 |
| |
| |
News from Around the State |
|
 |
| |
|
|
|
 |
|
| |
|
 Consumer
|
|
|
|
Bailout may still leave investors unprotected
A government rescue of Fannie Mae and Freddie Mac could be costly for scores of investment, banking and insurance companies that hold billions of dollars in preferred shares in the mortgage finance giants. Speculation has been building on Wall Street that a government investment to rescue Fannie and Freddie would come in the form of a cash infusion through the acquisition of preferred shares in the companies. Preferred shares usually pay a fixed dividend and have priority over common stock when it comes to dividends and bankruptcy liquidation. While slightly riskier than bonds, which have the highest priority in times of trouble, companies often invest in preferred shares for certain tax advantages. Investors appear to believe existing common stockholders could be wiped out if there is a government bailout. Fannie and Freddie's shares have lost more than 90 percent of their value this year. But what happens to preferred stockholders is less certain. "That depends on how big Fannie and Freddie blow up," said Michael Shedlock, an investment adviser for SitkaPacific Capital Management. Investors think it could be big. Fannie and Freddie's existing preferred shares are trading like junk bonds: yielding around 18 percent instead around their 6 percent dividend levels. The higher yield is an inducement to investors to accept the higher level of risk that the companies won't be able to pay their dividends. "There's enormous investor concern," said Bert Ely, an Alexandria, Va. banking industry consultant. Congressional analysts estimate a government rescue of the mortgage giants could cost taxpayers $25 billion, with the exact amount based on how far the U.S. housing market falls and how severe their financial situation turns out to be in the long run. Another uncertainty is political: The final resolution of Fannie and Freddie's future is likely to be determined after the Bush administration leaves office in January. It remains unclear how much in taxpayer resources the next administration and Congress would be willing to commit. The entire financial industry is trying to figure out what will happen to Fannie and Freddie because their stocks and bonds are so widely held, said Tony Plath, an associate professor of finance at the University of North Carolina at Charlotte. "There's not protection for shareholders of common or preferred shares," he said. The Bush administration last month unveiled a plan to provide unlimited government loans to the two mortgage giants and to purchase stock in the two companies if needed for a period covering the next 18 months. Investors believe that Treasury Secretary Henry Paulson is not interested in protecting common shareholders, only in Fannie and Freddie's ability to support the battered mortgage market. That means a government rescue might not occur until there is evidence the mortgage companies' are unable to sell short-term debt — an indication they would no longer be able to operate normally.
|
|
|
By: Tulsa World - 08/22/2008 |
|
| |
|
 |
|
| |
|
|
|
|
|
Check the Status of your Federal Tax Refund Online
The IRS has a way to check the status of your federal tax refund online.
Have a copy of your return handy because you'll need the following info...
|
|
|
By: Legal Aid Services of Oklahoma, Inc. - 05/13/2008 |
|
| |
|
|
|
| |
|
|
|
|
|
Check the Status of your Federal Tax Refund Online
The IRS has a way to check the status of your federal tax refund online.
Have a copy of your return handy because you'll need the following info...
|
|
|
By: Legal Aid Services of Oklahoma, Inc. - 05/13/2008 |
|
| |
|
|
|
| |
|
|
|
|
|
LawHelp Nominated Best Law Website of 2008!
LawHelp will have a chance to defend its 2007 Webby Award. LawHelp.org is the only repeat nominee for Best Law Website of 2008!
Other nominee...
|
|
|
By: Legal Aid Services of Oklahoma, Inc. - 04/09/2008 |
|
| |
|
|
|
| |
| |
More Consumer News |
|
| |
 |
|
|
|
|
|
 Health
|
|
|
| |
Online Plan Cuts Medicaid Sign Up Time
A pilot online system has drastically cut the time it takes to get Oklahoma newborns enrolled in the state's Medicaid program, resulting in quicker access to medical care for infants and faster reimbursement for hospitals and physicians, hospital financial counselors say. "What this has done is cut the process time by more than half," said Karlene Gillespie, financial counselor coordinator for Hillcrest Medical Center. The Oklahoma Health Care Authority launched the pilot project in April to help speed claims processing for the state's hospitals and to provide the baby a separate Medicaid number under the mother's existing case. The authority administers Oklahoma's Medicaid program, which is called SoonerCare. Hillcrest Medical Center and St. Francis Hospital were the first Tulsa hospitals to use the system as part of the authority's pilot project. In Oklahoma City, Mercy Health Center, Integris Baptist Medical Center, OU Medical Center and Deaconess Hospital also were part of the pilot initiative. By late July, the authority opened the system to all hospitals, of which 49 have signed on. Before the pilot project, the process of getting newborns assigned their own SoonerCare identification number could take up to three weeks because it was all done through paperwork, Gillespie said.
"The majority of the time now, we have our newborns put on Medicaid before they're even discharged from the hospital," she said. Since April, 4,261 babies have been added to SoonerCare through the new system, said Richard Evans, the authority's automated eligibility data integrity manager. Not only have enrollment times been reduced drastically, but the system allows mothers to choose their infant's primary care physician right away. "It's a wonderful thing to get those newborns on quicker and to get them a medical home," Evans said. Each mom gets temporary identification for her baby immediately and a permanent identification card for the infant is mailed in three to five days, he said. "It has made the job for us much quicker. It takes maybe five minutes now," said Trish Jones, manager of St. Francis Hospital's financial counseling and admitting departments. "It's very user-friendly." Janet Scott, a data processing analyst and programming specialist at the authority, said it took a year to create the program. "It's so easy and flexible that even smaller hospitals can do it," she said. The authority is implementing the system in other hospitals as quickly as possible. Southcrest Hospital is using the system, and both Oklahoma State University Medical Center and St. John Medical Center have shown interest, Scott said. By October 2009, the authority hopes to expand the service to allow mothers who have given birth to apply for SoonerCare at the hospital and receive real-time eligibility determination and case creation, Evans said. The enhancement would allow the mother to apply for SoonerCare while in the hospital. If approved, delivery costs and medical care for the newborn would immediately be eligible under the plan, he said. Nearly 39 percent of the 4,021 babies born at St. Francis Hospital in fiscal 2008 were born to mothers on SoonerCare. Eighty-one percent of the 3,618 babies born at Hillcrest Medical Center that same period were born to SoonerCare mothers. Oklahoma's Medicaid program covers more than half of all births in the state, said authority spokewoman Jo Kilgore. "You can just imagine the impact this will have," she said.
|
|
|
By: Tulsa World - 08/22/2008 |
|
| |
|
|
|
| |
|
 Life Planning
|
|
|
|
Planning A Will Often Procrastinated
By Susan AlbertE-E Business Editor
Still haven't gotten around to drafting that will?While no one wants to dwell on his mortality, planning a will can save a lot of frustration and expense for family members left behind."People procrastinate making a will because they fear the cost and they don't think they are going to die anytime soon," said Jerry Maddux, attorney with Selby, Connor, Maddux and Janer in Bartlesville.While planning a will may seem daunting, it doesn't have to be.Maddux said a simple will for a couple, with one will in each name, runs about $150 to $200."It's usually a flat fee, unless it gets complicated," he said.
Most married couples sign a separate will, so in the case of one's death, there is no dispute about whether it can be altered.Another option, particularly if there is a lot of ownership involved, is a revocable trust.According to Maddux, a trust is like setting up a little company. The person owns it and transfers the titles of all his property into the trust. When he dies, the trustee distributes ownership to designated persons without the assistance of probate."It's more of a hassle to set it up, but when you die there's no court proceedings," he said. "It's a lot easier and cheaper for your kids."Some people will also include a will, known as a pour over will, as a safety net in case they leave something out of the trust, said Maddux.He said leaving all one's property in joint ownership or with a beneficiary named may also prevent the estate going to probate."Probate is required to transfer property that is in one person's name only and a beneficiary is not established," said Maddux. "There is not as much probate today as in the past because of the revocable trusts and joint ownership."There are many reasons to set up a will or trust, and, according to the Oklahoma Bar Association's Web site, the most important being leaving property to the persons desired and not to those people chosen by state law. Also, when a person dies without a will, the state chooses a personal representative, which may not be of the deceased's choosing. And if children are involved, the state will appoint a guardian, also who may not be the deceased's choice.The best reason Maddux said is that a will is "a gift to the children."If there is no will, according to the OBA, the state will divide the property as follows: "Assuming your estate is not controlled by a prenuptial marriage contract, if you die leaving a surviving spouse and children, generally your spouse takes one-half of your estate and your children share equally the remaining one-half. Special rules apply if you have children from a prior marriage and you have property acquired during your last marriage as well as separate property."If cost is an issue, a person can hand write his own will without the help of an attorney or witnesses. Called a holographic will, it must be written, dated and signed in the person's own handwriting, with no typed portions. Make copies, but file the original will in the Probate Division of the local courthouse or store it in a safe and fireproof place.When the time comes to produce it, the judge will need the original. (For exact instructions on making a holographic will visit www.oklaw.org)Maddux said writing a will oneself is very tricky and typically doesn't cover everything that needs to be covered.He also suggested avoiding the "preprinted" legal forms that can be purchased in kits."They try to fit for every state," he said.In addition, the OBA Web site reports that a will or trust must be prepared with legal technicalities that require the professional "learning, skill and experience" of a practicing lawyer. A professionally written will or trust could spare the survivors the cost of litigating a poorly drawn will.
|
|
|
By: Bartlesville Examinare-Enterprise - 08/04/2008 |
|
| |
|
|
|
| |
|
 Public Benefits
|
|
|
|
User Friendly Online Tool to Simplify Economic Stimulus Payment Process
Easy to Understand Materials and Consumer Education at Heart of Ongoing Efforts
The AARP Foundation and the National Council on Aging (NCOA) launched...
|
|
|
By: - 03/27/2008 |
|
| |
|
|
|
| |
| |
|
To see Past News Articles, Click Archived News |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
 |
|
| |
| |
| Resources in Other Languages |
|
|
|
| |
|
|
|
|
OKLaw Home Page
Advanced Search
