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Thursday, November 5, 2009
In Congress the rich get poorer, a little bit anyway
While regular Joes across America rely on unemployment benefits and max out their credit cards to get by, members of Congress can say they feel their pain.
Current congressional members’ median wealth uncharacteristically dipped 5 percent in 2008 compared with 2007, a Center for Responsive Politics analysis of federal personal financial disclosure reports found.
Don’t feel too badly for them, though. Congress is still a club with 237 millionaires and 50 members have at least $10 million.
“Generally speaking, members of Congress are wealthy by comparison with the vast majority of Americans. That doesn’t mean they’re immune to the effects of this ailing economy — they’re not,” said Sheila Krumholz, the Center for Responsive Politics’ executive director. “But they are much better positioned to withstand financial pressures than the people they represent.”
The CRP found that current U.S. senators have a median reportable worth of $1.79 million while House members’ median income was $622,254 in 2008. That’s down from $2.27 million and $724,258, respectively, in 2007, the report said.
U.S. senators currently serving have a median reportable worth of $1.79 million for 2008, down from $2.27 million in 2007, CRP’s analysis indicates. Meanwhile, currently serving House members’ median income was $622,254 in 2008, down from $724,258 in 2007.
Members of Congress are required to report their wealth and liabilities in broad ranges. CRP calculated members range of asset values and average estimated wealth. Here is Miami Valley delegation members’ net worth ranges and how they ranked in the House and Senate:
Steve Austria, R-Beavercreek, net worth $6,006 to $90,000, ranks 387th John Boehner, R-West Chester, net worth $1.7 million to $6.6 million, ranks 70th Jim Jordan, R-Urbana, net worth $105,008 to $327,000, ranks 319th Jean Schmidt, R-Cincinnati, net worth $2.8 million to $9 million, ranks 48th Mike Turner, R-Centerville, net worth $172,091 to $1.4 million, ranks 192nd.
Sherrod Brown, D-Avon, net worth $65,009 to $275,000, ranks 92nd George Voinovich, R-Cleveland, net worth $665,055 to $2.3 million, ranks 58th
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AG Cordray, Texas mortgage servicing company sue each other
Attorney General Richard Cordray and a Texas-based mortgage servicing company on Thursday, Nov. 5, sued each other in separate but related lawsuits.
Cordray filed suit in Cuyahoga County Common Pleas Court in Cleveland against American Home Mortgage Servicing, Inc., alleging violations of the Ohio Consumer Sales Practices Act. The company services more than 12,000 subprime and prime mortgage loans in Ohio, including the Dayton area, Cordray’s office said.
Separately, the company sued Cordray in Franklin County Common Pleas Court in Columbus seeking a declaration that the company’s servicing practices comply with Ohio law. The suit seeks to dispute “unsupported allegations made” in a letter from Cordray’s office to the company before the suit against the firm was filed in Cleveland.
The suit filed against the company alleges:
*Incompetent and inadequate customer service.
*Unfair and deceptive loan modification terms.
*Failure to respond to requests for assistance.
*Failure to offer timely or affordable loan mitigation options to borrowers.
“The acts of some mortgage servicers have gone beyond the point of being negligent,” Cordray said in a press release. “They have become predatory financial practices and in Ohio they won’t be tolerated.”
The lawsuit seeks a permanent injunction against continuation of unfair and deceptive loan modification practices, restitution, civil penalties and damages.
Jordan Dorchuck, the company’s executive vice president and chief legal officer, said in a press release that “we are convinced that these allegations are entirely without merit, and intend to defend ourselves vigorously against them.”
Dorchuck cited the “positive feedback we have received from many Ohio state and non-profit agencies regarding our homeownership preservation efforts.”
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Committee unveils new version of elections overhaul bill
Ohioans would have 28 days before an election to vote absentee either in person or by mail under a new version of comprehensive voting legislation unveiled on Thursday, Nov. 5, by the House Elections and Ethics Committee
Also, absentee voting would end on the Monday before a Tuesday election, rather than on the Saturday before the election as called for in a previous version of the proposal.
The new version also creates online voter registration for Ohioans who have a current and valid ID from the Bureau of Motor Vehicles.
The new version of the bill also pulls back from a plan to eliminate special elections now allowed in February and August and instead create a task force to study the issue.
Elimination of the special elections was seen as a way to save money but Committee Chairman Dan Stewart, D-Columbus, said school districts often need the option of special elections for votes on levies.
Majority Democrats accepted the new version of the bill while Republicans opposed it.
He called House Bill 260 a “common sense” proposal and said he committee would vote it out on Tuesday, Nov. 10. The goal is for the full House to consider it by the end of the month, Stewart said.
The Senate also is considering a proposal to overhaul elections. Stewart said he hopes the two chambers can reach agreement on a final bill by the end of the year so changes would be in effect for the May 2010 primary.
Other provisions in House Bill 260:
*Counties could have up to four early voting locations.
*A challenge to a voter’s registration would have to be upheld by a majority of elections officials present. Now one official may make the challenge.
*To vote, Ohioans would be required to show government or school-issued photo identification or provide their birth date, signature and the last four digits of their Social Security or driver’s license number.
The previous version would have allowed the use of ID cards from nonprofits to vote.
