kl

ozb~~bihkldb ol sab thflhjhdkldb oj d~bchs tdo~bt hl }~bchdshlf cbjkris saks ht los ertshjhbc nx hlcb}blcbls hlcrts~x

~btbk~da,

D~bchs tdo~bt k~b olix olb hl}rs hlso sab rlcb~v~hshlf b{rkshol klc kiiovhlf iblcb~t so hflo~b JAKt iovb~ d~bchs

tdo~b bihfhnhihsx frhcbihlbt }osblshkiix }~btblst jkh~ iblchlf doldb~lt, K>==1 tsrcx}rnihtabc nx sab Jbcb~ki ^btb~zb

Nklg oj Ts, Iorht bqk`hlbc d~bchs tdo~bt oj no~~ovb~t vao ~bdbhzbc trn}~h`b `o~sfkfbt, Sab tsrcx jorlc saksnbsvbbl >==2 klc >==6) sab tb~hort cbihl{rbldx ~ksb jo~ no~~ovb~t vhsa ahfa d~bchs tdo~bt !knozb 6==( f~bv nx k

jkdso~ oj jor~ vahib sab ~ksb jo~ no~~ovb~t vhsa iov d~bchs tdo~bt !2==-:==( olix cornibc, Sab tsrcx doldircbc saks

d~bchs tdo~bt vb~b lbhsab~ k }~bchdso~ oj sab ~htg oj trn}~h`b `o~sfkfb cbjkrist lo~ oj sab trn}~h`b `o~sfkfb d~htht,

Torlc rlcb~v~hshlf klc iokl {rkihjhdkshol tsklck~ct akzb }~ozbl so nb `o~b cbsb~`hlkshzb oj d~bchs {rkihsx sakl kl

ozb~~bihkldb ol d~bchs tdo~bt, Nbts }~kdshdbt hldircb zb~hjhdkshol oj b`}iox`bls) hldo`b klc ~blski }kx`blst)

kzohchlf knrthzb iokl sb~`t) bltr~hlf saks doltr`b~t rlcb~tsklc sabh~ iokl }~ocrdst) hlcb}blcbls klc kddr~ksb

k}}~khtkit) klc ahfa {rkihsx iokl tb~zhdhlf,

JAK taoric los erts kddb}s sab jkhir~b oj iblcb~t so cbihzb~ ioklt vhsa iovb~ d~bchs tdo~bt, ^ksab~ sab kfbldx taoric

dolcrds crb chihfbldb klc `olhso~hlf oj iblcb~t o~hfhlkshlf olix ahfa d~bchs tdo~b JAK ioklt, Sab foki oj saotb

kttbtt`blst voric nb so cbsb~`hlb vabsab~ iblcb~t k~b ozb~-vbhfashlf d~bchs tdo~bt klc hj to) skgb k}}~o}~hksbkdshol, Rljo~srlksbix) JAKt kdsholt k}}bk~ so nb `ozhlf hl sab o}}othsb ch~bdshol7 ks ibktsolb ~b}o~shlchdksbt saks

JAK ht dolthcb~hlf ~khthlf `hlh`r` d~bchs tdo~b ~b{rh~b`blst,

4, Ibtt sakl Kcb{rksb Iokl @ochjhdksholt, Kddo~chlf so sab Lksholki Doltr`b~ Ikv Dblsb~ !LDID() tb~zhdb~t oj

JAK ioklt~orshlbix jo~bdiotb ol }~o}b~shbto~ ktthfl cbjkrisbc ioklt nkdg so JAK vhsaorsdo`}ixhlf vhsa JAKt iott

`hshfkshol ~ribt, Xbs abi}hlf no~~ovb~t so kzohc jo~bdiotr~b voric los olix abi} jk`hihbt klc do``rlhshbt hs voric

kito ts~blfsabl JAKt nkikldb tabbs, Sab Fozb~l`bls Kddorlsknhihsx Ojjhdb~bdblsix ahfaihfasbcJAKt tb~zhdhlf

ozb~thfas cbjhdhbldhbt klc ~bdo``blcbc tbzb~ki daklfbt so sab kfbldxt iott `hshfkshol ~ribt saks `hfas ibkc so

http://www.nationalmortgagenews.com/dailybriefing/fha-repeal-mip-cancellation-policy-1033292-1.html?zkPrintable=truehttp://www.nationalmortgagenews.com/dailybriefing/fha-repeal-mip-cancellation-policy-1033292-1.html?zkPrintable=truehttp://www.nationalmortgagenews.com/dailybriefing/fha-repeal-mip-cancellation-policy-1033292-1.html?zkPrintable=truehttp://www.huduser.org/portal/pdredge/pdr_edge_featd_article_080312.htmlhttp://www.huduser.org/portal/pdredge/pdr_edge_featd_article_080312.htmlhttp://www.huduser.org/portal/pdredge/pdr_edge_featd_article_080312.htmlhttp://www.ncrc.org/media-center/press-releases/item/531-ncrc-calls-for-federal-investigation-into-lendershttp://www.ncrc.org/media-center/press-releases/item/531-ncrc-calls-for-federal-investigation-into-lendershttp://www.ncrc.org/media-center/press-releases/item/531-ncrc-calls-for-federal-investigation-into-lendershttp://www.stlouisfed.org/publications/re/2008/d/pdf/mortgage.pdfhttp://www.stlouisfed.org/publications/re/2008/d/pdf/mortgage.pdfhttp://www.stlouisfed.org/publications/re/2008/d/pdf/mortgage.pdfhttp://www.originationnews.com/blogs/hearing/hud-may-hike-fico-minimum-1033290-1.htmlhttp://www.originationnews.com/blogs/hearing/hud-may-hike-fico-minimum-1033290-1.htmlhttp://www.originationnews.com/blogs/hearing/hud-may-hike-fico-minimum-1033290-1.htmlhttp://www.nclc.org/images/pdf/foreclosure_mortgage/mortgage_servicing/fhahud-%20asset-sales%20issue-brief31aug2012.pdfhttp://www.nclc.org/images/pdf/foreclosure_mortgage/mortgage_servicing/fhahud-%20asset-sales%20issue-brief31aug2012.pdfhttp://www.nclc.org/images/pdf/foreclosure_mortgage/mortgage_servicing/fhahud-%20asset-sales%20issue-brief31aug2012.pdfhttp://www.gao.gov/products/GAO-12-296http://www.gao.gov/products/GAO-12-296http://www.gao.gov/products/GAO-12-296http://www.gao.gov/products/GAO-12-296http://www.nclc.org/images/pdf/foreclosure_mortgage/mortgage_servicing/fhahud-%20asset-sales%20issue-brief31aug2012.pdfhttp://www.originationnews.com/blogs/hearing/hud-may-hike-fico-minimum-1033290-1.htmlhttp://www.stlouisfed.org/publications/re/2008/d/pdf/mortgage.pdfhttp://www.ncrc.org/media-center/press-releases/item/531-ncrc-calls-for-federal-investigation-into-lendershttp://www.huduser.org/portal/pdredge/pdr_edge_featd_article_080312.htmlhttp://www.nationalmortgagenews.com/dailybriefing/fha-repeal-mip-cancellation-policy-1033292-1.html?zkPrintable=true

7/30/2019 FHAs Delicate Balancing Act

4/4

`o~b trtskhlknib iokl `ochjhdksholt rlcb~ JAKt bqhtshlf tb~zhdhlf frhcbihlbt, JAK taoric kff ~btthzbix }rs hlso

}ikdb sab k}}~o}~hksb `olhso~hlf klc txtsb`t so bltr~b tb~zhdb~ do`}ihkldb kt vbii kt }blkishbt jo~ jkhihlf so

do`}o~s vhsa sab kfbldxt iott `hshfkshol frhcbihlbt,

3, Hld~bkthlf Rl~bts~hdsbc Iokl Tkibt so Hlzbtso~t, Jhlkiix) JAK ht hld~bkthlfix tbiihlf jo~bdiotbc }~o}b~shbt klc

chts~bttbc ioklt so hlzbtso~t vhsa lo ~b{rh~b`blst saks }r~daktb~t ojjb~ iokl `ochjhdksholt so bqhtshlf no~~ovb~t,

LDIDakt orsihlbclr`b~ort doldb~lt ~bfk~chlf saks }~kdshdb, Kisaorfa JAK cobt tbii }ooit oj ioklt vhsa }~bdhtb

ch~bdshzbt ~b{rh~hlf iokl `ochjhdksholt klc osab~ do``rlhsx-jodrtbc tsknhihukshol bjjo~st kt }k~s oj k Lbhfano~aooc

Tsknhihukshol ]~of~k` !LT]() saotb tkibt k~b k `hlo~ tak~b oj soski kttbst toic, Kt LDID ontb~zbt) sab dr~~bls

cbthfl oj sab iokl tkibt so hlzbtso~t }~of~k`) vahda ht los }k~s oj JAKt LT] hlhshkshzb) ~khtb `klx doldb~lt knors

ARCt tr}b~zhthol oj }~hzksb iblcb~t vao ovl JAK-hltr~bc ioklt klc ARCt kddorlsknhihsx jo~ cht}othsholt oj saotb

ioklt,

Sab ^okc Kabkc

Ozb~ sab }kts 61 xbk~t) JAK akt nkdgbc `o~b sakl 3= `hiihol ao`b ioklt, Hs akt nbbl klc ~b`khlt k d~hshdki

do`}olbls oj sab R,T, aorthlf jhlkldb txtsb`, Doldb~l ozb~ sab jhlkldhki abkisa oj sab kfbldx ht ibfhsh`ksb, Nrs sab

bqdb}sholki ~oib JAK akt }ikxbc jo~ cbdkcbt hl nrhichlf vbkisa jo~ vo~ghlf jk`hihbt) klc sab bqdb}sholki ~oib hs akt

}ikxbc cr~hlf sab jhlkldhki d~htht bkthix ertshjx }~ozhchlf JAK vhsa vaksbzb~ tr}}o~s hs ~b{rh~bt,

Ks sab tk`b sh`b) JAK `rts nb dkrshort so los `klkfb hst nkikldb tabbs hl k vkx saks ih`hst kddbtt so hst s~kchsholki

doltshsrbldx oj vo~ghlf jk`hihbt, Sab kfbldx `rts vk~c kfkhlts kl ozb~-~bihkldb ol d~bchs tdo~hlf `bdaklht`t nx

iblcb~t klc ~b{rh~b sab` so }ikdb f~bksb~ b`}aktht ol torlc rlcb~v~hshlf }~kdshdbt, Sab kfbldx jr~sab~ `rts

bltr~b saks no~~ovb~t vao k~b bihfhnib jo~ iokl `ochjhdksholt k~b fhzbl bzb~x o}}o~srlhsx kzkhiknib so abi} sab` so

`khlskhl sabh~ ao`bt, Jhlkiix) JAK taoric ~b{rh~b) so sab f~bksbts bqsbls }otthnib) saks hst tkibt oj jo~bdiotbc

}~o}b~shbt klc chts~bttbc ioklt trtskhl o~ d~bksb kjjo~cknib ao`bovlb~tah} o}}o~srlhshbt klc ~bnrhic do``rlhshbt)

~bfk~cibtt oj vabsab~ sab nrxb~ ht kl hlzbtso~) lol}~ojhs o~ iodki fozb~l`bls, Nx trtskhlhlf klc }~o`oshlf

ao`bovlb~tah} jo~ vo~ghlf jk`hihbt klc ibzb~kfhlf jo~bdiotbc }~o}b~shbt klc chts~bttbc iokl kttbst so `kqh`hub

do``rlhsx tsknhihukshol) JAK vhii h`}~ozb hst nosso` ihlb vahib }~o`oshlf sab bdolo`hd vbiinbhlf oj `ocb~ksb-hldo`b

aortbaoict klc do``rlhshbt oj doio~,

]aoso oj ARC Nrhichlf nx Jihdg~ rtb~`kfklckjhiib) DD NX-LD,

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