Home prices down for 6th straight month
New Year's Resolution is to revive this blog with a business/current event bent, but I will try to mix business with pleasure when possible. Unfortunately these types of articles cannot be ignored due to my legal practice area. Expect more articles with this same headline over the next couple of YEARS!! Anyone who predicts a quick recovery of the housing market is kidding themselves.
Forecast for homeowners struggling to pay their mortgages or sell their homes is MORE PAIN in 2012.
Tuesday, December 27, 2011
Sunday, September 11, 2011
9/11 Parent Essay - My Son Cole's Assignment
September 11, 2011
Hilliard
Memorial
RE: 9/11
Assignment
Cole
Linville - 8th Grade Hilliard Memorial M.S.
To
Whom it May Concern:
I
am told this essay is supposed to be about how America has changed
since 9/11. The short answer is that it certainly has changed.
The changes are sometimes hard to see and sometimes, obvious.
The
best way to describe the changes, in my opinion, is that prior to
9/11, the United States mainland had not been physically attacked by
an outside enemy since the 1800's. WWI, WWII, Korea, Vietnam,
Lebanon, Kuwait, Iraq...these are all areas where US citizens have
been killed, but they all occurred far away. The 9/11 attacks
happened in our homeland, in New York, Washington DC and
Pennsylvania. This is why 9/11 changed America so profoundly.
One
example of this change is the way we travel. TSA agents “patting
down” passengers, taking off your shoes in a airport, not being
allowed to wait at a gate unless you are a passenger, and bringing
only 4 ounces of liquid on plane are all habits that didn't exist
prior to 9/11.
Our
laws have changed dramatically, as well, affecting civil liberties
that are guaranteed to us by the Constitution. Police agencies have
much broader authority to stop and question and search civilians.
Many political prisoners no longer have a right to a speedy trial,
right to have charges read to them, rights to an attorney. Some
prisoners have been tortured during government sanctioned
interrogations. These are mostly unintended consequences, but many
come directly from choices our government has made in the aftermath
of 9/11.
Lastly,
war is seemingly a constant since 9/11. Prior to 9/11 there was
rarely a war in my lifetime, now there are long wars on multiple
fronts.. The War on Terror has taken a turn, in my opinion, from a
mission to stop terrorist organizations, to a political no-win gambit
to enforce American ideas and practices on foreign cultures.
However, recent events akin to the tearing down of the Berlin Wall in
Egypt, Libya, Syria and other middle eastern countries show that
their world is changing and the people of those countries are ready
for a change. Perhaps they are motivated in some ways by changing
world attitudes since 9/11.
One
thing that hasn't changed is the American spirit. While we were
shocked by the events of 9/11, we have eventually rebuilt. A
newsman stated that America is a nation of builders, not destroyers.
I believe that. Another stated, Americans do not live in fear,
Americans live in freedom. That's a good message on which to end.
Sincerely,
J.
Bradford Linville
Monday, August 22, 2011
Number of troubled mortgages on rise again
According to this article from CNN Money, its bad news for housing again. The number of delinquent mortgages tipped up slightly which was a reversal of an almost two year trend of percentage of delinquent mortgages improving slightly. While we are talking about 0.12 percentage points, this is bad news.
I believe that the mortgage percentage are an excellent indicator on how the economy is affecting the middle class. It is the middle class that has a bulk of the mortgages and it is also the middle class that bears the brunt of this bad economy. It is not at all uncommon in my experience to be working with people that are trying to pay their mortgages each month and any setback means a missed payment. The amount of taxes these people pay is a secondary concern for those just trying to pay their monthly bills. I think most of these folks, assume that they are paying the same taxes as the rich and would be shocked to see the disparity in tax rates. This can especially be true for middle class business owners that are beset by business related taxes and expenses on top of their personal obligations.
If our politicians cannot come together and make the middle class the object of US economic policy, then I think it is akin to Nero playing the fiddle while Rome burned. I am primarily speaking to Republicans, who, while trying to be heard and make policy, continue to lead the way in stonewalling, filibustering and flat out stopping any attempts to compromise over any issues. Most of this is done by kowtowing to the far right tea-partiers instead of forcing them to come towards the middle.
Meanwhile on the Republican campaign trail, its all about teaching creationism in public schools, crazy eyes, gay marriage and "birthers"....really vital issues to most of the middle class..... we're all doomed!!!!!
I believe that the mortgage percentage are an excellent indicator on how the economy is affecting the middle class. It is the middle class that has a bulk of the mortgages and it is also the middle class that bears the brunt of this bad economy. It is not at all uncommon in my experience to be working with people that are trying to pay their mortgages each month and any setback means a missed payment. The amount of taxes these people pay is a secondary concern for those just trying to pay their monthly bills. I think most of these folks, assume that they are paying the same taxes as the rich and would be shocked to see the disparity in tax rates. This can especially be true for middle class business owners that are beset by business related taxes and expenses on top of their personal obligations.
If our politicians cannot come together and make the middle class the object of US economic policy, then I think it is akin to Nero playing the fiddle while Rome burned. I am primarily speaking to Republicans, who, while trying to be heard and make policy, continue to lead the way in stonewalling, filibustering and flat out stopping any attempts to compromise over any issues. Most of this is done by kowtowing to the far right tea-partiers instead of forcing them to come towards the middle.
Meanwhile on the Republican campaign trail, its all about teaching creationism in public schools, crazy eyes, gay marriage and "birthers"....really vital issues to most of the middle class..... we're all doomed!!!!!
Monday, August 15, 2011
Why I Love Warren Buffett and why Republicans will probably say he's wrong!
This is a reprint of an article by Warren Buffett that appeared in the New York Times recently. I think it is a pretty good comeback post for my blog considering what I have been ruminating about privately. I only wish anyone in Congress would listen to Warren Buffett rather than some T-Bagging right wing idiot! But they probably won't, so for the rest of us, please read this extraordinary opinion piece of common sense:
OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched. While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors. These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.
Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent. If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot.
To understand why, you need to examine the sources of government revenue. Last year about 80 percent of these revenues came from personal income taxes and payroll taxes. The mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes. It’s a different story for the middle class: typically, they fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot. Back in the 1980s and 1990s, tax rates for the rich were far higher, and my percentage rate was in the middle of the pack. According to a theory I sometimes hear, I should have thrown a fit and refused to invest because of the elevated tax rates on capital gains and dividends. I didn’t refuse, nor did others. I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off.
And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation. Since 1992, the I.R.S. has compiled data from the returns of the 400 Americans reporting the largest income. In 1992, the top 400 had aggregate taxable income of $16.9 billion and paid federal taxes of 29.2 percent on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion — a staggering $227.4 million on average — but the rate paid had fallen to 21.5 percent. The taxes I refer to here include only federal income tax, but you can be sure that any payroll tax for the 400 was inconsequential compared to income. In fact, 88 of the 400 in 2008 reported no wages at all, though every one of them reported capital gains. Some of my brethren may shun work but they all like to invest. (I can relate to that.)
I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.
Twelve members of Congress will soon take on the crucial job of rearranging our country’s finances. They’ve been instructed to devise a plan that reduces the 10-year deficit by at least $1.5 trillion. It’s vital, however, that they achieve far more than that. Americans are rapidly losing faith in the ability of Congress to deal with our country’s fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness. That feeling can create its own reality.
Job one for the 12 is to pare down some future promises that even a rich America can’t fulfill. Big money must be saved here. The 12 should then turn to the issue of revenues. I would leave rates for 99.7 percent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax. This cut helps the poor and the middle class, who need every break they can get.
But for those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.
My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.
OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched. While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors. These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.
Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent. If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot.
To understand why, you need to examine the sources of government revenue. Last year about 80 percent of these revenues came from personal income taxes and payroll taxes. The mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes. It’s a different story for the middle class: typically, they fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot. Back in the 1980s and 1990s, tax rates for the rich were far higher, and my percentage rate was in the middle of the pack. According to a theory I sometimes hear, I should have thrown a fit and refused to invest because of the elevated tax rates on capital gains and dividends. I didn’t refuse, nor did others. I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off.
And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation. Since 1992, the I.R.S. has compiled data from the returns of the 400 Americans reporting the largest income. In 1992, the top 400 had aggregate taxable income of $16.9 billion and paid federal taxes of 29.2 percent on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion — a staggering $227.4 million on average — but the rate paid had fallen to 21.5 percent. The taxes I refer to here include only federal income tax, but you can be sure that any payroll tax for the 400 was inconsequential compared to income. In fact, 88 of the 400 in 2008 reported no wages at all, though every one of them reported capital gains. Some of my brethren may shun work but they all like to invest. (I can relate to that.)
I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.
Twelve members of Congress will soon take on the crucial job of rearranging our country’s finances. They’ve been instructed to devise a plan that reduces the 10-year deficit by at least $1.5 trillion. It’s vital, however, that they achieve far more than that. Americans are rapidly losing faith in the ability of Congress to deal with our country’s fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness. That feeling can create its own reality.
Job one for the 12 is to pare down some future promises that even a rich America can’t fulfill. Big money must be saved here. The 12 should then turn to the issue of revenues. I would leave rates for 99.7 percent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax. This cut helps the poor and the middle class, who need every break they can get.
But for those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.
My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.
Friday, July 8, 2011
Mortgage Foreclosures are going to get a Second Look. Wha-What ?!?
In the latest in the ongoing saga of the Feds vs. Banks on the subject of the foreclosure mess, it was announced that the 14 Largest Banks are going to be required to send letters out to any customers that had a foreclosure in progress in 2009 and 2010 that they can request a review of their file by an independent auditor to see if there were any mistakes in the foreclosure and if they are entitle to any financial compensation from those errors!
WOW!. This is not good new for the banks. On the one hand in may allow them to move forward on foreclosing on loans currently in default. On the other hand, the can of worms this could open up for the banks is monumental. We are talking potentially millions of loans that are subject to these letters. The numbers could be mitigated that a lot of those customers were defaulted out of court proceedings then, and will still not have any interest in reopening that chapter of their lives, BUT what if they do?
The article says that the Banks will hire independent auditors to review files after the letters go out. This could jump start the economy with how many independent auditors they could have to hire in order to make this a meaningful process!! The reviews are to be completed in 120 days. OK, so that means the umpteen million foreclosures that went on over the last 2 years will be reviewed for violations in that time frame? How is that even going to be possible? I don't know.
As much as I am mired in the world of the foreclosure by representing debtors, working with servicers, bankruptcies, etc., I think the only way to get out of this mess is to move forward. Do whatever it takes to get the wheels of the foreclosure machine moving again so that the Banks can get the bad loans off their books, the Courts can get through their dockets, the homes can get integrated back into the market and we can all cut our losses and begin rebuilding! It is not going to be pretty, there will be lots of pain, but the longer that things stay tied up, the longer it is going to continue to screw up the housing market.
It is probably good news for lawyers in my profession if we can use this to help our clients or get new clients that may have been wronged by the banks before and are now getting another bite at the apple. However, I have to balance my business interests out with the long term effects of this on the larger economy. Something the Big Banks never even considered when they were raking it in and raking their customers over the coals!!
Yeesh!
The article says that the Banks will hire independent auditors to review files after the letters go out. This could jump start the economy with how many independent auditors they could have to hire in order to make this a meaningful process!! The reviews are to be completed in 120 days. OK, so that means the umpteen million foreclosures that went on over the last 2 years will be reviewed for violations in that time frame? How is that even going to be possible? I don't know.
It is probably good news for lawyers in my profession if we can use this to help our clients or get new clients that may have been wronged by the banks before and are now getting another bite at the apple. However, I have to balance my business interests out with the long term effects of this on the larger economy. Something the Big Banks never even considered when they were raking it in and raking their customers over the coals!!
Yeesh!
Monday, June 27, 2011
Heading to Boy Scout Summer Camp aka the Heart of Darkness!
"In and out of rivers, streams of death in life, whose banks were rotting into mud, whose waters, thickened with slime, invaded the contorted mangroves, that seemed to writhe at us in the extremity of an impotent despair. Nowhere did we stop long enough to get a particularlised impression, but the general sense of vague and oppressive wonder grew upon me. It was like a weary pilgrimage amongst hints for nightmares."
- Joseph Conrad, Heart of Darkness, Part 1
OK, well Chief Logan Reservation, the locale of this summer's Boy Scout Camp is not quite as bad as Joseph Conrad's tale of the Congo River, but I did get an e-mail confirmation that the trail to our campsite was "ankle deep in mud and standing water." That is pretty gruesome for a bunch of suburban adult leaders used to "drive in camping". I can't tell you that I am looking forward to the mud, but I am already proud of the scouts that are there and are going to overcome any weather related obstacles to have a great time at camp.
Not to sound too corny, because I was NOT a boy scout as a teen. (I was more of a Viking - looting and pillaging to the dismay of the law) I spent much of my formative years in the woods, in a creek, turning over rocks and generally getting dirty in the outdoors.
As a family, we camped and canoed and fished and spent some time outdoors, but I was not going to put on the uniform and get merit badges. It wasn't my thing. As an adult, however, I find the BSA program to be the best thing going for many of our kids that don't know anything but video games and soccer practice. BSA is a great opportunity to get into the woods, learn some outdoor skills that would have been considered essential 100 years ago, but are now novel and share some experiences with peers. I challenge anyone to find a downside to that.
I am heading into the mud, gladly, to spend a few days in the humid, insect filled summertime with my son and his friends to learn how to live in the woods, learn about ourselves and have fun doing it. Jealous? You should be!
- Joseph Conrad, Heart of Darkness, Part 1
OK, well Chief Logan Reservation, the locale of this summer's Boy Scout Camp is not quite as bad as Joseph Conrad's tale of the Congo River, but I did get an e-mail confirmation that the trail to our campsite was "ankle deep in mud and standing water." That is pretty gruesome for a bunch of suburban adult leaders used to "drive in camping". I can't tell you that I am looking forward to the mud, but I am already proud of the scouts that are there and are going to overcome any weather related obstacles to have a great time at camp.
Not to sound too corny, because I was NOT a boy scout as a teen. (I was more of a Viking - looting and pillaging to the dismay of the law) I spent much of my formative years in the woods, in a creek, turning over rocks and generally getting dirty in the outdoors.
As a family, we camped and canoed and fished and spent some time outdoors, but I was not going to put on the uniform and get merit badges. It wasn't my thing. As an adult, however, I find the BSA program to be the best thing going for many of our kids that don't know anything but video games and soccer practice. BSA is a great opportunity to get into the woods, learn some outdoor skills that would have been considered essential 100 years ago, but are now novel and share some experiences with peers. I challenge anyone to find a downside to that.
I am heading into the mud, gladly, to spend a few days in the humid, insect filled summertime with my son and his friends to learn how to live in the woods, learn about ourselves and have fun doing it. Jealous? You should be!
Friday, June 24, 2011
Yet Another Reason Dave Grohl and Foo Fighters Rule
I was trying to decide whether to write about the latest housing news (actually a "victory" for the good guys!), or a charity golf tournament that I would actually like to play in (for more than the beer and free hotdog). Then I came across a story I had to comment about.
By now, it should be no surprise that I have a bit of a thing for Foo Fighters and their fearless leader Dave Grohl - seen here in full caveman rocker mode. Well it seems that someone finally sought fit to spread their hilarious tour rider out to the interweb, courtesy of smoking gun. I hope this doesn't turn out to be fake, because I have seen a few different versions of it at different sites, but given what I know about Dave Grohl and the band's general sense of humor, it seems legit!!
This is a masterpiece of Tour Rider journalism. It is sarcastic, pays homages to the excesses of 70's Rockers, contains hilarious coloring book pages and some valuable lessons on roadie hygiene and the pitfalls of "sweaty meats".
Each band member takes a funny turn at teaching the venue catering staff some great tips and makes it fun to learn by providing mazes, puzzles and band image clip art to color! Just so we know that Foo Fighters haven't lost their edge, they also require a rock-band-worthy amount of alcohol! What are the guys and their guests drinking? Lots of the usual suspects Coors light, Guinness, Corona, local microbrews, wine and champagne, Jager, Crown Royal, Sky Vodka and mixers. Regular guy drinks (if regular guys are getting hammered before they go on!) I also like that they request that the family room be "near, but not necessarily next to the band room". The whole thing is also sprinkled with random gems like "Chewbacca did not get a medal at the end of Star Wars, which is a travesty!"
Basically, I've got my ticket to the show at Nationwide Arena in September and can't f'***ing wait!! The new album, Wasting Light, is an instant classic. It is recorded old school and sounds incredible. Their best offering yet and that is hard to do. Full album review coming soon, I just can't stop listening to it long enough to write about it yet.
Peruse the excerpts of the Tour Rider including the hilarious Catering Visual Enhancement and Activities in addition to the written excerpts linked above. It is a great look into the life of a touring rock band and provides unique insight into the minds of the one of the biggest best rock-bands out there. It is also comforting to know that my favorite band is also one of the cleverest. LONG LIVE FOO!!!
This is a masterpiece of Tour Rider journalism. It is sarcastic, pays homages to the excesses of 70's Rockers, contains hilarious coloring book pages and some valuable lessons on roadie hygiene and the pitfalls of "sweaty meats".
Each band member takes a funny turn at teaching the venue catering staff some great tips and makes it fun to learn by providing mazes, puzzles and band image clip art to color! Just so we know that Foo Fighters haven't lost their edge, they also require a rock-band-worthy amount of alcohol! What are the guys and their guests drinking? Lots of the usual suspects Coors light, Guinness, Corona, local microbrews, wine and champagne, Jager, Crown Royal, Sky Vodka and mixers. Regular guy drinks (if regular guys are getting hammered before they go on!) I also like that they request that the family room be "near, but not necessarily next to the band room". The whole thing is also sprinkled with random gems like "Chewbacca did not get a medal at the end of Star Wars, which is a travesty!"
Basically, I've got my ticket to the show at Nationwide Arena in September and can't f'***ing wait!! The new album, Wasting Light, is an instant classic. It is recorded old school and sounds incredible. Their best offering yet and that is hard to do. Full album review coming soon, I just can't stop listening to it long enough to write about it yet.
Peruse the excerpts of the Tour Rider including the hilarious Catering Visual Enhancement and Activities in addition to the written excerpts linked above. It is a great look into the life of a touring rock band and provides unique insight into the minds of the one of the biggest best rock-bands out there. It is also comforting to know that my favorite band is also one of the cleverest. LONG LIVE FOO!!!
Thursday, June 16, 2011
Still reaching for some good news about housing? Here it isn't!
I just finished reading another article desperately seeking good news on the housing front. The other day, there was one about the fact that "new build" building permits for May were up from year ago. I can attest to that as a local builder has ramped up construction on the final phase of my subdivision after about a six year standstill. That's decent news, although I really can't see the benefit of putting more new homes into the marketplace in most cities right now.
Today's article began by boasting how foreclosure notices fell to their lowest level since 2006! What they are measuring is the required default notice that is sent by the bank at the beginning of the foreclosure process. If the bank does not send this notice out, it can't proceed (in most jurisdictions) with the foreclosure. If anyone thinks this is good news they are not thinking straight. What this is a strong indicator of is that the Banks (B of A, Wells Fargo, etc.) have had to grind their foreclosures to a halt in some places. I have had more than one client tell me that a representative of their Bank told them that "After further review, the Bank has decided that it is not in their best interests to foreclosure on your home." This is after my client have not paid their mortgages in over a year. It is no longer worth it to the bank to foreclosure because they don't want to own the home and can't sell it if they did. This is now causing urban blight and other problems in certain cities and is guaranteed to affect the housing market negatively for quite a long time.
Sorry about this depressing topic, but if no one talks about it, it will NOT go away. Feel free to leave a comment with your well thought out solution to the whole mess!!
Next entry will "upbeat"...back to music maybe, it makes everything better.!
Today's article began by boasting how foreclosure notices fell to their lowest level since 2006! What they are measuring is the required default notice that is sent by the bank at the beginning of the foreclosure process. If the bank does not send this notice out, it can't proceed (in most jurisdictions) with the foreclosure. If anyone thinks this is good news they are not thinking straight. What this is a strong indicator of is that the Banks (B of A, Wells Fargo, etc.) have had to grind their foreclosures to a halt in some places. I have had more than one client tell me that a representative of their Bank told them that "After further review, the Bank has decided that it is not in their best interests to foreclosure on your home." This is after my client have not paid their mortgages in over a year. It is no longer worth it to the bank to foreclosure because they don't want to own the home and can't sell it if they did. This is now causing urban blight and other problems in certain cities and is guaranteed to affect the housing market negatively for quite a long time.
Sorry about this depressing topic, but if no one talks about it, it will NOT go away. Feel free to leave a comment with your well thought out solution to the whole mess!!
Next entry will "upbeat"...back to music maybe, it makes everything better.!
Saturday, June 11, 2011
h.d. Official Album Review - Hot Sauce Committee Part Two
Welcome, have a seat, get you i-pods, ear buds, headphones, CD players, walkman out and put in the new Beastie Boys album - Hot Sauce Committee Part Two. If you push play at the end of this sentence you should be able to read this review and finish both it and the album at the exact same time.
Are you even serious thinking I could do that? As an aside, I have no desire to help increase i-tunes bottom line; HOWEVER, choose your favorite media site and actually buy the album. There is something wrong about just downloading music for free - the artists get some of the money you spend and you get their music and extras. So download this album and you also get the 30 minute version of Make Some Noise video.
Hot Sauce Committee Part Two is either a return to or an homage to the early Beastie albums and is a reminder as to how Beasties can own the rap world basically whenever they choose to! It starts off with one the first releases and one of the highlights with Make Some Noise...Classic BB theme of challenging sucka MC's. They are dropping throwbacks to License to Ill all over this track culminating with the proclamation that we gotta "Party for the MFing Right to Fight!" Non-Stop Disco Power is the first of a few trance-like synth lines backed by Funky Drummer Space Rap. OK is next and one my favorites it is basically Robot Sex Music with the robots excited chorus of "Sex is going on in my head" - at least that's what I heard!??! Say It is a tour de force for Mixmaster Mike. He also goes off in Long Burn the Fire another strong lyrical song containing "the proof is in the pudding and the pudding's in my pants..I think you've heard me rap, now watch me dance." NOW WHAT, SON!!...errrr, sorry.
Other strong tracks follow with Multilateral Nuclear Disarmament. This song disarmed my hypothalmus with its sick, sedating, wah synth and high-hat pacing. Here's a Little Something is a dance anthem BBoy style harkening back to the To The 5 Boroughs album. Pop Your Balloon is a clever,fast-paced, nasty rap.."Built for speed like a Tour De France bike!" and "Aint no sunshine when Mike D's Gone!" Sprinkled throughout are a few short tracks that sound like vocal exercises for the boys - but they are entertaining and have great names like Funky Donkey!!
If you're a big fan, watch the 30 minute Make Some Noise video. I've seen it twice as it really fills in some of the gaps and answers a lot of questions from the short version that we were all thinking about. Weren't we? Anyone? OK, here is my stream of consciousness summary - A celeb walk-thru funfest with an acid trip, lots of 80's Drug Use and Will Ferrell cowbell outtakes. This video portrays a day in the life of BB immediately following the party depicted in the fight for your right video. It ends with....a Back to the Future Dance Off the dissolves into a urination Golden Shower battle involving Will Ferrell, John C. Reilly, Jack Black as the future Beastie Boys, peeing on Elijah Wood, Seth Rogen, and Danny McBride as the younger BBoys. Can't make that stuff up! Hilarious and a testament to the broad fan appeal of the Beasties.
Overall, five stars - a must have for fans and a definite BUY if you are cool. Let me know what you think about the review or the album.
Are you even serious thinking I could do that? As an aside, I have no desire to help increase i-tunes bottom line; HOWEVER, choose your favorite media site and actually buy the album. There is something wrong about just downloading music for free - the artists get some of the money you spend and you get their music and extras. So download this album and you also get the 30 minute version of Make Some Noise video.
Hot Sauce Committee Part Two is either a return to or an homage to the early Beastie albums and is a reminder as to how Beasties can own the rap world basically whenever they choose to! It starts off with one the first releases and one of the highlights with Make Some Noise...Classic BB theme of challenging sucka MC's. They are dropping throwbacks to License to Ill all over this track culminating with the proclamation that we gotta "Party for the MFing Right to Fight!" Non-Stop Disco Power is the first of a few trance-like synth lines backed by Funky Drummer Space Rap. OK is next and one my favorites it is basically Robot Sex Music with the robots excited chorus of "Sex is going on in my head" - at least that's what I heard!??! Say It is a tour de force for Mixmaster Mike. He also goes off in Long Burn the Fire another strong lyrical song containing "the proof is in the pudding and the pudding's in my pants..I think you've heard me rap, now watch me dance." NOW WHAT, SON!!...errrr, sorry.
Other strong tracks follow with Multilateral Nuclear Disarmament. This song disarmed my hypothalmus with its sick, sedating, wah synth and high-hat pacing. Here's a Little Something is a dance anthem BBoy style harkening back to the To The 5 Boroughs album. Pop Your Balloon is a clever,fast-paced, nasty rap.."Built for speed like a Tour De France bike!" and "Aint no sunshine when Mike D's Gone!" Sprinkled throughout are a few short tracks that sound like vocal exercises for the boys - but they are entertaining and have great names like Funky Donkey!!
If you're a big fan, watch the 30 minute Make Some Noise video. I've seen it twice as it really fills in some of the gaps and answers a lot of questions from the short version that we were all thinking about. Weren't we? Anyone? OK, here is my stream of consciousness summary - A celeb walk-thru funfest with an acid trip, lots of 80's Drug Use and Will Ferrell cowbell outtakes. This video portrays a day in the life of BB immediately following the party depicted in the fight for your right video. It ends with....a Back to the Future Dance Off the dissolves into a urination Golden Shower battle involving Will Ferrell, John C. Reilly, Jack Black as the future Beastie Boys, peeing on Elijah Wood, Seth Rogen, and Danny McBride as the younger BBoys. Can't make that stuff up! Hilarious and a testament to the broad fan appeal of the Beasties.
Overall, five stars - a must have for fans and a definite BUY if you are cool. Let me know what you think about the review or the album.
Friday, June 3, 2011
My Second Favorite Summer Sport - Racin'....(Horses that is)
In an effort to not have the most depressing new blog of the year, I would like to spend sometime discussing the sport of kings (and Queens) - thoroughbred horse racing! While that might not make everyone reading this jump out of their seat with excitement, this is a sport that a lot of people should rediscover or give a chance to.
For me, horse-racing is all about the power of the thoroughbred race horse. This animal has an innate desire to run and is built and bred to do just that. An extremely fragile, high strung, muscular machine that just wants to finish ahead of the horse next to it.
Although most races last just two minutes each race is an emotional roller coaster. The long ceremonial lead in to the race from the barn to the paddock to the track. Then the tension as horses are loaded into the gate one by one. The burst of excitement as the bell signals the opening of the gates at the start of the race. Then a combination of race strategy and the jockey's struggle to control a huge beast pulling on the bit while navigating a traffic jam of horseflesh. Finally, down the stretch they come an all out sprint to the finish line with the outcome often determined by a nose! WHEW!!
Of course, the ability to bet on the outcome of the race gives every fan a stake in the outcome. Yes we all know you can bet about anything sports related in Vegas, but as far as live sporting events, horse racing is a gambler's delight. Additionally, it is a venue for some of the most scientific minds to exercise their brains in an attempt to make some real money. If you spend some time studying the racing form, the odds of you making money are so much better than any casino game in Vegas, its a joke!! What makes the casino bet so bad is the fact that the odds on the casino game are fixed. You can never have the advantage. The same is not true in racing. In horse racing, the odds are not fixed. You are betting against the public.
The overall race experience is the best part of horseracing. Go to Keeneland Racetrack in Lexington, KY for the Bluegrass Stakes in April for the best of everything horseracing. Classy fans, the best horses, beautiful racetrack, beautiful women, celebs.
What other sport can you down and see the athletes before each event, talk to the jockeys, get a drink, win some money and then do it all over again every half-hour? Basically, give it a try if you haven't because this sport has something to offer everyone and it is an American sports tradition that needs your support. In honor of the upcoming Belmont Stakes, I'll leave you with Secretariat. 'nuff said!
Although most races last just two minutes each race is an emotional roller coaster. The long ceremonial lead in to the race from the barn to the paddock to the track. Then the tension as horses are loaded into the gate one by one. The burst of excitement as the bell signals the opening of the gates at the start of the race. Then a combination of race strategy and the jockey's struggle to control a huge beast pulling on the bit while navigating a traffic jam of horseflesh. Finally, down the stretch they come an all out sprint to the finish line with the outcome often determined by a nose! WHEW!!
Of course, the ability to bet on the outcome of the race gives every fan a stake in the outcome. Yes we all know you can bet about anything sports related in Vegas, but as far as live sporting events, horse racing is a gambler's delight. Additionally, it is a venue for some of the most scientific minds to exercise their brains in an attempt to make some real money. If you spend some time studying the racing form, the odds of you making money are so much better than any casino game in Vegas, its a joke!! What makes the casino bet so bad is the fact that the odds on the casino game are fixed. You can never have the advantage. The same is not true in racing. In horse racing, the odds are not fixed. You are betting against the public.
The overall race experience is the best part of horseracing. Go to Keeneland Racetrack in Lexington, KY for the Bluegrass Stakes in April for the best of everything horseracing. Classy fans, the best horses, beautiful racetrack, beautiful women, celebs.
What other sport can you down and see the athletes before each event, talk to the jockeys, get a drink, win some money and then do it all over again every half-hour? Basically, give it a try if you haven't because this sport has something to offer everyone and it is an American sports tradition that needs your support. In honor of the upcoming Belmont Stakes, I'll leave you with Secretariat. 'nuff said!
Tuesday, May 31, 2011
Free Falling.. Housing Prices Are...Free Falling
Well another week, another horrifying story about the housing market. An AP Report on the housing market stated that the latest Standard & Poor's index showed housing prices at their lowest since 2006. I am not surprised one bit by this news. In my law practice I see hundreds of title reports each month for houses destined for eventual foreclosure. Most of these are in metro areas like Cincinnati, Cleveland, Toledo, Akron and Columbus. It makes sense because how can you sell an existing house for anything close to value when the banks have hundreds of foreclosed homes on the market at discounts of 20%, 30% or even 50% in some cases? Previously released numbers boasting that home sales were steadying or even rising in the area look only at volumes of sales, not price. The truth is, that many of these sales are being done at huge discounts which drives these indexes down.
This problem is only going to be compounded by the fact that thousands of foreclosures have been delayed by the largest lenders due to the "robo-signing" scandal and lawsuits by Attorney's General seeking to halt foreclosures. Once those matters are settled - oh maybe this year sometime - the foreclosure floodgates will open and even more homes will be added to the glut of REO properties.
In the meantime, maybe you're "lucky" enough to pay your mortgage down so that you have equity in your home. Otherwise, join the growing mob and see if you can get yourself a HAMP Mortgage modification and prepare to stay where you are for the next 5 - 10 years until your house is no longer underwater!
This problem is only going to be compounded by the fact that thousands of foreclosures have been delayed by the largest lenders due to the "robo-signing" scandal and lawsuits by Attorney's General seeking to halt foreclosures. Once those matters are settled - oh maybe this year sometime - the foreclosure floodgates will open and even more homes will be added to the glut of REO properties.
In the meantime, maybe you're "lucky" enough to pay your mortgage down so that you have equity in your home. Otherwise, join the growing mob and see if you can get yourself a HAMP Mortgage modification and prepare to stay where you are for the next 5 - 10 years until your house is no longer underwater!
Monday, May 30, 2011
Memorial Day Musings
I've spent the day watching several movies and specials about wars, veterans and memorial day. Very moving. I want to thank all of my friends and others who served our country in some capacity. Certainly it was an important life experience and one that I regret that I don't have.
One of the questions that I think of when I read about wars is the effect on the soldiers and servicemen for the rest of their lives. There is no doubt that military service teaches many lessons and builds a persons character in ways that I can not understand. What I wonder is what is must have been like for veterans of wars to have some of the most exciting, memorable and profound experiences of their entire lives before the age of 30. For many veterans, this is a fact that they must learn to deal with after the war. For WWII veterans especially, there was a sense for many returning veterans that they would never do anything as important in their lives as they did during the war. They could not escape their halcyon days. Civilians and many of my generation who spent their formative years in peacetime, this is a foreign concept. I grew up with the general belief that one grows up, goes to college, maybe gets married that the best years are yet to come.
I hope that any veterans that may feel this way know that, while their service was extremely important to our country and a debt that can never properly be paid back, their best years are yet to come and their contributions to society are only going to be multiplied because of their service to our country. Looking at the accomplishments of the "greatest generation", it is easy to see that they achieved much after the wars. I'll leave you with a link to one of my friends blogs who, every Memorial Day, posts about a special place in Belgium where he spends time every year. Please check it out.
One of the questions that I think of when I read about wars is the effect on the soldiers and servicemen for the rest of their lives. There is no doubt that military service teaches many lessons and builds a persons character in ways that I can not understand. What I wonder is what is must have been like for veterans of wars to have some of the most exciting, memorable and profound experiences of their entire lives before the age of 30. For many veterans, this is a fact that they must learn to deal with after the war. For WWII veterans especially, there was a sense for many returning veterans that they would never do anything as important in their lives as they did during the war. They could not escape their halcyon days. Civilians and many of my generation who spent their formative years in peacetime, this is a foreign concept. I grew up with the general belief that one grows up, goes to college, maybe gets married that the best years are yet to come.
I hope that any veterans that may feel this way know that, while their service was extremely important to our country and a debt that can never properly be paid back, their best years are yet to come and their contributions to society are only going to be multiplied because of their service to our country. Looking at the accomplishments of the "greatest generation", it is easy to see that they achieved much after the wars. I'll leave you with a link to one of my friends blogs who, every Memorial Day, posts about a special place in Belgium where he spends time every year. Please check it out.
Saturday, May 28, 2011
Music is what life sounds like. - Eric Olson
OK, it's hard to find a quote about music that doesn't sound trite and hasn't been repeated a million times. I went with Olson because this is one of the shortest quotes I could find and he had obviously thought about this subject for a long time before he came up with this gem! I couldn't write this blog without including regular entries about music - what's new and cool, who everyone should listen to at least once, something obscure or something the doesn't work for me.
My favorite kind of music is --------------- anything that is good. Classic Rock, Metal, Hip Hop, Reggae, Classical, 70's Soft Rock, it barely matters what genre if it's smart and has soul and originality.
Take this song that you might be familiar with:
Its as good as it gets and so far ahead of its time I don't know how he came up with it - we'll just assume drugs for now, the point is this is a great song no matter what music you like. Hendrix is just one in a series of geniuses that were able to make music that touches millions of lives.
As a pretty stoic guy, "expressing myself" isn't the first thing on my list of things to do. For me music is an emotion. Music bring emotion to the room. It takes you back to how you felt at a specific moment in time. It uplifts, angers, saddens, delights, invigorates and exhausts.
I leave you with another quote. As a lawyer, I was surprised and impressed to see several quotes about music by Oliver Wendell Holmes . Quite the jurist and apparently "got it" about music.
Take a music bath once or twice a week for a few seasons. You will find it is to the soul what a water bath is to the body. ~Oliver Wendell Holmes
My favorite kind of music is --------------- anything that is good. Classic Rock, Metal, Hip Hop, Reggae, Classical, 70's Soft Rock, it barely matters what genre if it's smart and has soul and originality.
Take this song that you might be familiar with:
Its as good as it gets and so far ahead of its time I don't know how he came up with it - we'll just assume drugs for now, the point is this is a great song no matter what music you like. Hendrix is just one in a series of geniuses that were able to make music that touches millions of lives.
As a pretty stoic guy, "expressing myself" isn't the first thing on my list of things to do. For me music is an emotion. Music bring emotion to the room. It takes you back to how you felt at a specific moment in time. It uplifts, angers, saddens, delights, invigorates and exhausts.
I leave you with another quote. As a lawyer, I was surprised and impressed to see several quotes about music by Oliver Wendell Holmes . Quite the jurist and apparently "got it" about music.
Tuesday, May 24, 2011
Fractal Geometry
The background of my website is a fascinating image of something called the Mandelbrot Set which is a fractal. It is a popular example of a mathematical visualization. A fractal is a geometric shape that can be split into parts, each of which is a reduced copy of the whole. To see a zoom-able image of the Mandelbrot Set that will make your head spin, go here: Neave Fractal Zoom. For the mathematicians out there, or to ruin all of the mystique and fun of the Mandelbrot set, go here Wiki/Mandelbrot_set and get ready to have your mind blown!
Mortgage Default Industry
Here is a little peek into my world. I am a lawyer, attorney (at-law if you're being formal), counselor or whatever respectful name you care to use. I have certainly been called other things, but that comes with the territory. For most of my professional career, I have worked in what is called the Default Services Industry. Here in the rust belt, it has been one of the few growth industries in town. Default Services deals with all aspects of defaulted mortgages, foreclosures and the subsequent disposition of the collateral - the house. My experiences have allowed me to work as and work with lenders, borrowers, debtors, landlords, title agencies, realtors, investors and homeowners.
While I am grateful for these experiences, it has not been the most uplifting of careers as of late. A recent article in USA Today http://usat.ly/lOHPgu discusses the great news that people who defaulted on the mortgages, but no other debts, are good credit risks going forward. I would enjoy hearing anyone else's interpretation of this information, but I'll tell you this is a great example of where our economy really is. The article's point is well taken and a sign that in the future, as many people will have foreclosures as have good credit!!
Check back for my perspective on the ongoing saga of the biggest problem with the economy that has the broadest effect on real people - the housing and real estate crisis. I will be a frequent blogger on this issue so feel free to join in.
Monday, May 23, 2011
Why halcyon days?
Well first, halcyon is just a cool word to say (and type for that matter).
It has a couple of main sources for me, the first of which is summed up in the Walt Whitman poem on the blog homepage. To me, halcyon days are the best days of your life, as looked at in retrospect. They are carefree days gone by that cannot be recaptured, but can be relived in your memories. They are usually remembered in an idyllic way that is a blur of reality, but that is what makes these memories special.
The second meaning I only recently learned, but I was fascinated to read about the Greek myth of Alcyone. She was the daughter of Aeolus, the ruler of the winds. She threw herself into the sea for love (questionable move there). Out of grief, her father calmed the winds for a two week period every winter solstice. This mythical calm period is also symbolized by the Kingfisher, a bird that is mythically associated with the weather.
To me the halcyon days are the formative days of your life that play a large part in determining your ethos, your interests, and ultimately your life's path. It is from that those memories that much of the source material for this blog is taken.
It has a couple of main sources for me, the first of which is summed up in the Walt Whitman poem on the blog homepage. To me, halcyon days are the best days of your life, as looked at in retrospect. They are carefree days gone by that cannot be recaptured, but can be relived in your memories. They are usually remembered in an idyllic way that is a blur of reality, but that is what makes these memories special.
The second meaning I only recently learned, but I was fascinated to read about the Greek myth of Alcyone. She was the daughter of Aeolus, the ruler of the winds. She threw herself into the sea for love (questionable move there). Out of grief, her father calmed the winds for a two week period every winter solstice. This mythical calm period is also symbolized by the Kingfisher, a bird that is mythically associated with the weather.
To me the halcyon days are the formative days of your life that play a large part in determining your ethos, your interests, and ultimately your life's path. It is from that those memories that much of the source material for this blog is taken.
Sunday, May 22, 2011
If it doesn't kill you....
If it doesn't kill you it makes you stronger. A concept that has always played a vital role in my life. Life is about experiences, good and bad. Bad one's came often for the last few years here in Ohio. Or maybe I take the good ones for granted. I have definitely been guilty of that. Maybe it's been a long, tempering, intense, taxing run for me, and most people I know, and our struggles are beginning to pay off. Hell, maybe its spring and the weather is finally turning. Good times are coming back again and I am going to try to take advantage of them this time around. The hard work is not over, re-focusing, the sour taste of the struggle, shedding the despair and rebuilding...stronger this time.
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