downgrading from jelly bean?

When you do an OTA update, you're updating the actual ROM in your phone to the new version. A factory reset will only take it back to the ROM version that's on your phone. The only way to go back to ICS would be to root your phone and flash an ICS ROM. If you really want to do that, look in the RAZR forums for specifics on how to do it.
 

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