Friday, October 23, 2015

Housing, A Series: Part 70 - The cognitive bias at the heart of our hobbled economy

Maybe human beings will always be uncomfortable with voluntary exchange.  There is a pretense in political economy that there are free market ideologues who ignore inhumane power imbalances and there are those to oppose markets in the name of egalitarianism.  This is wrong on both counts.  Markets can be one of the most dependable threats to entrenched power.  And, it isn't the power imbalance itself that tends to make us feel uncomfortable about markets; it's the inscrutability of that power that bothers us.  We don't tend to be bothered by power imbalances that are part of a stable legacy or process.

So, we are more comfortable when pre-selected market makers pay millions of dollars for the right to manage a 25 cent spread on traded equities than we are with high frequency traders who spend millions of dollars for the ability to capture a 3 cent spread with unpredictable, volatile trading activity.

I might go so far as to say that the recent crisis was a self-inflicted wound created by this bias.  New readers may consider that to be a dumb thing to say.  I've spent the better part of this year discovering the evidence for the "self-inflicted" part.  The funny thing about the bias part is that the evidence for it seems so outrageous and clear, I wouldn't know how to convince someone who isn't convinced already.

I have posted this graph before, which shows the proportion of mortgages outstanding by type of holder.  It shows a few things that either most people seem to believe in error or that they just don't know.

First, there was a significant shift to securitized mortgages (Ginnie Mae, private pools, and other agencies) from the late 1960s until the early 1990s.  Then, the securitized share of mortgages leveled off.  Home prices were, if anything, fairly low at the point when the relative use of securitized mortgages leveled off.  There was no relationship between the Price/Rent ratio of homes and the growth of securitization, and there was little change in the share of securitized mortgages during any of the boom years from the mid-1990s to the height of the boom.  The share of these pools was 57% in 1995 when rent inflation began to rise, it peaked at 62% by 2002 before the steepest moves in home prices, and then declined back to 59% at the end of 2005 when housing starts and home prices peaked.

Within this group, there was a shift to private pools, much of which were subprime.  But, as we can see in the graph, there was a gradual shift from Ginnie Mae to private pools from about 1990 to 2003.  These are both pools for borrowers who can't generally qualify for conventional loans.  Ginnie Mae covers the credit risk of those loans by making borrowers purchase mortgage insurance while the private pools mimic the math of insurance by charging borrowers a premium rate and paying out that premium to the riskier tranches of the securitization.  Much of that shift happened while real home prices were falling in the 1990s and homeownership rates were level.  It continued at about the same pace in the late 1990s when homeownership began to rise while prices remained stable, and continued still until the end of 2003 when homeownership and home prices were both rising.  In fact, during that period, the decline of Ginnie Mae accelerated and private pools were not capturing all of the shift away from Ginnie Mae.

After 2003, the GSE's began to decline as a portion of the market also.  It was during this period that private pools shot from about 10% to about 20% of the market, until the private pool market collapsed in 2007.  This period was not associated with a rise in homeownership, and included the last period of sharply rising prices followed by two years of flat prices.

In short, private pools were mostly an alternative to Ginnie Mae, which had always made loans with many of the characteristics of subprime loans, and there is no obvious correlation between their increased use and any particular behavior in the housing market.  Of course, if you have read the previous 40 parts or so of the series, you already know that demand-side factors can't be responsible for more than a very small fraction of home price movements at the time, so this idea shouldn't be surprising.

I've taken too long to get to my point.  The point is that our bias about these things is so strong that just having that little sliver of mortgages outstanding shift from a public process to a private process caused everyone to have a freak out.  Ginnie Mae helps "make affordable housing a reality for millions of low- and moderate-income households across America by channeling global capital into the nation's housing markets....What Ginnie Mae does is guarantee investors the timely payment of principal and interest on MBS backed by federally insured or guaranteed loans."  What a great program, right?  Low income households have to pay a little more for Ginnie Mae loans, but they get access to the world of homeownership.  And taxpayers make good on any defaults so that investors can rest easy.  Great idea.  This is exactly what private MBS were doing, except the investors were taking the default risk instead of taxpayers.  But, we know one is benign and the other is predatory, right?  That's just a thing that we know about them.  That makes them different from each other.  And the outcome proves it, right?

Now, it would need to be admitted that the profit motive can be insatiable, so the problem with the private version of this process is that it will expand and suck in victims until the system is unsustainable.  That's what greedy financiers do, m'I right?  That would definitely have to be admitted if it were true.  During the period where private pools suddenly jumped from 10% to 20% of the mortgage market, homeownership rates peaked and began to fall, and all the net new homeownership was in the top 40% of households, by income.

We need to sit on this piece of information for a second.  As I have sifted through the data on this issue, time and time again I have been floored by the gulf between what we think we know and what the data says is true.  This data is from the Survey of Consumer Finances that the Fed conducts every three years.  Nobody here is lying on a mortgage application in order to qualify for their loan.  They just happen to have conducted the survey in 2004 and 2007, which nicely bookends the period where private pools doubled from 10% to 20% of outstanding mortgages.  Homeownership among the bottom 60% of households declined during this period.  The proportion of mortgage debt held by the bottom 80% of households declined during this period.  The majority of net new mortgages during this period was from these private pools.

Here are a couple more graphs.  The average owner's home, in terms of rental value, was declining during this period, while renters' rent was rising.  The systemic movement of households into too much house simply did. not. happen.  Finally, here is a graph (in 2013 dollars) of the marginal new mortgage debt outstanding, by income.  There was some increase in debt among the bottom 40% of households before 2004.  This was before the sharp upturn in private mortgage pools.  During the sharp upturn in private mortgages, even in terms of absolute levels, almost all of the new outstanding mortgages were to households in the top 40% of incomes.

This isn't just a rounding error or a slight difference in scale.  When you look at these graphs, your priors should tell you to expect a huge, unmistakable bulge in low income borrowing, pointing to the defining story of our time.  Not only is it not there.  The data tells the opposite story.  The defining story of our time is fiction.  The best villain stories frequently are.

And, let's think about the criticism of these private pools and the various securities they supported from an investor perspective.  They are criticized both for (1) predatory lending that saddled low income borrowers with rates that were unsustainably high and (2) unrealistic assumptions about systemic risks that led ratings agencies to apply too optimistic ratings to the securities and investors to demand too little of a rate premium for them..........

As with many opinions about the housing bubble and the recession, these ideas achieve a sort of zen level of incoherence.  They manage to be wrong while also contradicting each other.  The first part (ignoring the fact that it can't be true if the second part is true) is wrong because borrowers always had the option of going through Ginnie Mae, and in the aggregate these pools were clearly outcompeting the terms of Ginnie Mae loans.

On the second part, if this was true, the consequence wouldn't be a total collapse of the MBS market followed by massive defaults of borrowers.  The consequence would have been that MBS buyers would have demanded higher premiums and borrowers might have transitioned back into Ginnie Mae loans.  This wouldn't stop investors from offering to purchase new securities with higher premiums.  But investors didn't just adjust their risk spreads.  Instead, capital just dried up.

This year, Ginnie Mae reduced their mortgage insurance premiums, and earlier this year the President announced (HT: Nick Timiraos) that the lower premium would keep more money in the pockets of new homebuyers.  Of course, since this effectively acts as a decrease in the real interest rate on the mortgage those households are using, in an efficient market we would expect there to be some shift from other loan types into Ginnie Mae/FHA loans and some increase in home prices.  According to the article, this is exactly what happened.

Now, in this case I would not have been surprised if there hadn't been a price reaction, because home prices since the crisis don't seem to have been efficient.  But, a commenter on Nick Timiraos' tweet posted this interesting graph on the total interest rate (with insurance premium) over time on FHA/Ginnie Mae loans.  Public policy has been procyclical on banking matters, so a large premium increase was implemented in 2008 after the crisis, and even now the premium remains high.  This put the effective interest rate on FHA loans at levels not seen since the 1980s.  It could well be that low home prices on the types of homes dominated by these loans are have been in equilibrium with the interest rate level implied by FHA loans.  In fact, what we would expect to see in that case is a market dominated by all cash buyers, because they would require a lower implied yield than buyers who only had access to these high rate loans.


For the intrepid reader, I tentatively suggest reading the transcript of the President's speech.  It is a litany of how activist government programs, non profits, and the toughness of the President's affiliates has brought back the housing market, and how lenders are predators, how the President is clamping down on them, how they did this to us.

There are predators and profiteers.  Then, there are politicians, their supporters, and non-profits, who cause recovery, who make things happen.  Then you get jobs and production as a result of that work, which, you know, the President is so generous, he isn't even going to begrudge some profiteer if they benefit from the hard work he did along the way to save our housing market.

I'm not that interested in critiquing the speech.  It's a religious speech.  The sole purpose of that speech is a relentless lining up of sinners and saints, insiders and outsiders, doers and takers.  What is politics, after all?  I'm interested in how these cognitive biases are manicured and intensified.  In community, human beings are willing to believe really insane things without evidence when our minds move into affiliation mode.  A signal to move into that mode is language that is broad and absurd.  You don't argue about how many goats need to be sacrificed in order to ensure a good harvest on factual grounds.  The absurdity of the conceit prevents it.  Our minds are built to be taken in by this language.  When we hear language with generalized absurdities, we switch from practical, sane skepticism to a question of whether the speaker is one of us or one of them.

Now, don't get me wrong, the FHA needs to reduce their premiums even farther.  But, think about the President bragging, to applause, about lowering interest rates to get low income families into homes.  There is one while lie there, that that money stays in the buyers' pocket as opposed to going to the seller.  But, can you imagine the President getting applause for giving a speech for exactly the same loan with exactly the same terms, but through private markets?  That's supposedly one of the reasons we had the crisis, right? Those villains were lined up as the cause of the crisis by 2001, if not sooner.  We applaud for the benign public servants.  We aren't going to applaud for the people who did this to us, and who we knew all along were going to do this to us.  "Why aren't there more bankers in jail, Mr. President?"

Ignoring all the evidence I have gathered that undermines the demand story of the boom, what we have here is a mortgage program set by public policy, with effective interest rates moved up and down somewhat arbitrarily.  No wonder private markets that can fine tune the assumption of risk and adjust spreads daily were outcompeting Ginnie Mae.  It would be very difficult, in practical terms, to justify setting mortgage spreads this way,  But, we feel safer with it.

Imagine if we set, say, gas prices this way.  About 1/3 of the time, we would be hoarding or waiting in line for gas rations, until the pricing committee happened to meet and guess the correct price.  I wonder how much these high mortgage insurance premiums have been holding back both home prices and mortgage expansion.

PS.  The Federal Reserve is in a funny position here.  It is public and, so, benign.  And it also has the impossible task of trying to use a committee to guess the price of something important.  But, it is, for some reason, tainted by its connection to financial villains in a way that Ginnie Mae isn't.  So, while nobody can agree whether the Fed is loose or tight, and nobody can agree whether low rates are due to tight money or loose money.  Just about everyone can agree that, whatever the policy is, the Fed clearly set it to favor Wall Street over Main Street.  High or low inflation, in combination with either high or low interest rates, all favor Wall Street.  We really do live in times where the common man cannot catch a break.

I was happy to see Bernanke push back against this today, "It's ironic that the same people who criticise the Fed for helping the rich also criticise the Fed for hurting savers," Bernanke told the FT's Martin Wolf. "And those two things are inconsistent. But what's the alternative? Should the Fed not try to support a recovery?"

The sad fact is that, unwittingly, these errors of judgment do lead us not to support recovery.  I am afraid, though, that I must come to the conclusion that Ben Bernanke himself was drawn into this error, and played a role, not just in having a slow recovery, but in needing a recovery at all.

126 comments:

  1. Great post. Disentangling reality from calumny, politics, hagiography and mythology is a tough chore.

    And remember: we believe in free enterprise and single family detached housing regulations. And we want to help poor people afford housing, by limiting the supply in our major urban areas.

    ReplyDelete
  2. This comment has been removed by the author.

    ReplyDelete
  3. This comment has been removed by the author.

    ReplyDelete
  4. on the coincidence of ex-Ginnie preeminence and prime borrowers: excellent detective research

    in a time of crisis, politics with winners is a likelier winner politics without, I think. looking upward for them is the safest bet in a Christian / post-Christian country

    for Rs that's government (non-whites, modernity at the grassroots), for Ds that's Wall Street (markets, fun, rule of law, modernity at the grassroots). if mob assembly requires enemies, I prefer enemies who r few and distant enough that nobody notices we're not really decommissioning them

    btw I don't want to suggest that Obama's anti-capitalist posture is cynical theater. I think you're correct in identifying his theory of the economy as sincere and wrong. in failing to appoint Romer and Summers to the Fed and signing massive procyclical bills, he hurt himself and his party as much as he hurt the economy

    here's hoping his regulators get a bit more partisan going into 2016 and ease money downstream

    ReplyDelete
  5. Excellent post! I must thank you for this informative read. I hope you will post again soon. Warehousing of merchandise....
    Packers And Movers Bangalore charges

    ReplyDelete
  6. I cannot truly enable but admire your weblog, your weblog is so adorable and great.It has given me courage to try scarier things. I tend to steer clear of them but not anymore.
    Packers And Movers Hyderabad

    ReplyDelete
  7. I must say you had done a tremendous job,I appreciate all your efforts.Thanks alot for your writings......Waiting for a new 1...Please visit our wonderful and valuable website:

    Packers And Movers Chennai

    ReplyDelete
  8. We Provide Best Packers And Movers Noida List for Get Free Best Quotes, Compare Charges, Save Money And Time, Household Shifting Services
    Packers And Movers Noida

    ReplyDelete
  9. Packers and Movers Bangalore as a Services providing company can make all the difference to your ###Home Relocation experience. Bangalore based Company which offers versatile solutions, Right team that easily reduce the stress associated with a ??? Household Shifting, ***Vehicle Transportation. we help things run smoothly and reduce breakages and offer you seamless, Affordable, Reliable Shifting Services, Compare Shifting Charges @
    Packers And Movers Bangalore

    ReplyDelete
  10. Mahipalpur Call Girls | 9999965857 | Book Escorts in Mahipalpur at Hotels

    mahipalpur escorts $$$$$$
    gtb nagar escorts $$$$$$
    vasant vihar escorts $$$$$$
    vasant kunj escorts $$$$$$
    green park escorts $$$$$$
    hauz khas escorts $$$$$$

    ReplyDelete
  11. get exclusive night call girls in delhi. we provide only hot and sexy call girls in your location. all type of call girls are available. contact 9873777170 http://www.exclusivenightgirls.com/gallery-russian-escort-service-delhi.html
    💋dhaula kuan escorts service💚

    💋defence colony escorts service💚

    💋malviya nagar escorts service💚

    💋rohini escorts service💚

    💋mehrauli escorts service💚

    💋vikas puri escorts service💚

    💋kapashera escorts service💚

    💋uttam nagar escorts service💚

    💋janakpuri escorts service💚

    ReplyDelete
  12. Feel the Attitude Improvement between Independent Escorts in Mumbai

    juhu escorts !!!!!!
    colaba escorts !!!!!!
    churchgate escorts !!!!!!
    worli escorts !!!!!!
    goregaon escorts !!!!!!
    malad escorts !!!!!!
    kandivali escorts !!!!!!

    ReplyDelete
  13. Astrologer Ajay Shastri - Astrologer In Canada - We provides Black magic specialist. You should always meet a best vashikaran specialist in baba ji. gives full assurance for result. Consult with Black Magic Specialist Babaji can change your life.( Call Us - +1 5875074472 ).

    Astrologer in Canada //////!!/////
    Astrologer Canada //////!!/////
    Astrologer in Surrey //////!!/////
    Astrologer in Ottawa //////!!/////
    Astrologer in Vancouver //////!!/////
    Astrologer in Toronto //////!!/////

    ReplyDelete
  14. Hellow everyone ,If you are looking for Call girls in Noida. if you want book call girls in Noida. call us on :- 9873940964. for get fully sexual satisfaction by our girls.visit my website:-
    munirka escorts

    rajendra place escorts

    vaishali escorts

    indirapuram escorts

    crossings republik escorts

    greater noida escorts

    cr park escorts

    tilak nagar escorts

    janakpuri escorts

    ReplyDelete
  15. Escorts Whatsapp Number 9873940964 Garima Garg Call Girls Service Rohini
    Mayur Vihar Escorts |☺
    Ashram Escorts |☺
    Kalkaji Escorts |☺
    Sarita Vihar Escorts |☺

    ReplyDelete
  16. Noida call girls Service for 100% fully satisfaction. Our young n expert girls are available 24x7. call us on :-9873940964. visit my website:-
    chanakyapuri escorts

    connaught place escorts

    defence colony escorts

    dhaula kuan escorts

    dwarka escorts

    east of kailash escorts

    greater kailash escorts

    hauz khas escorts

    ReplyDelete
  17. My name is Arpita Jain. I run my independent Mumbai Escorts Service. I am an independent Mumbai escort girl. My service charge is low according the current market price. My service is super, because I know very well the personal requirement of my each customer. I am comfortable to provide my Mumbai Escorts Service at your home or in Hotel. Visit- http://www.arpitajain.org/ Call- +91 9OO4458359
    Visit The Links Below And Have A Look At My Various Mumbai Escort Services-

    Mumbai Escorts Service
    Mumbai Escort Girls
    Juhu Escorts

    Escort Service In Mumbai






    ReplyDelete
  18. In this regard, going for Bangalore Escorts will surely be the most beneficial for you for various reasons. Bangalore is a great city that offers you with so many things and reasons to enjoy the place.

    independent call girls bangalore /////!!//////
    Escorts In bangalore /////!!//////
    electronic city escorts /////!!//////
    independent hsr layout escorts /////!!//////
    marathahalli escorts /////!!//////
    russian call girls bangalore /////!!//////

    ReplyDelete
  19. Hellow Everyone? High profile Call Girls in Delhi available for enjoyment 24x7, We are available to provide you Hot Escorts Service for enjoyment in delhi.contact us on :-9711199171. visit my website :-
    khyalla phase escorts

    indirapuram escorts

    indraprastha escorts

    shalimar bagh escorts

    adarsh nagar escorts

    ajmeri gate escorts

    alaknanda escorts

    anand parbat escorts

    azad nagar escorts


    ReplyDelete
  20. We are availing the Young Russian Call Girls in Noida for deepest sexual pleasure. Ring us on 9873940964 and book High Class Noida Escorts Service.

    call girls noida ####
    escorts in noida ####
    http://nehagulati.in/photos.html ####
    http://nehagulati.in/rates.html ####
    http://nehagulati.in/contact.html ####
    http://simrankour.in/rates.html ####

    ReplyDelete
  21. Book Noida Escorts Service to fulfill all your secret desires with hot female Call Girls in Noida. Dial 9873940964 and book VIP Escorts in Noida Hotels.

    call girls krishna nagar ####
    call girls lajpat nagar ####
    call girls laxmi nagar ####
    call girls maharani bagh ####
    call girls mahipalpur ####
    call girls malviya nagar ####

    ReplyDelete
  22. Book Your Sexy Call Girl in Noida | Find Hot Girls online Booking Open at:- http://shwetakaur.in/ India's no.1 escort agency. Full Satisfied customers we have. check reviews.
    noida call girls

    Escorts dilshad garden

    Escorts dlf cyber city

    Escorts east of kailash

    Escorts faridabad

    Escorts in Noida

    Escorts gandhi nagar

    Escorts ghaziabad

    Female Escorts noida

    Escorts govindpuri

    ReplyDelete
  23. Book Noida Escorts Service to fulfill all your secret desires with hot female Call Girls in Noida. Dial 9873940964 and book VIP Escorts in Noida Hotels.

    call girls kavi nagar ####
    call girls kirti nagar ####
    call girls krishna nagar ####
    call girls lajpat nagar ####
    call girls laxmi nagar ####
    call girls maharani bagh ####
    call girls mahipalpur ####

    ReplyDelete
  24. Book now 9899900591 sexy and awesome Noida escorts girls for hotels service for ultimate romance and fun. Contact us for all your needs, rovide you best Noida Escorts. Service.

    Noida escorts ####
    escorts in noida ####
    http://manishasharma.in/gallery.html ####
    http://manishasharma.in/links.html ####
    http://manishasharma.in/contact.html ####

    ReplyDelete
  25. Hellow Guys? my name is payalaggarwal.i am working as a call girl. i am from delhi and singal. i am intresting to meet young and handsome boys. call me on :- 9873940964.For get more details visit my website :-
    delhi Escorts

    escorts in delhi

    delhi Escorts service

    chanakyapuri Escorts

    connaught place Escorts

    defence colony Escorts

    dhaula kuan Escorts

    dwarka Escorts

    east of kailash Escorts

    ReplyDelete
  26. I Saw Your Website Carefully. Thanks For Create Such Kind Of Informative Website. Your All Content Is Relevant To Your Subject. I Say Keep It Continue, Because Your Website And Subject Is Meaningful For The Users. I Have Recommended Your Website With My Friends Also. I Am Ritu Sharma. I Am An Independent Mumbai Escort Girl. I Deal In Mumbai Escorts service. I Am Very Hot And Sexy. Being A Mumbai Escort Girl I Have Five Years’ Experience. That’s Why I Understand The Each Personal Needs Of My Every Client. My Service Charge Is Low And Service Is Super. You Can Avail My VIP Mumbai Escorts Service At Your Home Or In Hotel. I Am Comfortable To Provide Mumbai Escorts Service In Local And Outside Also. Visit www.escortservicemumbai.net Call +91- 9OO4OO9481
    Visit The Links Below And Have A Look At My Various Mumbai Escort Services-
    Mumbai Escorts
    Mumbai Call Girls
    Mumbai Escorts In Vile Parle
    Bandra Escorts
    Juhu Escorts
    Andheri Escorts
    Mumbai Escorts In Colaba

    ReplyDelete
  27. We are availing the Young Russian Call Girls in Noida for deepest sexual pleasure. Ring us on 9873940964 and book High Class Noida Escorts Service.

    call girls noida ####
    escorts in noida ####
    http://simrankour.in/rates.html ####
    http://simrankour.in/gallery.html ####
    http://simrankour.in/links.html ####
    http://simrankour.in/contacts.html ####

    ReplyDelete
  28. My name is Arpita Jain. I run my independent Mumbai Prostitutes. I am an independent Mumbai escort girl. My service charge is low according the current market price. My service is super, because I know very well the personal requirement of my each customer. I am comfortable to provide my Mumbai Escorts Service at your home or in Hotel. Visit- http://www.arpitajain.org/mumbai-prostitutes/
    Call- +91 9OO4458359
    Mumbai Escorts Service

    Juhu Escorts
    Mumbai Call Girls
    Escort Service In Mumbai
    Andheri Escorts
    Bandra Escorts
    Mumbai Prostitutes

    ReplyDelete
  29. While introducing QuickBooks Pro at different PCs or workstations, certain bugs will irritate the underlying set up procedure. This establishment related issue can be tackled by letting the officials who are dealing with the QuickBooks Enterprise Support Phone Number realize the subtleties identified with your permit and the date of procurement of the item to in a flash unravel the set up related issue. The QuickBooks Support Phone Number can likewise be utilized to clear up your inquiries identified with utilizing different highlights of this wonderful item from QuickBooks.

    ReplyDelete
  30. Ghaziabad call girls service provider welcomes you. come inside and join us for enjoyment . for proper sexual satisfaction contact us on:- 9873940964. visit my website :-
    Call girls in ghaziabad

    ghaziabad call girls

    ghaziabad escorts

    ReplyDelete
  31. Book now 9899900591 sexy and awesome Noida escorts girls for hotels service for ultimate romance and fun. Contact us for all your needs, rovide you best Noida Escorts. Service.

    Noida escorts ####
    escorts in noida ####
    http://www.missdipika.com/charges.html ####
    http://www.missdipika.com/gallery.html ####
    http://www.missdipika.com/contact.html ####
    http://manishasharma.in/gallery.html ####
    http://manishasharma.in/links.html ####
    http://manishasharma.in/contact.html ####



    ReplyDelete
  32. Thanks For Create Such Kind Of Informative Website. All Content Is Relevant To Your Subject. Keep It Continue, Because Your Website And Subject Is Meaningful For The Users. After See Your Niche I Have Recommended Your Website With My Friends Also.
    My Name Is Priya Singh. I Run My Own Mumbai Escorts Service. I Am An Independent Mumbai Escort Girl. I Am Beautiful And Hot. My Service Charge Is Low And Service Is Super. Being Professional I Have Seven Years’ Experience As An Escort Girl. So I Understand And Feel The Real Needs And Requirement Of My Each Client. You Can Taste Me Any Time. According The Convenience You Can Avail My VIP Escort Service At Your Home Or In Hotel Also. To Book My VIP Mumbai Escort Service Call +91 9987215552. Visit http://www.escortagencyinmumbai.com/
    Visit The Links Below And Have A Look At My Various Mumbai Escort Services-
    Andheri Escorts
    Mumbai Escorts In Colaba

    ReplyDelete
  33. Hello Friends i am Beautiful hot & sexy girl. you want to sex with me. call now :- 9873777170
    Visit My Website Links : -
    paschim vihar escorts ☺☺
    meera bagh escorts ☺☺
    subhash nagar escorts ☺☺
    tilak nagar escorts ☺☺
    saraswati vihar escorts ☺☺

    ReplyDelete

  34. Come with us and enjoy the magic moment of your life. Most beautiful girls of Noida is available here.call us on:- 9873940964.visit my website :-
    Escorts service in noida

    noida escorts service

    Call girls in noida

    noida call girls

    escorts service in noida

    ReplyDelete
  35. you are warm welcome in Hyderabad Escorts Agency. combo of beautiful and young erotic girls available 24x7.you can hire girls on call 09319301683.get fully details visit our website:
    Hitec City Escorts Service #
    Ameerpet Escorts Service #
    Madhapur Escorts Service #
    Kukatpally Escorts Service #
    Miyapur Escorts Service #
    Uppal Escorts Service #
    Manikonda Escorts Service #
    Abids Escorts Service #
    Nallagandla Escorts Service #

    ReplyDelete
  36. After going through your needs and other information Black Magic Specialist, they can accurately apply the trick to deliver you the fruitful suggestions. As this art is based on spells, you must adopt proper spells to achieve success. A specialist can help you to solve your issues completely. Call at - 9175450376.

    black magic specialist ###
    black magic expert ###
    black magic specialist ###
    black magic specialist delhi ###
    black magic specialist pune ###
    black magic specialist mumbai ###

    ReplyDelete
  37. Welcome to Mumbaihotcollection.com, home of the finest Mumbai escorts in Mumbai area. Our Mumbai escorts are the finest Mumbai has to offer and will provide an unforgettable Mumbai Escort experience!
    Escorts in mumbai
    Escort service in mumbai
    Mumbai escorts
    Mumbai call girls
    Call girls in mumbai
    Escorts mumbai

    ReplyDelete
  38. When you are in Mumbai, you can enjoy with several teenage college girls whom you can hire at an affordable rate. These vasai call girls are very friendly to have all killer appearance, they have amazingly shaped figure with all eye-catching physical parts.
    santa cruz escorts ##
    sea wood escorts ##
    vasai escorts ##
    vashi escorts ##
    versova escorts ##

    ReplyDelete
  39. Love marriages in India which is among the trending these days quite a tradition.Love Marriage Problem Solution Astrologer Pandit Ji Call - 7666487640. Everyone will choose their own spouse who is love and purpose of the decision to spend their whole life.Best Love Marriage Problem Solution by Pandit Ji is a very beautiful feeling love marriage solution and to better people's lives.

    black magic specialist in chandigarh ###
    black magic specialist in jaipur ###
    vashikaran specialist in delhi ###
    vashikaran specialist in pune ###
    vashikaran specialist in mumbai ###
    vashikaran specialist in bangalore ###

    ReplyDelete
  40. Salute! My name is Ms.Alisha Singh and I offer to pull the fleece over your eyes around without limit. Friendly and energetic woman, who can't survive without grown-up administration butt-centric delight, is available to another sexual dating. On the off chance that you need to get yourself unbridled grown-up administration, don't hesitate to call me while I am in Raipur. On the off chance that you need to encounter the rush, at that point welcome me to go with and I can speak to your inclinations just as conceivable, and at night I will show all that I am fit for in bed.
    Raipur escorts model
    Model escorts in Raipur
    Raipur escorts agency
    Raipur escorts service
    call girls in raipur
    raipur call girls

    ReplyDelete
  41. Female Rohini Escorts Are therefore gorgeous everybody changes to ascertain you along with her clinging on your arm.Contact us & Book call girl service now 9999965857.

    preet vihar escorts service ###
    vasant vihar escorts service ###
    kirti nagar escorts service ###
    khan market escorts service ###
    paschim vihar escorts service ###
    maharani bagh escorts service ###

    ReplyDelete
  42. Naughty Zoya provide the Exotic escorts and call girls service in Ahmedabad. You can whatsapp for Ahmedabad escorts and call girls to get the service at cheap.

    👉 💋 College call girls ahmedabad 💋
    👉 💋 Satellite Escorts Service 💋
    👉 💋 Naroda Escorts Service 💋
    👉 💋 Ghatlodia Escorts Service 💋
    👉 💋 Vastrapur Escorts Service 💋
    👉 💋 Asarwa Escorts Service 💋
    👉 💋 Cg road Escorts Service 💋
    👉 💋 Jagatpur Escorts Service 💋
    👉 💋 Sanand Escorts Service 💋
    👉 💋 Narol Escorts Service 💋

    ReplyDelete
  43. Call Zara Chaudhry for hot Chennai Escorts.for Girlfriend Experience in Chennai are available Independent Chennai Escorts is offering Cheap Independent women at affordable rates.to rent VIP Call Girls in Chennai 5 Star Hotels.

    chennai escorts ###
    chennai escorts ###
    chennai escorts ###
    chennai escorts ###
    chennai escorts ###
    chennai escorts ###

    ReplyDelete
  44. It is obvious that you will feel confident to deal with a service provider that enjoys positive reviews and high ratings. While looking for the Mumbai Escorts.

    👉 Mumbai Escorts
    👉 Mumbai Call Girls
    👉 Mumbai Call Girls
    👉 Female escorts in Mumbai
    👉 escorts in Mumbai
    👉 Escorts Mumbai

    ReplyDelete
  45. Jaipur Call Girls are available from a long and short time, it’s a well establish business here and since it’s a business we do it as it should be. We have sexy gorgeous and hot beauties of Jaipur Escorts Service. The most of the female jaipur escorts we have are the struggling actresses or the job seekers and the ones who are very elite in this business. Our dating jaipur call girls are breaking the stereotype on the name of the Jaipur Call Girls as they are good looking, naturally beautiful and most important very well behaved. They maintain their personal hygiene and they are just like any hot chick of your college.

    Jaipur Escorts Service

    ReplyDelete
  46. Are you searching for Jodhpur Call Girls? Once you employ the Jodhpur Escorts Service, especially from Jodhpur Escort, then you won’t seem ignored or tired. All you want to remember is that Jodhpur escorts service are these ideal entertainers and comrades, and it doesn't be where you exist. Additionally, our Call girl constantly ensure that they provide the highest level services. You may also get some treatment from these girls when you ask for it. If the inclination is to have fun with those passionate Jodhpur escorts, then rent the Jodhpur call girls from jodhpur escorts. So, you can be assured of the safest ways of enjoying the experience with escort daughters. When you rent an escort girls from us, then you can have different choices to love you experience and have fun with them.

    Jodhpur Call Girls

    ReplyDelete
  47. Surat Call Girls are skilled masseuses who have experience at various treatment therapy. The massages performed by this call girls add structure to body massage, Nuru treatment, Tantra treatment and prostate treatment. The Call girls Surat are able to do erotic treatment in the comfort of the building. Our separate list makes it easy to take escort assistance in Surat. This woman’’s pictures are updated on the site with physical information like height, age and any other data that woman may need to reveal. Intimate companies range from anal, intense throat blowjobs to BDSM. They have all you want to do the stay memorable.


    Surat Call Girls

    ReplyDelete
  48. It’s not trying to rent a Vadodara Call Girls on SysqoIndia. All you want to do is to select the woman who fits your needs. You will move through our site and choose the best Call Girls in Vadodara who you need to have fun with. This website contains on the greatest and beautiful escort girls, who realises how to care and entertain their customers. This list of the escort companies you will get from these call girls is infinite. From party dates, to post visits, and even erotic companies. You can get all these companies from our Vadodara escorts. The loyalty of our escort daughters is important, and they can always confirm that they get you content, but also taking for more of their services. Their delicate skin, ravishing hearts, and hot bodies normally speak for themselves, and can forever keep you in higher spirits whenever you are falling around with them.

    Call Girls in Vadodara

    ReplyDelete
  49. You Can Get Hottest Jaipur Escorts Girls Online One Call. › The leading escort corporations assure to their clients for presenting services of only high profile Jaipur escorts.

    Jaipur Escorts
    Escorts in Jaipur
    Jaipur Escorts Service
    Call Girls in Jaipur
    Jaipur Call Girls
    Independent Escorts in Jaipur
    Independent Jaipur Escorts
    High Profile Jaipur Escorts

    ReplyDelete
  50. Mumbai Escorts are truly glamorous individuals who are known to be the perfect ones whom you should be hiring for the moments of intimacy.

    Click Here 👉 Mumbai Escorts
    Click Here 👉 mumbai call girls
    Click Here 👉 vip russian escorts in mumbai
    Click Here 👉 mumbai escorts service
    Click Here 👉 Female Mumbai Escorts
    Click Here 👉 escorts in mumbai

    ReplyDelete
  51. Book Housewife Pune Call Girls Service romantic relationships 24/7 , My Friend are Sexy Independent College Call Girls Pune available.

    👉 Pune Escorts
    👉 Pune Call Girls
    👉 Russian Call girls Pune
    👉 independent escorts service pune
    👉 Escorts In Pune
    👉 Call Girls In Pune
    👉 VIP Escorts Pune
    👉 Pune Escorts Service
    👉 Escorts Pune

    ReplyDelete
  52. Hello ! I am hot And sexy Bhumi Saxena we are provide Andheri call girls meet me for fun.The Andheri Escorts Service are always ready to serve you with their best to take your stress away.

    👉 borivali east escorts
    👉 goregaon east escorts
    👉 kandivali east escorts
    👉 malad east escorts
    👉 santacruz east escorts
    👉 thane east escorts
    👉 vasai east escorts
    👉 vile parle east escorts
    👉 virar east escorts
    👉 Andheri Escorts

    ReplyDelete
  53. You want to become a mehrauli call girls, then you have to know really well about the area where you are going to work and know about clients. If you work hard and you have the skill set to make your customer satisfied, then you are definitely going.

    👉 https://sweetykhanescorts.blogspot.com/
    👉 https://www.quora.com/profile/Sweety-Khan-40
    👉 https://itsmyurls.com/sweetykhan1
    👉 https://www.magcloud.com/user/sweetykhan01
    👉 https://www.intensedebate.com/people/sweetykhan01
    👉 https://dzone.com/users/4282227/sweetykhan01.html
    👉 https://www.goodreads.com/user/show/111232867-sweety-khan
    👉 https://about.me/sweetyk

    ReplyDelete
  54. Hyderabad escort service girl with right skill sets and talents. Hundreds of people have found the capital city Call girls in Hyderabad

    secunderabad call girls #@
    manikonda call girls #@
    nizampet call girls #@
    abids call girls #@
    lingampally call girls #@
    mehdipatnam call girls #@
    film nagar call girls #@
    begumpet call girls #@

    ReplyDelete

  55. Call girls Hyderabad all day, every day. Our young Hyderabad Call Girls The call girls are profoundly taught and let to convey the sexual service in the city of the Hyderabad.

    https://myspace.com/sapnabajwa #
    https://www.instapaper.com/p/7665390 #
    https://www.pearltrees.com/sapnabajwa #
    https://www.diigo.com/user/sapnabajwa #
    https://www.plurk.com/sapnabajwa #
    https://www.twitch.tv/sapnabajwa #
    https://mix.com/sapnabajwa #

    ReplyDelete

  56. The darlings connected to Hyderabad call girls service have inside them a perfect reliable nature such that men could have believe over them. You would be very much enticed to have these salacious darlings in your personal arms as they are professionals.

    https://www.hozpitality.com/sapnabajwa/profile #
    https://www.volgmijnreis.nl/profiel/sapnabajwa&blog=33325 #
    https://ohhdude.com/india/profile/sapnabajwa #
    https://adultnode.com/sapnabajwa #
    https://www.islumped.com/members/sapnabajwa/profile/ #
    http://www.rozthlefona.gr/forum/viewtopic.php?f=17&t=97821 #
    https://mauta.or.tz/forum/index.php?topic=147780.0 #

    ReplyDelete
  57. Full enjoyment with Saket escorts service,We are offer only for you Russian call girls Saket at variable price.If you want spend your best movement with our call girls.

    greater noida escorts service **
    saket escorts service **
    rohini escorts service **
    mehrauli escorts service **
    vikas puri escorts service **
    kapashera escorts service **
    greater kailash escorts service **
    uttam nagar escorts service **
    janakpuri escorts service **
    paschim vihar escorts service **

    ReplyDelete
  58. Delhi escorts service Delhi is just situated in the middle of India. This place brings many professionals and tourists in the city.

    delhi escorts **
    independent call girls delhi **
    russian escort delhi **
    noida escorts service **
    gurgaon escorts service **
    ghaziabad escorts service **
    faridabad escorts service **

    ReplyDelete
  59. Many people including exotic people like to avail the service of Mumbai Escorts. They occupy this escort service for passing their time with huge entertainment, enjoyment and fun when they visit Mumbai.

    👉 Mumbai Escorts
    👉 Mumbai Escorts
    👉 Mumbai Escorts
    👉 Mumbai Escorts
    👉 Mumbai Escorts
    👉 Mumbai Escorts
    👉 Mumbai Escorts

    ReplyDelete
  60. Delhi is a place where you will have many pleasuring services provided by models and other gorgeous girls.

    college call girls noida **
    call girls in noida **
    noida escort service **
    escort in noida **
    Noida Call Girl **

    ReplyDelete
  61. Collection matters Andheri Call Girls the most for any organization because an old-fashioned taste might cut the customer’s attraction. We know all the essential strategies to keep our customers happy by conducting their requirements.

    ✔️✔️Andheri Call Girls
    ✔️✔️Andheri Call Girls
    ✔️✔️Andheri Call Girls
    ✔️✔️Andheri Call Girls
    ✔️✔️Andheri Call Girls
    ✔️✔️Andheri Call Girls
    ✔️✔️Andheri Call Girls

    ReplyDelete
  62. We confirmation that you will get top class Dehradun escorts and every one of the call girls who are working in our organization are more beneficial, crisp and fit to get together with every one of your desires. We are top quality Dehradun escort service organization; we continue everything covered up. All our Dehradun escorts give full consideration regarding clients so they feel rest and relish when.
    Dehradun escort service
    Haridwar escort service
    Mussoorie escort service
    Rishikesh escort service
    Haldwani escort service
    Nainital escort service
    Ramnagar escort service
    Rudrapur escort service

    ReplyDelete
  63. Chennai call girls beautiful independent call girls providing their private services. Our chennai escorts lives in the heart of high class men. Www.Chennai-escort.com
    Anna Nagar Escorts
    Chetput Escorts
    Guindy Escorts
    KK Nagar Escorts
    Saidapet Escorts
    t nagar Escorts
    Villivakkam Escorts
    Adyar Escorts
    Ashok Nagar Escorts

    ReplyDelete
  64. As working Delhi Call Girls, these tips will certainly enhance the efficiency of your erotic services. Besides, it will make your services reliable. This is not just some sex tips that relieve your clients, but also the way how you perform your massage. So book our call girls in Delhi at cheap price.

    ReplyDelete
  65. WOW, this is an amazing post, Bonsai Tree Price in India. Buy bonsai tree just 399 at products 99.com. These bonsai trees best for the gift. we review the best bonsai trees for you. Bonsai tree price in India

    ReplyDelete
  66. I love to read this blog thanks for sharing, Best tummy tucker online in India at products99. Buy from an assorted range of best shapewear in India at an affordable price.
    Best shapewear in India

    ReplyDelete
  67. WOW, this is an amazing post, Bonsai Tree Price in India. Buy bonsai tree just 399 at products 99.com. These bonsai trees best for the gift. we review the best bonsai trees for you. Bonsai tree price in India

    ReplyDelete
  68. If you want to get a unique dating experience and ultimate fun from sensuous and stunning female Delhi escorts selecting super sexy cantonment area escorts from a reputed escort agency will be the best bet. escorts in Delhi

    ReplyDelete
  69. Looking for Call girls in Pune? So (www.samirabhaskar.com) agency has a large number of Call Girls for you 24/7 hours in Pune.
    Surat Escorts
    Wakad Escorts
    Hinjewadi Escorts
    Aundh Escorts
    Swargate Escorts
    Warje Escorts
    Banner Escorts
    Lonavala Escorts
    Wagholi Escorts

    ReplyDelete
  70. paharganj escorts
    Paharganj Female Escorts Service has hottest Independent Call Girls In Paharganj. You can make memorable moments with our famous Russian Call Girls.

    ReplyDelete
  71. Call Girls in Karol Bagh is the best and suitable for everyone here you can find the sexiest Escorts in Karol Bagh according to your pocket and enjoy with them.
    karol bagh escorts

    ReplyDelete
  72. Booking a full service Escort in Pune. Easy to Book (www.samirabhaskar.com) Escort service in Pune likes to make sure that the various sexual experiences we provide to our customers of their lascivious needs.
    Surat Escorts
    Wakad Escorts
    Hinjewadi Escorts
    Aundh Escorts
    Swargate Escorts
    Warje Escorts
    Banner Escorts
    Lonavala Escorts
    Wagholi Escorts

    ReplyDelete
  73. mahipalpur escorts
    We at Delhi Mahipalpur Escort, here your all erotic sexual desires will be fulfilled by VIP high profile Call girls in Delhi locality, Dwarka, vasant kunj, Mahipalpur.

    ReplyDelete
  74. dwarka escorts
    Best Independent Female Dwarka Escorts service in NCR, Find Model Escorts in Dwarka to make your dream comes true with beautiful Call Girls in Dwarka

    ReplyDelete
  75. https://www.kstarpackers.com/packers-and-movers-in-chandigarh/

    ReplyDelete
  76. All Vip Call Girls In Mumbai are well educated and specialist, so they know how to handle clients in accordance with their requirements. They perform every one of the presentations with expert approach and expect the same out of their male accomplices too.

    $$ russian escorts colaba
    $$ russian escorts goregaon
    $$ russian escorts chembur
    $$ russian escorts juhu
    $$ russian escorts kandivali
    $$ russian escorts panvel
    $$ russian escorts powai
    $$ russian escorts malad
    $$ Call Girls Mumbai

    ReplyDelete
  77. All Vip Call Girls In Mumbai are well educated and specialist, so they know how to handle clients in accordance with their requirements. They perform every one of the presentations with expert approach and expect the same out of their male accomplices too.

    $$ russian escorts colaba
    $$ russian escorts goregaon
    $$ russian escorts chembur
    $$ russian escorts juhu
    $$ russian escorts kandivali
    $$ russian escorts panvel
    $$ russian escorts powai
    $$ russian escorts malad
    $$ Call Girls Mumbai

    ReplyDelete
  78. They enter the Delhi Escort
    relationship for redirection and later are held into the universe of riches and comfort. Delhi Escorts

    ReplyDelete