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Old 09-23-2008, 12:43 PM
hopefulgc hopefulgc is offline
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And so it begins... a guy puts on the table a good idea.. and then everyone start listing what is wrong with it or how it does not fit in their small self-centered universe.

Let the censure begin!


Quote:
Originally Posted by nixstor View Post
As completely unrelated these two issues are (from a law maker's perspective) on a normal day, these are possibly those times when each of these issues can help the other.

IV has been discussing about the possibility of one for two solution (partial). The idea is to request congress to exempt EB applicants & their dependents from numerical limits of the Immigrant visas, if they buy a home. It is my belief that market sentiment is the most important thing in any financial market(s) and the housing prospects look pretty bleak. There are lot of members in the EB community that have NOT bought their own home, even though they could afford one because of the uncertainty with EB GC. IV's idea is to bridge the financial committees and judiciary committees in the House/Senate and see if corresponding Chairman/Ranking members are willing to listen. Things are moving so fast with the 700bn USD bail out plan and we will NOT have time to do things the normal way, through our counsel. We have to present this idea to the corresponding staff members of key members of congress (see list below) and see if this gets traction now or going forward.

Please do not bring EB-5 discussion/comparison here. The proposed partial solution is different from EB-5 in that EB-5 investors invest money and we are investing in our future with a genuine intention of making USA our permanent home.


If you already have a home, thats fine. Any such legislation will reduce the wait times in EB categories and we need housing markets to rebound for a safer economy before the ripple effects are felt every where.


Who to write to


Staff members(Chief of Staff, Legislative LA, Financial LA, Legislative Director) of Chairman/Ranking members of House/Senate Judiciary committee & Finance/Banking committee, Staff members of your representative and your senators. Please find staff members of the committees in the spreadsheet.

You can find your representative & senator staff members on this website.

Please use valid email addresses and NOT fictitious/junk mail. It undermines the whole purpose and our emails will be flagged by mail scanners / spam checkers as some thing similar to famous Nigeria bank account scams.


Email Subject: Proposal to alleviate current US Housing/economic crisis


Content/Message


SUMMARY


This proposal alleviates the current US economic crisis, by motivating the US high skilled, legal immigrant workers to purchase homes. The size of this immigrant population is approximately 800,000 individuals. This effort if successful would inject up to US$ 20Billion approximately into the economy (approximately US$ 100 Billion in houses sold across the country) , while at the same time directing this money into the root cause of the economic crisis – the illiquidity of the national housing market. The above calculation is done
assuming a median US home price of $212,400 and buyers making a down-payment of 20% of the cost of the home. Roughly estimating 400,000 buyers.

BACKGROUND

Undoubtedly, we are all devastated by the shake up on Wall Street in the past 15 days. Experts agree that the underpinning problem is the housing crisis caused by sub-prime mortgage loans. Many of us, who cannot afford our monthly mortgage payments are losing homes and putting them up for sale and foreclosure, which further adds to the crisis. At the same time, most of the Employment-based (EB) immigrant community would like to purchase homes and make the United States a permanent home for their families. These EB immigrants however, are living in a state of limbo, mostly in rental apartments because of the delays and uncertainties involved with the EB immigration procedure. The wait times in EB categories are exacerbated by the delays in processing by USCIS, even though eligible applicants have filed for Permanent Residency also known as Adjustment of Status. Such processing delays have resulted in the wastage of 218,000 immigrant visa numbers (Page 52 of USCIS Ombudsman Annual report 2007). The current Department of State visa bulletin shows 7+ years of wait times in certain categories. We strongly believe that legislation can be worked out in such a way that the housing markets all over the country can move towards recovery, while at the same time motivating the Green Card applicants to catalyze this recovery.

It should be noted that this proposal by no means brings more immigrant workers into the US. The workers in the EB, skilled category are already present in the US, doing skilled jobs that no US worker is available to do. They are part of the long queue of backlogged cases that USICIS will eventually process; however, this wait can take years and in that case could not be used as a tool to minimize the course of the current economic crisis.

SOLUTION

Congress can pass legislation that exempts EB green card applicants and their dependents from the numerical limits of visa numbers, provided applicant(s) have bought a home making 20% down payment on the sale price of the home, for a time period deemed necessary by the congress.


How can Employment based Immigrants help alleviate the housing problem?

(1) Employment based immigrants are highly skilled and are employed in occupations such as Software, IT, Health care, Energy, Finance, Education and Research & Development across the United States.

(2) Average income of these individuals/households is around 65,000/130,000 USD.

(3) All these Employment based immigrants have gone through Department of Labor’s recruiting process, which certifies that there is no willing, able and qualified US Citizen to do the job.

(4) Most of the Employment based immigrants have excellent credit history and good source of income to make the payments needed for their home mortgage.

(5) By requiring a 20% down payment from this group of buyers, Congress can directly channel this money to where it is need most – at the banks.

(6) Employment based green card applicants have been living in the United States for 6-8 years. Many of them have US graduate degrees in their fields of expertise. These applicants are well versed with the American culture and will not change the cultural landscape.

(7) Financial burden on US government and treasury will be reduced drastically if the glut of houses in the market decreases.


As a member of the community that wants to make the US its permanent home, I want to contribute to a solution that helps USA and US during these tough times. I sincerely believe that the 30 year commitment on mortgages by Employment based immigrants in the housing market, backed by solid, risk free mortgages can turn the down ward spiral in the housing market into a upward spiral.

END OF CONTENT
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hopefulgc
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