NKR
08-05 08:28 AM
What i mean is: Porting should not be an option based on the LENGTH OF WAITING TIME in EB3 status. That is what it is most commonly used for, thus causing a serious disadvantage to EB2 filers (who did not port).
"Employment Preference Categories" have very real legal groundings, and i intend to challenge the porting rule based on those facts.
If someone is unsatisfied with their EB3 application, they are more than welcome to start a fresh EB2 or EB1 application process, rather than try the porting subterfuge.
I hope i have made my point clear? Thanks.
I am EB2 and I do not support this idea. Just imagine, someone could have applied in EB3 though he was qualified for EB2 because he was ill advised by his lawyers or employers. Why should he be punished TWICE for no fault of his?.
"Employment Preference Categories" have very real legal groundings, and i intend to challenge the porting rule based on those facts.
If someone is unsatisfied with their EB3 application, they are more than welcome to start a fresh EB2 or EB1 application process, rather than try the porting subterfuge.
I hope i have made my point clear? Thanks.
I am EB2 and I do not support this idea. Just imagine, someone could have applied in EB3 though he was qualified for EB2 because he was ill advised by his lawyers or employers. Why should he be punished TWICE for no fault of his?.
wallpaper smiley face clip art animated.
jonty_11
07-13 05:51 PM
willwin - What we are essentially saying is to artificially retrogress EB2 than it otherwise would have so that an EB3 who is waiting for 7 years gets his GC first - thats really what the spillover break up will do. Similarly an argument can be made to artificially retrogress EB1 so that an EB2 who is waiting for 4 years gets his GC first.
Whether EB1 is presently retrogressed or not doesn't matter.
Let's think about this for a moment. We are trying to completely negate the category preference established by law and asking them to grant GC's based solely on PD regardless of category.
Ain't gonna happen - dont want to be a pessimist but at some point we have to call it as we see it.
Agreed.....the categories were made for a reasson.....and the same logic is being followed by the DOS to spillover unused VISAS. While I understand the frustration of EB3 folks, I would encourage those same folks to folllow IVs initiatives like - call campaigns for House bills...etc. As I have said before IV is working for one and all...w/o caring for their categories. It was not IV that created this spillover policy...however IV is the one that will fight for you irrespective of whether you are EB1, 2 or 3. The key is to post a united front and some level of participation from every member...I was sad to see Pappu publish low numbers for contributions and phone calls....and only wish we would come together as a group rather than breaking apart.
While I fear this will create an offshoot EB3 group within IV, I hope that goos senses will prevail.
FYI - EB2 is still retrogressed over 2 years.....it is not that it is current
Whether EB1 is presently retrogressed or not doesn't matter.
Let's think about this for a moment. We are trying to completely negate the category preference established by law and asking them to grant GC's based solely on PD regardless of category.
Ain't gonna happen - dont want to be a pessimist but at some point we have to call it as we see it.
Agreed.....the categories were made for a reasson.....and the same logic is being followed by the DOS to spillover unused VISAS. While I understand the frustration of EB3 folks, I would encourage those same folks to folllow IVs initiatives like - call campaigns for House bills...etc. As I have said before IV is working for one and all...w/o caring for their categories. It was not IV that created this spillover policy...however IV is the one that will fight for you irrespective of whether you are EB1, 2 or 3. The key is to post a united front and some level of participation from every member...I was sad to see Pappu publish low numbers for contributions and phone calls....and only wish we would come together as a group rather than breaking apart.
While I fear this will create an offshoot EB3 group within IV, I hope that goos senses will prevail.
FYI - EB2 is still retrogressed over 2 years.....it is not that it is current
crystal
08-03 06:09 PM
Search the threads there is a link , if you entered to US in less than a year before filing I-485 they wil send a copy of G-325a to Consulate. If they dont get response in 6 months they move forward, they dont wait for the response. this does not cause backlog as far as i know. They keep consulate visa interview forms for an year , thats what i read in the link
Ok . here is the link
http://www.imminfo.com/resources/cis-sop-aos/7-3-3.html It is 60 days ( not 6 months which i said above)
Do you really think they would send the G-325a to the consulate? Do the consulates keep all the records? For how long? I heard from immigrationportal, somebody said they only send G-325a to the consulate if one applied a visa within one year prior to AOS application. Can anyone confirm this?
If they send everyone's G-325a form to the consulates, would that result in another backlog? Thanks.
Ok . here is the link
http://www.imminfo.com/resources/cis-sop-aos/7-3-3.html It is 60 days ( not 6 months which i said above)
Do you really think they would send the G-325a to the consulate? Do the consulates keep all the records? For how long? I heard from immigrationportal, somebody said they only send G-325a to the consulate if one applied a visa within one year prior to AOS application. Can anyone confirm this?
If they send everyone's G-325a form to the consulates, would that result in another backlog? Thanks.
2011 animated smiley face animated smiley face cartoon. smiley face clip art
paskal
07-14 04:57 PM
if people have to debate this issue, surely we can do it without needless slander and accusations?
i agree with GC applicant, words like that do not sound right and have no place here please.
btw when the vertical spillover started, there was alot of angst, these last two years all retrogressed categories except EB3 ROW have suffered. so that is not true either. except that there was frankly nothing we could do about it. there were long debates similar to the current ones- then they were between Eb2I and EB3 ROW and no conclusion was reached of course, and nothing changed by screaming at each other. finally USCIS as stated by them, has taken counsel about that "change" they made and concluded that they made an error in interpretation. what they have actually done now is rolled back a change they previosuly made.
i also want to say to all the EB2 I crowd here- all this chest thumping is pointless. EB2 I will go back, a lot, this is just a temporary flood gate to use the remaining Gc numbers for the year. meanwhile, the plight of EB3I is truly bad. lets please keep working on the recapture/exemption/ country quota bill trio that would incraese available Gc numbers- for ALL our sakes.
Comments like heartburn ,jealousy over friends in EB2 does not sound right.There are my friends who have learnt from my mistake.
Its neither appropriate to exclaim like this.Whateverthe case may be it is ofcourse injustice to EB3.
Your reactions for the frustrations of EB3 is really the worst part you are doing for your own community.
Why were you silent when EB3 Row were receiving ? Did you know at that time the vertical and horizontal interpretations.Bringing out the problem when its over is of no use either.
Great ! Very nice wonderful own kind around.You want your GC right ,dont worry.
This shows nature,when own kind dont respect others neither will outsider.
i agree with GC applicant, words like that do not sound right and have no place here please.
btw when the vertical spillover started, there was alot of angst, these last two years all retrogressed categories except EB3 ROW have suffered. so that is not true either. except that there was frankly nothing we could do about it. there were long debates similar to the current ones- then they were between Eb2I and EB3 ROW and no conclusion was reached of course, and nothing changed by screaming at each other. finally USCIS as stated by them, has taken counsel about that "change" they made and concluded that they made an error in interpretation. what they have actually done now is rolled back a change they previosuly made.
i also want to say to all the EB2 I crowd here- all this chest thumping is pointless. EB2 I will go back, a lot, this is just a temporary flood gate to use the remaining Gc numbers for the year. meanwhile, the plight of EB3I is truly bad. lets please keep working on the recapture/exemption/ country quota bill trio that would incraese available Gc numbers- for ALL our sakes.
Comments like heartburn ,jealousy over friends in EB2 does not sound right.There are my friends who have learnt from my mistake.
Its neither appropriate to exclaim like this.Whateverthe case may be it is ofcourse injustice to EB3.
Your reactions for the frustrations of EB3 is really the worst part you are doing for your own community.
Why were you silent when EB3 Row were receiving ? Did you know at that time the vertical and horizontal interpretations.Bringing out the problem when its over is of no use either.
Great ! Very nice wonderful own kind around.You want your GC right ,dont worry.
This shows nature,when own kind dont respect others neither will outsider.
more...
xyzgc
12-24 02:19 PM
Ghazni's best-kept secret - The Indian Express
S.C. Sharma ()
April 25, 1998
Title: Ghazni's best-kept secret
Author: S.C. Sharma
Publication: The Indian Express
Date: April 25, 1998
Provocative Ghauri was the title of an editorial that appeared
on this page earlier this month. Pakistan has named its missiles
Ghauri and Ghaznavi with the specific intention of taunting
India. These worthies' claims to fame and glorification, in the
perception of the Pakistanis, lies in the fact that they were
credited with plundering and devastating north-western India time
and time again in the eleventh and twelfth centuries.
In their enthusiasm to score brownie points, the Pakistanis have
got mixed up on chronology, they have produced Ghauri before
Ghaznavi. Also, they have perversely sought to commemorate these
Afghan rulers of Turkish descent in utter disregard of the fact
that most of the territories they plundered are their own - the
North West Frontier Province, the Punjab and Sind. The men and
women they tortured, enslaved, ravished and put to the sword were
their own forebears.
If Pakistanis wish to revel in the inglorious misdeeds of
foreigners perpetrated on their own soil and on their own
ancestors, they are welcome to twirl their moustaches in euphoria
and say: " Where ignorance is bliss, it is folly to he wise."
Indians may look forward to future generations of Pakistani IRBMs
and similar sophisticated weaponry named after the likes of
Changez Khan, Nadir Shah and Ahmad Shah Abdali. Alexander the
Great and Harshavardhan also have strong claims, but they might
be disqualified for obvious reasons.
In the course of his many abortive forays into India, Mohammad
Ghori is said to have been captured once by the forces of Delhi.
But Prithviraj Chauhan, king of Delhi, magnanimously let him off.
Legend has it - and it is widely believed in India - that when
Ghori eventually succeeded in defeating Prithviraj Chauhan at the
Second Battle of Tarain in 1192, he blinded him and took him in
chains to Afghanistan along with his friend, the poet
Chandravardai.
Ghori held a grand durbar to celebrate his victory. His prize
catch, the king of Delhi, blind and a prisoner, was paraded and
publicly humiliated. Deeply incensed by the treatment meted out
to his monarch, Chandravardai took refuge to a subterfuge. He
announced that though completely blind, Prithviraj could still
hit a target guided solely by sound, and he asked for permission
for this feat to be performed.
Prithviraj Chauhan was handed a bow and arrow, and Chandravardai
sang a now-famous verse which told him of the elevation and
distance to Ghori's throne. And thus, guided solely by sound,
Prithviraj shot his arrow through Ghori.
The legend may not be entirely true, but it would be absolutely
accurate to say that even after eight centuries have elapsed,
Prithviraj is regularly subjected to indignity in the land where
he was taken as a captive. I have seen it at first hand.
Many years ago, while travelling by jeep from Kandahar to Kabul,
I had to make a night halt en route at Ghazni. At the hotel, I
learned that there was a grand mausoleum over the tomb of Sultan
Mahmud Ghaznavi near the town, and I determined to see it. A few
extra Afghanis (the local currency) helped my driver to
comprehend the necessity of making a small detour the next
morning.
The mausoleum was indeed grand -judging by local standards - with
a high, arched doorway like the Buland Darwaza. lie tomb proper
was in a cellar about four or five feet be low ground-level. It
intrigued me considerably to note that there were no steps
leading down into the tomb. Instead, a metal chain hung from the
ceiling of the cellar. I was told that I would have to hold the
chain and jump down.
I asked for the reason for this peculiar method of entry. The
caretaker was evasive at first. But after much persuasion, he
disclosed that there was another tomb at the exact spot where you
jumped down. There, the infidel king of Delhi, Prithviraj
Chauhan, lay buried.
================================================== =====================
Might I add, that the very Islam these Pakis seem to be proud of, was forced down upon them.
Most of these are descendents of forced converts to Islam!
S.C. Sharma ()
April 25, 1998
Title: Ghazni's best-kept secret
Author: S.C. Sharma
Publication: The Indian Express
Date: April 25, 1998
Provocative Ghauri was the title of an editorial that appeared
on this page earlier this month. Pakistan has named its missiles
Ghauri and Ghaznavi with the specific intention of taunting
India. These worthies' claims to fame and glorification, in the
perception of the Pakistanis, lies in the fact that they were
credited with plundering and devastating north-western India time
and time again in the eleventh and twelfth centuries.
In their enthusiasm to score brownie points, the Pakistanis have
got mixed up on chronology, they have produced Ghauri before
Ghaznavi. Also, they have perversely sought to commemorate these
Afghan rulers of Turkish descent in utter disregard of the fact
that most of the territories they plundered are their own - the
North West Frontier Province, the Punjab and Sind. The men and
women they tortured, enslaved, ravished and put to the sword were
their own forebears.
If Pakistanis wish to revel in the inglorious misdeeds of
foreigners perpetrated on their own soil and on their own
ancestors, they are welcome to twirl their moustaches in euphoria
and say: " Where ignorance is bliss, it is folly to he wise."
Indians may look forward to future generations of Pakistani IRBMs
and similar sophisticated weaponry named after the likes of
Changez Khan, Nadir Shah and Ahmad Shah Abdali. Alexander the
Great and Harshavardhan also have strong claims, but they might
be disqualified for obvious reasons.
In the course of his many abortive forays into India, Mohammad
Ghori is said to have been captured once by the forces of Delhi.
But Prithviraj Chauhan, king of Delhi, magnanimously let him off.
Legend has it - and it is widely believed in India - that when
Ghori eventually succeeded in defeating Prithviraj Chauhan at the
Second Battle of Tarain in 1192, he blinded him and took him in
chains to Afghanistan along with his friend, the poet
Chandravardai.
Ghori held a grand durbar to celebrate his victory. His prize
catch, the king of Delhi, blind and a prisoner, was paraded and
publicly humiliated. Deeply incensed by the treatment meted out
to his monarch, Chandravardai took refuge to a subterfuge. He
announced that though completely blind, Prithviraj could still
hit a target guided solely by sound, and he asked for permission
for this feat to be performed.
Prithviraj Chauhan was handed a bow and arrow, and Chandravardai
sang a now-famous verse which told him of the elevation and
distance to Ghori's throne. And thus, guided solely by sound,
Prithviraj shot his arrow through Ghori.
The legend may not be entirely true, but it would be absolutely
accurate to say that even after eight centuries have elapsed,
Prithviraj is regularly subjected to indignity in the land where
he was taken as a captive. I have seen it at first hand.
Many years ago, while travelling by jeep from Kandahar to Kabul,
I had to make a night halt en route at Ghazni. At the hotel, I
learned that there was a grand mausoleum over the tomb of Sultan
Mahmud Ghaznavi near the town, and I determined to see it. A few
extra Afghanis (the local currency) helped my driver to
comprehend the necessity of making a small detour the next
morning.
The mausoleum was indeed grand -judging by local standards - with
a high, arched doorway like the Buland Darwaza. lie tomb proper
was in a cellar about four or five feet be low ground-level. It
intrigued me considerably to note that there were no steps
leading down into the tomb. Instead, a metal chain hung from the
ceiling of the cellar. I was told that I would have to hold the
chain and jump down.
I asked for the reason for this peculiar method of entry. The
caretaker was evasive at first. But after much persuasion, he
disclosed that there was another tomb at the exact spot where you
jumped down. There, the infidel king of Delhi, Prithviraj
Chauhan, lay buried.
================================================== =====================
Might I add, that the very Islam these Pakis seem to be proud of, was forced down upon them.
Most of these are descendents of forced converts to Islam!
sc3
07-13 04:10 AM
EB3-I..please print the attached word doc and sign and mail it to Department of state..this week
Moderator could you makes this Sticky please
Thanks!. I was in the process of writing to the Ombudsman about the allotment system change, and the reasons behind it. If I dont hear back, I intend to write to my congresswoman / senator about it.
So while I was thinking what to write, your draft is very helpful in making my final letter. I hope everyone starts writing mails to the ombudsman about the problem.
Moderator could you makes this Sticky please
Thanks!. I was in the process of writing to the Ombudsman about the allotment system change, and the reasons behind it. If I dont hear back, I intend to write to my congresswoman / senator about it.
So while I was thinking what to write, your draft is very helpful in making my final letter. I hope everyone starts writing mails to the ombudsman about the problem.
more...
ShantiRam
07-11 11:18 AM
My employer back in 2001 and 2002 did not pay me in a consistent way..I was paid once in every three months during the time I was in bench. I have the W2 returns from those two years which shows average income of only 29K. However I had valid visa status and h1b approval from my employer as well as employment verification letter from them. Now i am with a new employer since 2003 and do not have any problems with them and get paid regurarly. After reading manub's post I am also worried if my I485 will be denied whenever I apply for it... or is there somethings I can take care of before? It is not my fault that the employer did not pay me consistently - right?
2010 smiley face clip art animated. images bored face clipart.
Winner
03-25 11:01 AM
Thanks for contributing to IV with meaningful discussions. Would you all consider making a monetary contribution to IV?
more...
ItIsNotFunny
03-27 09:02 AM
10 Reasons to Lobby for your cause (http://www.independentsector.org/programs/gr/10ReasonstoLobby.pdf) (courtesy krishna.ahd)
For many of us, lobbying is something other people do�people who wear fancy clothes and buy politicians lunch at expensive restaurants. But lobbying, or more simply, trying to influence those who make policies that affect our lives, is something anyone can do. And it is something all of us should do if we believe in a good cause and in a democratic form of government. Read on to find out why.
......
Very nice post.
For many of us, lobbying is something other people do�people who wear fancy clothes and buy politicians lunch at expensive restaurants. But lobbying, or more simply, trying to influence those who make policies that affect our lives, is something anyone can do. And it is something all of us should do if we believe in a good cause and in a democratic form of government. Read on to find out why.
......
Very nice post.
hair hair Big Happy Face Big Happy
Rolling_Flood
08-05 09:00 AM
Show me where it says in the law that a "person's eligibility decides EB1/2/3"?
Your job demands an EB3 and no higher, thus your company filed an EB3.
If you think you should be EB2 instead, then find another job or another company. What do you not understand?
And please refrain from using foul language, this is my first, and final, request to you, sir.
I am not anti-immigrant, just anti-porting and anti-interfiling.
As i said earlier you have Zero understanding of these things and that's why you came to waste peoples time. You could be an anti-immigrant as well.
"GC is for future Job and one single person could be eligible for EB3 / EB2 / EB1 any kind of jobs - its the person's ELIGIBILITY which matters " - understand dumbo ?
Your job demands an EB3 and no higher, thus your company filed an EB3.
If you think you should be EB2 instead, then find another job or another company. What do you not understand?
And please refrain from using foul language, this is my first, and final, request to you, sir.
I am not anti-immigrant, just anti-porting and anti-interfiling.
As i said earlier you have Zero understanding of these things and that's why you came to waste peoples time. You could be an anti-immigrant as well.
"GC is for future Job and one single person could be eligible for EB3 / EB2 / EB1 any kind of jobs - its the person's ELIGIBILITY which matters " - understand dumbo ?
more...
rimzhim
04-09 11:43 AM
Very true indeed. I am sure you have gone through the full nine yards and understand. Also you will still be an asset no matter what. That is not the case with "consultants".
Thx for saying that. My boss who is a professor in a research university at least thinks that way, and also believes that I am a leader (FYI riva2005). Frankly, if you are not displacing an American, and there is legal proof of that, there is no reason to worry. Also, mjrajatish: yes, it will be difficult to move in 2 weeks. Same holds for me too because they have to prove that Iam not displacing another American in the new workplace. I see nothing wrong in that.
Thx for saying that. My boss who is a professor in a research university at least thinks that way, and also believes that I am a leader (FYI riva2005). Frankly, if you are not displacing an American, and there is legal proof of that, there is no reason to worry. Also, mjrajatish: yes, it will be difficult to move in 2 weeks. Same holds for me too because they have to prove that Iam not displacing another American in the new workplace. I see nothing wrong in that.
hot faces happy face clipart.
alisa
04-07 01:23 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.
You hit the nail in the head.
Instead of getting rid of all H1B employees in one full swoop, this lobby wants to put law in place where new H1s will be mostly rejected due the "Consulting clause" and existing H1 employees will be hit in the head with a 2 X 4 when renewing H1, since the scrutiny and paperwork is the same for new H1, H1 extensions and H1 transfers. Same LCA filing, same I-129 forms.
So instead of immediate purge, this is like getting rid of 5 to 10 thousand each month by making extensions and renewals and transfer impossible for those doing the consulting.
Like the admin said, this is the slow bleed of H1B program where death is slow but not obvious and easily detectable.
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.
You hit the nail in the head.
Instead of getting rid of all H1B employees in one full swoop, this lobby wants to put law in place where new H1s will be mostly rejected due the "Consulting clause" and existing H1 employees will be hit in the head with a 2 X 4 when renewing H1, since the scrutiny and paperwork is the same for new H1, H1 extensions and H1 transfers. Same LCA filing, same I-129 forms.
So instead of immediate purge, this is like getting rid of 5 to 10 thousand each month by making extensions and renewals and transfer impossible for those doing the consulting.
Like the admin said, this is the slow bleed of H1B program where death is slow but not obvious and easily detectable.
more...
house 2010 smiley face clip art
DSJ
05-17 03:01 PM
You said it.
Consulting requires ability to learn quickly and ability analyzie the problem quickly and honestly consulting is not a profession for every one.
Consulting requires ability to learn quickly and ability analyzie the problem quickly and honestly consulting is not a profession for every one.
tattoo house smiley face clip art
jung.lee
04-05 06:07 PM
The analysis is interesting, but this much amount has already been written off considering 100% of option ARM, and alt-ARM will fail.
I think you missed my point. I was not trying to connect the ARM reset schedule with write-offs at wall street firms. Instead, I was trying to point out that there will be increased number of foreclosures as those ARMs reset over the next 36 months.
The next phase of the logic is: increased foreclosures will lead to increased inventory, which leads to lower prices, which leads to still more foreclosures and "walk aways" (people -citizens- who just dont want to pay the high mortgages any more since it is way cheaper to rent). This leads to still lower prices. Prices will likely stabilize when it is cheaper to buy vs. rent. Right now that calculus is inverted. In many bubble areas (both coasts, at a minimum) you would pay significantly more to buy than to rent (2X or more per month with a conventional mortgage in some good areas).
On the whole, I will debate only on financial and rational points. I am not going to question someone's emotional position on "homeownership." It is too complicated to extract someone out of their strongly held beliefs about how it is better to pay your own mortgage than someone elses, etc. All that is hubris that is ingrained from 5+ years of abnormally strong rising prices.
Let us say that you have two kids, age 2 and 5. The 5 year old is entering kindergarten next fall. You decide to buy in a good school district this year. Since your main decision was based on school choice, let us say that your investment horizon is 16 years (the year your 2 year old will finish high school at age 18).
Let us further assume that you will buy a house at the price of $600,000 in Bergen County, with 20% down ($120,000) this summer. The terms of the loan are 30 year fixed, 5.75% APR. This loan payment alone is $2800 per month. On top of that you will be paying at least 1.5% of value in property taxes, around $9,000 per year, or around $750 per month. Insurance will cost you around $1500 - $2000 per year, or another $150 or so per month. So your total committed payments will be around $3,700 per month.
You will pay for yard work (unless you are a do-it-yourself-er), and maintenance, and through the nose for utilities because a big house costs big to heat and cool. (Summers are OK, but desis want their houses warm enough in the winter for a lungi or veshti:))
Let us assume further that in Bergen county, you can rent something bigger and more comfortable than your 1200 sq ft apartment from a private party for around $2000. So your rental cost to house payment ratio is around 1.8X (3700/2000).
Let us say further that the market drops 30% conservatively (will likely be more), from today through bottom in 4 years. Your $600k house will be worth 30% less, i.e. $420,000. Your loan will still be worth around $450k. If you needed to sell at this point in time, with 6% selling cost, you will need to bring cash to closing as a seller i.e., you are screwed. At escrow, you will need to pay off the loan of $450k, and pay 6% closing costs, which means you need to bring $450k+$25k-$420k = $55,000 to closing.
So you stand to lose:
1. Your down payment of $120k
2. Your cash at closing if you sell in 4 years: $55k
3. Rental differential: 48 months X (3700 - 2000) = $81k
Total potential loss: $250,000!!!
This is not a "nightmare scenario" but a very real one. It is happenning right now in many parts of the country, and is just now hitting the more populated areas of the two coasts. There is still more to come.
My 2 cents for you guys, desi bhais, please do what you need to do, but keep your eyes open. This time the downturn is very different from the business-investment related downturn that followed the dot com bust earlier this decade.
I think you missed my point. I was not trying to connect the ARM reset schedule with write-offs at wall street firms. Instead, I was trying to point out that there will be increased number of foreclosures as those ARMs reset over the next 36 months.
The next phase of the logic is: increased foreclosures will lead to increased inventory, which leads to lower prices, which leads to still more foreclosures and "walk aways" (people -citizens- who just dont want to pay the high mortgages any more since it is way cheaper to rent). This leads to still lower prices. Prices will likely stabilize when it is cheaper to buy vs. rent. Right now that calculus is inverted. In many bubble areas (both coasts, at a minimum) you would pay significantly more to buy than to rent (2X or more per month with a conventional mortgage in some good areas).
On the whole, I will debate only on financial and rational points. I am not going to question someone's emotional position on "homeownership." It is too complicated to extract someone out of their strongly held beliefs about how it is better to pay your own mortgage than someone elses, etc. All that is hubris that is ingrained from 5+ years of abnormally strong rising prices.
Let us say that you have two kids, age 2 and 5. The 5 year old is entering kindergarten next fall. You decide to buy in a good school district this year. Since your main decision was based on school choice, let us say that your investment horizon is 16 years (the year your 2 year old will finish high school at age 18).
Let us further assume that you will buy a house at the price of $600,000 in Bergen County, with 20% down ($120,000) this summer. The terms of the loan are 30 year fixed, 5.75% APR. This loan payment alone is $2800 per month. On top of that you will be paying at least 1.5% of value in property taxes, around $9,000 per year, or around $750 per month. Insurance will cost you around $1500 - $2000 per year, or another $150 or so per month. So your total committed payments will be around $3,700 per month.
You will pay for yard work (unless you are a do-it-yourself-er), and maintenance, and through the nose for utilities because a big house costs big to heat and cool. (Summers are OK, but desis want their houses warm enough in the winter for a lungi or veshti:))
Let us assume further that in Bergen county, you can rent something bigger and more comfortable than your 1200 sq ft apartment from a private party for around $2000. So your rental cost to house payment ratio is around 1.8X (3700/2000).
Let us say further that the market drops 30% conservatively (will likely be more), from today through bottom in 4 years. Your $600k house will be worth 30% less, i.e. $420,000. Your loan will still be worth around $450k. If you needed to sell at this point in time, with 6% selling cost, you will need to bring cash to closing as a seller i.e., you are screwed. At escrow, you will need to pay off the loan of $450k, and pay 6% closing costs, which means you need to bring $450k+$25k-$420k = $55,000 to closing.
So you stand to lose:
1. Your down payment of $120k
2. Your cash at closing if you sell in 4 years: $55k
3. Rental differential: 48 months X (3700 - 2000) = $81k
Total potential loss: $250,000!!!
This is not a "nightmare scenario" but a very real one. It is happenning right now in many parts of the country, and is just now hitting the more populated areas of the two coasts. There is still more to come.
My 2 cents for you guys, desi bhais, please do what you need to do, but keep your eyes open. This time the downturn is very different from the business-investment related downturn that followed the dot com bust earlier this decade.
more...
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StuckInTheMuck
08-08 04:40 PM
Two alligators are sitting on the edge of a swamp. The small one turns to the big one and says, "I don't understand how you can be so much bigger than me. We're the same age, we were the same size as kids. I just don't get it."
"Well," says the big alligator, "What have you been eating?"
"Immigration attorneys, same as you," replies the small alligator.
"Hm. Well, where do you catch 'em?"
"Down at that law firm on the edge of the swamp."
"Same here. Hm. How do you catch 'em?"
"Well, I crawl under a BMW and wait for someone to unlock the door. Then I jump out, bite 'em, shake the crap out of 'em, and eat 'em!"
"Ah!" says the big alligator, "I think I see your problem. See, by the time you get done shakin' the crap out of an immigration lawyer, there's nothin' left but lips and a briefcase."
"Well," says the big alligator, "What have you been eating?"
"Immigration attorneys, same as you," replies the small alligator.
"Hm. Well, where do you catch 'em?"
"Down at that law firm on the edge of the swamp."
"Same here. Hm. How do you catch 'em?"
"Well, I crawl under a BMW and wait for someone to unlock the door. Then I jump out, bite 'em, shake the crap out of 'em, and eat 'em!"
"Ah!" says the big alligator, "I think I see your problem. See, by the time you get done shakin' the crap out of an immigration lawyer, there's nothin' left but lips and a briefcase."
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pete
04-09 11:33 AM
Very true indeed. I am sure you have gone through the full nine yards and understand. Also you will still be an asset no matter what. That is not the case with "consultants". I think they ought to have some kind of licensing.
Like Pharmacists, dostors, nurses, architects . They should have hurdles. There if there aren't any you see what happens.
Don't want to sound selfish, but I agree 100% on this. Where I am employed as a scientist, the employer took great pains to show that I have not displaced any American worker. In fact they have a whole file with documents that support this fact. If I move, my new employer will do the same. I am not scared of this provision in the H1B bill. If you are really the best, only then you deserve to get the job, and then you have no reason to fear this bill.
Like Pharmacists, dostors, nurses, architects . They should have hurdles. There if there aren't any you see what happens.
Don't want to sound selfish, but I agree 100% on this. Where I am employed as a scientist, the employer took great pains to show that I have not displaced any American worker. In fact they have a whole file with documents that support this fact. If I move, my new employer will do the same. I am not scared of this provision in the H1B bill. If you are really the best, only then you deserve to get the job, and then you have no reason to fear this bill.
more...
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unitednations
03-24 04:30 PM
You would be even more surprised if you look at the LCA and the salary they pay. Its surprising how they can get away with it. But then they are cap exempt, so that says something.
I think it is mainly for graduate students who are researchers or professors right?
I know my brother went this route and the graduate students/post doctorate students don't get paid much. I thought that was changing though.
I think it is mainly for graduate students who are researchers or professors right?
I know my brother went this route and the graduate students/post doctorate students don't get paid much. I thought that was changing though.
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Carlau
08-12 07:14 PM
If you enter http://www.flcdatacenter.com/CaseH1B.aspx
H-1B efile 2005
employer cable news
state Georgia
You will see many H-1B positions but one of these is "Systems Software Developer" valid from Jan 2005 to Jan 2008, something that according to him, America is not short of.
H-1B efile 2005
employer cable news
state Georgia
You will see many H-1B positions but one of these is "Systems Software Developer" valid from Jan 2005 to Jan 2008, something that according to him, America is not short of.
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logiclife
07-17 10:41 AM
Those of you who dont know, Randall Emery is a good friend of Immigration Voice.
Previously he has helped some of the 485 applicants on this forum who were stuck in name-check process. Randall helped us arrange a meeting with a lawyer that he had hired for his wife's immigration quagmire when her greencard was stuck in namecheck.
Randall has repeated supported immigration voice as he himself was unaware of the problems in legal immigration until he married a foriegner. He has provided support, advise and tips and offered to help us.
Everyone:
Please make sure you dont accuse people just because you think or feel someone is not friendly. At least take some pain and read previous posts of the person to make sure you dont engage in friendly fire.
Previously he has helped some of the 485 applicants on this forum who were stuck in name-check process. Randall helped us arrange a meeting with a lawyer that he had hired for his wife's immigration quagmire when her greencard was stuck in namecheck.
Randall has repeated supported immigration voice as he himself was unaware of the problems in legal immigration until he married a foriegner. He has provided support, advise and tips and offered to help us.
Everyone:
Please make sure you dont accuse people just because you think or feel someone is not friendly. At least take some pain and read previous posts of the person to make sure you dont engage in friendly fire.
number30
03-24 03:39 PM
UN,
I can't help asking this.
I have been following your posts for a while. I know you are quite knowledgeable in immigration.
But many of your posts indicate you have a bias against Indians. You seem to be going hard against H1B and saying Indians are screwing H1Bs.
I like to believe you are unbiased. Please let us know.
Moment you bring such things into the forum discussions will stop and goes somewhere else.
I can't help asking this.
I have been following your posts for a while. I know you are quite knowledgeable in immigration.
But many of your posts indicate you have a bias against Indians. You seem to be going hard against H1B and saying Indians are screwing H1Bs.
I like to believe you are unbiased. Please let us know.
Moment you bring such things into the forum discussions will stop and goes somewhere else.
acecupid
08-06 06:17 PM
A young man walked into a jewelry store one Friday evening with a
beautiful young gal at his side.
He told the jeweler he was looking for a special ring for his
girlfriend. The jeweler looked through his stock and brought out a
$5,000 ring and showed it to him.
The young man said, "I don't think you understand, I want something
very
special. "
At that statement, the jeweler went to his special stock and brought
another ring over. " Here's a stunning ring at only $40,000, " the
jeweler said.
The young lady's eyes sparkled and her whole body trembled with
excitement.
The young man seeing this said, "We'll take it. "
The jeweler asked how payment would be made and the young man stated, "
by cheque."
"I know you need to make sure my cheque is good, so I'll write it now
and you can call the bank Monday to verify the funds and I'll pick the
ring up Monday afternoon. "
Monday morning, a very teed-off jeweler phoned the young man. " There's
no money in that account."
"I know ", said the young man, "but can you imagine the weekend I had?
beautiful young gal at his side.
He told the jeweler he was looking for a special ring for his
girlfriend. The jeweler looked through his stock and brought out a
$5,000 ring and showed it to him.
The young man said, "I don't think you understand, I want something
very
special. "
At that statement, the jeweler went to his special stock and brought
another ring over. " Here's a stunning ring at only $40,000, " the
jeweler said.
The young lady's eyes sparkled and her whole body trembled with
excitement.
The young man seeing this said, "We'll take it. "
The jeweler asked how payment would be made and the young man stated, "
by cheque."
"I know you need to make sure my cheque is good, so I'll write it now
and you can call the bank Monday to verify the funds and I'll pick the
ring up Monday afternoon. "
Monday morning, a very teed-off jeweler phoned the young man. " There's
no money in that account."
"I know ", said the young man, "but can you imagine the weekend I had?
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