Wednesday, July 25, 2007

Default Rates

A reader asked if there is proof about expectations of default rates reverting to the mean. Such expectations are a direct function of default rates themselves, but with a time lag (expectations precede the fact). The creation of the CDS market, however, has provided us with a powerful tool to measure expectations directly. Unfortunately, it is a very new market so we cannot exactly assess its correlation vs. actual default rates. Still, given the sheer size of this market ($35 trillion outstanding), we can be quite sure that its significance is high. With CDS spreads now rising steeply across all asset classes (home and commercial mortgages, junk and investment grade bonds), examining default rates more closely is very important.

The following chart was produced by data from a study by NUY Professor Edward Altman, long considered a leading authority in high yield ("junk") bonds ("About Corporate Default Rates", 2007).

Junk Bond Default Rates

I have added the arithmetic average, weighted average (by amount), and a band of +/- 1 standard deviation (σ) around the arithmetic average. Even a cursory glance at the chart shows that 2006 defaults were near the bottom of the band. Coupling that with the recent poor performance of the CDS market, I have a high degree of confidence that default rates will rise significantly in the near to medium future.

10 comments:

  1. coming back to margin debt (your post of 12 july) : June was even higher at 378 billions. but what is the meaning ? can you explain what these stat cover : what is the definition of margin debt, free credit cash account and credit balances ? it is confusing

    ReplyDelete
  2. Margin debt is a loan extended by a broker to a customer against his securities portfolio. The customer can take the money and spend it however he/she wishes, including buying more securities. There are various margin rates for different types of securities, but for stocks it's 50%. This means that if you have a $100.000 stock portfolio fully paid for you can
    a) Take out $50.000 as a loan and spend it as you wish OR
    b) Buy another $100.000 worth of stocks.

    If your portfolio contains $100.000 in cash, your broker can lend you another $100.000 to buy stocks with, for a total of $200.000.

    A cash account is a non-margin account. Free credits inside one of those are just cash balances that sit there.

    Credit balances inside a margin account are the equivalent of cash sitting there but with a twist: this amount can go up and down daily depending on the value of the underlying portfolio, since it is marked to market daily.

    Regards

    ReplyDelete
  3. many thanks for the explanation.
    but may be should we look at the net margin debt (margin debt minus free credit) to judge more precisely of the debt level ?
    Are you sure that hedge funds leverage is not included in this margin debt stat ?
    best regards

    ReplyDelete
  4. No we shouldn't, any more than we should subtract checking account balances...Doing so DOES give you some idea of how much idle cash is around brokerage accounts but this cannot be netted against debt.

    To the degree that hedge funds are borrowing from their NYSE member brokers directly, yes, it is certainly included in the figures published. But the large guys have other sources of funding than plain old margin accounts...

    ReplyDelete
  5. Thanks for doing this, I truly appreciate it.

    While searching the web for more on this topic, I found this wonderful article from William J. Bernstein: http://www.efficientfrontier.com/ef/401/junk.htm

    ReplyDelete
  6. Thks vm for the Bernstein article. Very good one.

    ReplyDelete
  7. doctor tushy -
    dollie deathray -
    doms delight -
    do my wife slut -
    dream of dani -
    drilled mouths -
    durty girls -
    easy teen sluts -
    elite movie pass -
    ember 19 -
    emily 18 -
    emilys world -
    ericas fantasies -
    eva luv -
    eva virgin -
    exotic kisses -
    explicit art -
    far east desires -
    fiona luv -
    first gay orgy -
    fishnet models -
    fruity babes -
    fruity files -
    fruity toys -
    ftv girls -
    full bush -
    fun brunettes -
    gia la shay -
    girlfriend handjobs -
    gotta love lucky -
    guys caught wanking -
    guys get fucked -
    gypsy kay -
    hailee jordan -
    hands on hardcore -
    hardcore saints -
    hot braces -
    hot legs and feet -
    hot pool girls -
    hot wife rio -
    i cum alone -
    i heart eden -
    jacy andrews -
    janet plays -
    jen 18 -
    jennas wish -
    jenna virgin -
    jenni carmichael -
    jessica virgin -
    jessie brooks -
    jody love -
    joi ryda -
    just teen site -
    kandis clubhouse -
    karas handfull -
    karen and amy -
    karen dreams -
    karen loves kate -
    karen palms -
    kari sweets -
    karla spice -
    kates playground -
    kathy ash -
    katrina 18 -
    kaylas clubhouse -
    kelly madison -
    kendall blaze -
    kimmie cream -
    kira dreams -
    kiss kristin -
    kitty leigh -
    kori kitten -
    krissy love -
    k scans -
    kylies secret -
    lainey moore -
    lana brooke -
    latin teen pass -
    la zona modelos -
    leia loves you -
    lesbo mat -
    lia 19 -
    lick me girl -
    little miss freckles -
    lolly pop blowjobs -
    love leialovely marilyn -
    love your tits -
    lunas cam -
    luv alicia -
    luv nikki -
    maniac pass -
    mariah spice -
    marketa 4 you -
    martina dreams -
    matts models -
    meat my ass -
    megan michaels -
    megan qt -
    mega summers -
    melissa midwest -
    meredith 18 -
    met art -
    miami voyeur -
    milfs on sticks -
    molly meadows -
    monster movie pass -
    my pov bj -
    my wife ashley -
    nadia virgin -
    naomi model -
    nasty 19 -
    natalie 18 -
    natalie sparks -
    naughty alysha -
    naughty at home -
    naughty belle -
    naughty chrissy -
    naughty dom -
    naughty faith -
    naughty girls zips -
    naughty starri -
    nebraska coeds -
    next door nikki -
    nina virgin -
    no limit vids -
    nubiles -
    oc girls -
    office gals -
    older women -
    only blowjob -
    only tease -
    only teen blowjobs -
    open up girls -
    pacinos world -
    panty girl upskirts -
    parkers panties -
    paul markham teens -
    peachez 18 -
    phil flash -
    pictures of dudes -
    piper dreams -
    play with paris -
    plunder bunnies -
    poolside giovanni -
    poolside kelly -
    porn fidelity -
    porn flux -
    princess blueyez -
    pure dee -
    rare asian -
    rare asians -
    real 8 teens -
    real pantyhose teens -
    rebecca love -
    rock star pixies -
    sapphic angels -
    sara cutie -
    sarah dreaming -
    savanna virgin -
    seanna teen -
    selena luv -
    selena spice -
    serenity love -
    sexxxy celeste -
    sexy sindy -
    sexy teen ella -
    sexy teen sandy -
    shabby virgins -
    shana dreams -
    shanes world -
    share my cock -
    sharing paris -
    she got knocked up -
    shelby virgin -
    shy black teens -
    sierra love -
    simon scans -
    sky modeling -
    sleeping tushy -
    slutty gal pals -
    smokin hottie -
    southern brooke -
    southern kalee -
    spice twins -
    spoiled virgins -
    spring break fantasy -
    spunk bunnies -
    spunky zips -
    stacey online -
    starla rocks -
    stockings angels -
    straight guys voyeur -
    strapon lesbians -
    strapon service -
    stuffed petite -
    stunning misty -
    stunning serena -
    suki model -
    summer banks -
    summer party time -
    suzy stevens -
    sweet adri -
    sweet apples -
    sweet danni -
    sweet kacey -
    sweet kara -
    sweet krissy -
    sweet leah luv -
    sweet models -
    sweet n soft -
    sweet russian girls -
    sweet vids -
    tailynn -
    taras cam -
    taryn thomas -
    taste of uk -
    teenage depot -
    teen charms -
    teen kara -
    teen stars magazine -
    tere 19 -
    throated -
    tiffany teen -
    tiny gwen -
    total super cuties -
    toy desire -
    toy stuffers -
    trailer park tiffany -
    trinitys toybox -
    trista stevens -
    trixie storm -
    tushy lickers -
    tushy massage -
    tushy school -
    twinks -
    uk porn sluts -
    vicky vane -
    victoria holyns -
    victoria pink -
    view pornstars -
    vika dreams -
    virtual bjs -
    watch 4 beauty -
    wet tshirt -
    why be dressed -
    wild young honeys -
    wow wendy -
    x crib -
    x gape -
    x lez -
    x movies -
    you love lucy -
    young and banged -
    young cum gulpers -
    young models casting -
    zexy teens -
    ox pass -
    1by day -
    18 virgin sex -
    702 daisy -
    1000 facials -
    abigail 18 -
    abrianna -
    action girls -
    adorable allie -
    alexa model -
    alexis virgin -
    alicia rhodes -
    all ashlee -
    allison virgin -
    all over lexi -
    all ruth -
    amateur facials -
    amateur galore -
    amazing ty -
    amber kelly -
    amy amy amy -
    amy virgin -
    angelina virgin -
    anna 19 -
    ann angel -
    annas assets -
    anna virgin -
    ashlee and serena -
    ashley brookes -
    asian suck dolls -
    ass like whoa -
    ass terdam -
    aubrey addams -
    aunt judys -
    bad tushy -
    beautiful bri -
    beckys love -
    bella spice -
    big blowjob chicks -
    big older women -
    big wet butts -
    bikini voyeur -
    blazing vids -
    blonde passions -
    brandy jacobs -
    brandys box -
    bratty brittany -
    britney virgin -
    brutal dildos -
    bums in action -
    caged tushy -
    cam girls planet -
    candi malone -
    casey parker -
    caseys cam -
    cassandra calogera -
    cassie leanne -
    cheaper than agf -
    cherry jul -
    cherry spot -
    claudia nichols -
    club cherries -
    college town cuties -
    cory heart -
    country cutie -
    courtney virgin -
    creampied sweeties -
    creampie thais -
    cum 101 -
    cum academy -
    cute anne -
    cute chloe -
    cute lisa -
    cutie pie teens -
    cynthia sin -
    danni virgin -
    danya licious -
    ddf busty -
    diddy and serena -
    diddy licious -
    digital angel girls -
    dirty home vids -
    doctor tushy -
    dollie deathray -
    doms delight -
    do my wife slut -
    dream of dani -
    drilled mouths -
    durty girls -
    easy teen sluts -
    elite movie pass -
    ember 19 -
    emily 18 -
    emilys world -
    ericas fantasies -
    eva luv -
    eva virgin -
    exotic kisses -
    explicit art -
    far east desires -
    fiona luv -
    first gay orgy -
    fishnet models -
    fruity babes -
    fruity files -
    fruity toys -
    ftv girls -
    full bush -
    fun brunettes -
    gia la shay -
    girlfriend handjobs -
    gotta love lucky -
    guys caught wanking -
    guys get fucked -
    gypsy kay -
    hailee jordan -
    hands on hardcore -
    hardcore saints -
    hot braces -
    hot legs and feet -
    hot pool girls -
    hot wife rio -
    i cum alone -
    i heart eden -
    jacy andrews -
    janet plays -
    jen 18 -
    jennas wish -
    jenna virgin -
    jenni carmichael -
    jessica virgin -
    jessie brooks -
    jody love -
    joi ryda -
    just teen site -
    kandis clubhouse -
    karas handfull -
    karen and amy -
    karen dreams -
    karen loves kate -
    karen palms -
    kari sweets -
    karla spice -
    kates playground -
    kathy ash -
    katrina 18 -
    kaylas clubhouse -
    kelly madison -
    kendall blaze -
    kimmie cream -
    kira dreams -
    kiss kristin -
    kitty leigh -
    kori kitten -
    krissy love -
    k scans -
    kylies secret -
    lainey moore -
    lana brooke -
    latin teen pass -
    la zona modelos -
    leia loves you -
    lesbo mat -
    lia 19 -
    lick me girl -
    little miss freckles -
    lolly pop blowjobs -
    love leialovely marilyn -
    love your tits -
    lunas cam -
    luv alicia -
    luv nikki -
    maniac pass -
    mariah spice -
    marketa 4 you -
    martina dreams -
    matts models -
    meat my ass -
    megan michaels -
    megan qt -
    mega summers -
    melissa midwest -
    meredith 18 -
    met art -
    miami voyeur -
    milfs on sticks -
    molly meadows -
    monster movie pass -
    my pov bj -
    my wife ashley -
    nadia virgin -
    naomi model -
    nasty 19 -
    natalie 18 -
    natalie sparks -
    naughty alysha -
    naughty at home -
    naughty belle -
    naughty chrissy -
    naughty dom -
    naughty faith -
    naughty girls zips -
    naughty starri -
    nebraska coeds -
    next door nikki -
    nina virgin -
    no limit vids -
    nubiles -
    oc girls -
    office gals -
    older women -
    only blowjob -
    only tease -
    only teen blowjobs -
    open up girls -
    pacinos world -
    panty girl upskirts -
    parkers panties -
    paul markham teens -
    peachez 18 -
    phil flash -
    pictures of dudes -
    piper dreams -
    play with paris -
    plunder bunnies -
    poolside giovanni -
    poolside kelly -
    porn fidelity -
    porn flux -
    princess blueyez -
    pure dee -
    rare asian -
    rare asians -
    real 8 teens -
    real pantyhose teens -
    rebecca love -
    rock star pixies -
    sapphic angels -
    sara cutie -
    sarah dreaming -
    savanna virgin -
    seanna teen -
    selena luv -
    selena spice -
    serenity love -
    sexxxy celeste -
    sexy sindy -
    sexy teen ella -
    sexy teen sandy -
    shabby virgins -
    shana dreams -
    shanes world -
    share my cock -
    sharing paris -
    she got knocked up -
    shelby virgin -
    shy black teens -
    sierra love -
    simon scans -
    sky modeling -
    sleeping tushy -
    slutty gal pals -
    smokin hottie -
    southern brooke -
    southern kalee -
    spice twins -
    spoiled virgins -
    spring break fantasy -
    spunk bunnies -
    spunky zips -
    stacey online -
    starla rocks -
    stockings angels -
    straight guys voyeur -
    strapon lesbians -
    strapon service -
    stuffed petite -
    stunning misty -
    stunning serena -
    suki model -
    summer banks -
    summer party time -
    suzy stevens -
    sweet adri -
    sweet apples -
    sweet danni -
    sweet kacey -
    sweet kara -
    sweet krissy -
    sweet leah luv -
    sweet models -
    sweet n soft -
    sweet russian girls -
    sweet vids -
    tailynn -
    taras cam -
    taryn thomas -
    taste of uk -
    teenage depot -
    teen charms -
    teen kara -
    teen stars magazine -
    tere 19 -
    throated -
    tiffany teen -
    tiny gwen -
    total super cuties -
    toy desire -
    toy stuffers -
    trailer park tiffany -
    trinitys toybox -
    trista stevens -
    trixie storm -
    tushy lickers -
    tushy massage -
    tushy school -
    twinks -
    uk porn sluts -
    vicky vane -
    victoria holyns -
    victoria pink -
    view pornstars -
    vika dreams -
    virtual bjs -
    watch 4 beauty -
    wet tshirt -
    why be dressed -
    wild young honeys -
    wow wendy -
    x crib -
    x gape -
    x lez -
    x movies -
    you love lucy -
    young and banged -
    young cum gulpers -
    young models casting -
    zexy teens -
    pimp my black teen -
    1by day -
    18 virgin sex -
    702 daisy -
    1000 facials -
    abigail 18 -
    abrianna -
    action girls -
    adorable allie -
    alexa model -
    alexis virgin -
    alicia rhodes -
    all ashlee -
    allison virgin -
    all over lexi -
    all ruth -
    amateur facials -
    amateur galore -
    amazing ty -
    amber kelly -
    amy amy amy -
    amy virgin -
    angelina virgin -
    anna 19 -
    ann angel -
    annas assets -
    anna virgin -
    ashlee and serena -
    ashley brookes -
    asian suck dolls -
    ass like whoa -
    ass terdam -
    aubrey addams -
    aunt judys -
    bad tushy -
    beautiful bri -
    beckys love -
    bella spice -
    big blowjob chicks -
    big older women -
    big wet butts -
    bikini voyeur -
    blazing vids -
    blonde passions -
    brandy jacobs -
    brandys box -
    bratty brittany -
    britney virgin -
    brutal dildos -
    bums in action -
    caged tushy -
    cam girls planet -
    candi malone -
    casey parker -
    caseys cam -
    cassandra calogera -
    cassie leanne -
    cheaper than agf -
    cherry jul -
    cherry spot -
    claudia nichols -
    club cherries -
    college town cuties -
    cory heart -
    country cutie -
    courtney virgin -
    creampied sweeties -
    creampie thais -
    cum 101 -
    cum academy -
    cute anne -
    cute chloe -
    cute lisa -
    cutie pie teens -
    cynthia sin -
    danni virgin -
    danya licious -
    ddf busty -
    diddy and serena -
    diddy licious -
    digital angel girls -
    dirty home vids -
    doctor tushy -
    dollie deathray -
    doms delight -
    do my wife slut -
    dream of dani -
    drilled mouths -
    durty girls -
    easy teen sluts -
    elite movie pass -
    ember 19 -
    emily 18 -
    emilys world -
    ericas fantasies -
    eva luv -
    eva virgin -
    exotic kisses -
    explicit art -
    far east desires -
    fiona luv -
    first gay orgy -
    fishnet models -
    fruity babes -
    fruity files -
    fruity toys -
    ftv girls -
    full bush -
    fun brunettes -
    gia la shay -
    girlfriend handjobs -
    gotta love lucky -
    guys caught wanking -
    guys get fucked -
    gypsy kay -
    hailee jordan -
    hands on hardcore -
    hardcore saints -
    hot braces -
    hot legs and feet -
    hot pool girls -
    hot wife rio -
    i cum alone -
    i heart eden -
    jacy andrews -
    janet plays -
    jen 18 -

    ReplyDelete
  8. jennas wish -
    jenna virgin -
    jenni carmichael -
    jessica virgin -
    jessie brooks -
    jody love -
    joi ryda -
    just teen site -
    kandis clubhouse -
    karas handfull -
    karen and amy -
    karen dreams -
    karen loves kate -
    karen palms -
    kari sweets -
    karla spice -
    kates playground -
    kathy ash -
    katrina 18 -
    kaylas clubhouse -
    kelly madison -
    kendall blaze -
    kimmie cream -
    kira dreams -
    kiss kristin -
    kitty leigh -
    kori kitten -
    krissy love -
    k scans -
    kylies secret -
    lainey moore -
    lana brooke -
    latin teen pass -
    la zona modelos -
    leia loves you -
    lesbo mat -
    lia 19 -
    lick me girl -
    little miss freckles -
    lolly pop blowjobs -
    love leialovely marilyn -
    love your tits -
    lunas cam -
    luv alicia -
    luv nikki -
    maniac pass -
    mariah spice -
    marketa 4 you -
    martina dreams -
    matts models -
    meat my ass -
    megan michaels -
    megan qt -
    mega summers -
    melissa midwest -
    meredith 18 -
    met art -
    miami voyeur -
    milfs on sticks -
    molly meadows -
    monster movie pass -
    my pov bj -
    my wife ashley -
    nadia virgin -
    naomi model -
    nasty 19 -
    natalie 18 -
    natalie sparks -
    naughty alysha -
    naughty at home -
    naughty belle -
    naughty chrissy -
    naughty dom -
    naughty faith -
    naughty girls zips -
    naughty starri -
    nebraska coeds -
    next door nikki -
    nina virgin -
    no limit vids -
    nubiles -
    oc girls -
    office gals -
    older women -
    only blowjob -
    only tease -
    only teen blowjobs -
    open up girls -
    pacinos world -
    panty girl upskirts -
    parkers panties -
    paul markham teens -
    peachez 18 -
    phil flash -
    pictures of dudes -
    piper dreams -
    play with paris -
    plunder bunnies -
    poolside giovanni -
    poolside kelly -
    porn fidelity -
    porn flux -
    princess blueyez -
    pure dee -
    rare asian -
    rare asians -
    real 8 teens -
    real pantyhose teens -
    rebecca love -
    rock star pixies -
    sapphic angels -
    sara cutie -
    sarah dreaming -
    savanna virgin -
    seanna teen -
    selena luv -
    selena spice -
    serenity love -
    sexxxy celeste -
    sexy sindy -
    sexy teen ella -
    sexy teen sandy -
    shabby virgins -
    shana dreams -
    shanes world -
    share my cock -
    sharing paris -
    she got knocked up -
    shelby virgin -
    shy black teens -
    sierra love -
    simon scans -
    sky modeling -
    sleeping tushy -
    slutty gal pals -
    smokin hottie -
    southern brooke -
    southern kalee -
    spice twins -
    spoiled virgins -
    spring break fantasy -
    spunk bunnies -
    spunky zips -
    stacey online -
    starla rocks -
    stockings angels -
    straight guys voyeur -
    strapon lesbians -
    strapon service -
    stuffed petite -
    stunning misty -
    stunning serena -
    suki model -
    summer banks -
    summer party time -
    suzy stevens -
    sweet adri -
    sweet apples -
    sweet danni -
    sweet kacey -
    sweet kara -
    sweet krissy -
    sweet leah luv -
    sweet models -
    sweet n soft -
    sweet russian girls -
    sweet vids -
    tailynn -
    taras cam -
    taryn thomas -
    taste of uk -
    teenage depot -
    teen charms -
    teen kara -
    teen stars magazine -
    tere 19 -
    throated -
    tiffany teen -
    tiny gwen -
    total super cuties -
    toy desire -
    toy stuffers -
    trailer park tiffany -
    trinitys toybox -
    trista stevens -
    trixie storm -
    tushy lickers -
    tushy massage -
    tushy school -
    twinks -
    uk porn sluts -
    vicky vane -
    victoria holyns -
    victoria pink -
    view pornstars -
    vika dreams -
    virtual bjs -
    watch 4 beauty -
    wet tshirt -
    why be dressed -
    wild young honeys -
    wow wendy -
    x crib -
    x gape -
    x lez -
    x movies -
    you love lucy -
    young and banged -
    young cum gulpers -
    young models casting -
    zexy teens -
    please bang my wife -
    1by day -
    18 virgin sex -
    702 daisy -
    1000 facials -
    abigail 18 -
    abrianna -
    action girls -
    adorable allie -
    alexa model -
    alexis virgin -
    alicia rhodes -
    all ashlee -
    allison virgin -
    all over lexi -
    all ruth -
    amateur facials -
    amateur galore -
    amazing ty -
    amber kelly -
    amy amy amy -
    amy virgin -
    angelina virgin -
    anna 19 -
    ann angel -
    annas assets -
    anna virgin -
    ashlee and serena -
    ashley brookes -
    asian suck dolls -
    ass like whoa -
    ass terdam -
    aubrey addams -
    aunt judys -
    bad tushy -
    beautiful bri -
    beckys love -
    bella spice -
    big blowjob chicks -
    big older women -
    big wet butts -
    bikini voyeur -
    blazing vids -
    blonde passions -
    brandy jacobs -
    brandys box -
    bratty brittany -
    britney virgin -
    brutal dildos -
    bums in action -
    caged tushy -
    cam girls planet -
    candi malone -
    casey parker -
    caseys cam -
    cassandra calogera -
    cassie leanne -
    cheaper than agf -
    cherry jul -
    cherry spot -
    claudia nichols -
    club cherries -
    college town cuties -
    cory heart -
    country cutie -
    courtney virgin -
    creampied sweeties -
    creampie thais -
    cum 101 -
    cum academy -
    cute anne -
    cute chloe -
    cute lisa -
    cutie pie teens -
    cynthia sin -
    danni virgin -
    danya licious -
    ddf busty -
    diddy and serena -
    diddy licious -
    digital angel girls -
    dirty home vids -
    doctor tushy -
    dollie deathray -
    doms delight -
    do my wife slut -
    dream of dani -
    drilled mouths -
    durty girls -
    easy teen sluts -
    elite movie pass -
    ember 19 -
    emily 18 -
    emilys world -
    ericas fantasies -
    eva luv -
    eva virgin -
    exotic kisses -
    explicit art -
    far east desires -
    fiona luv -
    first gay orgy -
    fishnet models -
    fruity babes -
    fruity files -
    fruity toys -
    ftv girls -
    full bush -
    fun brunettes -
    gia la shay -
    girlfriend handjobs -
    gotta love lucky -
    guys caught wanking -
    guys get fucked -
    gypsy kay -
    hailee jordan -
    hands on hardcore -
    hardcore saints -
    hot braces -
    hot legs and feet -
    hot pool girls -
    hot wife rio -
    i cum alone -
    i heart eden -
    jacy andrews -
    janet plays -
    jen 18 -
    jennas wish -
    jenna virgin -
    jenni carmichael -
    jessica virgin -
    jessie brooks -
    jody love -
    joi ryda -
    just teen site -
    kandis clubhouse -
    karas handfull -
    karen and amy -
    karen dreams -
    karen loves kate -
    karen palms -
    kari sweets -
    karla spice -
    kates playground -
    kathy ash -
    katrina 18 -
    kaylas clubhouse -
    kelly madison -
    kendall blaze -
    kimmie cream -
    kira dreams -
    kiss kristin -
    kitty leigh -
    kori kitten -
    krissy love -
    k scans -
    kylies secret -
    lainey moore -
    lana brooke -
    latin teen pass -
    la zona modelos -
    leia loves you -
    lesbo mat -
    lia 19 -
    lick me girl -
    little miss freckles -
    lolly pop blowjobs -
    love leialovely marilyn -
    love your tits -
    lunas cam -
    luv alicia -
    luv nikki -
    maniac pass -
    mariah spice -
    marketa 4 you -
    martina dreams -
    matts models -
    meat my ass -
    megan michaels -
    megan qt -
    mega summers -
    melissa midwest -
    meredith 18 -
    met art -
    miami voyeur -
    milfs on sticks -
    molly meadows -
    monster movie pass -
    my pov bj -
    my wife ashley -
    nadia virgin -
    naomi model -
    nasty 19 -
    natalie 18 -
    natalie sparks -
    naughty alysha -
    naughty at home -
    naughty belle -
    naughty chrissy -
    naughty dom -
    naughty faith -
    naughty girls zips -
    naughty starri -
    nebraska coeds -
    next door nikki -
    nina virgin -
    no limit vids -
    nubiles -
    oc girls -
    office gals -
    older women -
    only blowjob -
    only tease -
    only teen blowjobs -
    open up girls -
    pacinos world -
    panty girl upskirts -
    parkers panties -
    paul markham teens -
    peachez 18 -
    phil flash -
    pictures of dudes -
    piper dreams -
    play with paris -
    plunder bunnies -
    poolside giovanni -
    poolside kelly -
    porn fidelity -
    porn flux -
    princess blueyez -
    pure dee -
    rare asian -
    rare asians -
    real 8 teens -
    real pantyhose teens -
    rebecca love -
    rock star pixies -
    sapphic angels -
    sara cutie -
    sarah dreaming -
    savanna virgin -
    seanna teen -
    selena luv -
    selena spice -
    serenity love -
    sexxxy celeste -
    sexy sindy -
    sexy teen ella -
    sexy teen sandy -
    shabby virgins -
    shana dreams -
    shanes world -
    share my cock -
    sharing paris -
    she got knocked up -
    shelby virgin -
    shy black teens -
    sierra love -
    simon scans -
    sky modeling -
    sleeping tushy -
    slutty gal pals -
    smokin hottie -
    southern brooke -
    southern kalee -
    spice twins -
    spoiled virgins -
    spring break fantasy -
    spunk bunnies -
    spunky zips -
    stacey online -
    starla rocks -
    stockings angels -
    straight guys voyeur -
    strapon lesbians -
    strapon service -
    stuffed petite -
    stunning misty -
    stunning serena -
    suki model -
    summer banks -
    summer party time -
    suzy stevens -
    sweet adri -
    sweet apples -
    sweet danni -
    sweet kacey -
    sweet kara -
    sweet krissy -
    sweet leah luv -
    sweet models -
    sweet n soft -
    sweet russian girls -
    sweet vids -
    tailynn -
    taras cam -
    taryn thomas -
    taste of uk -
    teenage depot -
    teen charms -
    teen kara -
    teen stars magazine -
    tere 19 -
    throated -
    tiffany teen -
    tiny gwen -
    total super cuties -
    toy desire -
    toy stuffers -
    trailer park tiffany -
    trinitys toybox -
    trista stevens -
    trixie storm -
    tushy lickers -
    tushy massage -
    tushy school -
    twinks -
    uk porn sluts -
    vicky vane -
    victoria holyns -
    victoria pink -
    view pornstars -
    vika dreams -
    virtual bjs -
    watch 4 beauty -
    wet tshirt -
    why be dressed -
    wild young honeys -
    wow wendy -
    x crib -
    x gape -
    x lez -
    x movies -
    you love lucy -
    young and banged -
    young cum gulpers -
    young models casting -
    zexy teens -
    reality pass plus -
    1by day -
    18 virgin sex -
    702 daisy -
    1000 facials -
    abigail 18 -
    abrianna -
    action girls -
    adorable allie -
    alexa model -
    alexis virgin -
    alicia rhodes -
    all ashlee -
    allison virgin -
    all over lexi -
    all ruth -
    amateur facials -
    amateur galore -
    amazing ty -
    amber kelly -
    amy amy amy -
    amy virgin -
    angelina virgin -
    anna 19 -
    ann angel -
    annas assets -
    anna virgin -
    ashlee and serena -
    ashley brookes -
    asian suck dolls -
    ass like whoa -
    ass terdam -
    aubrey addams -
    aunt judys -
    bad tushy -
    beautiful bri -
    beckys love -
    bella spice -
    big blowjob chicks -
    big older women -
    big wet butts -
    bikini voyeur -
    blazing vids -
    blonde passions -
    brandy jacobs -
    brandys box -
    bratty brittany -
    britney virgin -
    brutal dildos -
    bums in action -
    caged tushy -
    cam girls planet -
    candi malone -
    casey parker -
    caseys cam -
    cassandra calogera -
    cassie leanne -
    cheaper than agf -
    cherry jul -
    cherry spot -
    claudia nichols -
    club cherries -
    college town cuties -
    cory heart -
    country cutie -
    courtney virgin -
    creampied sweeties -
    creampie thais -
    cum 101 -
    cum academy -
    cute anne -
    cute chloe -
    cute lisa -
    cutie pie teens -
    cynthia sin -
    danni virgin -
    danya licious -
    ddf busty -
    diddy and serena -
    diddy licious -
    digital angel girls -
    dirty home vids -
    doctor tushy -
    dollie deathray -
    doms delight -
    do my wife slut -
    dream of dani -
    drilled mouths -
    durty girls -
    easy teen sluts -
    elite movie pass -
    ember 19 -
    emily 18 -
    emilys world -
    ericas fantasies -
    eva luv -
    eva virgin -
    exotic kisses -
    explicit art -
    far east desires -
    fiona luv -
    first gay orgy -
    fishnet models -
    fruity babes -
    fruity files -
    fruity toys -
    ftv girls -
    full bush -
    fun brunettes -
    gia la shay -
    girlfriend handjobs -
    gotta love lucky -
    guys caught wanking -
    guys get fucked -
    gypsy kay -
    hailee jordan -
    hands on hardcore -
    hardcore saints -
    hot braces -
    hot legs and feet -
    hot pool girls -
    hot wife rio -
    i cum alone -
    i heart eden -
    jacy andrews -
    janet plays -
    jen 18 -
    jennas wish -
    jenna virgin -
    jenni carmichael -
    jessica virgin -
    jessie brooks -
    jody love -
    joi ryda -
    just teen site -
    kandis clubhouse -
    karas handfull -
    karen and amy -
    karen dreams -
    karen loves kate -
    karen palms -
    kari sweets -
    karla spice -
    kates playground -
    kathy ash -
    katrina 18 -
    kaylas clubhouse -
    kelly madison -
    kendall blaze -
    kimmie cream -
    kira dreams -
    kiss kristin -
    kitty leigh -
    kori kitten -
    krissy love -
    k scans -
    kylies secret -
    lainey moore -
    lana brooke -
    latin teen pass -
    la zona modelos -
    leia loves you -
    lesbo mat -
    lia 19 -
    lick me girl -
    little miss freckles -
    lolly pop blowjobs -
    love leialovely marilyn -
    love your tits -
    lunas cam -
    luv alicia -
    luv nikki -
    maniac pass -
    mariah spice -
    marketa 4 you -
    martina dreams -
    matts models -
    meat my ass -
    megan michaels -
    megan qt -
    mega summers -
    melissa midwest -
    meredith 18 -
    met art -
    miami voyeur -
    milfs on sticks -
    molly meadows -
    monster movie pass -
    my pov bj -
    my wife ashley -
    nadia virgin -
    naomi model -
    nasty 19 -
    natalie 18 -
    natalie sparks -
    naughty alysha -
    naughty at home -
    naughty belle -
    naughty chrissy -
    naughty dom -
    naughty faith -
    naughty girls zips -
    naughty starri -
    nebraska coeds -
    next door nikki -
    nina virgin -
    no limit vids -
    nubiles -
    oc girls -
    office gals -
    older women -
    only blowjob -
    only tease -
    only teen blowjobs -
    open up girls -
    pacinos world -
    panty girl upskirts -
    parkers panties -
    paul markham teens -
    peachez 18 -

    ReplyDelete
  9. phil flash -
    pictures of dudes -
    piper dreams -
    play with paris -
    plunder bunnies -
    poolside giovanni -
    poolside kelly -
    porn fidelity -
    porn flux -
    princess blueyez -
    pure dee -
    rare asian -
    rare asians -
    real 8 teens -
    real pantyhose teens -
    rebecca love -
    rock star pixies -
    sapphic angels -
    sara cutie -
    sarah dreaming -
    savanna virgin -
    seanna teen -
    selena luv -
    selena spice -
    serenity love -
    sexxxy celeste -
    sexy sindy -
    sexy teen ella -
    sexy teen sandy -
    shabby virgins -
    shana dreams -
    shanes world -
    share my cock -
    sharing paris -
    she got knocked up -
    shelby virgin -
    shy black teens -
    sierra love -
    simon scans -
    sky modeling -
    sleeping tushy -
    slutty gal pals -
    smokin hottie -
    southern brooke -
    southern kalee -
    spice twins -
    spoiled virgins -
    spring break fantasy -
    spunk bunnies -
    spunky zips -
    stacey online -
    starla rocks -
    stockings angels -
    straight guys voyeur -
    strapon lesbians -
    strapon service -
    stuffed petite -
    stunning misty -
    stunning serena -
    suki model -
    summer banks -
    summer party time -
    suzy stevens -
    sweet adri -
    sweet apples -
    sweet danni -
    sweet kacey -
    sweet kara -
    sweet krissy -
    sweet leah luv -
    sweet models -
    sweet n soft -
    sweet russian girls -
    sweet vids -
    tailynn -
    taras cam -
    taryn thomas -
    taste of uk -
    teenage depot -
    teen charms -
    teen kara -
    teen stars magazine -
    tere 19 -
    throated -
    tiffany teen -
    tiny gwen -
    total super cuties -
    toy desire -
    toy stuffers -
    trailer park tiffany -
    trinitys toybox -
    trista stevens -
    trixie storm -
    tushy lickers -
    tushy massage -
    tushy school -
    twinks -
    uk porn sluts -
    vicky vane -
    victoria holyns -
    victoria pink -
    view pornstars -
    vika dreams -
    virtual bjs -
    watch 4 beauty -
    wet tshirt -
    why be dressed -
    wild young honeys -
    wow wendy -
    x crib -
    x gape -
    x lez -
    x movies -
    you love lucy -
    young and banged -
    young cum gulpers -
    young models casting -
    zexy teens -
    sex and submission -
    1by day -
    18 virgin sex -
    702 daisy -
    1000 facials -
    abigail 18 -
    abrianna -
    action girls -
    adorable allie -
    alexa model -
    alexis virgin -
    alicia rhodes -
    all ashlee -
    allison virgin -
    all over lexi -
    all ruth -
    amateur facials -
    amateur galore -
    amazing ty -
    amber kelly -
    amy amy amy -
    amy virgin -
    angelina virgin -
    anna 19 -
    ann angel -
    annas assets -
    anna virgin -
    ashlee and serena -
    ashley brookes -
    asian suck dolls -
    ass like whoa -
    ass terdam -
    aubrey addams -
    aunt judys -
    bad tushy -
    beautiful bri -
    beckys love -
    bella spice -
    big blowjob chicks -
    big older women -
    big wet butts -
    bikini voyeur -
    blazing vids -
    blonde passions -
    brandy jacobs -
    brandys box -
    bratty brittany -
    britney virgin -
    brutal dildos -
    bums in action -
    caged tushy -
    cam girls planet -
    candi malone -
    casey parker -
    caseys cam -
    cassandra calogera -
    cassie leanne -
    cheaper than agf -
    cherry jul -
    cherry spot -
    claudia nichols -
    club cherries -
    college town cuties -
    cory heart -
    country cutie -
    courtney virgin -
    creampied sweeties -
    creampie thais -
    cum 101 -
    cum academy -
    cute anne -
    cute chloe -
    cute lisa -
    cutie pie teens -
    cynthia sin -
    danni virgin -
    danya licious -
    ddf busty -
    diddy and serena -
    diddy licious -
    digital angel girls -
    dirty home vids -
    doctor tushy -
    dollie deathray -
    doms delight -
    do my wife slut -
    dream of dani -
    drilled mouths -
    durty girls -
    easy teen sluts -
    elite movie pass -
    ember 19 -
    emily 18 -
    emilys world -
    ericas fantasies -
    eva luv -
    eva virgin -
    exotic kisses -
    explicit art -
    far east desires -
    fiona luv -
    first gay orgy -
    fishnet models -
    fruity babes -
    fruity files -
    fruity toys -
    ftv girls -
    full bush -
    fun brunettes -
    gia la shay -
    girlfriend handjobs -
    gotta love lucky -
    guys caught wanking -
    guys get fucked -
    gypsy kay -
    hailee jordan -
    hands on hardcore -
    hardcore saints -
    hot braces -
    hot legs and feet -
    hot pool girls -
    hot wife rio -
    i cum alone -
    i heart eden -
    jacy andrews -
    janet plays -
    jen 18 -
    jennas wish -
    jenna virgin -
    jenni carmichael -
    jessica virgin -
    jessie brooks -
    jody love -
    joi ryda -
    just teen site -
    kandis clubhouse -
    karas handfull -
    karen and amy -
    karen dreams -
    karen loves kate -
    karen palms -
    kari sweets -
    karla spice -
    kates playground -
    kathy ash -
    katrina 18 -
    kaylas clubhouse -
    kelly madison -
    kendall blaze -
    kimmie cream -
    kira dreams -
    kiss kristin -
    kitty leigh -
    kori kitten -
    krissy love -
    k scans -
    kylies secret -
    lainey moore -
    lana brooke -
    latin teen pass -
    la zona modelos -
    leia loves you -
    lesbo mat -
    lia 19 -
    lick me girl -
    little miss freckles -
    lolly pop blowjobs -
    love leialovely marilyn -
    love your tits -
    lunas cam -
    luv alicia -
    luv nikki -
    maniac pass -
    mariah spice -
    marketa 4 you -
    martina dreams -
    matts models -
    meat my ass -
    megan michaels -
    megan qt -
    mega summers -
    melissa midwest -
    meredith 18 -
    met art -
    miami voyeur -
    milfs on sticks -
    molly meadows -
    monster movie pass -
    my pov bj -
    my wife ashley -
    nadia virgin -
    naomi model -
    nasty 19 -
    natalie 18 -
    natalie sparks -
    naughty alysha -
    naughty at home -
    naughty belle -
    naughty chrissy -
    naughty dom -
    naughty faith -
    naughty girls zips -
    naughty starri -
    nebraska coeds -
    next door nikki -
    nina virgin -
    no limit vids -
    nubiles -
    oc girls -
    office gals -
    older women -
    only blowjob -
    only tease -
    only teen blowjobs -
    open up girls -
    pacinos world -
    panty girl upskirts -
    parkers panties -
    paul markham teens -
    peachez 18 -
    phil flash -
    pictures of dudes -
    piper dreams -
    play with paris -
    plunder bunnies -
    poolside giovanni -
    poolside kelly -
    porn fidelity -
    porn flux -
    princess blueyez -
    pure dee -
    rare asian -
    rare asians -
    real 8 teens -
    real pantyhose teens -
    rebecca love -
    rock star pixies -
    sapphic angels -
    sara cutie -
    sarah dreaming -
    savanna virgin -
    seanna teen -
    selena luv -
    selena spice -
    serenity love -
    sexxxy celeste -
    sexy sindy -
    sexy teen ella -
    sexy teen sandy -
    shabby virgins -
    shana dreams -
    shanes world -
    share my cock -
    sharing paris -
    she got knocked up -
    shelby virgin -
    shy black teens -
    sierra love -
    simon scans -
    sky modeling -
    sleeping tushy -
    slutty gal pals -
    smokin hottie -
    southern brooke -
    southern kalee -
    spice twins -
    spoiled virgins -
    spring break fantasy -
    spunk bunnies -
    spunky zips -
    stacey online -
    starla rocks -
    stockings angels -
    straight guys voyeur -
    strapon lesbians -
    strapon service -
    stuffed petite -
    stunning misty -
    stunning serena -
    suki model -
    summer banks -
    summer party time -
    suzy stevens -
    sweet adri -
    sweet apples -
    sweet danni -
    sweet kacey -
    sweet kara -
    sweet krissy -
    sweet leah luv -
    sweet models -
    sweet n soft -
    sweet russian girls -
    sweet vids -
    tailynn -
    taras cam -
    taryn thomas -
    taste of uk -
    teenage depot -
    teen charms -
    teen kara -
    teen stars magazine -
    tere 19 -
    throated -
    tiffany teen -
    tiny gwen -
    total super cuties -
    toy desire -
    toy stuffers -
    trailer park tiffany -
    trinitys toybox -
    trista stevens -
    trixie storm -
    tushy lickers -
    tushy massage -
    tushy school -
    twinks -
    uk porn sluts -
    vicky vane -
    victoria holyns -
    victoria pink -
    view pornstars -
    vika dreams -
    virtual bjs -
    watch 4 beauty -
    wet tshirt -
    why be dressed -
    wild young honeys -
    wow wendy -
    x crib -
    x gape -
    x lez -
    x movies -
    you love lucy -
    young and banged -
    young cum gulpers -
    young models casting -
    zexy teens -
    she got pimped -
    1by day -
    18 virgin sex -
    702 daisy -
    1000 facials -
    abigail 18 -
    abrianna -
    action girls -
    adorable allie -
    alexa model -
    alexis virgin -
    alicia rhodes -
    all ashlee -
    allison virgin -
    all over lexi -
    all ruth -
    amateur facials -
    amateur galore -
    amazing ty -
    amber kelly -
    amy amy amy -
    amy virgin -
    angelina virgin -
    anna 19 -
    ann angel -
    annas assets -
    anna virgin -
    ashlee and serena -
    ashley brookes -
    asian suck dolls -
    ass like whoa -
    ass terdam -
    aubrey addams -
    aunt judys -
    bad tushy -
    beautiful bri -
    beckys love -
    bella spice -
    big blowjob chicks -
    big older women -
    big wet butts -
    bikini voyeur -
    blazing vids -
    blonde passions -
    brandy jacobs -
    brandys box -
    bratty brittany -
    britney virgin -
    brutal dildos -
    bums in action -
    caged tushy -
    cam girls planet -
    candi malone -
    casey parker -
    caseys cam -
    cassandra calogera -
    cassie leanne -
    cheaper than agf -
    cherry jul -
    cherry spot -
    claudia nichols -
    club cherries -
    college town cuties -
    cory heart -
    country cutie -
    courtney virgin -
    creampied sweeties -
    creampie thais -
    cum 101 -
    cum academy -
    cute anne -
    cute chloe -
    cute lisa -
    cutie pie teens -
    cynthia sin -
    danni virgin -
    danya licious -
    ddf busty -
    diddy and serena -
    diddy licious -
    digital angel girls -
    dirty home vids -
    doctor tushy -
    dollie deathray -
    doms delight -
    do my wife slut -
    dream of dani -
    drilled mouths -
    durty girls -
    easy teen sluts -
    elite movie pass -
    ember 19 -
    emily 18 -
    emilys world -
    ericas fantasies -
    eva luv -
    eva virgin -
    exotic kisses -
    explicit art -
    far east desires -
    fiona luv -
    first gay orgy -
    fishnet models -
    fruity babes -
    fruity files -
    fruity toys -
    ftv girls -
    full bush -
    fun brunettes -
    gia la shay -
    girlfriend handjobs -
    gotta love lucky -
    guys caught wanking -
    guys get fucked -
    gypsy kay -
    hailee jordan -
    hands on hardcore -
    hardcore saints -
    hot braces -
    hot legs and feet -
    hot pool girls -
    hot wife rio -
    i cum alone -
    i heart eden -
    jacy andrews -
    janet plays -
    jen 18 -
    jennas wish -
    jenna virgin -
    jenni carmichael -
    jessica virgin -
    jessie brooks -
    jody love -
    joi ryda -
    just teen site -
    kandis clubhouse -
    karas handfull -
    karen and amy -
    karen dreams -
    karen loves kate -
    karen palms -
    kari sweets -
    karla spice -
    kates playground -
    kathy ash -
    katrina 18 -
    kaylas clubhouse -
    kelly madison -
    kendall blaze -
    kimmie cream -
    kira dreams -
    kiss kristin -
    kitty leigh -
    kori kitten -
    krissy love -
    k scans -
    kylies secret -
    lainey moore -
    lana brooke -
    latin teen pass -
    la zona modelos -
    leia loves you -
    lesbo mat -
    lia 19 -
    lick me girl -
    little miss freckles -
    lolly pop blowjobs -
    love leialovely marilyn -
    love your tits -
    lunas cam -
    luv alicia -
    luv nikki -
    maniac pass -
    mariah spice -
    marketa 4 you -
    martina dreams -
    matts models -
    meat my ass -
    megan michaels -
    megan qt -
    mega summers -
    melissa midwest -
    meredith 18 -
    met art -
    miami voyeur -
    milfs on sticks -
    molly meadows -
    monster movie pass -
    my pov bj -
    my wife ashley -
    nadia virgin -
    naomi model -
    nasty 19 -
    natalie 18 -
    natalie sparks -
    naughty alysha -
    naughty at home -
    naughty belle -
    naughty chrissy -
    naughty dom -
    naughty faith -
    naughty girls zips -
    naughty starri -
    nebraska coeds -
    next door nikki -
    nina virgin -
    no limit vids -
    nubiles -
    oc girls -
    office gals -
    older women -
    only blowjob -
    only tease -
    only teen blowjobs -
    open up girls -
    pacinos world -
    panty girl upskirts -
    parkers panties -
    paul markham teens -
    peachez 18 -
    phil flash -
    pictures of dudes -
    piper dreams -
    play with paris -
    plunder bunnies -
    poolside giovanni -
    poolside kelly -
    porn fidelity -
    porn flux -
    princess blueyez -
    pure dee -
    rare asian -
    rare asians -
    real 8 teens -
    real pantyhose teens -
    rebecca love -
    rock star pixies -
    sapphic angels -
    sara cutie -
    sarah dreaming -
    savanna virgin -
    seanna teen -
    selena luv -
    selena spice -
    serenity love -
    sexxxy celeste -
    sexy sindy -
    sexy teen ella -
    sexy teen sandy -
    shabby virgins -
    shana dreams -
    shanes world -
    share my cock -
    sharing paris -
    she got knocked up -
    shelby virgin -
    shy black teens -
    sierra love -
    simon scans -
    sky modeling -
    sleeping tushy -
    slutty gal pals -
    smokin hottie -
    southern brooke -
    southern kalee -

    ReplyDelete