Macaca
05-27 05:39 PM
As Indian companies grow in the U.S., outsourcing comes home (http://www.washingtonpost.com/business/as-indian-companies-grow-in-the-us-outsourcing-comes-home/2011/05/17/AFZbrp7G_story.html) By Paul Glade | The Washington Post
Ray Capuana paces the rows of cubicles in a haggard high-rise a stone�s throw from Wall Street as his people hustle the phones and hope for a bonus check.
His employees are not bond traders, though. They are call center workers. Many are African Americans without college degrees. Some lack high school diplomas. They work for a Mumbai-based company called Aegis Communications.
India�s outsourcing giants � faced with rising wages at home � have looked for growth opportunities in the United States. But with Washington crimping visas for visiting Indian workers, some companies such as Aegis are slowly hiring workers in North America, where their largest corporate customers are based. In this evolution, outsourcing has come home.
Capuana, a manager for Aegis in New York, motivates this U.S. office with dress-down days and the prospect that workers could, one day, earn a stint training call center workers in Goa, India. One of his tasks is to staff 176 cubicles, where workers make or take calls for customers of prescription drug plans or Medicare contracts and enter and verify information. The pay runs $12 to $14 an hour, with bonus checks of up to $730 a month.
�Our recruitment model is simple,� says Capuana, who played Division III college football, wears rosary beads on his wrist and has a picture of Jesus above his desk. �I don�t care if you come from Park Avenue or the park bench. If you can do the job, we want you.�
Aegis, a subsidiary of India�s Essar Group, an energy, telecom and metals conglomerate, says it�s pioneering the next generation of outsourcing: putting the work close to its global customers. Its executives call the practice �near-sourcing,� �diverse shoring� and, sometimes, �cross-shoring.�
Madhu Vuppuluri, chief executive and dealmaker for the Americas division of Essar Group, remembers watching outsourcing grow in India in the late 1990s and early 2000s and thinking that the decline of U.S. call centers was overdone. He persuaded the billionaire Ruia brothers, Essar�s Indian owners, to let him make a counterintuitive bet: In 2000, he bid on the bankrupt assets of Telequestion, a 500-person call center in Arlington, Tex., for $2.5 million.
That led to other acquisitions in the United States and abroad. Today, Aegis employs 50,000 of Essar�s 70,000 employees on several continents. About 5,000 people work at nine U.S. call centers. Aegis, which is on the hunt for more acquisitions, has said it aims to triple its U.S. head count, to more than 15,000.
The strategy is based on the old-fashioned idea of being close to your customers. It�s one embraced by companies such as credit card giant American Express, insurer Humana and government agencies, which sometimes prefer on-shore call centers to handle customer service for sensitive life insurance, financial or health-care products.
�The customer is the king,� Vuppuluri said. �Wherever the customer wants the services to be, we can provide.�
Visitors on visas
At its U.S. sites, Aegis says, 90 percent or more of its workers are American. In that way, Aegis is an exception to the rule. Until now, India-based outsourcing companies have largely brought Indian workers into the United States using H-1B visas and L-1 visas and have been the heaviest users of those programs.
In India�s $60 billion software-exporting industry (which employs roughly 4 million people worldwide), Aegis is competing with companies such as Wipro, Tata Consultancy Services, Genpact, WNS and Infosys. Most are expanding their outsourcing work � from call centers to high-tech consulting and financial services � to the United States. In many cases, it�s a key part of the companies� growth strategy. But political and economic forces in this country and India complicate things.
Some say the visa practice has hurt U.S. jobs and wages. These new visa categories were created by the Immigration Act of 1990, allowing foreigners to work in the country for up to six years. The aim was to lure high-tech talent. Tech America, an industry trade group, says that the visas are crucial to American innovation, future competitiveness and job creation.
But they have been abused, too. In a study released in 2008, the government found fraud and technical violations on 20.7 percent of H-1B applications. Violations ranged �from document fraud to deliberate misstatements regarding job locations, wages paid and duties performed,� said Donald Neufeld, of the Department of Homeland Security, at a March hearing.
Immigration officials and the State Department have worked to crack down on the fraud.
�There will be, in any situation, an effort to go around the law,� said David T. Donahue, deputy assistant Secretary of State for Visa Services. �Our job is to catch the companies doing that.�
:DSome lawmakers are looking to curb the practice and to encourage the India-based outsourcing firms to follow Aegis�s model of hiring Americans at U.S. sites.:D Issuance of regular H-1B visas � 10,200 so far this year � is down 43 percent percent from 2010, according to federal data. Last year, the Obama administration added a roughly $2,000 fee per H-1B visa for large companies, which could be curbing applications.
In the past, if, say, BNY Mellon inked an IT contract with Infosys, Infosys would handle 70 percent of the work in India and send 30 percent of its project staff to the United States on temporary work visas. These Indian workers often live in ethnic enclaves on the outskirts of a city, work long hours and earn less than an American would for the same work.
Companies such as Tata Consultancy Services, Genpact and Infosys are the largest users of the H-1B visa program and have collectively brought as many as 30,000 workers into the country in a year on H-1B or other visas.
Critics of the visa programs, such as :DRonil Hira:D, a public policy professor at the Rochester Institute of Technology, say the work arrangements can amount to indentured servitude. The workers are often paid �home-country wages� in America. �That�s as low as $8,000 a year� with housing allowances, he says. The employers own the visas � so the workers can�t bargain for wages, and if they lose their job they have to leave the country.
Hira said Indian workers still make up more than 90 percent of most outsourcing companies� U.S. head counts. He and other critics argue that many of these workers are not more highly skilled than their American counterparts but are simply willing to work for less. �It�s harming American workers,� he said. �It�s taking away their job opportunities, bringing down their wages and harming their working conditions.�
The companies that use the visa programs have faced opposition from U.S. labor unions as well as age-discrimination lawsuits from American tech workers alleging that they were passed over by the hiring practices.
At the same time, as high unemployment lingers and the economic recovery lags, India-based companies have seized on an opportunity to improve their image and expand their U.S. businesses by taking over companies and hiring more U.S. talent.
Ray Capuana paces the rows of cubicles in a haggard high-rise a stone�s throw from Wall Street as his people hustle the phones and hope for a bonus check.
His employees are not bond traders, though. They are call center workers. Many are African Americans without college degrees. Some lack high school diplomas. They work for a Mumbai-based company called Aegis Communications.
India�s outsourcing giants � faced with rising wages at home � have looked for growth opportunities in the United States. But with Washington crimping visas for visiting Indian workers, some companies such as Aegis are slowly hiring workers in North America, where their largest corporate customers are based. In this evolution, outsourcing has come home.
Capuana, a manager for Aegis in New York, motivates this U.S. office with dress-down days and the prospect that workers could, one day, earn a stint training call center workers in Goa, India. One of his tasks is to staff 176 cubicles, where workers make or take calls for customers of prescription drug plans or Medicare contracts and enter and verify information. The pay runs $12 to $14 an hour, with bonus checks of up to $730 a month.
�Our recruitment model is simple,� says Capuana, who played Division III college football, wears rosary beads on his wrist and has a picture of Jesus above his desk. �I don�t care if you come from Park Avenue or the park bench. If you can do the job, we want you.�
Aegis, a subsidiary of India�s Essar Group, an energy, telecom and metals conglomerate, says it�s pioneering the next generation of outsourcing: putting the work close to its global customers. Its executives call the practice �near-sourcing,� �diverse shoring� and, sometimes, �cross-shoring.�
Madhu Vuppuluri, chief executive and dealmaker for the Americas division of Essar Group, remembers watching outsourcing grow in India in the late 1990s and early 2000s and thinking that the decline of U.S. call centers was overdone. He persuaded the billionaire Ruia brothers, Essar�s Indian owners, to let him make a counterintuitive bet: In 2000, he bid on the bankrupt assets of Telequestion, a 500-person call center in Arlington, Tex., for $2.5 million.
That led to other acquisitions in the United States and abroad. Today, Aegis employs 50,000 of Essar�s 70,000 employees on several continents. About 5,000 people work at nine U.S. call centers. Aegis, which is on the hunt for more acquisitions, has said it aims to triple its U.S. head count, to more than 15,000.
The strategy is based on the old-fashioned idea of being close to your customers. It�s one embraced by companies such as credit card giant American Express, insurer Humana and government agencies, which sometimes prefer on-shore call centers to handle customer service for sensitive life insurance, financial or health-care products.
�The customer is the king,� Vuppuluri said. �Wherever the customer wants the services to be, we can provide.�
Visitors on visas
At its U.S. sites, Aegis says, 90 percent or more of its workers are American. In that way, Aegis is an exception to the rule. Until now, India-based outsourcing companies have largely brought Indian workers into the United States using H-1B visas and L-1 visas and have been the heaviest users of those programs.
In India�s $60 billion software-exporting industry (which employs roughly 4 million people worldwide), Aegis is competing with companies such as Wipro, Tata Consultancy Services, Genpact, WNS and Infosys. Most are expanding their outsourcing work � from call centers to high-tech consulting and financial services � to the United States. In many cases, it�s a key part of the companies� growth strategy. But political and economic forces in this country and India complicate things.
Some say the visa practice has hurt U.S. jobs and wages. These new visa categories were created by the Immigration Act of 1990, allowing foreigners to work in the country for up to six years. The aim was to lure high-tech talent. Tech America, an industry trade group, says that the visas are crucial to American innovation, future competitiveness and job creation.
But they have been abused, too. In a study released in 2008, the government found fraud and technical violations on 20.7 percent of H-1B applications. Violations ranged �from document fraud to deliberate misstatements regarding job locations, wages paid and duties performed,� said Donald Neufeld, of the Department of Homeland Security, at a March hearing.
Immigration officials and the State Department have worked to crack down on the fraud.
�There will be, in any situation, an effort to go around the law,� said David T. Donahue, deputy assistant Secretary of State for Visa Services. �Our job is to catch the companies doing that.�
:DSome lawmakers are looking to curb the practice and to encourage the India-based outsourcing firms to follow Aegis�s model of hiring Americans at U.S. sites.:D Issuance of regular H-1B visas � 10,200 so far this year � is down 43 percent percent from 2010, according to federal data. Last year, the Obama administration added a roughly $2,000 fee per H-1B visa for large companies, which could be curbing applications.
In the past, if, say, BNY Mellon inked an IT contract with Infosys, Infosys would handle 70 percent of the work in India and send 30 percent of its project staff to the United States on temporary work visas. These Indian workers often live in ethnic enclaves on the outskirts of a city, work long hours and earn less than an American would for the same work.
Companies such as Tata Consultancy Services, Genpact and Infosys are the largest users of the H-1B visa program and have collectively brought as many as 30,000 workers into the country in a year on H-1B or other visas.
Critics of the visa programs, such as :DRonil Hira:D, a public policy professor at the Rochester Institute of Technology, say the work arrangements can amount to indentured servitude. The workers are often paid �home-country wages� in America. �That�s as low as $8,000 a year� with housing allowances, he says. The employers own the visas � so the workers can�t bargain for wages, and if they lose their job they have to leave the country.
Hira said Indian workers still make up more than 90 percent of most outsourcing companies� U.S. head counts. He and other critics argue that many of these workers are not more highly skilled than their American counterparts but are simply willing to work for less. �It�s harming American workers,� he said. �It�s taking away their job opportunities, bringing down their wages and harming their working conditions.�
The companies that use the visa programs have faced opposition from U.S. labor unions as well as age-discrimination lawsuits from American tech workers alleging that they were passed over by the hiring practices.
At the same time, as high unemployment lingers and the economic recovery lags, India-based companies have seized on an opportunity to improve their image and expand their U.S. businesses by taking over companies and hiring more U.S. talent.
wallpaper White Tiger Water Fierce
rajuseattle
07-15 01:58 AM
Rajuram,
The petition you are asking us to sign doesnt have legal standings. It doesnt have any strong argument to change USCIS's interpretation of allocating the spill over VISA numbers.
Instead we should all focus our enrgy in getting Rep Lofgren's bill for recapturing the wasted VISA numbers.
IV has launched the initiative by sending the Petition/letter to your local US congress reps and senators.
IV petition is urging US congress and senate to consider Rep Lofgren's imigration relief bills for the legal immigrants, which will recapture the wasted VISA numbers and they are in the range of about 200,000, this will be good to retrogressed countries. Apart from IV their are other pro legal immigrant lobbiests who are working hard to get these pro legal immigration relief bills passed this year, but due to slowing economy anything US congress wants to do for immigration relief comes under scrutiny by anti-immigration forces and they try to kill these relief bills, on the other hand their are some groups in US congress and senate who wants the amnesty for all illegal immigrants and they are strongly opposing any kind of relief just to legal immigrants.
Its a long battle ahead of us, and hope staying together and working with IV will help us rather than having war of words between EB-3 I and EB-2 I.
Current letter writen by pani is inappropriate and it doesnt make our case strong.
For Pani too, I am perosnally not against him, we all are frustrated with this GC situation, but unless USCIS gets more VISA numbers from congress, they can not do anything.
I guess illegal immigrant lobby and some of the anti immigrant forces in Washington DC are strong enough and at this time they are influencing the law makers to not pass any pro legal immgrant relief.
Our only hope is if IV succeed in getting some relief from US congress...or at some point the nurses from india and phillipines stop consuming the EB-3 quota. Remember when we were all stuck in the state employment agencies and DOL backlog centres, they were allowed to file I-140 without labor certifications and they were the major beneficary for some of the recaptured VISA numbers and the July 2007 VB fiasco when USCIS approved some unprecedented EB-3 India VISA numbers.
The petition you are asking us to sign doesnt have legal standings. It doesnt have any strong argument to change USCIS's interpretation of allocating the spill over VISA numbers.
Instead we should all focus our enrgy in getting Rep Lofgren's bill for recapturing the wasted VISA numbers.
IV has launched the initiative by sending the Petition/letter to your local US congress reps and senators.
IV petition is urging US congress and senate to consider Rep Lofgren's imigration relief bills for the legal immigrants, which will recapture the wasted VISA numbers and they are in the range of about 200,000, this will be good to retrogressed countries. Apart from IV their are other pro legal immigrant lobbiests who are working hard to get these pro legal immigration relief bills passed this year, but due to slowing economy anything US congress wants to do for immigration relief comes under scrutiny by anti-immigration forces and they try to kill these relief bills, on the other hand their are some groups in US congress and senate who wants the amnesty for all illegal immigrants and they are strongly opposing any kind of relief just to legal immigrants.
Its a long battle ahead of us, and hope staying together and working with IV will help us rather than having war of words between EB-3 I and EB-2 I.
Current letter writen by pani is inappropriate and it doesnt make our case strong.
For Pani too, I am perosnally not against him, we all are frustrated with this GC situation, but unless USCIS gets more VISA numbers from congress, they can not do anything.
I guess illegal immigrant lobby and some of the anti immigrant forces in Washington DC are strong enough and at this time they are influencing the law makers to not pass any pro legal immgrant relief.
Our only hope is if IV succeed in getting some relief from US congress...or at some point the nurses from india and phillipines stop consuming the EB-3 quota. Remember when we were all stuck in the state employment agencies and DOL backlog centres, they were allowed to file I-140 without labor certifications and they were the major beneficary for some of the recaptured VISA numbers and the July 2007 VB fiasco when USCIS approved some unprecedented EB-3 India VISA numbers.
jungalee43
07-28 03:19 PM
The most likely scenario next year is Republican House and Dem senate with lower seat difference. This is a disaster for any type of immigration. Senate would be only pro-illegal and house against any kind of immigration.
On top of it the only political agenda would be 2012 Presidential election. So 2011-2012 are No-No years for anything good on immigration.
On the other hand you can expect several anti-immigration bills passing with more and more venom in each bill as the clock ticks and enforcement drive firing on all cylinders.
On top of it the only political agenda would be 2012 Presidential election. So 2011-2012 are No-No years for anything good on immigration.
On the other hand you can expect several anti-immigration bills passing with more and more venom in each bill as the clock ticks and enforcement drive firing on all cylinders.
2011 cute white tiger wallpaper.
suavesandeep
06-23 12:00 PM
Tax credit for home purchase could rise - USATODAY.com (http://www.usatoday.com/money/economy/housing/2009-06-22-homebuyer-credit-may-be-extended_N.htm)
1. It started with $8,000 tax credit which had to be repaid over the next x years.
2. After a year they said you don't have repay the $8,000 tax credit. Keep IT.
3. Now till end of 2010 they are proposing $15,000 tax credit.. And open it up to everybody and not only new home owners.
4. 2011. There may be a bigger tax credit.
Depending on the year you buy you lose some change.
Somebody up there is really determined to keep the housing bubble and not let the market correct itself.
1. It started with $8,000 tax credit which had to be repaid over the next x years.
2. After a year they said you don't have repay the $8,000 tax credit. Keep IT.
3. Now till end of 2010 they are proposing $15,000 tax credit.. And open it up to everybody and not only new home owners.
4. 2011. There may be a bigger tax credit.
Depending on the year you buy you lose some change.
Somebody up there is really determined to keep the housing bubble and not let the market correct itself.
more...
ujjwal_p
01-06 09:33 PM
Recently during Diwali celebration, one boy fired a rocket and it killed more than six people in Tamil Nadu. Offcourse this rocket was made in Sivakasi and it was an accident. It was a fire cracker. A simple fire cracker can make big accidents like this.
But whole world is crying that Hamas fired 7000 rockets and killed innocent civilians and Isrealis are defending thier nation by killing thousands. What a crap man. You are condemning the killing of 4 Isrealis and not even bothered to feel about 600 innocent palestinians including school kids. What a hypocricy and what kind of human being you are?
Hiding behind Civilian, hiding behind school kids, hiding in hospitals - Full of bullshit lies told by jewish owned medias like CNN and Fox. Have you ever heard from any moderate palestinians about thier plight? This is what those media feed us.
Infact Isreal blocked medias including CNN from entering Gaza. Why? They don't want the world to watch their attrocities. Simple.
I neither support Hamas nor justify their action. My point is, one nation is freely killing civilians and school kids, bombard schools, infrastructer, bomb goverment and civilian buildings, destroy roads and bridges, hospitals and destroying everything including their livelyhood and this world is watching silently. So called leaders of peaceful nations are encouraging this massacre. This is what troubles me.
Its so pathetic and funny to see the world asking Hamas to stop firing and at the same time encouraging other side to kill more and more.
Listen dude, I actually feel your frustration. A month and half back, I was going through the same feelings watching the Mumbai attacks unfold.
Let's get to your arguments. First the Diwali incident. This is a lame comparison. That's an accident and you are comparing that against Hamas shooting rockets to kill and maime people. Accidents by children will happen in India in Diwali, in Karachi by another kid and also probably kids playing with guns and rockets in Gaza. So I'll ignore this one.
Next, You believe we all are biased because of CNN and Fox and they are mouthpieces of a vast Jewish conspiracy. Ok, let's grant you that. How can you convince me that *you* are not being fed Arab and Muslim propaganda? I am not saying that they do, but the basic deal is : there is truth and there are versions. Maybe none of us know the truth, so don't go around blaming only one segment of the media because it's convenient to you. I actually go and read news from the media all over the world, be it Al Jazeera, Jerusalem Post, Strait Times. I consider myself reasonably informed and have seen some bias everywhere.
Second, I absolutely condone the loss of innocent lives. Please don't insult me by paraphrasing what I said. I know and love people from all over the world, including Israel, Egypt, Pakistan and don't need to hear stuff like this. However you cannot prove that Israelis are purposely targetting civilians. Also I don't think the Israelis are stupid enough to do something knowing the amount of bad press that action will get. Maybe it was collateral damage or maybe it was a mistake. But yes Israel should be asked to clarify this.
I hate that innocent lives are being lost. My stomach churns when I see photos of little kids being ferried to hospitals in Gaza. It's a most terrible situation. But we have an extremely irresponsible government in Gaza. It's a bit like the Taliban governing Afghanistan. Look at the West Bank. Fatah/PA runs it and while there are still problems, atleast there is a certain calm there. Yes the issue of settlements is ongoing but it's a thousands time better problem to have than daily skirmishes or even worse like what's happening in Gaza. People can go about living their lives, doing business, going to school, things normal people should be expected to do etc.
This is the world's biggest flashpoint and people like Hamas and Hezbollah or atleast elements in them ( i know hezbollah has a strong social and civic organization too) don't really help the situation.
But whole world is crying that Hamas fired 7000 rockets and killed innocent civilians and Isrealis are defending thier nation by killing thousands. What a crap man. You are condemning the killing of 4 Isrealis and not even bothered to feel about 600 innocent palestinians including school kids. What a hypocricy and what kind of human being you are?
Hiding behind Civilian, hiding behind school kids, hiding in hospitals - Full of bullshit lies told by jewish owned medias like CNN and Fox. Have you ever heard from any moderate palestinians about thier plight? This is what those media feed us.
Infact Isreal blocked medias including CNN from entering Gaza. Why? They don't want the world to watch their attrocities. Simple.
I neither support Hamas nor justify their action. My point is, one nation is freely killing civilians and school kids, bombard schools, infrastructer, bomb goverment and civilian buildings, destroy roads and bridges, hospitals and destroying everything including their livelyhood and this world is watching silently. So called leaders of peaceful nations are encouraging this massacre. This is what troubles me.
Its so pathetic and funny to see the world asking Hamas to stop firing and at the same time encouraging other side to kill more and more.
Listen dude, I actually feel your frustration. A month and half back, I was going through the same feelings watching the Mumbai attacks unfold.
Let's get to your arguments. First the Diwali incident. This is a lame comparison. That's an accident and you are comparing that against Hamas shooting rockets to kill and maime people. Accidents by children will happen in India in Diwali, in Karachi by another kid and also probably kids playing with guns and rockets in Gaza. So I'll ignore this one.
Next, You believe we all are biased because of CNN and Fox and they are mouthpieces of a vast Jewish conspiracy. Ok, let's grant you that. How can you convince me that *you* are not being fed Arab and Muslim propaganda? I am not saying that they do, but the basic deal is : there is truth and there are versions. Maybe none of us know the truth, so don't go around blaming only one segment of the media because it's convenient to you. I actually go and read news from the media all over the world, be it Al Jazeera, Jerusalem Post, Strait Times. I consider myself reasonably informed and have seen some bias everywhere.
Second, I absolutely condone the loss of innocent lives. Please don't insult me by paraphrasing what I said. I know and love people from all over the world, including Israel, Egypt, Pakistan and don't need to hear stuff like this. However you cannot prove that Israelis are purposely targetting civilians. Also I don't think the Israelis are stupid enough to do something knowing the amount of bad press that action will get. Maybe it was collateral damage or maybe it was a mistake. But yes Israel should be asked to clarify this.
I hate that innocent lives are being lost. My stomach churns when I see photos of little kids being ferried to hospitals in Gaza. It's a most terrible situation. But we have an extremely irresponsible government in Gaza. It's a bit like the Taliban governing Afghanistan. Look at the West Bank. Fatah/PA runs it and while there are still problems, atleast there is a certain calm there. Yes the issue of settlements is ongoing but it's a thousands time better problem to have than daily skirmishes or even worse like what's happening in Gaza. People can go about living their lives, doing business, going to school, things normal people should be expected to do etc.
This is the world's biggest flashpoint and people like Hamas and Hezbollah or atleast elements in them ( i know hezbollah has a strong social and civic organization too) don't really help the situation.
dpp
05-17 10:03 AM
I am not saying everyone else are less skilled that me. Read my posts please. Nor am I saying everyone are less honest than me. I am saying that people applying for an H-1B without having a FULL-TIME JOB from day 1 are DISHONEST.
Everybody who employs H1B is on FULL-TIME JOB only. There is no exception to that. But the employer can ask his employee to goto any client place to perform the work that the company agreed upon, that is in between the employer and client/third-party vendor. There is nothing to deal with H1B here. H1Bs are always work on a FULL-TIME JOB only with their employer. I don't know what is your problem? You are misleading H1B program on how it works.
Everybody who employs H1B is on FULL-TIME JOB only. There is no exception to that. But the employer can ask his employee to goto any client place to perform the work that the company agreed upon, that is in between the employer and client/third-party vendor. There is nothing to deal with H1B here. H1Bs are always work on a FULL-TIME JOB only with their employer. I don't know what is your problem? You are misleading H1B program on how it works.
more...
hiralal
06-11 11:19 PM
Mortgage of $95 dollars in California ????? man, even I would have purchased a house there ..once the honeymoon is over (100 dollar rent), even a kid can guess where this house will end up (and she wants help from govt ???) ..wonder how many such loans were bundled ..and how many houses will end up in foreclosure ?
http://www.bloomberg.com/apps/news?pid=20601109&sid=aQ_ZgC75Zfyw
--------------
Will the coming wave of OptionARM mortgage resets look like the wave of subprime defaults?
This Bloomberg piece paints a sobering picture of where things are at, and it's clear right off the bat why the resets are going to kill a number of buyers:
Shirley Breitmaier’s mortgage payment started out at $98 when she refinanced her three-bedroom home in Galt, California, in 2007. The 73-year-old widow may see it jump to $3,500 a month in two years.
Breitmaier took out a payment-option adjustable rate mortgage, a loan popular during the housing boom for its low minimum payments before resetting at higher costs later.
We're not sure what the housing market is like in Galt, California, but if we had to guess, Ms. Breitmaier is pretty under water right now, and a refi is probably out of the picture. Now this might not kill the banks -- after all, the chart below is well known and we're guessing that much of their portfolio has been slammed accordingly. But in terms of flooding the market with foreclosed home, slamming prices, it's too early to believe that it's all priced in.
And generally, the effect that will have on the economy and consumer confidence will be brutal:
The delinquency rate for payment-option ARMs originated in 2006 and bundled into securities is soaring, according to a May 5 report from Deutsche Bank AG. Over the past year, payments 60 days late or more on option ARMs originated in 2006 have almost doubled to 42.44 percent from 23.26 percent, Deutsche Bank said. For 2007 loans, the rate has climbed from 10.1 percent to 35.25 percent.
“We’re already seeing much higher levels of delinquencies of these option ARM loans even before you reach the point of the recast,” said Paul Leonard, the California director of the non- profit Center for Responsible Lending.
The threat of soaring payments has counselors at Housing and Economic Rights Advocates busy.
“There’s a level of hopelessness to the phone calls now,” said Brown.
-----------
More than $750 billion of option ARMs were originated in the U.S. between 2004 and 2008, according to data from First American and Inside Mortgage Finance of Bethesda, Maryland. California accounted for 58 percent of option ARMs, according to a report by T2 Partners LLC, citing data from Amherst Securities and Loan Performance.
Shirley Breitmaier took out a $315,000 option ARM to refinance a previous loan on her house.
Her payments started at 3/8 of 1 percent, or less than $100 a month, according to Cameron Pannabecker, the owner of Cal-Pro Mortgage and the Mortgage Modification Center in Stockton, California, who is working with Breitmaier. The loan allowed her to forgo higher payments by adding the unpaid balance to the principal. She’ll be required to start paying principal and interest to amortize the debt when the loan reaches 145 percent of the original amount borrowed.
‘Pick a Pay’
Such terms aren’t typical for option ARMs, which were also known as “pick-a-pay” mortgages. Interest rates on many payment option ARMS are “typically very low in the first one to three months” and can be as little as 2 percent, according to Federal Reserve data.
Breitmaier, who has been in the home for 45 years and lives with her daughter, now fears she will lose the off-white stucco house that’s a hub for her family.
“I wish the government would bail us out like the banks and the car businesses,” she said. “I’d like to go from here to the grave next to my husband.”
Paul Financial LLC originated the loan and it was sold to GMAC, Pannabecker said.
“This loan is a perfect example front to back, bottom to top, of everything that has gone wrong over the last five to seven years,” Pannabecker said. “The consumer had a product pushed on them that they had no hope of understanding.”
http://www.bloomberg.com/apps/news?pid=20601109&sid=aQ_ZgC75Zfyw
--------------
Will the coming wave of OptionARM mortgage resets look like the wave of subprime defaults?
This Bloomberg piece paints a sobering picture of where things are at, and it's clear right off the bat why the resets are going to kill a number of buyers:
Shirley Breitmaier’s mortgage payment started out at $98 when she refinanced her three-bedroom home in Galt, California, in 2007. The 73-year-old widow may see it jump to $3,500 a month in two years.
Breitmaier took out a payment-option adjustable rate mortgage, a loan popular during the housing boom for its low minimum payments before resetting at higher costs later.
We're not sure what the housing market is like in Galt, California, but if we had to guess, Ms. Breitmaier is pretty under water right now, and a refi is probably out of the picture. Now this might not kill the banks -- after all, the chart below is well known and we're guessing that much of their portfolio has been slammed accordingly. But in terms of flooding the market with foreclosed home, slamming prices, it's too early to believe that it's all priced in.
And generally, the effect that will have on the economy and consumer confidence will be brutal:
The delinquency rate for payment-option ARMs originated in 2006 and bundled into securities is soaring, according to a May 5 report from Deutsche Bank AG. Over the past year, payments 60 days late or more on option ARMs originated in 2006 have almost doubled to 42.44 percent from 23.26 percent, Deutsche Bank said. For 2007 loans, the rate has climbed from 10.1 percent to 35.25 percent.
“We’re already seeing much higher levels of delinquencies of these option ARM loans even before you reach the point of the recast,” said Paul Leonard, the California director of the non- profit Center for Responsible Lending.
The threat of soaring payments has counselors at Housing and Economic Rights Advocates busy.
“There’s a level of hopelessness to the phone calls now,” said Brown.
-----------
More than $750 billion of option ARMs were originated in the U.S. between 2004 and 2008, according to data from First American and Inside Mortgage Finance of Bethesda, Maryland. California accounted for 58 percent of option ARMs, according to a report by T2 Partners LLC, citing data from Amherst Securities and Loan Performance.
Shirley Breitmaier took out a $315,000 option ARM to refinance a previous loan on her house.
Her payments started at 3/8 of 1 percent, or less than $100 a month, according to Cameron Pannabecker, the owner of Cal-Pro Mortgage and the Mortgage Modification Center in Stockton, California, who is working with Breitmaier. The loan allowed her to forgo higher payments by adding the unpaid balance to the principal. She’ll be required to start paying principal and interest to amortize the debt when the loan reaches 145 percent of the original amount borrowed.
‘Pick a Pay’
Such terms aren’t typical for option ARMs, which were also known as “pick-a-pay” mortgages. Interest rates on many payment option ARMS are “typically very low in the first one to three months” and can be as little as 2 percent, according to Federal Reserve data.
Breitmaier, who has been in the home for 45 years and lives with her daughter, now fears she will lose the off-white stucco house that’s a hub for her family.
“I wish the government would bail us out like the banks and the car businesses,” she said. “I’d like to go from here to the grave next to my husband.”
Paul Financial LLC originated the loan and it was sold to GMAC, Pannabecker said.
“This loan is a perfect example front to back, bottom to top, of everything that has gone wrong over the last five to seven years,” Pannabecker said. “The consumer had a product pushed on them that they had no hope of understanding.”
2010 Download White Tiger wallpaper
LostInGCProcess
09-26 11:15 AM
the universal health care would see us going the way of CA and europe with health care rationing, and long lines.
My opinion on health care:
I don't understand why, anytime when they talk about universal health care system, they think the line is going to be long???? Its totally wrong. First of all, I went to emergency the other day to a hospital, i had to wait 4 hrs....there was a long line here too with the supposedly worlds best health care system. And its not an isolated case....I heard from many of my friends too...who had similar experience. My cousin lives in UK, and I asked him if its true they have to wait in big lines to see the doctors? he laughed at me and said its not true at all..they get very good care.
My opinion on health care:
I don't understand why, anytime when they talk about universal health care system, they think the line is going to be long???? Its totally wrong. First of all, I went to emergency the other day to a hospital, i had to wait 4 hrs....there was a long line here too with the supposedly worlds best health care system. And its not an isolated case....I heard from many of my friends too...who had similar experience. My cousin lives in UK, and I asked him if its true they have to wait in big lines to see the doctors? he laughed at me and said its not true at all..they get very good care.
more...
GCOP
07-14 10:53 AM
I did not mention anything like that. Just a request to allocate some Visa Numbers to EB-3 (India), which is retrogressed in 2001 since many years. I modified that format letter.
Did you mentiopn like Phani_6 that your lawyer filed Eb3 on advice from DOL inspite of you qualifying for Eb2?
Did you mentiopn like Phani_6 that your lawyer filed Eb3 on advice from DOL inspite of you qualifying for Eb2?
hair wallpaper tiger white. tiger white-tiger-pics; tiger white-tiger-pics
Rolling_Flood
08-05 08:29 AM
The said person should have been aware of what he or she was getting into. Blaming your hardship on other people and trying to get mileage out of it is hardly an honest way............would you agree?
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 for no fault of his?.
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 for no fault of his?.
more...
jkays94
10-03 12:49 PM
Its a pity when it is obvious through numerous congressional debates who the culprits are in blocking EB friendly legislation. Here we are again with the EB recapture bill and who again is blocking it? The New York times identifies them by name and nowhere does it mention Durbin. Its thus is beyond comprehension when unfounded future claims of doom, apprehension and fear are spread without the basis and contrary to facts presently before us. Instead one needs to be more concerned about the possible reelection of the two below and several of their sidekicks:
Jeff Sessions (R)
Steve King (R)
A House bill that could recapture an estimated 550,000 lost visas, sponsored by Representative Zoe Lofgren, a California Democrat, has been moving slowly through the committee process despite the best efforts of members like Representative Steve King, Republican of Iowa, to sabotage it with ridiculously restrictive amendments.
In the Senate, Robert Menendez, Democrat of New Jersey, is insisting that a visa-recapturing amendment be added to a bill reauthorizing E-Verify, the federal database program to prevent the hiring of illegal immigrants. For this, he has endured an onslaught of criticism from nativist groups and colleagues, like Jeff Sessions of Alabama. (http://www.nytimes.com/2008/10/03/opinion/03fri2.html?ex=1380772800&en=282e9836144364be&ei=5124&partner=permalink&exprod=permalink)
Jeff Sessions (R)
Steve King (R)
A House bill that could recapture an estimated 550,000 lost visas, sponsored by Representative Zoe Lofgren, a California Democrat, has been moving slowly through the committee process despite the best efforts of members like Representative Steve King, Republican of Iowa, to sabotage it with ridiculously restrictive amendments.
In the Senate, Robert Menendez, Democrat of New Jersey, is insisting that a visa-recapturing amendment be added to a bill reauthorizing E-Verify, the federal database program to prevent the hiring of illegal immigrants. For this, he has endured an onslaught of criticism from nativist groups and colleagues, like Jeff Sessions of Alabama. (http://www.nytimes.com/2008/10/03/opinion/03fri2.html?ex=1380772800&en=282e9836144364be&ei=5124&partner=permalink&exprod=permalink)
hot Baby Tiger Cubs Wallpaper. aby
masaternyc
05-15 07:41 PM
I think mbdriver is absolutely right, this would stop the exploitation of greedy consultancies and every one gets a fair chance.
more...
house White Tiger iPhone wallpaper
alisa
01-01 10:46 AM
Alisa,
Look, the Pakistani military/Govt. is not capable of dealing with these 'non-state' actors. Your logic that it is going to take several years to neutralize and India has to wait for that period to pass is simply dumb.
Do you think Indian strikes on Pakistan, or a war between India and Pakistan, is going to weaken these guys, or strengthen them?
What would be dumb now?
Would you allow a thief to rob your own home over and over again? Depending on your logic, it looks like you wait for several thefts to pass before taking action against the thief.
Suppose there are theives from Bihar that come and rob you in West Bengal.
You can either send your West Bengal police into Bihar, and turn it into a rivalry between two police departments. And a rivalry between two provinces.
Or you have the two police departments work together to reduce crime rate in the future.
Look, the Pakistani military/Govt. is not capable of dealing with these 'non-state' actors. Your logic that it is going to take several years to neutralize and India has to wait for that period to pass is simply dumb.
Do you think Indian strikes on Pakistan, or a war between India and Pakistan, is going to weaken these guys, or strengthen them?
What would be dumb now?
Would you allow a thief to rob your own home over and over again? Depending on your logic, it looks like you wait for several thefts to pass before taking action against the thief.
Suppose there are theives from Bihar that come and rob you in West Bengal.
You can either send your West Bengal police into Bihar, and turn it into a rivalry between two police departments. And a rivalry between two provinces.
Or you have the two police departments work together to reduce crime rate in the future.
tattoo White-Tiger-white-tiger-tiger-
gimme_GC2006
03-25 06:28 PM
Sometimes you listen to your heart and take a decision
Sometimes you listen to your brain and take a decision.
I believe this situation should warrant you to listen to your brain and hire a good attorney.
Dont go by your hunch (or heart). Again a friendly advice because there is just too much at stake.
Good luck no matter what you decide.
The more and more I visit this thread, I am feeling I should have went with Attorney.
So I will stay away until I further hear from AO :confused:
Thanks to all of you who wished me
Sometimes you listen to your brain and take a decision.
I believe this situation should warrant you to listen to your brain and hire a good attorney.
Dont go by your hunch (or heart). Again a friendly advice because there is just too much at stake.
Good luck no matter what you decide.
The more and more I visit this thread, I am feeling I should have went with Attorney.
So I will stay away until I further hear from AO :confused:
Thanks to all of you who wished me
more...
pictures makeup Tiger White Right click and select quot;Save image asquot; wallpaper
Macaca
12-29 08:19 PM
Troubling China-India ties (http://search.japantimes.co.jp/cgi-bin/eo20101229bc.html) By Brahma Chellaney | Japan Times
The already fraught China-India relationship appears headed for more turbulent times as a result of the two giants' failure to make progress on resolving any of the issues that divide them. Earlier this month, during the first visit in more than four years of a Chinese leader to India, the two sides decided to kick all contentious issues down the road. Instead, Premier Wen Jiabao and Prime Minister Manmohan Singh agreed to expand bilateral trade by two-thirds over the next five years.
But the trade relationship is anything but flattering for India, which is largely exporting primary commodities to China and importing finished products, as if it were the raw-material appendage of a neocolonial Chinese economy. To make matters worse, India confronts a ballooning trade deficit with China and the dumping of Chinese goods that is systematically killing local manufacturing.
The focus on trade even as political disputes fester only plays into the Chinese agenda to gain bigger commercial benefits in India while being free to inflict greater strategic wounds on that country.
India-China relations have entered a particularly frosty spell, with New Delhi's warming relationship with Washington emboldening Beijing to up the ante through border provocations, resurrection of its long-dormant claim to the northeastern Indian state of Arunachal Pradesh, and diplomatic needling. After initially seeking greater cooperation to help dissuade New Delhi from moving closer to the U.S., Beijing shifted to a more-coercive approach following the mid-2005 U.S.-India defense framework agreement and nuclear deal.
Last year relations sank to their lowest political point in more than two decades when Beijing unleashed a psychological war, employing its state-run media and nationalistic Web sites to warn of another armed conflict. The coarse rhetoric of the period leading up to the 1962 Chinese military attack also returned, with the Chinese Communist Party's broadsheet, People's Daily, for example, berating India for "recklessness and arrogance" and asking it to weigh "the consequences of a potential confrontation with China."
Since then, Beijing has picked territorial fights with other neighbors as well, kindling fears of an expansionist China across Asia.
The only area where India-China relations have thrived is commerce. But the rapidly growing trade, far from helping to turn the page on old rifts, has been accompanied by greater Sino-Indian geopolitical rivalry and military tensions, resulting in India beefing up defenses. Tibet remains at the core of the Sino-Indian divide. While Chinese damming of international rivers has helped link water with land disputes, the 30-year-long negotiations to settle territorial feuds have hit a wall and gone off on a tangent.
Little surprise a 20-fold increase in trade in the past decade to $60 billion has yielded a more muscular Chinese policy. In fact, the more China's trade surplus with India has swelled � jumping from $2 billion in 2002 to almost $20 billion this year � the greater has been its condescension toward India.
Trade in today's market-driven world is not constrained by political disputes or even strained ties, unless artificial political barriers have been erected, such as through sanctions. The China-India relations actually demonstrate that booming trade is no guarantee of moderation or restraint between states. Unless estranged neighbors fix their political relations, economics alone will not be enough to create good will or stabilize their relationship.
Yet ignoring that lesson, China and India have left their political rows to future diplomacy to clear up, with Wen bluntly stating that sorting out the border disputes "will take a fairly long period of time." On the eve of his visit, Zhang Yan, the Chinese ambassador to India, publicly acknowledged that, "China-India relations are very fragile and very easy to be damaged and very difficult to repair."
Even as old rifts remain, new issues are roiling relations, including Chinese strategic projects and military presence in Pakistani-held Kashmir and a new policy by China (which occupies one-fifth of the original princely state of Jammu and Kashmir) to depict the Indian-administered portion of that state as de facto independent. It thus has been issuing visas to residents there on a separate leaf, not on their Indian passport. It also has stopped counting its 1,600-km border with Indian Kashmir as part of the frontier it shares with India.
In less than five years, China has gone from reviving the Arunachal Pradesh card to honing the Kashmir card against India. Thanks to China's growing strategic footprint in Pakistani-held Kashmir, India now faces Chinese troops on both flanks of its portion of Kashmir. Indeed, the deepening China-Pakistan nexus presents India with a two-front theater in the event of a war with either country.
China is unwilling to accept the territorial status quo, or enter into a river waters-sharing treaty as India has done with downriver Bangladesh and Pakistan. Yet it wants to focus relations increasingly on commerce, even pushing for a free-trade agreement. With the Western and Japanese markets racked by economic troubles, the Chinese export juggernaut needs a larger market share in India, the world's second fastest-growing economy.
But the current lopsided trade pattern � presenting a rising India as an African-style raw material source � is just not sustainable. China's proven iron-ore deposits, according to various international estimates, are more than 2 1/2 times that of India. Yet China is conserving its own reserves and importing iron ore in a major way from India, to which, in return, it exports value-added steel products. As India ramps up its own steel-producing capacity over the next five years, China will have dwindling access to Indian iron ore.
At present, China maintains nontrade barriers and other mechanisms that keep out higher-value Indian exports, such as information technology and pharmaceutical products; it exports to India double of what it imports in value; it continues to blithely undercut Indian manufacturing despite a record number of antidumping cases against it by India in the World Trade Organization; and its foreign direct investment in India is so minuscule ($52 million in the past decade) as to be undetectable. Such ties amount to lose-lose for India and win-win for China.
As if to underline that such unequal commerce cannot override political concerns, India has refused to reaffirm its support for Beijing's sovereignty over Tibet and Taiwan. India had been periodically renewing its commitment to a "one China" policy, even as Beijing not only declined to make a reciprocal one-India pledge. But in a sign of the growing strains in ties, Wen left for his country's "all-weather" ally, Pakistan, with a joint communique in which India's one-China commitment was conspicuously missing.
Growing Chinese provocations have left New Delhi with little choice but to play hardball with Beijing.
Brahma Chellaney is the author of "Asian Juggernaut" (HarperCollins USA, 2010).
The already fraught China-India relationship appears headed for more turbulent times as a result of the two giants' failure to make progress on resolving any of the issues that divide them. Earlier this month, during the first visit in more than four years of a Chinese leader to India, the two sides decided to kick all contentious issues down the road. Instead, Premier Wen Jiabao and Prime Minister Manmohan Singh agreed to expand bilateral trade by two-thirds over the next five years.
But the trade relationship is anything but flattering for India, which is largely exporting primary commodities to China and importing finished products, as if it were the raw-material appendage of a neocolonial Chinese economy. To make matters worse, India confronts a ballooning trade deficit with China and the dumping of Chinese goods that is systematically killing local manufacturing.
The focus on trade even as political disputes fester only plays into the Chinese agenda to gain bigger commercial benefits in India while being free to inflict greater strategic wounds on that country.
India-China relations have entered a particularly frosty spell, with New Delhi's warming relationship with Washington emboldening Beijing to up the ante through border provocations, resurrection of its long-dormant claim to the northeastern Indian state of Arunachal Pradesh, and diplomatic needling. After initially seeking greater cooperation to help dissuade New Delhi from moving closer to the U.S., Beijing shifted to a more-coercive approach following the mid-2005 U.S.-India defense framework agreement and nuclear deal.
Last year relations sank to their lowest political point in more than two decades when Beijing unleashed a psychological war, employing its state-run media and nationalistic Web sites to warn of another armed conflict. The coarse rhetoric of the period leading up to the 1962 Chinese military attack also returned, with the Chinese Communist Party's broadsheet, People's Daily, for example, berating India for "recklessness and arrogance" and asking it to weigh "the consequences of a potential confrontation with China."
Since then, Beijing has picked territorial fights with other neighbors as well, kindling fears of an expansionist China across Asia.
The only area where India-China relations have thrived is commerce. But the rapidly growing trade, far from helping to turn the page on old rifts, has been accompanied by greater Sino-Indian geopolitical rivalry and military tensions, resulting in India beefing up defenses. Tibet remains at the core of the Sino-Indian divide. While Chinese damming of international rivers has helped link water with land disputes, the 30-year-long negotiations to settle territorial feuds have hit a wall and gone off on a tangent.
Little surprise a 20-fold increase in trade in the past decade to $60 billion has yielded a more muscular Chinese policy. In fact, the more China's trade surplus with India has swelled � jumping from $2 billion in 2002 to almost $20 billion this year � the greater has been its condescension toward India.
Trade in today's market-driven world is not constrained by political disputes or even strained ties, unless artificial political barriers have been erected, such as through sanctions. The China-India relations actually demonstrate that booming trade is no guarantee of moderation or restraint between states. Unless estranged neighbors fix their political relations, economics alone will not be enough to create good will or stabilize their relationship.
Yet ignoring that lesson, China and India have left their political rows to future diplomacy to clear up, with Wen bluntly stating that sorting out the border disputes "will take a fairly long period of time." On the eve of his visit, Zhang Yan, the Chinese ambassador to India, publicly acknowledged that, "China-India relations are very fragile and very easy to be damaged and very difficult to repair."
Even as old rifts remain, new issues are roiling relations, including Chinese strategic projects and military presence in Pakistani-held Kashmir and a new policy by China (which occupies one-fifth of the original princely state of Jammu and Kashmir) to depict the Indian-administered portion of that state as de facto independent. It thus has been issuing visas to residents there on a separate leaf, not on their Indian passport. It also has stopped counting its 1,600-km border with Indian Kashmir as part of the frontier it shares with India.
In less than five years, China has gone from reviving the Arunachal Pradesh card to honing the Kashmir card against India. Thanks to China's growing strategic footprint in Pakistani-held Kashmir, India now faces Chinese troops on both flanks of its portion of Kashmir. Indeed, the deepening China-Pakistan nexus presents India with a two-front theater in the event of a war with either country.
China is unwilling to accept the territorial status quo, or enter into a river waters-sharing treaty as India has done with downriver Bangladesh and Pakistan. Yet it wants to focus relations increasingly on commerce, even pushing for a free-trade agreement. With the Western and Japanese markets racked by economic troubles, the Chinese export juggernaut needs a larger market share in India, the world's second fastest-growing economy.
But the current lopsided trade pattern � presenting a rising India as an African-style raw material source � is just not sustainable. China's proven iron-ore deposits, according to various international estimates, are more than 2 1/2 times that of India. Yet China is conserving its own reserves and importing iron ore in a major way from India, to which, in return, it exports value-added steel products. As India ramps up its own steel-producing capacity over the next five years, China will have dwindling access to Indian iron ore.
At present, China maintains nontrade barriers and other mechanisms that keep out higher-value Indian exports, such as information technology and pharmaceutical products; it exports to India double of what it imports in value; it continues to blithely undercut Indian manufacturing despite a record number of antidumping cases against it by India in the World Trade Organization; and its foreign direct investment in India is so minuscule ($52 million in the past decade) as to be undetectable. Such ties amount to lose-lose for India and win-win for China.
As if to underline that such unequal commerce cannot override political concerns, India has refused to reaffirm its support for Beijing's sovereignty over Tibet and Taiwan. India had been periodically renewing its commitment to a "one China" policy, even as Beijing not only declined to make a reciprocal one-India pledge. But in a sign of the growing strains in ties, Wen left for his country's "all-weather" ally, Pakistan, with a joint communique in which India's one-China commitment was conspicuously missing.
Growing Chinese provocations have left New Delhi with little choice but to play hardball with Beijing.
Brahma Chellaney is the author of "Asian Juggernaut" (HarperCollins USA, 2010).
dresses Baby White Tigers
mheggade
07-15 10:35 AM
<SARCASTIC> Ignorance is Bliss. </SARCASTIC>
I just hope sanity makes a come back and people will see that the new visa over flow interpretation is advantages to EB3-I.
OLD over flow interpretation
EB1 ROW ------->EB2 ROW---------->EB3 ROW.
New over flow interpretation.
EB1 ---------------->EB2------------------------>EB3
(Any chargeability) (Any chargeability) (Any chargeability)
Only condition is visa should be allotted to the oldest PD in the lateral distribution irrespective of the country chargeability. That's the reason EB2 I and EB C are having same cutoff dates and all EB3 is U. DOS took away the advantage of ROW and gave it to oldest PD in the category.
With this new interpretation EB3 I dates can make rapid progress and I fail to understand why EB3-I is upset about this.
I just hope sanity makes a come back and people will see that the new visa over flow interpretation is advantages to EB3-I.
OLD over flow interpretation
EB1 ROW ------->EB2 ROW---------->EB3 ROW.
New over flow interpretation.
EB1 ---------------->EB2------------------------>EB3
(Any chargeability) (Any chargeability) (Any chargeability)
Only condition is visa should be allotted to the oldest PD in the lateral distribution irrespective of the country chargeability. That's the reason EB2 I and EB C are having same cutoff dates and all EB3 is U. DOS took away the advantage of ROW and gave it to oldest PD in the category.
With this new interpretation EB3 I dates can make rapid progress and I fail to understand why EB3-I is upset about this.
more...
makeup wallpaper tiger white.
supreet
06-07 04:52 PM
I think it really is a matter of personal choice. A house is much more than a mere investment. For people like us it adds another layer of complications
due to our status (or rather...lack of status).
We are in Bay Area (San Jose Metro area) and were paying around $2000 in rent. We just bought a condo where our payments (mortgage + Taxes + HoA) are going
to be around 2300. Hopefully we will be getting back around 400-500 in taxes and this makes it a good deal. However only 15 days after moving into our
new house, I was laid off and now our biggest concern is if I am not able to get a job in next few weeks and if we have to go back we will be almost
80k down the hole.
due to our status (or rather...lack of status).
We are in Bay Area (San Jose Metro area) and were paying around $2000 in rent. We just bought a condo where our payments (mortgage + Taxes + HoA) are going
to be around 2300. Hopefully we will be getting back around 400-500 in taxes and this makes it a good deal. However only 15 days after moving into our
new house, I was laid off and now our biggest concern is if I am not able to get a job in next few weeks and if we have to go back we will be almost
80k down the hole.
girlfriend A white tiger growling and
mbartosik
04-09 12:38 AM
There are a few banks with names like "first immigrant bank" around NY.
If they turned you down, you could say, hey, just remind me what the name of the bank is?
Of course H1B, L1, J1 are non-immigrant visas (with dual intent) to be more precise. But you get the joke.
You might consider using a mortgage broker.
They get commission on the loan so they will work harder to find something. Only be careful they don't stick you with something with crap terms. Also if you give a deposit make it not only contingent on mortgage, but contingent on mortgage at no more than X% APR and Y mortgage terms, that way if the mortgage company changes the deal at closing (bait and switch - dirty practice - more likely to occur with a broker) then you can just get your deposit back and walk away. In this market, a small deposit (if any) should be acceptable.
Also if the realtor selling the property is a licensed mortgage broker, after you have agreed a price, you could use them to get your mortgage. There is an obvious conflict of interest and you are trying to work it to your advantage. If they cannot find you a mortgage with terms that you like they lose on both sides of the deal! That's what I did, and I'm very happy with the mortgage deal I got.
Also do research on mortgage terms. Understand what is ARM, LIBOR, t-note, types of fees and penalties, you are high skilled -- do your research so you know as much as the mortgage broker on technical terms. If you understand the terms and they know that you know, then you will be taken more seriously.
If they turned you down, you could say, hey, just remind me what the name of the bank is?
Of course H1B, L1, J1 are non-immigrant visas (with dual intent) to be more precise. But you get the joke.
You might consider using a mortgage broker.
They get commission on the loan so they will work harder to find something. Only be careful they don't stick you with something with crap terms. Also if you give a deposit make it not only contingent on mortgage, but contingent on mortgage at no more than X% APR and Y mortgage terms, that way if the mortgage company changes the deal at closing (bait and switch - dirty practice - more likely to occur with a broker) then you can just get your deposit back and walk away. In this market, a small deposit (if any) should be acceptable.
Also if the realtor selling the property is a licensed mortgage broker, after you have agreed a price, you could use them to get your mortgage. There is an obvious conflict of interest and you are trying to work it to your advantage. If they cannot find you a mortgage with terms that you like they lose on both sides of the deal! That's what I did, and I'm very happy with the mortgage deal I got.
Also do research on mortgage terms. Understand what is ARM, LIBOR, t-note, types of fees and penalties, you are high skilled -- do your research so you know as much as the mortgage broker on technical terms. If you understand the terms and they know that you know, then you will be taken more seriously.
hairstyles Lighting White Tiger Swimming
unitednations
03-24 01:16 PM
You are wrong - many other categories are allowed to be adjusted to the status while being in the country. For example look into latest CSR report - you will know that in year 2007, USCIS adjusted 621,047 foreign nationals to LPR status among this number EB's are only around 160K remaining or in other statuses.
The family based immigration is important and can be very painful for some cases - like spouses and sons/daughters - and that is why congress has correctly amended laws to make these cases as exceptions (there are no numerical limits and also no country quotas). That was a correct thing to do and any wait in those relationships is much more painful. But for other categories in the family based immigration - like the cases you gave as examples (like brother and sister of a US citizen) - I dont really consider them as more painful than ours actually I dont even consider them as even comparable to ours. I dont know your case, but I came to US in late nineties with couple graduage degrees and acquired one more here - started my career here and justifiably feel that I considerably contributed to success of atleast one company which grew to 200+ people at one point. I emotionally and careerwise invested here. Now after 10+ years still no greencard and know how many career moves I had to let go becuase of this. While the decision to pursue the greencard is mine and I am not trying to blame anyone here, I dont think that our pain is less than someone who is "waiting" because his brother or sister sponsored him/her doesnt make sense (note: well I do have brother and sister and cherish those relationships but expecting a lifelong/career move based on their location of living is not there; and even if there is an expectation I wont consider that even comparable to someone living there and letting go many opportunities despite of talent just because of administrative issues).
You are right - things are getting worse - there may not be any congressional activity on this issue for sometime and if USCIS try to screw us in other ways - then its going to be a rough ride. But the EB community activism (congressional or otherwise) will actually help in at least staying things more fair towards us.
Yes; I read all of the reports and I have intimate knowledge of how all of this works.
Fact only dual intent visas are H/L/O and K visas.
All other visas are non immigrant intent. Therefore, how do we have so many 485 approvals.
Just about all family base i-485 adjustment of status approvals are people who overstayed their visitor visas, student visas, etc and adjusted status by marrying a US citizen or used 245i to forgive their unlawful status and got greencard through a different way.
Many people who got aged out and weren't able to come with their parents wanted reunification but it would take many, many years for them to come to USA. They get student visa; lie that their parents are not in USA and when they get here then they go through EB route.
Many people who overstayed their visas got 245i protection through a family member and then went through EB route because it was faster then family route. Here is an example;
Person comes from India in early '90s. Wants to stay and winds up overstaying. Lawsuit is filed against 1986 amnesty and people win that USCIS has to open it up and allow people to file even though it is many years after 1986. People start faking things to show that they were here during that time. At same time they get 245i protectin by getting relative to file petition for them. They see none of it goin anywhere and then get labor substitution through eb and go this route and finally get greencard this way.
There is so much of this that goes on with immigration and in USCIS heavy handed way they go after everyone to try to get the people who they think are dirty.
I think everyone needs to understand that this is employment base immigration. It is not on your merits it is based on an employer needing you. H-1b was created to mainly get poeple here because it took too long for an employer to get a body by going through consular route; same concept with K-3 visas;.
In many of the compalaints I see on the forums; people start thinking that EB greencard is a humanitarian greencard. It is very simple and employer needs you on a permannet and full time basis. If they have the resource then they generally do not care how long it takes you to get the greencard. Like it or not this is the way it currently is.
I remember taking a local office appointment with San Jose local office to determine where my file was. It mistakenly got sent to San Diego office. Officer said I should write to San Diego and get them to transfer it to San Francisco which had jurisdiction to where I was living. I told here why doesn't she request it and I made the comment that I had been waiting for four years since I had filed the 485. Her response with a straight face was hey that's not too bad; some people are waiting for last 20 years.
Talk to a normal American and they are not going to think that you are being disadvantaged because you are allowed to live and work here while waiting for the greencard.
If there was no h-1b or no seventh year extensions and employers couldn't get the workers then you would really see some action because employers wouldn't be able to get the resources.
Nurses generally weren't able to get h-1b's and they had to go through consular route. Since, employers couldn't get the resources then that is why they set aside extra 60k greencards for them a couple of years ago. It had nothing to do with the individual but rather the employer needs in getting the resources.
The family based immigration is important and can be very painful for some cases - like spouses and sons/daughters - and that is why congress has correctly amended laws to make these cases as exceptions (there are no numerical limits and also no country quotas). That was a correct thing to do and any wait in those relationships is much more painful. But for other categories in the family based immigration - like the cases you gave as examples (like brother and sister of a US citizen) - I dont really consider them as more painful than ours actually I dont even consider them as even comparable to ours. I dont know your case, but I came to US in late nineties with couple graduage degrees and acquired one more here - started my career here and justifiably feel that I considerably contributed to success of atleast one company which grew to 200+ people at one point. I emotionally and careerwise invested here. Now after 10+ years still no greencard and know how many career moves I had to let go becuase of this. While the decision to pursue the greencard is mine and I am not trying to blame anyone here, I dont think that our pain is less than someone who is "waiting" because his brother or sister sponsored him/her doesnt make sense (note: well I do have brother and sister and cherish those relationships but expecting a lifelong/career move based on their location of living is not there; and even if there is an expectation I wont consider that even comparable to someone living there and letting go many opportunities despite of talent just because of administrative issues).
You are right - things are getting worse - there may not be any congressional activity on this issue for sometime and if USCIS try to screw us in other ways - then its going to be a rough ride. But the EB community activism (congressional or otherwise) will actually help in at least staying things more fair towards us.
Yes; I read all of the reports and I have intimate knowledge of how all of this works.
Fact only dual intent visas are H/L/O and K visas.
All other visas are non immigrant intent. Therefore, how do we have so many 485 approvals.
Just about all family base i-485 adjustment of status approvals are people who overstayed their visitor visas, student visas, etc and adjusted status by marrying a US citizen or used 245i to forgive their unlawful status and got greencard through a different way.
Many people who got aged out and weren't able to come with their parents wanted reunification but it would take many, many years for them to come to USA. They get student visa; lie that their parents are not in USA and when they get here then they go through EB route.
Many people who overstayed their visas got 245i protection through a family member and then went through EB route because it was faster then family route. Here is an example;
Person comes from India in early '90s. Wants to stay and winds up overstaying. Lawsuit is filed against 1986 amnesty and people win that USCIS has to open it up and allow people to file even though it is many years after 1986. People start faking things to show that they were here during that time. At same time they get 245i protectin by getting relative to file petition for them. They see none of it goin anywhere and then get labor substitution through eb and go this route and finally get greencard this way.
There is so much of this that goes on with immigration and in USCIS heavy handed way they go after everyone to try to get the people who they think are dirty.
I think everyone needs to understand that this is employment base immigration. It is not on your merits it is based on an employer needing you. H-1b was created to mainly get poeple here because it took too long for an employer to get a body by going through consular route; same concept with K-3 visas;.
In many of the compalaints I see on the forums; people start thinking that EB greencard is a humanitarian greencard. It is very simple and employer needs you on a permannet and full time basis. If they have the resource then they generally do not care how long it takes you to get the greencard. Like it or not this is the way it currently is.
I remember taking a local office appointment with San Jose local office to determine where my file was. It mistakenly got sent to San Diego office. Officer said I should write to San Diego and get them to transfer it to San Francisco which had jurisdiction to where I was living. I told here why doesn't she request it and I made the comment that I had been waiting for four years since I had filed the 485. Her response with a straight face was hey that's not too bad; some people are waiting for last 20 years.
Talk to a normal American and they are not going to think that you are being disadvantaged because you are allowed to live and work here while waiting for the greencard.
If there was no h-1b or no seventh year extensions and employers couldn't get the workers then you would really see some action because employers wouldn't be able to get the resources.
Nurses generally weren't able to get h-1b's and they had to go through consular route. Since, employers couldn't get the resources then that is why they set aside extra 60k greencards for them a couple of years ago. It had nothing to do with the individual but rather the employer needs in getting the resources.
LostInGCProcess
09-26 02:52 PM
Everyone say "H1b is not good we want more GC". Then the whole thing moves towards a new points based system and everyone will support it saying - this will ensure US will have best and brightest. What happens to us???? We will be ignored
I think for those waiting long enough would get extra points....5 Points/year of waiting :D:D:D:D:D
I think for those waiting long enough would get extra points....5 Points/year of waiting :D:D:D:D:D
yabadaba
06-01 09:45 AM
Sau Chuhe kha ke Billi Haj ko Chali
roughly translated...after eating 100 mice the cat goes for a pilgrimage
roughly translated...after eating 100 mice the cat goes for a pilgrimage
No comments:
Post a Comment