Relativistic Baseball

I love XKCD and this is just a perfect introduction to this genius comic strip!

Relativistic Baseball

EPA moves to rein in ‘fracking’ pollution

The Federal and State EPAs are now putting forth regulations to make oil and gas companies more environmentally responsible.  Ohio also has a bill on the table proposing a tax on the producers coming in to Ohio so that a portion of their profits will be (hopefully) used to maintain and improve the infrastructure needed to support this industry. 

The Ohio EPA plan has support from the Sierra Club, but not some other fringe environmental groups.  That is a good sign that it is somewhat fair.   Now - let's hope all these jobs created in Ohio by this industry materialize ASAP!

EPA moves to rein in ‘fracking’ pollution

New players staking claims to Ohio’s Utica shale land - Local - Ohio

This is an exciting industry in Ohio right now.  Ohio's energy resources have been thought dead for a long time, but technology has caught up now and some of these new wells are able to yield significant natural gas and oil for the first time in decades.

This area of industry fits in well with my practice area, I have one local oil and gas company as a client and hope to get more out of state business that need quality land related legal work.  I have a team of professional prepared to offer title opinions, lease and royalty research, contracts and other industry related local representation.


New players staking claims to Ohio’s Utica shale land - Local - Ohio

Ohio foreclosure statistics

Reprinted article from The Ohio Supreme Court regarding foreclosure filings for 2011.  I wouldn't read too much into this, this is still a lot of foreclosures and there are a lot, lot more to come in my opinion.  Best thing that can happen to really make this trend change is for economy to continue to improve.

March 14, 2012
Ohio Foreclosure Filings Drop 16 Percent in 2011

After experiencing a drop in the number of Ohio foreclosure case filings for the first time in 15 years in 2010, that number declined even further in 2011 by 16 percent, according to data released today by the Supreme Court of Ohio.
For 2011, common pleas courts across Ohio reported 71,556 new residential and commercial foreclosure case filings to the Ohio Supreme Court, or 13,927 fewer foreclosure cases than 2010.
The Ohio Supreme Court began collecting foreclosure data in 1990, and for 14 consecutive years through 2009 the number of foreclosure new filings rose. Not since 2006 have the foreclosure filings been in the range as the numbers recorded for 2011.
Only two counties saw increases in the number of year-over-year foreclosures in 2011. Coshocton County reported 317 foreclosures in 2011 compared with 163 in 2010 for a 94.5 percent increase. Guernsey County reported 198 foreclosures in 2011 compared with 188 in 2010 for a 5.3 percent increase.
On the other end of the spectrum, 75 of Ohio’s 88 counties reported double-digit decreases in 2011, and 10 counties reported 30 percent or greater declines.
Cuyahoga County continued to lead the state in the number of foreclosures with 11,544, although this figure represents a 10 percent annual decline, which followed a 9 percent decline in 2010.
Information contained in the reports is provided to the Ohio Supreme Court on a monthly basis by all county common pleas courts.
By collecting case data, the Ohio Supreme Court attempts to assist in the efficient administration of justice by measuring the pace of incoming litigation for case management purposes. The Ohio Supreme Court does not examine or analyze larger social and governmental trends that may contribute to or influence changes in the number of foreclosure case filings. The foreclosure data submitted by common pleas courts does not break down the number of residential versus

Foreclosure filings fall sharply in Ohio

Things might be looking up economically.   For today, let's pretend that is why foreclosures were down last year and hope that the economy continues to improve in Ohio.   

OR WILL IT??? 

Foreclosure filings fall sharply in Ohio

Ohio's Share of Foreclosure Settlement

Jury is still WAAAYYYY OUT on if this settlement will actually help anyone.  I have two initial thoughts:

1.  The most important part of this is the money that will be used, in conjunction with federal incentives, to write down the principal balance of mortgages.  This will allow homeowners to actually refinance or sell their homes creating market turnover that is desperately needed to get the housing market going.

2.  I hope that you don't need to be in foreclosure in order to get these benefits.  There are lots of homeowners that are completely upside-down on their mortgage, but still make their payments on time.  Otherwise, there is an incentive NOT to pay your mortgage in order to get these benefits!   

Tell me what you think!


Ohio will receive $335 million in benefits as part of a landmark $25 billion settlement with the nation’s five biggest mortgage companies announced today.

The settlement will be used to help keep struggling Ohioans in their homes, to demolish thousands of blighted properties, and to compensate some of those who lost their homes to foreclosure.

“Although this settlement is of historic proportion, we know it does not solve the mortgage crisis,” said Ohio Attorney General Mike DeWine in announcing the settlement. “It is a start. It is a first step.”

The deal is the biggest settlement involving a single industry since a 1998 multistate tobacco deal.

Under the agreement, five lenders — Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — will reduce loans for nearly 1 million households. They will also send checks to about 750,000 Americans who were improperly foreclosed upon. The banks will have three years to fulfill the terms of the deal.

Ohio’s share of the settlement will be divided approximately this way:

--$102 million will come in the form of loan modifications to homeowners who are delinquent or in the foreclosure process, possibly allowing them to remain in their home or sell the home in a short-sale.

-- $90 million will benefit homeowners who  are "under water" on their mortgages, that is, owe more on their home than the property is worth. 

-- $44 million will compensate former homeowners who were foreclosed upon between Jan. 1, 2008, and Jan. 31, 2011. The amount of payment will depend on the numbers who apply, but is expected to be about $2,000 per home.

-- $97 million will come as a direct payment to the state, most of which the attorney general’s office will use to demolish abandoned properties around the state.

“The time has come to shout, ‘Tear down these houses, tear down these buildings,” DeWine said.

200Columbus | The Bicentennial Celebration for Columbus, OH

Columbus is turning 200 this year. A milestone for my hometown. A great city, a great place to live, and largely overlooked or dismissed as a "cowtown" by outsiders. Anyone who has this opinion would be in for a pleasant surprise if you visit or learn more about C-Bus!! I challenge you to!

200Columbus The Bicentennial Celebration for Columbus, OH

Pennsylvania moves to tax natural-gas drilling

This is probably long overdue and Gov. Kasich has said that a tax on these drilling companies is coming to Ohio as well. Makes sense to keep up with wear on an already damaged infrastructure, if that is where the money goes. Hopefully, it doesn't squelch the industry's move into Ohio and Pennsylvania. Oh yea, the natural gas prices have already done that!!

Pennsylvania moves to tax natural-gas drilling

Foreclosure rates plunge in 2011 - Jan. 12, 2012

Don't get too excited by the following article. I believe that there is still a tremendous backlog of loans in default in Ohio that the lenders have just not proceeded forward. There is the robo-signing issue, Courts requiring pre-foreclosure certifications of documents, more loan modifications and other attempts at diverting foreclosure and other factors slowing the process. Gradually this year and the next, the banks will have exhausted all loss mitigation efforts and have to proceed with foreclosing on the backlog of default mortgages in Ohio.

Foreclosure rates plunge in 2011 - Jan. 12, 2012

Foreigners bid up shale-drilling rights

Woo Hoo! Let the bubble ride begin. Can't blame landowners from cashing in, but this could be the beginning of making a mess of this opportunity. Stay tuned!

Foreigners bid up shale-drilling rights

Oil, gas lease filing more than quadruples in 2011

Recorders' Offices have been under siege since this "boom" started.  The oil and gas companies are moving from the research/acquisition phase to the drilling phase, but it is a bumpy road.

This is an area of law that I am excited about getting involved with. I have found work in clearing title issues related to oil and gas leases, quiet title actions, lease review, title research, and am looking to assist landowners and oil companies in achieving their goals in this exciting wave entering Ohio.

Oil, gas lease filing more than quadruples in 2011



My advice to all involved - don't rush into any deals without consulting a real estate and/or oil and gas attorney familiar with the issues that can complicate these deals if they are not addressed at the outset.  Feel free to contact me if I can be of any service.

Vacant houses swamping city

Vacant houses swamping city

This is the type of problem facing many cities in the Midwest and beyond. Columbus has actually fared better than most in the real estate collapse. However, this problem, although maybe not to this extreme, is moving into the suburbs and other developments where foreclosures are prevalent. Vandalized homes can't be sold by the banks and are eventually left to continue to fall into disrepair until no one wants them and no one will pay to demolish them. Sad state of affairs.

Home prices down for 6th straight month

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.

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!!!!!

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.

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!

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.