US Housing Crisis and Employment based Green Card issues

[GCOP]

I completely agree with DSLStart. We are paying Monthly Mortgages, property Tax and Insurance for Home. and contributing to Economy So Please include Current Homeowners also.

Originally Posted by DSLStart

Current homeowners who are waiting for their GC MUST also be exempted from cap. This clause has to be there. Without having any gurantee of getting GC these folks have invested their savings in buying home even when the prices were high, WHY because they had real intent of making US their permanent home. So these people should too be exempted from EB cap.

[sayantan76]

Originally Posted by JunRN

I think the $700 billion bail-out will just go down the drain and will be lost due to market speculation...stocks will spike but then will go back to its lows or even lower....and then, check-mate!

it's like a band-aid to a big wound.

The 700Bn or whatever the final number is not entirely a drain.....

the thing with all these exotic securities is not that they are completely worthless but that there is no market for these right now and hence are illiquid - so if someone had the ability to keep these securities for a long term (say 30 years - since most mortgages are for 30 years) on their balance sheet - they may not lose as much money as they would if they tried to liquidate these investments in the short term.

Financial Institutions typically borrow short term to invest in long term investments and keep renewing the short term borrowings - since the underlying investment has become illiquid - it has become difficult to raise financing against it. the govt, howver, can take a long term view and be patient....who knows.....in the end - the Govt may actually come out with positive cash flow at the end of all this mess. So, the bail-out plan may not be as bad an idea as media is portraying it to be.........in short-term - it does take US into further indebtedness.

I already have a GC - so this debate does not impact me personally - but this is against the basic principals of natural justice.......GC applicants were placed into certain EB categories based on job descriptions and qualifications and then within queues assigned priority dates based on certain logic and are currently being approved based on PD and country quotas..........all these rules were known and published prior to companies and people applying for these GCs.....

No matter what the incremental benefit is, I think its blatantly unfair (like it was blatantly unfair to push some people to labor backlog centers and approving people with later PDs first) to change the rules of engagement and prioritization midway through the process and give preference to someone based on an ability to invest certain $$s in an house.......buying a house is a commercial and lifestyle decision........should not be a precursor to a USCIS adjudication.......

keep the red dots coming folks!

[chi_shark]

call them... they will set you up with a membership to NMFA... costs 20 bux a year... thats it... then apply for mortgage... call them first...

Originally Posted by lonedesi

Can any of us join this credit union? It appears that one needs to satisfy any one of the 6 requirements (being related to US military) to be able to open an account with penfed. Please let us know if otherwise.

[gceverywhere]

This initiative has my full support. Thanks Nixstor for coming up with a very innovative idea. While it is OK to expect for the system to not have this problem in the first place, the reality is that we have a HUGE problem in front of us.

We should all be very very concerned with what's going on in the financial market. If the bailout doesn't work then we will have a deep recession in front of ut. Do you REALLY think the govt. (Dem/Rep) will care about your green cards then?

Win-win strategy always works. To me, this idea presents a great win-win approach.

Nixstor,
I like the idea but I have one question. Have our lobbyists reviewed it and do they approve it?

[pointlesswait]

well said sayantan..

This whole idea of linking GC to probable purchasing homes..is insane!
it stops short of black mailing...

Originally Posted by sayantan76

The 700Bn or whatever the final number is not entirely a drain.....

the thing with all these exotic securities is not that they are completely worthless but that there is no market for these right now and hence are illiquid - so if someone had the ability to keep these securities for a long term (say 30 years - since most mortgages are for 30 years) on their balance sheet - they may not lose as much money as they would if they tried to liquidate these investments in the short term.

Financial Institutions typically borrow short term to invest in long term investments and keep renewing the short term borrowings - since the underlying investment has become illiquid - it has become difficult to raise financing against it. the govt, howver, can take a long term view and be patient....who knows.....in the end - the Govt may actually come out with positive cash flow at the end of all this mess. So, the bail-out plan may not be as bad an idea as media is portraying it to be.........in short-term - it does take US into further indebtedness.

I already have a GC - so this debate does not impact me personally - but this is against the basic principals of natural justice.......GC applicants were placed into certain EB categories based on job descriptions and qualifications and then within queues assigned priority dates based on certain logic and are currently being approved based on PD and country quotas..........all these rules were known and published prior to companies and people applying for these GCs.....

No matter what the incremental benefit is, I think its blatantly unfair (like it was blatantly unfair to push some people to labor backlog centers and approving people with later PDs first) to change the rules of engagement and prioritization midway through the process and give preference to someone based on an ability to invest certain $$s in an house.......buying a house is a commercial and lifestyle decision........should not be a precursor to a USCIS adjudication.......

keep the red dots coming folks!

[reddymjm]

Originally Posted by nixstor

Thanks for sending.

send me a PM with addresses that bounced. I will update the list.

I sent you a PM with the list of email ids.

[GCOP]

nixstor,
I sent PM to you. Can you please consider and include that in the proposal. Thanks,

[chi_shark]

this summary of the crisis is wrong... in fact *this* is unfair to ply people with
incorrect versions of news... nearing to lies... if intentional... the lack of liquidity stems from the fact that subprime borrowers are finding it hard to keep payments going after their payments reset on ARMs. CDOs that were based on mortgages were rated highly by rating agencies based on precedent of earlier years started losing buyers because payments were not coming through (ie default) and that led to lack of buyers and then there was a general exit from the CDO market... investment banks (like lehman) are allowed by fed regulators to classify certain assets as investments and hence not re-evaluate value them (or mark them to market) every once in a while... however, in light of actual default on some assets and ensuing lack of market interest, they started writing down asset values... thats when they collapsed... there was no way people would have come back in 30 years to buy an asset for which the underlying payments had already stopped...

hope this sets the facts straight or at least gives a different point of view for people to chew on.

Originally Posted by sayantan76

The 700Bn or whatever the final number is not entirely a drain.....

the thing with all these exotic securities is not that they are completely worthless but that there is no market for these right now and hence are illiquid - so if someone had the ability to keep these securities for a long term (say 30 years - since most mortgages are for 30 years) on their balance sheet - they may not lose as much money as they would if they tried to liquidate these investments in the short term.

Financial Institutions typically borrow short term to invest in long term investments and keep renewing the short term borrowings - since the underlying investment has become illiquid - it has become difficult to raise financing against it. the govt, howver, can take a long term view and be patient....who knows.....in the end - the Govt may actually come out with positive cash flow at the end of all this mess. So, the bail-out plan may not be as bad an idea as media is portraying it to be.........in short-term - it does take US into further indebtedness.

I already have a GC - so this debate does not impact me personally - but this is against the basic principals of natural justice.......GC applicants were placed into certain EB categories based on job descriptions and qualifications and then within queues assigned priority dates based on certain logic and are currently being approved based on PD and country quotas..........all these rules were known and published prior to companies and people applying for these GCs.....

No matter what the incremental benefit is, I think its blatantly unfair (like it was blatantly unfair to push some people to labor backlog centers and approving people with later PDs first) to change the rules of engagement and prioritization midway through the process and give preference to someone based on an ability to invest certain $$s in an house.......buying a house is a commercial and lifestyle decision........should not be a precursor to a USCIS adjudication.......

keep the red dots coming folks!

[NolaIndian32]

Nixtor,

I like your idea, but please consider current homeowners as well in your proposal. I understand that if new homeowners are removed from the queue I am standing in, it will benefit me. But seriously, I will not get immediate relief. I will have to continue to wait in some queue for another decade. I have been in the US since 1994, completed 6 years of education and have been employed since 2000. My PD was current for 2 months, I am still sitting here looking at a dismal October Visa Bulletin. Yes, I bought my house 4 years ago. Why can't I be included in this list?

Should I promise to buy a second home? Will that put me in the category you are proposing?

[JunRN]

This proposal if it hits the major news media will atleast catch the attention of most people regarding our plight as immigrants.

On the other hand though, those on the other side will think that this proves their point --- they are losing jobs and money -- immigrants are taking it. They are losing houses and properties --- immigrants are taking it. They will put the blame on us.

[GCOP]

I agree with this. Please Include Current Homeowners in the proposal, who are already contributing to economy while still waiting for the Greencard. Current Homeowners should not be be left out from the proposal.

Originally Posted by NolaIndian32

Nixtor,

I like your idea, but please consider current homeowners as well in your proposal. I understand that if new homeowners are removed from the queue I am standing in, it will benefit me. But seriously, I will not get immediate relief. I will have to continue to wait in some queue for another decade. I have been in the US since 1994, completed 6 years of education and have been employed since 2000. My PD was current for 2 months, I am still sitting here looking at a dismal October Visa Bulletin. Yes, I bought my house 4 years ago. Why can't I be included in this list?

Should I promise to buy a second home? Will that put me in the category you are proposing?

[485Mbe4001]

Leave it to us 'Skilled' folks to shred an idea before implementing it. What is the harm in mailing out a letter. We tend to focus on bringing out the negatives and keep discussing issues till the train passes us by.

The bailout plan is a short window of opportunity, what is wrong in sending out some emails, we are not the only ones doing this there are hundreds of organizations trying to get their word in edgewise.

(I for one am even willing to write a proposal to 'buy' a GC, if EB applicant is waiting for more than 5 yrs since his/her PD, they can pay 10-15 grand to fast track application irrespective of the fact that the PD is current or not. USCIS stands to make 2 billion. I prefer paying 10k to uscis instead of the yearly drain towards my lawyers SLK.)

Anyways the point i am trying to make is that for this particular issue send out the letter, ask others to do the same and then discuss the merits of the letter. As the moderator mentions the window of opportunity is very small. Since you will be sending out your own letters, you can include any text to include current home owners or include only US educated or only EB 2 I etc

Originally Posted by pointlesswait

well said sayantan..

This whole idea of linking GC to probable purchasing homes..is insane!
it stops short of black mailing...

[aroranuj]

I am already a HOMEOWNER but I think this bill is good for all as those who buy new homes move out of the line & we move quicker. Congress works in strange ways & if the core thinks this is the best way to get around it & including current homeowners will be a dealbreaker I am for it....Lets support what we can get.

I emailed half the people on the list & will email the other half in the next couple of hours...

IV CORE: THANK YOU for thinking for every single possible way of getting us out of this rut...you have my full support!!!

[Winner]

Originally Posted by whitecollarslave

Has anybody really tried to get a mortgage recently? I have been denied by 8 lenders so far simply because I don't have a green card. Most lenders have tightened their underwriting guidelines. They will give mortgages only to U.S.Citizens or somebody who is a permanent resident aka having a green card. There are very very few lenders who will give mortgages to somebody on a visa and the rates may not be very favorable.

I used www.MemberhomeLoan.com

[Sideliner]

Originally Posted by JunRN

..On the other hand though, those on the other side will think that this proves their point --- they are losing jobs and money -- immigrants are taking it. They are losing houses and properties --- immigrants are taking it. They will put the blame on us.

This is a very good point, while considering the good press you MAY get, also think about how many Lou's shows can use the same material to spread more hatred.