hiralal
05-29 12:03 AM
if your gc in pending ..don't get tempted to buy a house. here is a good report.
------------
MONDAY, MAY 25, 2009
OTHER VOICES
The Housing Hurricane Will Howl Again
WE'RE OUT OF THE EYE OF THE HURRICANE, but here comes the back half of the storm. A lot of people think that we've seen the worst of the housing crisis. They're talking about green shoots and glimmers of hope, when they should be back in the storm shelter, preparing for a flood of inventory that will overwhelm the markets and produce another round of falling prices
For the past few months there has been a semi-moratorium on foreclosures. Most institutions with delinquent mortgages didn't foreclose. The signs that blanket many neighborhoods have been posted by a fraction of the lenders. Now the rest of the banks are rushing to get their properties on the market.
[ov]
Christoph Hitz for Barron's
We're still supporting misguided programs that only add to inventory woes. They encourage builders to put up more homes and penalize anyone else trying to sell a home.
As a Florida real-estate broker who works with bank asset managers to dispose of foreclosed properties, I get a good view of this market. From December 2008 through mid-March 2009, the number of asset managers calling to discuss REO (real estate owned) properties on their client banks' books dropped by more than 80% from the level at which it previously had been running. In the past two months, however, asset managers have been busy, with most interested in how many properties we could handle at once.
Law firms for banks are once again lining up to file foreclosures and to process evictions. The asset managers we work with have warned us to expect a flood of properties, beginning in early June. This will hit as the number of potential buyers continues to dwindle. Builders, traditional sellers and investors who entered too early are already loaded with REO properties.
ALL OF THE OBAMA administration's attempts to revive, resuscitate and shock the housing markets into recovery have failed. Potential buyers can't purchase homes when they are losing their jobs, regardless of how attractive the credits and mortgages are. The price of homes will continue to fall until the properties are affordable for potential buyers.
If an investor could purchase a home and rent it out for close to breakeven, we might be getting close to a bottom. But we are nowhere close to that level in most critical markets. Until it is approached, prices will continue to fall. In fact, the negative cash flow now evident, along with the flood of properties coming into the inventory pool, warn of lower prices.
There's no light at the end of the tunnel yet. We're still supporting builders through misguided programs that are only adding to the inventory woes. California decided to offer a $10,000 credit to buyers of new homes, on top of the $8,000 federal credit. But California made the $10,000 available only for new homes purchased directly from builders. That shows the power of the builders' lobby, but it only adds to California's housing-industry problem. It encourages builders to construct dwellings we don't need, and it penalizes anyone else trying to sell a home.
Housing inventory soon will flood a market in which more than 500,000 homes are being built each year, even though the annual sales pace for new homes is closer to 300,000. We must also deal with a system clogged with impossible short sales, a surge of second and vacation homes being dumped, and third-wave flippers realizing that they entered the market too soon.
FOR THE BANKS, the back half of the hurricane will destroy balance sheets, unless the Obama administration comes up with another plan to mythically mark these assets on the books. Or we might see some chimerical plan to write down mortgage payments, or move toxic mortgages into a dark pool, or create some new illusion that glosses over the problem.
Our experience with banks' selling REOs is they realize about 50%-75% of what they initially think they will get. Moreover, their expenses to bring these properties to market and manage them are growing. Court systems bogged down with foreclosures are raising fees so that they can hire additional staff. More and more homeowners being evicted are stripping homes to the bone, removing appliances, fixtures, carpet, cabinets, air handlers, motorized garage-door openers and anything else that they can carry off or sell.
Unemployment presents a two-pronged problem. If homeowners lose their jobs, they have difficulty meeting mortgage payments. And a high jobless rate forces more people to put their homes on the market.
During the housing bubble, many second homes were purchased with the mythical equity from primary residences. These second homes are coming onto the market at an alarming rate, as many middle- and upper-class sellers need to raise cash. In some very exclusive private communities in Florida, where home prices are in the seven figures, more than 50% of the homes are on the market. (For more on the vacation-home market, see Cover Story.)
Unfortunately, there are no signs of recovery, despite the hype and the twisting of numbers in many media reports. The end of the unofficial moratorium on foreclosures, combined with rising unemployment, signals that the back half of this housing hurricane is only just beginning.
------------
MONDAY, MAY 25, 2009
OTHER VOICES
The Housing Hurricane Will Howl Again
WE'RE OUT OF THE EYE OF THE HURRICANE, but here comes the back half of the storm. A lot of people think that we've seen the worst of the housing crisis. They're talking about green shoots and glimmers of hope, when they should be back in the storm shelter, preparing for a flood of inventory that will overwhelm the markets and produce another round of falling prices
For the past few months there has been a semi-moratorium on foreclosures. Most institutions with delinquent mortgages didn't foreclose. The signs that blanket many neighborhoods have been posted by a fraction of the lenders. Now the rest of the banks are rushing to get their properties on the market.
[ov]
Christoph Hitz for Barron's
We're still supporting misguided programs that only add to inventory woes. They encourage builders to put up more homes and penalize anyone else trying to sell a home.
As a Florida real-estate broker who works with bank asset managers to dispose of foreclosed properties, I get a good view of this market. From December 2008 through mid-March 2009, the number of asset managers calling to discuss REO (real estate owned) properties on their client banks' books dropped by more than 80% from the level at which it previously had been running. In the past two months, however, asset managers have been busy, with most interested in how many properties we could handle at once.
Law firms for banks are once again lining up to file foreclosures and to process evictions. The asset managers we work with have warned us to expect a flood of properties, beginning in early June. This will hit as the number of potential buyers continues to dwindle. Builders, traditional sellers and investors who entered too early are already loaded with REO properties.
ALL OF THE OBAMA administration's attempts to revive, resuscitate and shock the housing markets into recovery have failed. Potential buyers can't purchase homes when they are losing their jobs, regardless of how attractive the credits and mortgages are. The price of homes will continue to fall until the properties are affordable for potential buyers.
If an investor could purchase a home and rent it out for close to breakeven, we might be getting close to a bottom. But we are nowhere close to that level in most critical markets. Until it is approached, prices will continue to fall. In fact, the negative cash flow now evident, along with the flood of properties coming into the inventory pool, warn of lower prices.
There's no light at the end of the tunnel yet. We're still supporting builders through misguided programs that are only adding to the inventory woes. California decided to offer a $10,000 credit to buyers of new homes, on top of the $8,000 federal credit. But California made the $10,000 available only for new homes purchased directly from builders. That shows the power of the builders' lobby, but it only adds to California's housing-industry problem. It encourages builders to construct dwellings we don't need, and it penalizes anyone else trying to sell a home.
Housing inventory soon will flood a market in which more than 500,000 homes are being built each year, even though the annual sales pace for new homes is closer to 300,000. We must also deal with a system clogged with impossible short sales, a surge of second and vacation homes being dumped, and third-wave flippers realizing that they entered the market too soon.
FOR THE BANKS, the back half of the hurricane will destroy balance sheets, unless the Obama administration comes up with another plan to mythically mark these assets on the books. Or we might see some chimerical plan to write down mortgage payments, or move toxic mortgages into a dark pool, or create some new illusion that glosses over the problem.
Our experience with banks' selling REOs is they realize about 50%-75% of what they initially think they will get. Moreover, their expenses to bring these properties to market and manage them are growing. Court systems bogged down with foreclosures are raising fees so that they can hire additional staff. More and more homeowners being evicted are stripping homes to the bone, removing appliances, fixtures, carpet, cabinets, air handlers, motorized garage-door openers and anything else that they can carry off or sell.
Unemployment presents a two-pronged problem. If homeowners lose their jobs, they have difficulty meeting mortgage payments. And a high jobless rate forces more people to put their homes on the market.
During the housing bubble, many second homes were purchased with the mythical equity from primary residences. These second homes are coming onto the market at an alarming rate, as many middle- and upper-class sellers need to raise cash. In some very exclusive private communities in Florida, where home prices are in the seven figures, more than 50% of the homes are on the market. (For more on the vacation-home market, see Cover Story.)
Unfortunately, there are no signs of recovery, despite the hype and the twisting of numbers in many media reports. The end of the unofficial moratorium on foreclosures, combined with rising unemployment, signals that the back half of this housing hurricane is only just beginning.
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gc28262
06-15 04:22 PM
Ivar and group,
...............................
My suggestion here is that let the outsourcers take the hit. They have always benefitted by flouting the rules. If your concern is way too high for your L1 brothers then you would find it prudent to bring in the law that clearly states "Pay high wages for the L1s or dont bring them in here". ..........................................
dilipcr,
Please wake up from your dream. No matter how you want it, outsourcing won't go away.
Outsourcing companies will always provide a lower cost to client as long as dollar is valuable than rupee ( or any other developing world currency).
They can do this by one of the following ways.
Use L1s for client site assignments. Some of these maybe illegal. Still they do it. Client is happy, outsourcers are happy.
Let us say everybody complains to ICE about this and L1 visas are unavailable for outsourcers. Their next strategy is to change the ratio of onsite resources to offshore resources. Again they will offer a cheaper solution to client. For executing a project in onsite/offshore model they don't need all these L1 guys here. They just need a few managers and maybe some team leads. They can execute the project with minumum resources onsite. Company and client wins again. The only reason they place so many resources onsite is to charge the client at dollar rate.
If US wants to prevent offshoring they have to ban offshoring explicitly. Doing so will go against the WTO rules.
To summarize, outsourcing cannot be stopped. Salary levels will always go down with time.
...............................
My suggestion here is that let the outsourcers take the hit. They have always benefitted by flouting the rules. If your concern is way too high for your L1 brothers then you would find it prudent to bring in the law that clearly states "Pay high wages for the L1s or dont bring them in here". ..........................................
dilipcr,
Please wake up from your dream. No matter how you want it, outsourcing won't go away.
Outsourcing companies will always provide a lower cost to client as long as dollar is valuable than rupee ( or any other developing world currency).
They can do this by one of the following ways.
Use L1s for client site assignments. Some of these maybe illegal. Still they do it. Client is happy, outsourcers are happy.
Let us say everybody complains to ICE about this and L1 visas are unavailable for outsourcers. Their next strategy is to change the ratio of onsite resources to offshore resources. Again they will offer a cheaper solution to client. For executing a project in onsite/offshore model they don't need all these L1 guys here. They just need a few managers and maybe some team leads. They can execute the project with minumum resources onsite. Company and client wins again. The only reason they place so many resources onsite is to charge the client at dollar rate.
If US wants to prevent offshoring they have to ban offshoring explicitly. Doing so will go against the WTO rules.
To summarize, outsourcing cannot be stopped. Salary levels will always go down with time.
sunny1000
12-13 05:17 PM
This problem has arisen out of a desire for the labor but not wishing to give the immigration benefits due to concerns which are not always convenient or comfortable to state.
If H1b was also a quota system, this would all be a moot discussion. Since it is not, and we have an unlimited L1 program we have this situation.
A few points are truly ridiculous. Anguilla with its 5K citizens has the same quota as India or China? How does that promote diversity. If every Anguillan applied in EB2 their quota would not get filled. Yet India has more diversity of religion, language, caste and virtually anything else you can imagine except perhaps ethnicity. Which brings me to the main point, which is it may be inconvenient, and it may be uncomfortable, but immigration has, does and perhaps for the foreseeable future will have racial undertones.
I guess with Dems in control, that H1 quota could happen soon...:)
If H1b was also a quota system, this would all be a moot discussion. Since it is not, and we have an unlimited L1 program we have this situation.
A few points are truly ridiculous. Anguilla with its 5K citizens has the same quota as India or China? How does that promote diversity. If every Anguillan applied in EB2 their quota would not get filled. Yet India has more diversity of religion, language, caste and virtually anything else you can imagine except perhaps ethnicity. Which brings me to the main point, which is it may be inconvenient, and it may be uncomfortable, but immigration has, does and perhaps for the foreseeable future will have racial undertones.
I guess with Dems in control, that H1 quota could happen soon...:)
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vjkypally
09-23 05:41 PM
Like I said earlier March is the real bottleneck for year 2005. More than 3000 applications.October bulletin has already moved to Jan22'2005. From other tracking sites there are not too many Feb'2005 applications. But we have plenty of March 2005 applicants. Once it crosses March it will zoom ahead to end of 2005.
But it could be September 2010 by the time it comes to March,2005.
But it could be September 2010 by the time it comes to March,2005.
more...
newtoearth
05-03 01:56 AM
...
jetguy777
07-22 11:23 AM
Theres no argument about EB2 retrogression. It will retrogress defenitely in the next few bulletins. But the retrogression would be mild one and that would be there only for a VERY SHORT SPAN of time. After that the cut off dates would run like to reach the CURRENT.
Vdlrao
Appreciate your thoughtful and encouraging posts. Continuing with Ron Gotcher's line of reasoning:
"It is worth mentioning that the CIS has never adjudicated more than 85,000 EB AOS cases in a single fiscal year - though this year it is possible they may process as many as 110,000 if they go all out. Keep this fact, together with the size of the backlog, in mind when trying to estimate how long it will take them to get to your case when your priority date becomes current."
How do you reconcile USCIS productivity with the number of visas that are available? In other words, although there may be sufficient numbers available to move the priority dates forward in the next fiscal year, USCIS can only adjudicate a limited number of cases per year.
Vdlrao
Appreciate your thoughtful and encouraging posts. Continuing with Ron Gotcher's line of reasoning:
"It is worth mentioning that the CIS has never adjudicated more than 85,000 EB AOS cases in a single fiscal year - though this year it is possible they may process as many as 110,000 if they go all out. Keep this fact, together with the size of the backlog, in mind when trying to estimate how long it will take them to get to your case when your priority date becomes current."
How do you reconcile USCIS productivity with the number of visas that are available? In other words, although there may be sufficient numbers available to move the priority dates forward in the next fiscal year, USCIS can only adjudicate a limited number of cases per year.
more...
minimalist
05-11 04:27 PM
Eventhough from a humanitarian point of view, I feel UPA should work with Srilankan government to work out peace. However it is not because the people being killed are Tamilians , who speak the same language as people from my neighbouring state.
I feel sorry for all the civilians who got killed in Iraq, same way.
Now you can't wait to "relinquish" the citizenship of a country that didn't poke it's nose into the affairs of a different sovereign nation as soon as you get the citizenship of another country that is directly responsible for deaths and horrible conditions of scroes more people.
The only reason you are carrying a Indian passport is because it suits you for now. The only condition you are willing to ditch that is when you are sure of a better suited passport for you.
Now express your anger/sympathy or any other emotion but don't pose as if you are doing it for the betterment of world. You put the language people speak over the country one belongs to. Remember the pledge you took during schooling? It said all Indians are my brothers and sisters. If you want to be a world citizen, no issues. People like you are of no use to any country. If you find an issue, work on rectifying it if you have the guts. Don't give dramatic statements like " I too carry the Indian passport with shame"
I completely agree with you.
Few of the most trusted allies for India in the region are Tamils from Sri Lanka and Baluch people from Pakistan but this present UPA govt ditched both of them.
As a Tamil, I too carry the Indian passport with shame and can't wait to see the day when I become a US citizen.
I feel sorry for all the civilians who got killed in Iraq, same way.
Now you can't wait to "relinquish" the citizenship of a country that didn't poke it's nose into the affairs of a different sovereign nation as soon as you get the citizenship of another country that is directly responsible for deaths and horrible conditions of scroes more people.
The only reason you are carrying a Indian passport is because it suits you for now. The only condition you are willing to ditch that is when you are sure of a better suited passport for you.
Now express your anger/sympathy or any other emotion but don't pose as if you are doing it for the betterment of world. You put the language people speak over the country one belongs to. Remember the pledge you took during schooling? It said all Indians are my brothers and sisters. If you want to be a world citizen, no issues. People like you are of no use to any country. If you find an issue, work on rectifying it if you have the guts. Don't give dramatic statements like " I too carry the Indian passport with shame"
I completely agree with you.
Few of the most trusted allies for India in the region are Tamils from Sri Lanka and Baluch people from Pakistan but this present UPA govt ditched both of them.
As a Tamil, I too carry the Indian passport with shame and can't wait to see the day when I become a US citizen.
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vdlrao
07-24 09:40 PM
I really doubt whether any attorney knows how many total VISAS are there for EB1 + EB2 for the fiscal year 2008. On this total EB1 + EB2 we got an estimation based on our calculations in our privious posts.
more...
spdy_mn
06-27 01:08 PM
Guys, we will know the exact truth in 3 weeks. Until then we have to do what we can do and not worry about things that are not in our control.
I know it is easy to say and tough to do but what other option do we have ??
I know it is easy to say and tough to do but what other option do we have ??
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NKR
02-12 01:04 PM
Hi,
In the past any leftover numbers from undersubscribed countries were being given to the oversubscribed countries in the final quarter of the year (Jul-Sept), That's how so many of indians and chinese got their GCs over last 4-5 years.
My question is, is that still the policy of the USCIS? Will USCIS use the leftover numbers from ROW for India/China.
The possibiliy of having quite a few of leftover numbers is high as ROW is current for EB2. That might bail out, to some extent, EB2 India.
You of course have to count the effect of new memorandum about FBI Name check into this mix.
Thanks,
Viren
No left overs from ROW to POW (this is what I am feeling right now with EB2 being unavailable)..
In the past any leftover numbers from undersubscribed countries were being given to the oversubscribed countries in the final quarter of the year (Jul-Sept), That's how so many of indians and chinese got their GCs over last 4-5 years.
My question is, is that still the policy of the USCIS? Will USCIS use the leftover numbers from ROW for India/China.
The possibiliy of having quite a few of leftover numbers is high as ROW is current for EB2. That might bail out, to some extent, EB2 India.
You of course have to count the effect of new memorandum about FBI Name check into this mix.
Thanks,
Viren
No left overs from ROW to POW (this is what I am feeling right now with EB2 being unavailable)..
more...
Beemar
04-01 10:04 PM
Ok. I will open a thread titled "Who after Hu" and put a poll in it too.
In case you are wondering who is Hu... (pun intended)
http://en.wikipedia.org/wiki/Hu_Jintao
胡锦涛
Happy now?
Come on dude, don't be a 爛屄
Some time back when I asked my chinese colleagues to join IV they commented that immigrationvoice.org is an "indian" immigration forum...
No wonder they felt that way.
In case you are wondering who is Hu... (pun intended)
http://en.wikipedia.org/wiki/Hu_Jintao
胡锦涛
Happy now?
Come on dude, don't be a 爛屄
Some time back when I asked my chinese colleagues to join IV they commented that immigrationvoice.org is an "indian" immigration forum...
No wonder they felt that way.
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kingkong
09-04 02:00 PM
I am from AP. And my father had first hand experience getting ripped off by this dead mans cronies when they threatened and grabbed my fathers small plot, that he had bought way back in 89, on the out-skirts of Hyd. All it took was one single threatening phone call to my father and my father signed the sale deed for the land the very next day, not asking a single penny in return. His family was more precious to him than the bloody piece of land. My father worked as a clerk in a central govt office. He is a simple man and has no clout.
I am sad that YSR is dead. I wish he survived but with 3rd degree burns and limped out his miserable life for the next 100 yrs.
I am from Kerala. not from AP.(studied in Bangalore and have friends from almost every state from India) I AM NOT A REDDY OR RAO.
Some of my friends are from Bihar (CHILDREN OF MP'S, MLA) go home for elections and lead booth capturing. They shared their experience with me.
CASTE POLITICS IS A THE RESON FOR ALL NEGATIVE COMMENTS.
IN KERALA, CASTE POLITICS IS EXISTS (just pick a candidate for a constituency), BUT NOT IN THE RANGE OF OTHER INDIAN STATES. (ESPECIALLY NORTH INDIA)
Let the people from AP, comment about him. If they give him second time, it is clear that majority like him. No doubt about it. If he is not good, why you people campaign against him by blogs for go to India and vote against him ???
I DIDN'T SUPPORT ANY POLITICIANS. But have a sympathy for a dead person and other 5 people in the accident.
This can happen to any one of us at any time. Do not rejoice in Tragedies.
I am sad that YSR is dead. I wish he survived but with 3rd degree burns and limped out his miserable life for the next 100 yrs.
I am from Kerala. not from AP.(studied in Bangalore and have friends from almost every state from India) I AM NOT A REDDY OR RAO.
Some of my friends are from Bihar (CHILDREN OF MP'S, MLA) go home for elections and lead booth capturing. They shared their experience with me.
CASTE POLITICS IS A THE RESON FOR ALL NEGATIVE COMMENTS.
IN KERALA, CASTE POLITICS IS EXISTS (just pick a candidate for a constituency), BUT NOT IN THE RANGE OF OTHER INDIAN STATES. (ESPECIALLY NORTH INDIA)
Let the people from AP, comment about him. If they give him second time, it is clear that majority like him. No doubt about it. If he is not good, why you people campaign against him by blogs for go to India and vote against him ???
I DIDN'T SUPPORT ANY POLITICIANS. But have a sympathy for a dead person and other 5 people in the accident.
This can happen to any one of us at any time. Do not rejoice in Tragedies.
more...
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va_il
07-12 09:39 PM
I wonder how you guys feel with the latest developments ... you changed your plans or your sourness to US has subsided?
BTW we used to read a story in our childhood .. Grapes that are not reachable to you are always sour ... the moment you can reach them they suddenly become delicious :)
BTW we used to read a story in our childhood .. Grapes that are not reachable to you are always sour ... the moment you can reach them they suddenly become delicious :)
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chintu25
02-13 10:21 AM
Agreed this is discrimination, what stops us from fighting this discrimination using legal class action lawsuit? Is it the money required or did a lawsuit fail earlier that inhibits us to file class action lawsuit?
I agree with some senior members when they say that no one individual will come forward for the lawsuit . And I ask why should they ??
And I think, even if one single or 2-3 people do come forward it will not be possible.
This is the reason we have forums like our IV so that all can come together and take a decisive step together
.
Who can stop IV to file a lawsuit USCIS ? NO ONE
Many members went on blabbering about how long the process is and how expensive it is ... REMINDER if we can come together and collect upwards of 35k FOR "Lobbying Efforts" we can definitely collect funds for a lawsuit.
Some one here rightly said ...If we are retrogessed and there is a queue ..Is it because of you or me ?? NO it is due to the inefficiency of the USCIS.
NO ROAD IS EASY IN THIS BATTLE..... AND ALL OPTIONS SHOULD BE EXPLORED
Again , I want to reiterate , I think if IV core takes lead...hires a good attorney ....we will have funds for it....we have proved it in the past that IVians can contribute
I agree with some senior members when they say that no one individual will come forward for the lawsuit . And I ask why should they ??
And I think, even if one single or 2-3 people do come forward it will not be possible.
This is the reason we have forums like our IV so that all can come together and take a decisive step together
.
Who can stop IV to file a lawsuit USCIS ? NO ONE
Many members went on blabbering about how long the process is and how expensive it is ... REMINDER if we can come together and collect upwards of 35k FOR "Lobbying Efforts" we can definitely collect funds for a lawsuit.
Some one here rightly said ...If we are retrogessed and there is a queue ..Is it because of you or me ?? NO it is due to the inefficiency of the USCIS.
NO ROAD IS EASY IN THIS BATTLE..... AND ALL OPTIONS SHOULD BE EXPLORED
Again , I want to reiterate , I think if IV core takes lead...hires a good attorney ....we will have funds for it....we have proved it in the past that IVians can contribute
more...
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nashim
10-12 05:32 PM
I don�t have money to buy a house now but I think the idea is really great because waiting line will be shorter for the person who can�t buy a house now like me, if people get GC based on this proposal.
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pointlesswait
09-23 09:50 AM
this is totally lame idea!
immigration policy is a social and an economic issue..not just economics..
They dont want too many ppl from one country ..that is the reason for 7% quota...why cant you digest that fact...
we can fight injustice if we feel we are being treated in an unfair manner..
but this carrot-and stick approach will back fire...
i know many who have bought homes even when they were on H1...
you must be really creative to link EB GC and purchasing a house!
As completely unrelated these two issues are (from a law maker's perspective) on a normal day, these are possibly those times when each of these issues can help the other.
IV has been discussing about the possibility of one for two solution (partial). The idea is to request congress to exempt EB applicants & their dependents from numerical limits of the Immigrant visas, if they buy a home. It is my belief that market sentiment is the most important thing in any financial market(s) and the housing prospects look pretty bleak. There are lot of members in the EB community that have NOT bought their own home, even though they could afford one because of the uncertainty with EB GC. IV's idea is to bridge the financial committees and judiciary committees in the House/Senate and see if corresponding Chairman/Ranking members are willing to listen. Things are moving so fast with the 700bn USD bail out plan and we will NOT have time to do things the normal way, through our counsel. We have to present this idea to the corresponding staff members of key members of congress (see list below) and see if this gets traction now or going forward.
Please do not bring EB-5 discussion/comparison here. The proposed partial solution is different from EB-5 in that EB-5 investors invest money and we are investing in our future with a genuine intention of making USA our permanent home.
If you already have a home, thats fine. Any such legislation will reduce the wait times in EB categories and we need housing markets to rebound for a safer economy before the ripple effects are felt every where.
Who to write to
Staff members(Chief of Staff, Legislative LA, Financial LA, Legislative Director) of Chairman/Ranking members of House/Senate Judiciary committee & Finance/Banking committee, Staff members of your representative and your senators. Please find staff members of the committees in the spreadsheet (http://spreadsheets.google.com/pub?key=pptN-jEpAiyd3snslhPjBfw).
You can find your representative & senator staff members on this website (http://www.outsourcecongress.org/outsource/congress/schstaffers.html).
Please use valid email addresses and NOT fictitious/junk mail. It undermines the whole purpose and our emails will be flagged by mail scanners / spam checkers as some thing similar to famous Nigeria bank account scams.
Email Subject: Proposal to alleviate current US Housing/economic crisis
Content/Message
SUMMARY
This proposal alleviates the current US economic crisis, by motivating the US high skilled, legal immigrant workers to purchase homes. The size of this immigrant population is approximately 800,000 individuals. This effort if successful would inject up to US$ 20Billion approximately into the economy (approximately US$ 100 Billion in houses sold across the country) , while at the same time directing this money into the root cause of the economic crisis � the illiquidity of the national housing market. The above calculation is done
assuming a median US home price of $212,400 and buyers making a down-payment of 20% of the cost of the home. Roughly estimating 400,000 buyers.
BACKGROUND
Undoubtedly, we are all devastated by the shake up on Wall Street in the past 15 days. Experts agree that the underpinning problem is the housing crisis caused by sub-prime mortgage loans. Many of us, who cannot afford our monthly mortgage payments are losing homes and putting them up for sale and foreclosure, which further adds to the crisis. At the same time, most of the Employment-based (EB) immigrant community would like to purchase homes and make the United States a permanent home for their families. These EB immigrants however, are living in a state of limbo, mostly in rental apartments because of the delays and uncertainties involved with the EB immigration procedure. The wait times in EB categories are exacerbated by the delays in processing by USCIS, even though eligible applicants have filed for Permanent Residency also known as Adjustment of Status. Such processing delays have resulted in the wastage of 218,000 immigrant visa numbers (Page 52 of USCIS Ombudsman Annual report 2007). The current Department of State visa bulletin shows 7+ years of wait times in certain categories. We strongly believe that legislation can be worked out in such a way that the housing markets all over the country can move towards recovery, while at the same time motivating the Green Card applicants to catalyze this recovery.
It should be noted that this proposal by no means brings more immigrant workers into the US. The workers in the EB, skilled category are already present in the US, doing skilled jobs that no US worker is available to do. They are part of the long queue of backlogged cases that USICIS will eventually process; however, this wait can take years and in that case could not be used as a tool to minimize the course of the current economic crisis.
SOLUTION
Congress can pass legislation that exempts EB green card applicants and their dependents from the numerical limits of visa numbers, provided applicant(s) have bought a home making 20% down payment on the sale price of the home, for a time period deemed necessary by the congress.
How can Employment based Immigrants help alleviate the housing problem?
(1) Employment based immigrants are highly skilled and are employed in occupations such as Software, IT, Health care, Energy, Finance, Education and Research & Development across the United States.
(2) Average income of these individuals/households is around 65,000/130,000 USD.
(3) All these Employment based immigrants have gone through Department of Labor�s recruiting process, which certifies that there is no willing, able and qualified US Citizen to do the job.
(4) Most of the Employment based immigrants have excellent credit history and good source of income to make the payments needed for their home mortgage.
(5) By requiring a 20% down payment from this group of buyers, Congress can directly channel this money to where it is need most � at the banks.
(6) Employment based green card applicants have been living in the United States for 6-8 years. Many of them have US graduate degrees in their fields of expertise. These applicants are well versed with the American culture and will not change the cultural landscape.
(7) Financial burden on US government and treasury will be reduced drastically if the glut of houses in the market decreases.
As a member of the community that wants to make the US its permanent home, I want to contribute to a solution that helps USA and US during these tough times. I sincerely believe that the 30 year commitment on mortgages by Employment based immigrants in the housing market, backed by solid, risk free mortgages can turn the down ward spiral in the housing market into a upward spiral.
END OF CONTENT
immigration policy is a social and an economic issue..not just economics..
They dont want too many ppl from one country ..that is the reason for 7% quota...why cant you digest that fact...
we can fight injustice if we feel we are being treated in an unfair manner..
but this carrot-and stick approach will back fire...
i know many who have bought homes even when they were on H1...
you must be really creative to link EB GC and purchasing a house!
As completely unrelated these two issues are (from a law maker's perspective) on a normal day, these are possibly those times when each of these issues can help the other.
IV has been discussing about the possibility of one for two solution (partial). The idea is to request congress to exempt EB applicants & their dependents from numerical limits of the Immigrant visas, if they buy a home. It is my belief that market sentiment is the most important thing in any financial market(s) and the housing prospects look pretty bleak. There are lot of members in the EB community that have NOT bought their own home, even though they could afford one because of the uncertainty with EB GC. IV's idea is to bridge the financial committees and judiciary committees in the House/Senate and see if corresponding Chairman/Ranking members are willing to listen. Things are moving so fast with the 700bn USD bail out plan and we will NOT have time to do things the normal way, through our counsel. We have to present this idea to the corresponding staff members of key members of congress (see list below) and see if this gets traction now or going forward.
Please do not bring EB-5 discussion/comparison here. The proposed partial solution is different from EB-5 in that EB-5 investors invest money and we are investing in our future with a genuine intention of making USA our permanent home.
If you already have a home, thats fine. Any such legislation will reduce the wait times in EB categories and we need housing markets to rebound for a safer economy before the ripple effects are felt every where.
Who to write to
Staff members(Chief of Staff, Legislative LA, Financial LA, Legislative Director) of Chairman/Ranking members of House/Senate Judiciary committee & Finance/Banking committee, Staff members of your representative and your senators. Please find staff members of the committees in the spreadsheet (http://spreadsheets.google.com/pub?key=pptN-jEpAiyd3snslhPjBfw).
You can find your representative & senator staff members on this website (http://www.outsourcecongress.org/outsource/congress/schstaffers.html).
Please use valid email addresses and NOT fictitious/junk mail. It undermines the whole purpose and our emails will be flagged by mail scanners / spam checkers as some thing similar to famous Nigeria bank account scams.
Email Subject: Proposal to alleviate current US Housing/economic crisis
Content/Message
SUMMARY
This proposal alleviates the current US economic crisis, by motivating the US high skilled, legal immigrant workers to purchase homes. The size of this immigrant population is approximately 800,000 individuals. This effort if successful would inject up to US$ 20Billion approximately into the economy (approximately US$ 100 Billion in houses sold across the country) , while at the same time directing this money into the root cause of the economic crisis � the illiquidity of the national housing market. The above calculation is done
assuming a median US home price of $212,400 and buyers making a down-payment of 20% of the cost of the home. Roughly estimating 400,000 buyers.
BACKGROUND
Undoubtedly, we are all devastated by the shake up on Wall Street in the past 15 days. Experts agree that the underpinning problem is the housing crisis caused by sub-prime mortgage loans. Many of us, who cannot afford our monthly mortgage payments are losing homes and putting them up for sale and foreclosure, which further adds to the crisis. At the same time, most of the Employment-based (EB) immigrant community would like to purchase homes and make the United States a permanent home for their families. These EB immigrants however, are living in a state of limbo, mostly in rental apartments because of the delays and uncertainties involved with the EB immigration procedure. The wait times in EB categories are exacerbated by the delays in processing by USCIS, even though eligible applicants have filed for Permanent Residency also known as Adjustment of Status. Such processing delays have resulted in the wastage of 218,000 immigrant visa numbers (Page 52 of USCIS Ombudsman Annual report 2007). The current Department of State visa bulletin shows 7+ years of wait times in certain categories. We strongly believe that legislation can be worked out in such a way that the housing markets all over the country can move towards recovery, while at the same time motivating the Green Card applicants to catalyze this recovery.
It should be noted that this proposal by no means brings more immigrant workers into the US. The workers in the EB, skilled category are already present in the US, doing skilled jobs that no US worker is available to do. They are part of the long queue of backlogged cases that USICIS will eventually process; however, this wait can take years and in that case could not be used as a tool to minimize the course of the current economic crisis.
SOLUTION
Congress can pass legislation that exempts EB green card applicants and their dependents from the numerical limits of visa numbers, provided applicant(s) have bought a home making 20% down payment on the sale price of the home, for a time period deemed necessary by the congress.
How can Employment based Immigrants help alleviate the housing problem?
(1) Employment based immigrants are highly skilled and are employed in occupations such as Software, IT, Health care, Energy, Finance, Education and Research & Development across the United States.
(2) Average income of these individuals/households is around 65,000/130,000 USD.
(3) All these Employment based immigrants have gone through Department of Labor�s recruiting process, which certifies that there is no willing, able and qualified US Citizen to do the job.
(4) Most of the Employment based immigrants have excellent credit history and good source of income to make the payments needed for their home mortgage.
(5) By requiring a 20% down payment from this group of buyers, Congress can directly channel this money to where it is need most � at the banks.
(6) Employment based green card applicants have been living in the United States for 6-8 years. Many of them have US graduate degrees in their fields of expertise. These applicants are well versed with the American culture and will not change the cultural landscape.
(7) Financial burden on US government and treasury will be reduced drastically if the glut of houses in the market decreases.
As a member of the community that wants to make the US its permanent home, I want to contribute to a solution that helps USA and US during these tough times. I sincerely believe that the 30 year commitment on mortgages by Employment based immigrants in the housing market, backed by solid, risk free mortgages can turn the down ward spiral in the housing market into a upward spiral.
END OF CONTENT
more...
makeup %IMG_DESC_9%
ita
03-31 09:34 PM
Very nice thinking..high thinking as long as you don't want to start applying this yardstick only on Modi and end it there.If we start applying no criminal background yardstick then no politician from the current brigade will be left(assuming when you say criminal background you mean all kinds of crimes)
In other words you are sitting on 6 th floor and Indian political scenario(to that matter political scenario else where too.e.g U.S) is on ground floor.
Let's start doing our best so we can get the ground floor to meet 6th floor.
Till they two meet let's work on 'every sinner has a future,every saint has a past'
Just so you know Obama was into drugs in teens. Wouldn't it be a loss if we applied your yardstick on him ?
Although you said you are not supporting any one of them since you kind of endorsed MMS in previous posts think about this
which one is evil of the two : a guy accused of committing crime in the past but who got his act together and is giving good performance or a Intelligent guy knowing full well he wouldn't wield any power accepting to be a show piece/wrapper PM and taking billion people on a ride?
I am not defending any party or person. Everybody is equally bad. Let, all the Muslims in Gujarat may start love him, and entire Gujarat may vote for him. That does not matter. My point is that those people who run for high office should not have any criminal background, despite how much qualified or skilled they are. Assume, if you involved in small domestic violence, and if you fail in small background check you will not get GC even if you are a Nobel Prize winner. Think about PM post and its responsibilities.
In other words you are sitting on 6 th floor and Indian political scenario(to that matter political scenario else where too.e.g U.S) is on ground floor.
Let's start doing our best so we can get the ground floor to meet 6th floor.
Till they two meet let's work on 'every sinner has a future,every saint has a past'
Just so you know Obama was into drugs in teens. Wouldn't it be a loss if we applied your yardstick on him ?
Although you said you are not supporting any one of them since you kind of endorsed MMS in previous posts think about this
which one is evil of the two : a guy accused of committing crime in the past but who got his act together and is giving good performance or a Intelligent guy knowing full well he wouldn't wield any power accepting to be a show piece/wrapper PM and taking billion people on a ride?
I am not defending any party or person. Everybody is equally bad. Let, all the Muslims in Gujarat may start love him, and entire Gujarat may vote for him. That does not matter. My point is that those people who run for high office should not have any criminal background, despite how much qualified or skilled they are. Assume, if you involved in small domestic violence, and if you fail in small background check you will not get GC even if you are a Nobel Prize winner. Think about PM post and its responsibilities.
girlfriend %IMG_DESC_14%
eb3_2004
02-14 03:28 PM
Here is my 2 cents on this
Lets say the interested muster around plaintiffs and sue USCIS. Also, The court agrees that USCIS did not do its duty. Will the court go to the extent of ruling over INA which clearly says that unused visa numbers cannot be recaptured? Will the courts/judicial system set such a precedent where they will go against law just because the agency failed to implement it correctly? I don't think they will set such a precedent by overruling against the law set up by congress and the President who signed it. By long shot, Can the court recommend congress to fix the situation by changing the law and by allowing recapture? Possibly. Does that help and fix our issue?
If lawsuit/court cannot make USCIS use the numbers, how can USCIS admin fix do this?.. I am not fighting here (I sent my letters already!!!)...this just came to my mind...
Lets say the interested muster around plaintiffs and sue USCIS. Also, The court agrees that USCIS did not do its duty. Will the court go to the extent of ruling over INA which clearly says that unused visa numbers cannot be recaptured? Will the courts/judicial system set such a precedent where they will go against law just because the agency failed to implement it correctly? I don't think they will set such a precedent by overruling against the law set up by congress and the President who signed it. By long shot, Can the court recommend congress to fix the situation by changing the law and by allowing recapture? Possibly. Does that help and fix our issue?
If lawsuit/court cannot make USCIS use the numbers, how can USCIS admin fix do this?.. I am not fighting here (I sent my letters already!!!)...this just came to my mind...
hairstyles %IMG_DESC_11%
abhijitp
07-03 06:48 PM
dugg both.
reedandbamboo
05-29 04:08 PM
Can not agree more.
We get engaged in all kinds of discussions EB1 Vs EB2, EB-I Vs EB ROW. bulletin predictions...But we all skilled immigrants can not figure out how to unite and resolve the big issue of backlog. When one person suggests any initiative( flower campaign, call campaign, letter campaign etc.) more 20 people hammer him or her and spend their full energy in proving how suggested idea will not work. Next time the guy does not even think about suggesting anything. On top of that some will come up with their line" Have you contributed, If not then do that first".Our lack of unity will keep us here for a long time to come. In coming months and years, some people will lose interest, stop visiting this site and move on. Others will come to see if there is any POSITIVE news and some will still keep fighting over the issues of EB1 vs EB2 vs India vs China Vs ROW.
Good Luck
I agree! So lets compile a report of EVERY inefficiency/inaccuracy in the US EB1/2/3 system and send it to the media, congressmen/women, the President, etc? I volunteer to write if you'll good folks crunch data.
We get engaged in all kinds of discussions EB1 Vs EB2, EB-I Vs EB ROW. bulletin predictions...But we all skilled immigrants can not figure out how to unite and resolve the big issue of backlog. When one person suggests any initiative( flower campaign, call campaign, letter campaign etc.) more 20 people hammer him or her and spend their full energy in proving how suggested idea will not work. Next time the guy does not even think about suggesting anything. On top of that some will come up with their line" Have you contributed, If not then do that first".Our lack of unity will keep us here for a long time to come. In coming months and years, some people will lose interest, stop visiting this site and move on. Others will come to see if there is any POSITIVE news and some will still keep fighting over the issues of EB1 vs EB2 vs India vs China Vs ROW.
Good Luck
I agree! So lets compile a report of EVERY inefficiency/inaccuracy in the US EB1/2/3 system and send it to the media, congressmen/women, the President, etc? I volunteer to write if you'll good folks crunch data.
gcnotfiledyet
06-12 03:28 PM
You mean bureaucracy from Indian administration and also from US (since they both have to work together) - forget it man - it will never happen
I am glad you were not involved in nuclear deal that just happened against all odds. Can you even imagine US giving waiver exclusively for India, while during clinton years they opposed everything about India citing NPT?
I am glad you were not involved in nuclear deal that just happened against all odds. Can you even imagine US giving waiver exclusively for India, while during clinton years they opposed everything about India citing NPT?
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