Sunday, July 3, 2011

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  • go2roomshare
    04-07 07:04 PM
    I am not sure why we are worrying about this bill. This makes restrictions on Consulting companies, so what Clients won't be able to find people, so they do hire people as full time instead of temporary consulting position. That is good for us we can find more full time positions from client it self. I even heard that this bill makes sure H1B are paid by market rates instead of DOL wages which are often very less than market value. Good thing for us the staring salaries would be at higher rate than present rates. This bill is bad for consulting companies but good for us. Am i missing any thing here??




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  • thakurrajiv
    04-06 09:35 AM
    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 t his decade.
    Jung.lee very good second post from you. People still think it is very easy to keep on holding onto your home for long time till turn around happens.
    But life events can cause you to sell like
    1. Job loss and not able to find job in the same area till back up money runs out.
    2. Kids grow up and you need to pay for college and you have little saving as you are holding to see turn around
    3. Hope not but some medical emergency.

    There can be many more situations. Do you know what people are currently doing in these situation ?
    Get money from Home equity ATM machine !!

    Personally I will be scared to buy now as my payment will be more than 50% of my salary and any of above situations will cause me to sell.
    The prices have to become saner ....
    This is very different from anything we have seen. Wall street will change, money will be harder to come by.
    I think time to say " Welcome savings again ". Long term very good for US as country.




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  • JunRN
    06-06 09:31 PM
    I felt the same way before. I said to myself I wouldn't buy a house until I get my GC. That was until a builder offered me a nice offer. I was renting a two bedroom apartment for $1200 as I have a family with 3 small kids.

    The builder offered me a 2,600 sq. ft., 4 bed-room home at $1450 per month, including taxes and insurance, fixed for 30 years. I guessed that the $250 difference from rent is nothing compared to the benefit of owning a home. The interest part of my first monthly amortization is about $800, $400 go to principal, and $250 go to taxes and insurance.




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  • pappu
    01-29 09:45 PM
    Yup. Many want to shut the golden door of opportunity behind them after they enter! Few like to help others by pulling them out of the mess they were once in!

    There are several immigration related websites and many of them are run by people who themselves went through difficult retrogression. Now these websites are making lot of money due to the traffic on their sites. None has helped IV with anything. Not even allowing us to post a banner ad on their site!
    If any such person is reading this note or knows someone who runs a website, do contact me if you wish to help this cause.



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  • mbawa2574
    01-10 06:18 AM
    so.. by your logic, Al qaeda has declared war on the United states (they did, OBL issued that declaration some time in the late 90s) civilians die in each war, so alqaeda had every right to kill civilians in 9/11?
    Of course not! Intentional targeting of civilians is inexcusable and constitutes a war crime and we should never cease to protest it regardless if it is done by a primitive terrorist or from the comfort of an F-16.

    I am not sure why Islamic Fanatics become victims when they are attacked. Israel is 101% right in defending their territory from Palestine terror attacks. My home country is gonig through the same problem but my government won't do anything.

    Similar example of Pakistan becoming a victim of terror when actually it is a factory of terror and 100% of it s population supports terror in one form or another.

    Don't fire rockets if u fear trouble. Civilized world ( US,UK.Israel,India) need to come together and get a gameplan to weed out this trouble.

    When those terrorists kill innocents, Islamic fanatics go silent. They only wake up when their terrorist brothers are killed.

    So collateral is always in play.


    :D




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  • jkays94
    05-24 02:31 PM
    I don't have the time to go one by one, but one of the arguments about "Zogby poll taken by anti-immigration" groups is at minimum comic. How about other polls posted along the years which show the obvious and logic, which is the American people (not employers of course) support lower immigration numbers ? Anyone surprised by that ?


    There are over 50 different instances referencing Lou Dobbs. He misleads and misdirects and he will flip flop when he is caught between a rock and a hard place on his wild claims. CNN by extension is fast establishing itself as an anti-immigrant media house for purposes of ratings, on which is it fast loosing ground. Their latest hire Glenn Beck (http://mediamatters.org/items/200605100005) only shows that promoting such an agenda seems to save CNN's ratings from plunging to the bottom :

    MON., MAY 22, 2006 VIEWERS

    FNC O'REILLY 2,105,000
    FNC HANNITY/COLMES 1,666,000
    FNC GRETA 1,494,000
    FNC HUME 1,341,000
    FNC SHEP SMITH 1,215,000
    CNN KING 885,000
    CNN DOBBS 702,000
    CNN BLITZER 592,000
    CNN COOPER 590,000
    CNN ZAHN 527,000
    CNNHN GRACE 487,000
    MSNBC HARDBALL 471,000
    MSNBC OLBERMANN 406,000



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  • sayantan76
    12-29 11:20 PM
    I agree with you. British occupied USA and India at around same time (1600) and USA got it's independence by 1789 and we had to wait until 1947. UK was very badly hurt post second world war and had to borrow money heavily from USA to pay for veterans and keep war time employment rates. Clement Atlee in his wisdom thought that UK can not maintain it's empire any longer and let go of colonies. Winston Churchill was opposed to this but could not prevail over Atlee. I admire Mahatma immensely. But let us not kid ourselves that we got independence solely based on peaceful independence struggle. To all those peaceniks, if you think non-violence is such a great weapon, why can't we scratch the whole army and use that massive defence budget for something else? If we are maintaining an army, we are going to use it some time.
    at the risk of adding to this "no longer relevant" thread - there is a huge difference between US and India gaining independence.....in case of the former - it was some Britishers now settled in America fighting other Britishers (loyalists to the throne) for autonomy and independence......

    India was perhaps the first successful example of natives gaining independence from a colonial European power....

    also - to brush up on some more history - India was not occupied in 1600 - actually East India Company was established in that year.....the real establishment and consolidation of territorial control happened between two historical events (Battle of Plassey in 1757 and Sepoy Mutiny in 1857).....if we consider the 1757 date as start of colonization in true earnest - then India was independent in 190 years (1947 - 1757) against your calculation of 189 years for USA (as per your post - 1789-1600) - so not bad for a mostly non-violent struggle :-)

    Also - one of the reasons Atlee thought it was too expensive to maintain colonies was because of all the Quit India and Civil Disobedience type regular movements -these movements took much political and military bandwidth that Britain simply did not have after the war.....if maitaining a colony was easy sailing - i doubt Britain would have given it up easily and we have to credit the non-violent movements for helping India becoming a pain in the neck for Britain......




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  • desi485
    08-05 11:36 AM
    This person hiding behind the user id "Rolling_Flood" is an extreme selfish person. The whole idea of our community is to help each other and to provide support & guidance to each-other. Instead he is trying to stop others from getting this advantage, trying to make us believe that EB-2 is his birth-right. I am in EB-2, but I do not support this selfish fox, he will harm the IV community exploiting 'divide & rule' policy. :mad:



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  • bajrangbali
    06-07 05:46 PM
    Thread gets more interesting...way of life..love the way it transformed from home buying good/bad to sound investment advice...here is my bit:

    With all the $$ spending by government, inflation is inevitable. FED can try to fight it by increasing interest rates, but that will open another box of worms. In a hurry now and will post a detailed discussion later about interest rates, fed and inflation..very interesting indeed

    my take is gold...solid investment in these times and a proven hedge against inflation

    goodluck guys..more later




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  • ss1026
    12-22 11:00 PM
    Good post,
    You post is a testimony that not all hope is lost with Islam. There are still people like yourselves who can think objectively or at least open to one.
    And this is the reason why I am not against Islam as this would also mean that I am raising my fingers on the guys like urself.

    Though I sense your intent, I am too feeble to carry the burden even a fraction of the weight of your point. And I am not even trying to be modest here. Though there is a quite a bit of work to be done for moderate muslims to come forward and lead the way, Muslims have a very proud history (along with issues like most religions/races). Lets hope the people on all sides tone down the rheotric and live and let live



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  • rockstart
    07-14 02:07 PM
    See if things spill horizontally or vertically Eb3(I) is still last in the chain. So many people have demonstrated it. All these days Eb3 (ROW) was gaining from spill over. Now CIS feels that Eb2 takes preference over Eb3 ( which for practical purpose is ROW and not India/ China) so that is why Eb2 is moving forward, else like eb3 eb2 India was also struck. What you are asking is complete re-working of spill over rules. That is not what CIS can do on its own. The rule was always clear Eb1 spill goes to Eb2 and then to Eb2 if some one needs to complain it should be Eb2 who did not get these numbers much earlier.

    * When was it unclear?
    * Why did it take so long for USCIS to see that the law was unclear?
    * What caused USCIS to realize that the law was unclear?
    * What caused them to change their interpretation?
    * How did USCIS use up all of EB2-I numbers in the very first quarter? (Very illegal thing to do)

    Come on, dont be so picky. You know what I mean when I said USCIS changed the law. Dont argue on syntax.




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  • Macaca
    02-13 10:56 AM
    Taken to School (http://www.washingtonpost.com/wp-dyn/content/article/2007/02/12/AR2007021201293_2.html)

    Colleges are filled with smart people, but nobody gets rewarded just for their brains. Many of those brainy people know they've got to go asking for money when they want it. So it's no surprise that colleges are among the most prodigious users of lobbyists. Universities and other groups with direct interests in higher education spent $94.6 million on lobbying in 2005, an 18 percent increase from 2004, according to Inside Higher Ed.

    Johns Hopkins University led the way with $1,020,000. Boston University, Case Western Reserve University and the University of Miami followed, with $920,000, $820,000 and $730,000, respectively.

    Those numbers will probably decline now that pet projects, or earmarks, are harder to get. House Appropriations Committee Chairman David R. Obey (D-Wis.) told colleagues last week that they have until March 16 to request them and that their dollar amount will be cut in half compared with most earmarks in fiscal 2006.



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  • unitednations
    08-02 10:51 PM
    ouch. there is always uncertainty, all steps of this gc process :(

    thanks for the note. I only hope they 'go after' people if they suspect fraud or out of status or salary issues etc.

    We are just a widget/number to uscis adjudicator. All of these ability to pay denials were very scarce prior to 2004. However, in 2003 and 2004 a lot of the 245i labors got approved (gas stations, restaurants, etc.). USCIS started to see a lot of bogus companies filing for people. They decided to clarify in a memo how they were going to look at ability to pay. Now; ability to pay was used rarely, in those cases that didn't look genuine (if you go to AAO decisions you would have seen the type of companies that uscis usually went after). However, to combat the 245i labors they started to apply the memo to all companies. Just imagine that a company with $20 million revenue can get ability to pay denials; but a company with $15,000 in revenue can get approval.




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  • bhatt
    06-05 09:32 PM
    http://seattlebubble.com/blog/wp-content/uploads/2009/04/home-price-to-rent_2009-01.png

    Althought this is just for seattle area, this trend is more or less the same nationwide.

    According to this graph we need to wait out atleast one more year for the Rent - to- Price ratio to come down to the historical averages. But you get the Federal first -time home owner credit of $8000 (more in CA) only if you buy before the end of this year. So in my opinion, a good time to buy a house is in the month of december this year, if not the best time to buy. Now this is with an assumsion that mortgage rates don't rise substantially.

    All the time is good time to buy home( there is no particular good time). It depends on which house you are buying at what price.
    once the interest rates shoots up( which is happening now - 2 week back it was 4.5 , now it is 5.65 ) its price will come down.
    If you don't have gc and a have a steady job get a condo or townhome instead of big house. Also you can get a FHA loan with 3% down payment ! . the interest rate will be .5% above the normal rate and no need of PMI.



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  • number30
    03-26 04:48 PM
    Person leaves employer X (140 approved, more than 180 days since 485 filing, etc.) and joins employer Y on EAD (under AC21).

    Employer X revokes 140 so as to not run into any issues like you pointed out. Nothing personal against the employee, just business.

    That person after a while decides to go back to employer X (485 is still pending) under AC21.

    Does the USCIS look at that as okay to do? Or do they question the employer's intentions since the employer had earlier revoked the 140.

    Thanks in advance for sharing your opinion on this.

    We had similar case. It was in 2002. Company was ready to issue another future offer letter. Local USCIS office at Buffalo NY did not agree to continue process. They said job offer is gone the I-485 is gone and has valid reason the denial. They asked my friend to refile I-140 and I-485.




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  • satishku_2000
    04-12 01:01 PM
    Its important to understand the root cause for the retrogression. Illegals dont have categories and categories in the EB GCs are there for a reason. It makes a world of a difference for somebody who is EB2 or EB3 if the person was from say.. Bangladesh. If EB2 he is all set if EB3 he will be languishing here. I am EB2 and am in trouble because of CONSULTANTS and yes I have a problem with that.


    You are not in trouble because of "CONSULTANTS", You are in trouble because country of your birth , because you did not get into queue earlier enough.

    I am strictly talking about greencard retrogession here.



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  • Winner
    03-25 11:01 AM
    Thanks for contributing to IV with meaningful discussions. Would you all consider making a monetary contribution to IV?




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  • satishku_2000
    08-02 07:10 PM
    Re-file 140 or file an appeal on the 140.

    Filing the appeal; you will be able to extend the h-1b.


    Thanks UN for your comments , any comments for the situation mentioned in this thread
    http://immigrationvoice.org/forum/showthread.php?t=11819




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  • vikramark
    10-06 11:45 AM
    Hello Guys,

    I am a bit confused, I always thought or heard (John Kerry, last Presidential debate) Democratic (Most of them) candidates pro to legal immigrants who have been here from last 5-7 yrs, regularly paying taxes and have not broken any law, there can be few exceptions but over all above democratic strategy have been to support immigrants who meet above three criteria.

    What am I missing?

    Thanks




    obviously
    04-10 12:41 PM
    Fighting between EB categories shows how shallow our debates can turn out to be! Rhimzim & all, do the illegals differentiate between meat packers, seamstresses, window cleaners etc.? Why waste time and energy?




    lfwf
    08-06 03:45 PM
    According to you A acquires skills over a period of time and so does a person who went for higher education and is EB2. You also say that if there was no porting, A has a PD of 2002 (in EB3) and B has a PD of 2005 (in EB2), then they are almost in the same position.

    At this point both of us agree that A and B are equal, right?

    If they both are EQUAL, then can you guarantee that both PDs will move at the same rate?. If A�s PD becomes unavailable and B�s become current. B will get GC faster than A even though both were equal (from your logic). Is this fair, then?

    No one can guarantee that. and that is the whole concept of "preference categories" . So now its ok for A to jump to EB2 and leapfrog everyone with his/her 2002 PD? Does 5 years of work have that much value? He/She would be ahead of 2003 EB2 filers that may have been working on degrees since 1999. That's ok by you? The faster movement of EB2 makes up for the years of education. I say, by all means BS+5 shoudl file EB2, I just don't agree with the porting. That PD was for an entirely different skill set and job. I know its the law. I still disagree. Can do that last I knew :-)



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