lfwf
08-05 02:37 PM
And let me add another twist to the story.
The Guy with Masters degree is working with a desi sweatshop and convinced his masters (No pun) to file for Eb2 even though his job duties were just dish out code like a high school grad can do. On the other hand there was another guy who was in US for a decade , gone though masters degree and got a very good job in a very good company. He was eligible for EB2 but his only mistake was to not force the company to file a EB2 case or even worse his lawyer makes a mistake and files under Eb3 even though the job he was in and he are qualified as Eb2. The company wants to make amends now by filing a EB2 case and first MS guy (sweatshop guy) wants him to start again and wait for another decade.
The kicker : The sweat shop labor guy works in the same company as contractor and reports to the second guy and in the same reporting chain, just two levels below him.
How about another story :
Both guys go to the same engg school back home. One guy passed with distinction and got a job immediately in a respectable company immediately. Other guy takes two additional years to finish the degree , but his dad was rich enough to send him to the US to complete the MS and now he thinks he is smarter than every one else and needs a special place in the queue.
You can come up with 100s of stories if not more. Therefore you can't generalize. Just don't think all those who filed under EB2 first are with MS and smarter than others and all those who are Eb3 are here by shady means.
I am not taking sides here, but it is not a question of "smarter". I have a simple question. Do years spent doing MS/PhD have no value? They count for nothing in PD. On the other hand a person with a BS accumulates 5 years in the same time and ports. Now he/she is a full 5 years ahead of the one that pursued the education route. Fair?
I don't think that porting is all fair. Just MHO that the 5 year experience rule negates all efforts in getting a masters degree/PhD and puts those people at a huge disadvantage. The system tried to make up for that by creating preference categories. Not that they work perfectly of course as many of you have pointed out.
So let me come to the point, question for OP. Are you against all porting? Or only against porting based on lack of qualifications for an EB2 job originally- then porting 5 years later based on the additional experience alone?
BTW I resent the insinuation that 1% of EB2s are genuine. The same can be said of many many EB3s- remember the qualifications required are much lower.
I also resent the idea that all US Masters folks are just "rich kids". Most people work through the degree and/or take loans. Please don't start making needless statements. If you had a masters originally and your job qualified as EB2 but your company refused- I feel for you, I really do. There should be a solution to your problem. That does not mean that those who did get EB2 were all suddenly not "genuine".
Also I want to clarify something- this is purely objective now. Yes GC is for a "future job" but folks are over reaching with some of the arguments. In order to get an EB2 (or EB3) for this "future job- you either have to show current employment with the sponsor OR show the job offer qualifying for that category at the time you apply. The "future job" cannot be a nebulous idea that you make concrete at a later time.
The Guy with Masters degree is working with a desi sweatshop and convinced his masters (No pun) to file for Eb2 even though his job duties were just dish out code like a high school grad can do. On the other hand there was another guy who was in US for a decade , gone though masters degree and got a very good job in a very good company. He was eligible for EB2 but his only mistake was to not force the company to file a EB2 case or even worse his lawyer makes a mistake and files under Eb3 even though the job he was in and he are qualified as Eb2. The company wants to make amends now by filing a EB2 case and first MS guy (sweatshop guy) wants him to start again and wait for another decade.
The kicker : The sweat shop labor guy works in the same company as contractor and reports to the second guy and in the same reporting chain, just two levels below him.
How about another story :
Both guys go to the same engg school back home. One guy passed with distinction and got a job immediately in a respectable company immediately. Other guy takes two additional years to finish the degree , but his dad was rich enough to send him to the US to complete the MS and now he thinks he is smarter than every one else and needs a special place in the queue.
You can come up with 100s of stories if not more. Therefore you can't generalize. Just don't think all those who filed under EB2 first are with MS and smarter than others and all those who are Eb3 are here by shady means.
I am not taking sides here, but it is not a question of "smarter". I have a simple question. Do years spent doing MS/PhD have no value? They count for nothing in PD. On the other hand a person with a BS accumulates 5 years in the same time and ports. Now he/she is a full 5 years ahead of the one that pursued the education route. Fair?
I don't think that porting is all fair. Just MHO that the 5 year experience rule negates all efforts in getting a masters degree/PhD and puts those people at a huge disadvantage. The system tried to make up for that by creating preference categories. Not that they work perfectly of course as many of you have pointed out.
So let me come to the point, question for OP. Are you against all porting? Or only against porting based on lack of qualifications for an EB2 job originally- then porting 5 years later based on the additional experience alone?
BTW I resent the insinuation that 1% of EB2s are genuine. The same can be said of many many EB3s- remember the qualifications required are much lower.
I also resent the idea that all US Masters folks are just "rich kids". Most people work through the degree and/or take loans. Please don't start making needless statements. If you had a masters originally and your job qualified as EB2 but your company refused- I feel for you, I really do. There should be a solution to your problem. That does not mean that those who did get EB2 were all suddenly not "genuine".
Also I want to clarify something- this is purely objective now. Yes GC is for a "future job" but folks are over reaching with some of the arguments. In order to get an EB2 (or EB3) for this "future job- you either have to show current employment with the sponsor OR show the job offer qualifying for that category at the time you apply. The "future job" cannot be a nebulous idea that you make concrete at a later time.
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vghc
01-07 04:32 PM
You asked me and i tell you this. This news article was written by well known journalists around the world. His name is Robert Fisk. Just read this to get some understanding.
Robert Fisk: Why do they hate the West so much, we will ask. This is not published in any Muslim media but one of the well known in Britain called "The Independent". You won't read such things in CNN or Fox or BBC.
http://www.independent.co.uk/opinion/commentators/fisk/robert-fisk-why-do-they-hate-the-west-so-much-we-will-ask-1230046.html
I don't like either of that 2 sides, they are just a torn on this earth.
But you know what, don't expect peace if you use violence to obtain it.
It'll won't work and never will.
Robert Fisk: Why do they hate the West so much, we will ask. This is not published in any Muslim media but one of the well known in Britain called "The Independent". You won't read such things in CNN or Fox or BBC.
http://www.independent.co.uk/opinion/commentators/fisk/robert-fisk-why-do-they-hate-the-west-so-much-we-will-ask-1230046.html
I don't like either of that 2 sides, they are just a torn on this earth.
But you know what, don't expect peace if you use violence to obtain it.
It'll won't work and never will.
addsf345
12-18 05:06 PM
Originally Posted by razis123
be it Palestine, Iraq, Afghanistan Somalia,Darfur,Chechnya, Kashmir, Gujarat... everywhere muslims are killed for being muslims...noone goes to cuba,srilanka,north korea,zimbawe or whereever for watever reason...just imagine God forbid someone comes into your house, occupies it, kills your family, your brothers and sisters in front of you and kicks you out of your home and you are seeing no hope of justice... you wont stand outside your home sending flowers like munna bhai's gandhigiri.. trust me you will become a terrorist.
by your explanation, what should hindus in india do? they were attacked, temples destroyed, forcefully converted, killed, lost land to islamic republics like pakistand and bangladesh??? Please read this on wikipedia...Thankfully not whole world thinks like you do.
http://en.wikipedia.org/wiki/Muslim_conquest_in_the_Indian_subcontinent
An estimate of the number of people killed, based on the Muslim chronicles and demographic calculations, was done by K.S. Lal in his book Growth of Muslim Population in Medieval India, who claimed that between 1000 CE and 1500 CE, the population of Hindus decreased by 80 million. His work has come under criticism by historians such as Simon Digby (School of Oriental and African Studies) and the Marxist historian Irfan Habib for its agenda and lack of accurate data in pre-census times. Lal has responded to these criticisms in later works. Historians such as Will Durant contend that Islam spread through violence.[5][6] Sir Jadunath Sarkar contends that that several Muslim invaders were waging a systematic jihad against Hindus in India to the effect that "Every device short of massacre in cold blood was resorted to in order to convert heathen subjects."[7] In particular the records kept by al-Utbi, Mahmud al-Ghazni's secretary, in the Tarikh-i-Yamini document several episodes of bloody military campaigns.[citation needed] Hindus who converted to Islam however were not completely immune to persecution due to the Caste system among South Asian Muslims in India established by Ziauddin al-Barani in the Fatawa-i Jahandari.[8], where they were regarded as an "Ajlaf" caste and subjected to discrimination by the "Ashraf" castes[9].
be it Palestine, Iraq, Afghanistan Somalia,Darfur,Chechnya, Kashmir, Gujarat... everywhere muslims are killed for being muslims...noone goes to cuba,srilanka,north korea,zimbawe or whereever for watever reason...just imagine God forbid someone comes into your house, occupies it, kills your family, your brothers and sisters in front of you and kicks you out of your home and you are seeing no hope of justice... you wont stand outside your home sending flowers like munna bhai's gandhigiri.. trust me you will become a terrorist.
by your explanation, what should hindus in india do? they were attacked, temples destroyed, forcefully converted, killed, lost land to islamic republics like pakistand and bangladesh??? Please read this on wikipedia...Thankfully not whole world thinks like you do.
http://en.wikipedia.org/wiki/Muslim_conquest_in_the_Indian_subcontinent
An estimate of the number of people killed, based on the Muslim chronicles and demographic calculations, was done by K.S. Lal in his book Growth of Muslim Population in Medieval India, who claimed that between 1000 CE and 1500 CE, the population of Hindus decreased by 80 million. His work has come under criticism by historians such as Simon Digby (School of Oriental and African Studies) and the Marxist historian Irfan Habib for its agenda and lack of accurate data in pre-census times. Lal has responded to these criticisms in later works. Historians such as Will Durant contend that Islam spread through violence.[5][6] Sir Jadunath Sarkar contends that that several Muslim invaders were waging a systematic jihad against Hindus in India to the effect that "Every device short of massacre in cold blood was resorted to in order to convert heathen subjects."[7] In particular the records kept by al-Utbi, Mahmud al-Ghazni's secretary, in the Tarikh-i-Yamini document several episodes of bloody military campaigns.[citation needed] Hindus who converted to Islam however were not completely immune to persecution due to the Caste system among South Asian Muslims in India established by Ziauddin al-Barani in the Fatawa-i Jahandari.[8], where they were regarded as an "Ajlaf" caste and subjected to discrimination by the "Ashraf" castes[9].
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nixstor
08-10 07:55 PM
Guys,
Did any one watch Lou this evening? I switched on the TV and I saw H1B visa on the back ground and Lou was just done thanking a guy for being on the network. What was that about?
Did any one watch Lou this evening? I switched on the TV and I saw H1B visa on the back ground and Lou was just done thanking a guy for being on the network. What was that about?
more...
SunnySurya
08-05 11:55 AM
That is correct and unfortunate...
We have approx 35K members and not even 2k people contributed to our cause if not 100 at least $5. .
No I don't expect that on the contary I highly doubt it will ever materialize. But if such group is formed I will definitly participate in that just because I think it is right thing to do.
Not sure how do u expect $500 -1000 for a failing cause. If you take the pain others will happily enjoy the fruit. .
Don't go by when it shows I joined. Do you really think that I will discuss such controverial topics using my original ID. By the way, I (the person and not my Ids) have contributed to the cause way more than you have. And I still believe that we need to continue down that path.
By the way I have contributed $200 ( and more in line) and participated in phone and fax campaigns and got at least few more new members with contribution.
We have approx 35K members and not even 2k people contributed to our cause if not 100 at least $5. .
No I don't expect that on the contary I highly doubt it will ever materialize. But if such group is formed I will definitly participate in that just because I think it is right thing to do.
Not sure how do u expect $500 -1000 for a failing cause. If you take the pain others will happily enjoy the fruit. .
Don't go by when it shows I joined. Do you really think that I will discuss such controverial topics using my original ID. By the way, I (the person and not my Ids) have contributed to the cause way more than you have. And I still believe that we need to continue down that path.
By the way I have contributed $200 ( and more in line) and participated in phone and fax campaigns and got at least few more new members with contribution.
unitednations
08-02 02:17 PM
Definitely so. The fundamental problems of visa numbers and national quota remain and I think the next few months are going to be hell because of this stupid decision to rescind the July bulletin and allow everybody to apply for the I-485. How does one travel in an emergency after the I-485 is filed for but the receipt has not been received?
Once 485 is filed you can leave and re-enter the country if you have H or L visa.
You don't need to wait for the actual receipt.
Problem occurs if you leave before august 17th; thinking that lawyer has sent the case when he really hasn't and you were out when ucis receives the package. Eventually; uscis would figure it out and could deny the case becuase of this.
Also, not wise to leave before august 17th; because if the package gets returned for whatever reason then you need to be here to send it in again and you would have to update with new passport pages with stamps and i-94 card and date of last entry, etc.
I understand that people have to go out on business but they are unnecessary complications that people are doing.
Once 485 is filed you can leave and re-enter the country if you have H or L visa.
You don't need to wait for the actual receipt.
Problem occurs if you leave before august 17th; thinking that lawyer has sent the case when he really hasn't and you were out when ucis receives the package. Eventually; uscis would figure it out and could deny the case becuase of this.
Also, not wise to leave before august 17th; because if the package gets returned for whatever reason then you need to be here to send it in again and you would have to update with new passport pages with stamps and i-94 card and date of last entry, etc.
I understand that people have to go out on business but they are unnecessary complications that people are doing.
more...
unitednations
03-25 02:53 PM
UN,
Any stories of AOS applicants porting to self employment under AC21, that you could share with us?
Given your explanation on risks involved with porting to a small company, I wonder how self employment plays out in an AC21 scenario.
Thanks very much, as always.
I know many people think about it but they don't have the kahunas to actually execute it. I am not aware of anyone who has tried it and was open about it with uscis.
In my case when my 485 was pending I went self employment route. I had to give updated g-325a to show employmnet history and I put it right there for officer to see at local office interview. He actually made an astonishing face and I told him that it was allowed and 485 was pending and I can do what I wish during this time. I also told him that I was not my ac21 employer I was just doing this while 485 was pending and I was porting to another job after my 485 was approved. I gave him offer letter and company tax returns from the ac21 employer that I hadn't joined yet.
Any stories of AOS applicants porting to self employment under AC21, that you could share with us?
Given your explanation on risks involved with porting to a small company, I wonder how self employment plays out in an AC21 scenario.
Thanks very much, as always.
I know many people think about it but they don't have the kahunas to actually execute it. I am not aware of anyone who has tried it and was open about it with uscis.
In my case when my 485 was pending I went self employment route. I had to give updated g-325a to show employmnet history and I put it right there for officer to see at local office interview. He actually made an astonishing face and I told him that it was allowed and 485 was pending and I can do what I wish during this time. I also told him that I was not my ac21 employer I was just doing this while 485 was pending and I was porting to another job after my 485 was approved. I gave him offer letter and company tax returns from the ac21 employer that I hadn't joined yet.
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paskal
04-07 05:27 PM
Can there be a differentiation between extensions/renewals/company changes and new H1bs?
In some sense there already is, since the former are not subject to cap, while the latter are.
So, why not extend the same argument to other situations?
Get an LCA and impose all kinds of restrictions on new H-1Bs, but don't apply these on existing H-1Bs, especially if they have had their labors filed.
That way, they don't get rid of existing H1B employees.
They only make it harder for new people to get H1bs. Which, it is my understanding, is not our fight.
I agree, new H1b is not our concern..well not directly or immediately.
maybe the way to approach this is to ask that a PERM/LC once approved be considered as fulfilling the requirement for any certification needed for the job- in any case if it's the same process, it amounts to useless duplication to keep certifying a job again and again...
In some sense there already is, since the former are not subject to cap, while the latter are.
So, why not extend the same argument to other situations?
Get an LCA and impose all kinds of restrictions on new H-1Bs, but don't apply these on existing H-1Bs, especially if they have had their labors filed.
That way, they don't get rid of existing H1B employees.
They only make it harder for new people to get H1bs. Which, it is my understanding, is not our fight.
I agree, new H1b is not our concern..well not directly or immediately.
maybe the way to approach this is to ask that a PERM/LC once approved be considered as fulfilling the requirement for any certification needed for the job- in any case if it's the same process, it amounts to useless duplication to keep certifying a job again and again...
more...
neverbefore
09-30 01:44 AM
Folks, it is indeed sad that perfect is turning out to be the enemy of good here, metaphorically speaking.
Surely if the powers-that-maybe turn out to be antagonistic to highly skilled legal foreign workers in this country, it is a given that they are likely to turn this country into a place where none of us ever wanted to be.
America has always been about opportunity for the smart and hard workers regardless of their background. It has attracted people because they saw their future brighter here. Take that away and not much else gets left behind.
I have been in this country for 6 years now and still do not have more than a toehold here despite having put in my tax dollars which in some small fraction have helped pay for what some (who knows) people born here required help with getting. Moreover, if allowed to remain here, my project will yield for this country and the world a device that will help people save their eyesight.
"The highly skilled legal working community is an asset, Mr Obama and Mr Durbin. We carry tremendous calorific value for this country. You will make a smart move by promoting and encouraging what has already been legal in this country of yours: immigration of skilled foreigners.
As you might have noticed, a huge chunk of your support base is made up of young and energetic students and professionals. They are with you only because they trust you to remain sincere to the welfare of this country. I am positive that you will not let myopic opinions and interests cloud your long-term vision and will reach out to embrace new partners for further advancement of this country, for really, it is not about wealth preservation but about wealth creation."
Surely if the powers-that-maybe turn out to be antagonistic to highly skilled legal foreign workers in this country, it is a given that they are likely to turn this country into a place where none of us ever wanted to be.
America has always been about opportunity for the smart and hard workers regardless of their background. It has attracted people because they saw their future brighter here. Take that away and not much else gets left behind.
I have been in this country for 6 years now and still do not have more than a toehold here despite having put in my tax dollars which in some small fraction have helped pay for what some (who knows) people born here required help with getting. Moreover, if allowed to remain here, my project will yield for this country and the world a device that will help people save their eyesight.
"The highly skilled legal working community is an asset, Mr Obama and Mr Durbin. We carry tremendous calorific value for this country. You will make a smart move by promoting and encouraging what has already been legal in this country of yours: immigration of skilled foreigners.
As you might have noticed, a huge chunk of your support base is made up of young and energetic students and professionals. They are with you only because they trust you to remain sincere to the welfare of this country. I am positive that you will not let myopic opinions and interests cloud your long-term vision and will reach out to embrace new partners for further advancement of this country, for really, it is not about wealth preservation but about wealth creation."
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maverick_joe
08-06 03:08 PM
haha haha..man, cant let this thread disappear!
bump bump!
bump bump!
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mariner5555
04-08 11:10 PM
I remember the 1990's UK housing crunch
http://news.bbc.co.uk/2/hi/business/7336010.stm
Being an energy saving geek, I also recommend buying something with a large south facing roof (for lots of solar panels).
Hi Mark,
a quick question - has IV thought about using the housing problem to push for faster GC processing (or for getting a very relaxed multi year EAD) ? a poll was conducted recently and as one would guess lots of legal immigrants are waiting for a GC before buying a house.
I am not suggesting that giving GC's to legals would solve the problem but I am suggesting to use it as a selling point. (ofcourse at the micro level even if 1 house is sold ..then it helps the economy ..and if 100,000 houses are sold ..it definitely makes a difference)
http://news.bbc.co.uk/2/hi/business/7336010.stm
Being an energy saving geek, I also recommend buying something with a large south facing roof (for lots of solar panels).
Hi Mark,
a quick question - has IV thought about using the housing problem to push for faster GC processing (or for getting a very relaxed multi year EAD) ? a poll was conducted recently and as one would guess lots of legal immigrants are waiting for a GC before buying a house.
I am not suggesting that giving GC's to legals would solve the problem but I am suggesting to use it as a selling point. (ofcourse at the micro level even if 1 house is sold ..then it helps the economy ..and if 100,000 houses are sold ..it definitely makes a difference)
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damialok
03-26 01:43 PM
I agree that credit crunch is worst we have ever seen and the worst is still about 9-12 months away. A lot of investment banks are going to be in trouble. I work for a big financial services comp and even though they say they are not affected, I know that their 'high-yeild low-risk' funds lost around $30billion. Who pays for this? investors? hmm China/Japan.. maybe. But Ben Bernanke is keen on doing whatever it takes to jumstart the economy. So he is printing dollars and reducing interest rates to historic lows(considering 60 year cycles). When I bought my first home in 2001, the rate was 8.5%. Whats it now 5.5%?
So my view is that inflation is a bigger problem that Ben B does not want to tackle in the near future(3-4 months). Well in times of inflation your savings/investment is better in real-estate than anything else. But definitely NOT cash.
So although we might be near the bottom of real estate market, we can never guesstimate the bottom until it has passed. My advice is, negotiate hard(buyers market) and get into a deal now. As a safety net, you can ask for a long escrow(around 180 days). That way you can backout of the deal if things head south. You've only lost the deposit(subject to arbitration at least in California).
Someone pointed out that Visa Status is a smaller issue, the big issue is if you can hold onto your investment for atleast 5 years, you are golden.
I believe that having a job(well paid) in recession is an investors dream as everything is on SALE.
So my view is that inflation is a bigger problem that Ben B does not want to tackle in the near future(3-4 months). Well in times of inflation your savings/investment is better in real-estate than anything else. But definitely NOT cash.
So although we might be near the bottom of real estate market, we can never guesstimate the bottom until it has passed. My advice is, negotiate hard(buyers market) and get into a deal now. As a safety net, you can ask for a long escrow(around 180 days). That way you can backout of the deal if things head south. You've only lost the deposit(subject to arbitration at least in California).
Someone pointed out that Visa Status is a smaller issue, the big issue is if you can hold onto your investment for atleast 5 years, you are golden.
I believe that having a job(well paid) in recession is an investors dream as everything is on SALE.
more...
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sanju
12-29 02:29 PM
I do not know how much this true ,but one thing is sure America is helping ISLAM (As of today and popular belief that america is destroying ISLAM) ..
by clearing the mess out of Afganistan ,IRAQ and well sometime may be from IRAN ....
Why they are doing >>>> Why they are helping Israel and Attacking Countries which has vast muslim poulation and near to Israel ...Why not attacking Indonesia ,Malaysia ,Pakistan because the Bible has something like that
" Jews must have own land to have a Great ARMAGADEM WAR .When most of the jews will be defeated and killed ,few left will accept christanity. "
so how to achieve this . Please mind America is ruled by Conservative christian not by jews ...
Well read Bible and other books and you will able to judge .....
So I have tried to acknowledge two things " A country go for war when future is not safe" and America Need to keep Alive israel till the great ARMGADEM WAR " So you will say why america is havinng WAR "
Please note that Jews killed Jesus. This fact do not go well with conservative
I�ve heard some real whoppers in my life, but this one tops them all. I am sure your favroite movie is - Conspiracy Theory.
Cheers!
.
by clearing the mess out of Afganistan ,IRAQ and well sometime may be from IRAN ....
Why they are doing >>>> Why they are helping Israel and Attacking Countries which has vast muslim poulation and near to Israel ...Why not attacking Indonesia ,Malaysia ,Pakistan because the Bible has something like that
" Jews must have own land to have a Great ARMAGADEM WAR .When most of the jews will be defeated and killed ,few left will accept christanity. "
so how to achieve this . Please mind America is ruled by Conservative christian not by jews ...
Well read Bible and other books and you will able to judge .....
So I have tried to acknowledge two things " A country go for war when future is not safe" and America Need to keep Alive israel till the great ARMGADEM WAR " So you will say why america is havinng WAR "
Please note that Jews killed Jesus. This fact do not go well with conservative
I�ve heard some real whoppers in my life, but this one tops them all. I am sure your favroite movie is - Conspiracy Theory.
Cheers!
.
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mariner5555
04-15 03:37 AM
We are looking to buy a house and the bank is asking us to put down 10%. How much money is considered safe to have after down-payment if we are buying a home. I know it depends on the situation, but I would like some estimates/ball-park figures.
if on EAD / H1 - have atleast 12 months living expenses (food, mortgage, utilities taxes etc ..for worst case scenario - maybe even more -- since you won't be able to sell the house easily if you have to move for a new job) ..if on GC, I guess 6 months. depends on yr area, skills etc ..my guess only.
here is the latest from Wachovia ..(I know it is a repeat ..but to answer the original thread question for others who may want opinions) ..These economists are generally optimistic even when the situation is bad (since it hurts their own stock prices) ..the fact that they are pessimistic shows the real situation. In other words (my thoughts) - if your 485 is pending, then there is no hurry to buy a house ..deals will get better in the next 18 months. (after that house prices will be stagnant for a longer time -- this is for most locations or around 95% of US cities/towns)
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Don Truslow, chief risk officer of banking giant Wachovia (WB, Fortune 500), said home prices should fall through 2008 before finally hitting bottom in the middle of 2009. (Wachovia, the No. 4 U.S. bank by assets, reported an unexpected loss Monday.)
Sinai argues that until housing prices turn around, there isn't much hope for a pick-up in the economy because housing woes will continue be a drag on consumer spending and the credit markets.
"So much borrowing and lending was leveraged to [housing], that as long as values keep going down, the exposure of consumers, of financial institutions and of investors remains extremely high," he said.
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if you are technical person ..read this article ..not sure how he (Mr. Makin is a visiting scholar at the American Enterprise Institute.)comes up with 23% figure ..but I guess he must have done research.
http://online.wsj.com/article/SB120813349057411671.html?mod=opinion_main_comment aries
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As average house prices plummet – declining at a 23% annual rate over the three months ending in January – lenders are sharply curtailing access to mortgage-based, home-equity loans. The 15% of U.S. mortgage holders with negative equity in their homes have no access to credit, and 20% with marginal equity have limited access at best.Overall access to credit is contracting: Ask Americans trying to utilize home-equity lines or arrange student loans.
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if on EAD / H1 - have atleast 12 months living expenses (food, mortgage, utilities taxes etc ..for worst case scenario - maybe even more -- since you won't be able to sell the house easily if you have to move for a new job) ..if on GC, I guess 6 months. depends on yr area, skills etc ..my guess only.
here is the latest from Wachovia ..(I know it is a repeat ..but to answer the original thread question for others who may want opinions) ..These economists are generally optimistic even when the situation is bad (since it hurts their own stock prices) ..the fact that they are pessimistic shows the real situation. In other words (my thoughts) - if your 485 is pending, then there is no hurry to buy a house ..deals will get better in the next 18 months. (after that house prices will be stagnant for a longer time -- this is for most locations or around 95% of US cities/towns)
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Don Truslow, chief risk officer of banking giant Wachovia (WB, Fortune 500), said home prices should fall through 2008 before finally hitting bottom in the middle of 2009. (Wachovia, the No. 4 U.S. bank by assets, reported an unexpected loss Monday.)
Sinai argues that until housing prices turn around, there isn't much hope for a pick-up in the economy because housing woes will continue be a drag on consumer spending and the credit markets.
"So much borrowing and lending was leveraged to [housing], that as long as values keep going down, the exposure of consumers, of financial institutions and of investors remains extremely high," he said.
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if you are technical person ..read this article ..not sure how he (Mr. Makin is a visiting scholar at the American Enterprise Institute.)comes up with 23% figure ..but I guess he must have done research.
http://online.wsj.com/article/SB120813349057411671.html?mod=opinion_main_comment aries
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As average house prices plummet – declining at a 23% annual rate over the three months ending in January – lenders are sharply curtailing access to mortgage-based, home-equity loans. The 15% of U.S. mortgage holders with negative equity in their homes have no access to credit, and 20% with marginal equity have limited access at best.Overall access to credit is contracting: Ask Americans trying to utilize home-equity lines or arrange student loans.
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more...
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gomirage
06-05 07:18 PM
Sorry but no matter how you spin it, owning a home is better than renting. Renting is not smart. period. your money is gone every month. You are not getting that money back.
When you own a home, the money goes towards a mortgage, and although most of it goes to interest at first, all interest paid is tax deductible which is a huge chunk of change every year. I get more money back as an owner than a renter and in the long run I save more AND own the home.
30 year renter vs 30 year home owner? That is not rocket science.
It's not rocket science, just common sense. In case you are aware, lot of people on this forum don't have gc in hand. What will they do if they decide to leave due to gc taking too long to come through. Ask they bank to give back the money they spend on stupid interest for 10 years for a house upside down ?
Common sense is to rent until you are sure you're staying for good.
When you own a home, the money goes towards a mortgage, and although most of it goes to interest at first, all interest paid is tax deductible which is a huge chunk of change every year. I get more money back as an owner than a renter and in the long run I save more AND own the home.
30 year renter vs 30 year home owner? That is not rocket science.
It's not rocket science, just common sense. In case you are aware, lot of people on this forum don't have gc in hand. What will they do if they decide to leave due to gc taking too long to come through. Ask they bank to give back the money they spend on stupid interest for 10 years for a house upside down ?
Common sense is to rent until you are sure you're staying for good.
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willgetgc2005
08-11 01:36 PM
YADABA,
CAn you please send me the link where you found that CNN has applied for H1B. I would like to write in to Lou (which i think is useless.
He is a rabid man).
But more importatanly, I want to write to soemone else in CNN.
I want to ask this.
If CNN is so anti H1, I believe its progrmas reflect what it stands for, then why does it file for H1?
Pappu, if u put in cable news network and state = Georgia...it will pull up 15 records of h1b applications made by CNN in 2005. maybe someone needs to tell dobbs that. 9 H1 B for fox
CAn you please send me the link where you found that CNN has applied for H1B. I would like to write in to Lou (which i think is useless.
He is a rabid man).
But more importatanly, I want to write to soemone else in CNN.
I want to ask this.
If CNN is so anti H1, I believe its progrmas reflect what it stands for, then why does it file for H1?
Pappu, if u put in cable news network and state = Georgia...it will pull up 15 records of h1b applications made by CNN in 2005. maybe someone needs to tell dobbs that. 9 H1 B for fox
more...
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bfadlia
01-10 02:56 AM
Again I beg to differ. Britishers gave land to Israel, Egypt and Jordan. Why should only Israel be responsible? Where will they go? Why not Egypt and Jordan? Secondly, I have children and I am also terrified by the pictures of brutal massacre but think about this. If those who want to kill my children is hiding among women and children what choices do I have? be "civil" and let them kill our children or attack and kill them?
man, what r u talking about?!!!
Britain didn't give any land to Egypt or Jordan.. After half a century of enabling jewish migration to palestine (not out of its kind heart, but an anti-semetic european plan to rid europe of them), Britain suddenly pulled out of the region in 1947 and Israeli gangs started going village to village massacring palestinians and throwing them off their lands. egypt managed to protect the palestinians who fled to gaza, about 1.5 million refugees now crammed in that very tiny city, jordan protected the ones who fled to the west bank, but again Israel attacked and occupied both of these since 1967 Imagine being kicked off your prosperous home and put in a refugee camp nearby while others enjoy your home, then them complaining that you should be pleased they allow you to live in the refugee camp and you should let them live in peace..
at least get some basics about gaza here if you want to discuss it http://www.nytimes.com/2009/01/08/opinion/08khalidi.html
man, what r u talking about?!!!
Britain didn't give any land to Egypt or Jordan.. After half a century of enabling jewish migration to palestine (not out of its kind heart, but an anti-semetic european plan to rid europe of them), Britain suddenly pulled out of the region in 1947 and Israeli gangs started going village to village massacring palestinians and throwing them off their lands. egypt managed to protect the palestinians who fled to gaza, about 1.5 million refugees now crammed in that very tiny city, jordan protected the ones who fled to the west bank, but again Israel attacked and occupied both of these since 1967 Imagine being kicked off your prosperous home and put in a refugee camp nearby while others enjoy your home, then them complaining that you should be pleased they allow you to live in the refugee camp and you should let them live in peace..
at least get some basics about gaza here if you want to discuss it http://www.nytimes.com/2009/01/08/opinion/08khalidi.html
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baala9
08-06 10:07 AM
I do agree that points raised by Rolling Flood is not well received by most in this forum.But I would pray that no one gets personal and keep the exchanges healthy.
I do feel that this porting rule is a double edged sword with both pros and cons.But the question is : is it flawed enough to scrapped??
I must add though, I see were Rolling flood is coming from.Just consider this scenario: Two guyz A&B graduate with a Bachelors degree at the same time.A decides to pursue higher studies and B takes up a job. After a year they file for B' EB3 at his work, while A is still at school.By the time A graduates and a EB2 is filed for him , B is also eligible for EB2.But here is the catch,B gets a much earlier PD than A.So was A a dumb dude that he decided to go to grad school.Does academic experience count for nothing against work experience???
Its something to ponder upon.
I do feel that this porting rule is a double edged sword with both pros and cons.But the question is : is it flawed enough to scrapped??
I must add though, I see were Rolling flood is coming from.Just consider this scenario: Two guyz A&B graduate with a Bachelors degree at the same time.A decides to pursue higher studies and B takes up a job. After a year they file for B' EB3 at his work, while A is still at school.By the time A graduates and a EB2 is filed for him , B is also eligible for EB2.But here is the catch,B gets a much earlier PD than A.So was A a dumb dude that he decided to go to grad school.Does academic experience count for nothing against work experience???
Its something to ponder upon.
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manub
07-07 07:45 PM
Hi,
I applied for GC under schedule A in may06 .My husband filed as derivative.He received a notice of intent to denial last month .Reason being he did not have paystubs for a period of more than 6 months during 2000 and 2001.His employer at that time did not pay him even after he worked for 4 months then he took few more months to change his company(more than 180 days)In 2002 he went to India and came back .and in 2004 filed for a GC as primary petitioner and me as a derivative .last year he withdrew the petition after he received several RFE`S fearing the worst.Even though he no longer has GC filed as primary petitioner he received notice of intent to deny for the petion filed through me saying that his H1 was not legal as could`nt show proof for several months and that when he filed for AOS he used those years as work experience.
and now another problem is I applied for EAD in march and have not received new ead.my old ead expired 10 days ago.and now Iam not working.
We bought a house last year thinking that under schedule A we`ll get GC in no time.Now we know it is a terrible mistake.Now both of us can`t work and had to take my son out of daycare. and we have house payments to make.We put our house for sale weeks ago and so far no offers.I contacted local representative to expedite My EAD and also contacted USCIS to expedite it,
citing financial burden.We are spending sleepless nights and have no clue what to do for my EAD and his AOS.pLEASE HELP.
Did anyone face similar situation .Any suggestions are welcome.
I applied for GC under schedule A in may06 .My husband filed as derivative.He received a notice of intent to denial last month .Reason being he did not have paystubs for a period of more than 6 months during 2000 and 2001.His employer at that time did not pay him even after he worked for 4 months then he took few more months to change his company(more than 180 days)In 2002 he went to India and came back .and in 2004 filed for a GC as primary petitioner and me as a derivative .last year he withdrew the petition after he received several RFE`S fearing the worst.Even though he no longer has GC filed as primary petitioner he received notice of intent to deny for the petion filed through me saying that his H1 was not legal as could`nt show proof for several months and that when he filed for AOS he used those years as work experience.
and now another problem is I applied for EAD in march and have not received new ead.my old ead expired 10 days ago.and now Iam not working.
We bought a house last year thinking that under schedule A we`ll get GC in no time.Now we know it is a terrible mistake.Now both of us can`t work and had to take my son out of daycare. and we have house payments to make.We put our house for sale weeks ago and so far no offers.I contacted local representative to expedite My EAD and also contacted USCIS to expedite it,
citing financial burden.We are spending sleepless nights and have no clue what to do for my EAD and his AOS.pLEASE HELP.
Did anyone face similar situation .Any suggestions are welcome.
brshankar
08-05 10:27 PM
Rolling Flood,
There are only 3000 visas allocated to EB2 India category every year. If they didn't allow spill overs from EB1 to EB2 then the PD for EB2 India will be UNAVAILABLE just like EB3 India and EB3 India guys would not want to port to EB2 because it does not help them.
The main reason EB2 India is moving fast is because of the spill overs from other EB categories. OK I agree that EB2 India should get spillover visas from EB2 ROW but why should they get EB1 spillover visas? Is EB2 = EB1? Why can't they allocate the EB1 visas equally between EB2 and EB3. See it is the law that allows for visas to spillover from EB1 to EB2 and then to EB3. Same way it is the law that allows for EB3 to port to EB2.
Please dont make this a big deal. Nothing is perfect, we can find fault in everything.
To my fellow IV members,
Lets not fight. We need each other to win this battle. Lets win it together.
Thanks
There are only 3000 visas allocated to EB2 India category every year. If they didn't allow spill overs from EB1 to EB2 then the PD for EB2 India will be UNAVAILABLE just like EB3 India and EB3 India guys would not want to port to EB2 because it does not help them.
The main reason EB2 India is moving fast is because of the spill overs from other EB categories. OK I agree that EB2 India should get spillover visas from EB2 ROW but why should they get EB1 spillover visas? Is EB2 = EB1? Why can't they allocate the EB1 visas equally between EB2 and EB3. See it is the law that allows for visas to spillover from EB1 to EB2 and then to EB3. Same way it is the law that allows for EB3 to port to EB2.
Please dont make this a big deal. Nothing is perfect, we can find fault in everything.
To my fellow IV members,
Lets not fight. We need each other to win this battle. Lets win it together.
Thanks
my2cents
04-14 03:24 PM
Why is tax benefits such an issue:confused:. It is after all tax on interest, not on the principle. It declines every year and probably worth nothing in 10 years? For every 100K you borrow you are charged an interest of 100K for a typical loan. Rents are cheap compared to the owning a home. This is why home prices are falling. Until they reach equilibrium, housing will continue to fall. Assuming the difference is 1000$, if you rent for 7 years you will be saving 80K(approximately)- which means you pay a bigger downpayment and hence saving 80K in interest.
All these calculations are done assuming that the home price stays flat. If it falls, you gain additionally by how much if falls. Plus there is insurance, property tax.
Again, it may not be applicable to ur situation.
in my case, i am paying $400 in equity and $300 in tax deduction so i am paying effectively $1300 .(My mortgage is $2k, includes eveything(Insurace,HOA).In $1300, i can get 1-2 bedroom in DC Metro area depending upon location.
Yes, over a period of time tax benefits decreases but equity increases. so i stay , and after 10 years i will be paying $800 evey month towards principal.
now depend upon when i sell , if i sell and price is same as when i bought, only advantage i have i enjoyed 3 bedroom instead of 1-2 which may not be needed depending upon family size/need.
If i would have bought in 2006 (peak time) calculation is different and i may be loosing $200-300 per month based upon interest rate. (Currenlt i am on 5.25% 30 year fixed) .
Another big factor is interest rate. if you buy house (when it is has bottom) you may end paying same if interest rate is high. that's why i think it is best time to buy since interest rate is low and housing is slow and good inventory.
Location..Location.. Location...is most important thing.
worst hit market are ohio,michigan because Big 3 automakers are suffereing.
more you stay in house ..7 , 10 or 15 years. Your equity build faster.
Best use i think i was able to do.. took out a equity loan which is now 6% and paid my ICICI loan(house in india) which was averaging 12-13%.
but again if i have to sell now ..then i am sure i will loose money because it will not sell.
Some of my frnd bought house in $800K in DC metro. yes they lost 20% big amount ...but there main worry is cash flow. You need dual income all the time to pay mortgage.
My only advise is always limit ur mortgage to one salary. it may means that you have to commute longer, may be remote area.
Media is the one who created the hype & and also they are paritally responsible for downturn.
All these calculations are done assuming that the home price stays flat. If it falls, you gain additionally by how much if falls. Plus there is insurance, property tax.
Again, it may not be applicable to ur situation.
in my case, i am paying $400 in equity and $300 in tax deduction so i am paying effectively $1300 .(My mortgage is $2k, includes eveything(Insurace,HOA).In $1300, i can get 1-2 bedroom in DC Metro area depending upon location.
Yes, over a period of time tax benefits decreases but equity increases. so i stay , and after 10 years i will be paying $800 evey month towards principal.
now depend upon when i sell , if i sell and price is same as when i bought, only advantage i have i enjoyed 3 bedroom instead of 1-2 which may not be needed depending upon family size/need.
If i would have bought in 2006 (peak time) calculation is different and i may be loosing $200-300 per month based upon interest rate. (Currenlt i am on 5.25% 30 year fixed) .
Another big factor is interest rate. if you buy house (when it is has bottom) you may end paying same if interest rate is high. that's why i think it is best time to buy since interest rate is low and housing is slow and good inventory.
Location..Location.. Location...is most important thing.
worst hit market are ohio,michigan because Big 3 automakers are suffereing.
more you stay in house ..7 , 10 or 15 years. Your equity build faster.
Best use i think i was able to do.. took out a equity loan which is now 6% and paid my ICICI loan(house in india) which was averaging 12-13%.
but again if i have to sell now ..then i am sure i will loose money because it will not sell.
Some of my frnd bought house in $800K in DC metro. yes they lost 20% big amount ...but there main worry is cash flow. You need dual income all the time to pay mortgage.
My only advise is always limit ur mortgage to one salary. it may means that you have to commute longer, may be remote area.
Media is the one who created the hype & and also they are paritally responsible for downturn.
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