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  • akred
    04-07 01:35 PM
    Research institutes hiring employees for research are already exempt from H1 quota. So are non-profits and universities.

    What are you talking about?

    I am talking about using a different standard for defining R&D. A standard similar to the one used for determining the R&D tax credit. A whole lot of companies other than pure research institutes are eligible for R&D tax credits. And there appears to be broad support for such a definition of R&D.

    http://www.nam.org/s_nam/sec.asp?CID=514&DID=512
    http://www.ieeeusa.org/policy/positions/researchcredit.html





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  • jvordar
    08-03 12:36 AM
    I refer back to my earlier posting where I said I just read the memos and the law and thought this stuff was pretty simple. USCIS quite often goes above and beyond (tax returns rfe's, pictures of company inside/outside).

    I'll give you some examples of what they have done of which I have intimate knowledge of:

    1) Questioned company on I-140 why they had more 140's pending/approved then the number of people on payroll. Asked for all 140 info., h1, L1 and even the people who got employment base greencard and asked company to justify where they are

    2) Department of state for visa stamping; if they don't trust client letter; they refer the case to department of state fraud unit in Kentucky. They will then contact signer of letter and HR of company to verify that person signed the letter

    3) Department of labor is on a real war path of checking companies compliance with h-1b based on referrals made by department of state. I can tell you that there is no way any company who is h-1b dependent can be 100% compliant with h-1b. Patni got fined $3.5 million for violations.

    4) Department of labor made a home visit to an HR person who was no longer working with the company to ask and verify her signatue on labor applications in a fast processing state when they weren't registered to do business there

    5) Department of labor verifying that people were paid the greencard wage upon greencard approval (this was in conjunction with h-1b investigation). I can tell you that some states have very high eb2 wages and people aren't even close to the labor number; companies do it anyways to keep you happy but do they run that number once you do get the greencard?

    6) h-1b rfe's from california service center. when quota finished in one day; there was some rumors from california service center that they would be treating h-1b transfers/quota cases very harshly in that companies were engaging in speculative employment. These days if you are involved in software and you file an h-1b transfer or even extension with california service center; you have a very good chance of getting a four page rfe. One of the things they have started to ask for is a table of people whom h-1b's have been filed for. Table has to list name, social security number, receipt number, date of birth, joining date, termination date, no show, future joining date. California service center then intertwines this information with company unemployment compensation reports. I have actually seen 3 recent denials where USCIS examined the unemployment compensation reports and looked at people who may have been paid a lower wage and pulled those people's h-1b files and denied the present case saying they can't trust the company to comply with the h-1b, lca.

    ----------------------------------------------------------

    These days; uscis/dol/dos really means business. I refer you to earlier posting of how evertime a company files a case; it gives uscis a chance to go through entire immigration history of a company. They have the resources and tools.

    ok now i'm really confused between AC21 and future employment debate....
    AC21 can be used after 6 months of 485 filing to change the job but then once u get GC you have to work for the original company that filed your 485 for few months?? so for e.g. if i change my job after lets say 1 year of 485 filing and lets say my 485 is approved after 3 years so now do i have to quit my new job and go back to my old employer to work for few months to get my gc? am i understanding this correct? i think i'm not... can you please clarify?? thnx





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  • willwin
    07-13 04:01 PM
    At the outset, I am not against EB3, but lets think about this for a moment. Any logic that we use to break up spillover between EB2 and EB3 can also easily be applied to EB1 and EB2. I'll repeat an earlier post of mine. "How can EB1 of 2008 get the GC immediately when EB2-I (in my case) has to wait for more than 4 years - clearly preference is at play here".

    Any spilt will artificially retrogress EB2 more than what it otherwise would have. Similarly one can always argue to artificially retrogress EB1 to give more visas to EB2 just because someone from EB2 is waiting for 4 years.
    Isnt that against the law. Any break up of spill over visas invalidates the category preference as per current law.

    Please also note that any unfavorable change to the EB1 category based on a hypothetical approval of an EB2/EB3 break up will invite the attention of Fortune 500 companies and prestigious research/educational institutions (who use EB1 the most) with all their political and financial resources at their disposal. That could put a halt to everything.

    Irrational passion calls for dispassionate rationality.

    Delax, EB1 with PD 2008 is getting their GC within months not because they utilize an 100% spill over from 'somewhere'. It is just because they do not have enough applicants in the queue and hence no retrogression.

    Honestly, 'i don't think' the 'advantage' that EB3 and EB2 have - using spillover from other categories. Correct me if I was wrong.





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  • gcbikari
    08-06 01:49 PM
    Lesson 1:

    A man is getting into the shower just as his wife is finishing up her shower, when the doorbell rings.
    The wife quickly wraps herself in a towel and runs downstairs. When she opens the door, there stands Bob, the next-door neighbor.
    Before she says a word, Bob says, "I'll give you $800 to drop that towel, "
    After thinking for a moment, the woman drops her towel and stands naked in front of Bob After a few seconds, Bob hands her $800 and leaves.
    The woman wraps back up in the towel and goes back upstairs.
    When she gets to the bathroom, her husband asks, "Who was that?"
    "It was Bob the next door neighbor," she replies.
    "Great," the husband says, "did he say anything about the $800 he owes me?"

    Moral of the story
    If you share critical information pertaining to credit and risk with your shareholders in time,you may be in a position to prevent avoidable exposure.


    *********

    Lesson 3:

    A sales rep, an administration clerk, and the manager are walking to lunch when they find an antique oil lamp. They rub it and a Genie comes out.
    The Genie says, "I'll give each of you just one wish."
    "Me first! Me first!" says the admin clerk. "I want to be in the Bahamas, driving a speedboat, without a care in the world."
    Puff! She's gone.
    "Me next! Me next!" says the sales rep. "I want to be in Hawaii, relaxing on the beach with my personal masseuse, an endless supply of Pina Coladas and the love of my life.."
    Puff! He's gone.
    "OK, you're up," the Genie says to the manager.
    The manager says, "I want those two back in the office after lunch."

    Moral of the story
    Always let your boss have the first say.


    *********

    Lesson 4:

    An eagle was sitting on a tree resting, doing nothing. A small rabbit saw the eagle and asked him, "Can I also sit like you and do nothing?"
    The eagle answered: "Sure , why not."
    So, the rabbit sat on the ground below the eagle and rested. All of a sudden, a fox appeared, jumped on the rabbit and ate it.

    Moral of the story
    To be sitting and doing nothing, you must be sitting very, very high up.


    *********

    Lesson 5:

    A turkey was chatting with a bull. "I would love to be able to get to the top of that tree," sighed the turkey,"but I haven't got the energy."
    "Well, why don't you nibble on some of my droppings?" replied the bull.
    They're packed with nutrients."
    The turkey pecked at a lump of dung, and found it actually gave him enough strength to reach the lowest branch of the tree.
    The next day, after eating some more dung, he reached the second branch.
    Finally after a fourth night, the turkey was proudly perched at the top of the tree. He was promptly spotted by a farmer, who shot him out of the tree.

    Moral of the story
    BullShit might get you to the top, but it won't keep you there.


    *********

    Lesson 6:

    A little bird was flying south for the Winter.It was so cold the bird froze and fell to the ground into a large field. While he was lying there, a cow came by and dropped some dung on him. As the frozen bird lay there in the pile of cow dung, he began to realize how warm he was.
    The dung was actually thawing him out! He lay there all warm and happy, and soon began to sing for joy.
    A passing cat heard the bird singing and came to investigate.
    Following the sound, the cat discovered the bird under the pile of cow dung, and promptly dug him out and ate him..

    Morals of this story

    (1) Not everyone who shits on you is your enemy.

    (2) Not everyone who gets you out of shit is your friend..

    (3) And when you're in deep shit, it's best to keep your mouth
    shut!



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  • vrkgali
    08-12 09:57 AM
    Instructions: Just read the sentence straight through quickly without really thinking about it.

    Acocdrnig to an elgnsih unviesitry sutdy the oredr of letetrs in a wrod dosen't mttaer, the olny thnig thta's iopmrantt is that the frsit and lsat ltteer of eevry word is in the crcreot ptoision. The rset can be jmbueld and one is stlil able to raed the txet wiohtut dclftfuiiy.

    Amazing, isn't it?

    yse ,tahts hwo I awlays tyep in chat windwo s





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  • gcdreamer05
    08-08 12:15 PM
    There was a terrible bus accident. Unfortunately, no one survived the accident except a monkey which was on board and there were no witnesses. The police try to investigate further but they get no results. At last, they try to interrogate the monkey. The monkey seems to respond to their questions with gestures. Seeing that, they start asking the questions.

    The police chief asks: "What were the people doing on the bus?"

    The monkey shakes his head in a condemning manner and starts dancing around; meaning the people were dancing and having fun.

    The chief asks: "Yeah, but what else were they doing?".

    The monkey uses his hand and takes it to his mouth as if holding a bottle.

    The chief says: "Oh! They were drinking, huh?!" The chief continues, "Okay, were they doing anything else?"

    The monkey nods his head and moves his mouth back and forth, meaning they were talking.

    The chief loses his patience: "If they were having such a great time, who was driving the stupid bus then?"

    The monkey cheerfully swings his arms to the sides as if grabbing a wheel.



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  • Marphad
    12-18 12:11 PM
    I dont see anything wrong in what Auntlay asked for.. he has asked for investigation as to how Karkare was killed.
    his initial verbage was not good.. but what he asked later was completely justified..
    All the people in the van, in which Karkare was killed, died except one Hawaldar..
    And all the top cops in the same van at the same time, somethings needs to be justified..

    True. No doubt this needs investigation. But Antulay's intentions were horrible.





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  • xyzgc
    12-20 03:32 PM
    It is possible that India may be loser for some extent in short time. But in case of war India will come out winner if India can win decesively similar to Bangladesh war. The parliment attack or Mumbai attack deserves some military action if India is able to destroy some of Terrorist camps. But by the time India preparing for attack the terrorists will move away from their camps and success rate depends on accuracy of timing and intelligence.

    Actually for the past 20 years Terrorists(and Pakistan) lost battle as they acheived nothing by killing innocents. India became superior and biggest development in last 100 years.That is the main reason for changing tactis. Terrorists supported indirectly by Pak ISI or army tried commando attack. But still Terrorists lost battle as India somehow got some sympathy from USA and other Western Countries. I would tell Pak got frustrated as Terrorists got tired. That is the reason Pak army became reckless and indulging in Mumbai Like attacks. Everything including Kargil Pak got failure. As usual Pakistan media is patriotic to their country and they wrote one side analysis. But their media well aware that Geography of India will be huge advantage to India

    Eventually India has to try to attack Pak with international force(Similar to 9/11) if there will be another major Terrorist attack. I sincerely hope and pray God no such attacks will happen in future.

    My feelings are the same. Terrorism is leading Pakistan to destruction and Zardari knows its not working.
    Initially, Paki funded the proxy wars and now the beasts are out of control.

    India is one smug, complacent giant -terorism is not going to make a dent.
    Most of the indians are indifferent and not afraid of going about their lives.
    In Mumbai, the need for survival is intense, you can't stop people from living their daily lives.

    This whole affair has gotten so much international publicity, its blown up in the face of these Pakis.
    Muslims everywhere are under a lens eye - airports, buses, trains, any public transportation people are immediately suspicious. Its creating an embarassing situation for good muslims all over the world.

    Unfortunately, these good muslims are handful, if you look at Pakistani newspapers some of their intellectual journalists sincerely condemn all of this but the readers hold a diametrically opposite view!
    Fortunately, this will educate the readers, slowly but surely. At least it will make them introspect and retrospect.

    The Bombay mullahs refused to bury the terrorists - they don't want a round of riot, they know they will be butchered and nothing good will come out of it.

    Terrorism is not working man!



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  • coolest_me
    12-26 05:40 PM
    Most americans have supported the attack on Afghanistan, where Osama is believed to hiding along with other terrorists. Most americans oppose war on Iraq, only because 100,000 american soldiers have died, Isince the Iraq war began and the economy is in shambles and Iraqis are a drain on the failing economy.




    Can you post the source of this information please. I don't think its anywhere close 100,000. Its somewhere arnd 10000.





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  • mihird
    07-15 04:34 PM
    When did we ever insult americans ? that is purely a figment of your own imagination. If we did we wouldnt have the face to ask for reforms to the GC process the way we are doing now. We never claimed america would collapse if we departed .. but make no mistake we DO make a HUGE contribution to this country, disproportionate to our relative numbers. Low wage bodyshops are the bad apples; that is hardly representative of the EB-H1B community at large. And it is highly cynical of you to believe congressmen initiate reforms solely for contributions; while that is a factor, it can never be the sole one. The american electorate is there to give them the boot next time they ask for their votes. You still have a lot to learn about how the world works my friend.

    Bulk of H1-B holders are a great asset to this nation! I would rather salute the American nation and its government for putting together such a wonderful program, that manages to bring in the best talent of the world and utilize it to further stimulate its economy. Low paying body shops replacing the American worker are just bad apples and represent a very small portion of the H1-B population.

    I only wish the GC process differentiated between these two and put people in the queue accordingly. People randomly getting kicked out of the queue and starting over, and labor substitution helping people jump the queue...this is all the mess that really needs to be cleaned up..

    Though, honestly I think the best of best H1-B cream is gonna jump ship to other countries if the GC process is not fixed soon enough! Country specific hard quotas makes no sense in EB green cards. I am even surprised it has taken Americans so long to come up with something like the SKIL bill...

    I think, it is long due..



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  • unseenguy
    06-26 05:26 PM
    Here is my strategy:

    Keep an eye on the interest rates, if they are going to cross, 6.5% lock them in immediately and monitor for 90 days.

    1) Wait for home prices to fall further or not increase (After the economic stimulus timeline has passed), sales may slump again
    2) Use this time to stay in a modest short term apartment/condo/townhome and save 1500 a month to build a large downpayment when you get GC.
    3) Use large downpayment to lower your monthly payment.
    4) use lowered monthly payments to make additional payments towards your principal thus further reducing the payments on mortgage interest.

    Hence in 2-3 years you can go for a bigger house with lower mortgage and quicker payoff since prices are not rising now.





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  • chanduv23
    05-17 06:31 AM
    For folks who think banning any sort of consulting on hn1b will solve the purpose and has a good cause, this is what is going to happen.

    You most probably will have been a h1b working ina fulltime job. You will think that when h1b consultants go away, you will fall ahead in the queue and get ur GC. But my dear friend, the intent of this bill is different. IEEE USA, PG etc.. have members who are American citizens and a lot of them may be your own collegues at work and will be encouraging you to support their cause saying it benefits you.
    Once consulting is banned, and when your own American collegues know it is banned and consulting company cannot hire h1b, they will be after your job. They will make conditions miswerable for u at workplace and life will get worse and you will not have any options left for you but to lead a screwed up life.
    If you get fired or layed off, you will be left with no option at all. Remember, while cost cutting, companies will get rid of h1bs before they get rid of citizens, no matter how much u hang on to your job and how much u perform. Basic fact is that your are despensible.
    Their only aim in life is to get rid of all Asians especially Indians and Chinese and reduce their numbers drastically, they will follow any tool or weapon. Don't believe their sweet words and their intent to help you. You must help yourself and help IV.

    Though I do agree that h1b body shops indulge in irregular practices, this is common to any company. Look at biggies like msft, google etcc. they have an entire legal team working hard to workaround any system and utilize loopholes in the system. Thats how businesses survive and make money. Business means "no ethics". So just do not rationalize yourselves by claiming that you know everything. It all boils down to survival of the fittest and it is how you handle situations. Lets all not be selfish and be divided among ourselves.



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  • munnu77
    12-18 02:54 PM
    Sign of very rare good pakistani journalism:

    http://www.dawn.net/wps/wcm/connect/Dawn%20Content%20Library/dawn/news/pakistan/dont-let-this-sickness-spread-any-further--qs

    Worth reading.

    good article..
    but i always believed, if there is a war between these countries, India will be the loser as pakistan has nothing to lose right now..we will go 10-15 yrs behind compared to other developing countires..
    The war between 2 countries is that the terrorists really want, so they get a bigger grip on pakistan and they can recruit more people into them showing this..
    Europen countries doesnt have much of a problem if they want to attack pak..
    They will bomb and just go..India will have to deal with a destabilised country and people after tht..may be for decades





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  • vivid_bharti
    06-23 03:47 PM
    I'm surprised nobody is even considering the other aspect i.e. the pleasure to live in your own house. We people are living in US in a small sized appt. while we bought houses in India, which is on rent. You will never know the pleasure of living in your own space...



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  • ujjwal_p
    01-07 03:17 PM
    Those who said, Hamas was hiding inside school and firing rockets, go check the fact in CNN.

    U.N. 'sure' no militants at school hit by Israeli troops

    http://www.cnn.com/2009/WORLD/meast/01/07/israel.gaza.school/index.html

    Human sheild, hiding in hospital, hiding in mosques, hiding in school - All are big lie and bullshit. Just to justify the killing of innocent lives.

    hey dude. just a few posts back, you mentioned that cnn and fox are mouthpieces of a vast jewish conspriacy. and now you have no qualms in using CNN to justify another argument you are making. so i guess it's ok to switch sides in the middle of an argument? i'm not trying to demean you, but you sure have me confused now.





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  • Rolling_Flood
    07-14 02:05 AM
    This person is such a slick sucker. Everyone, please read his previous posts. He was whining about how to apply in EB-2 and the timelines for I-140 approval etc. Then, he wanted to know whether he could go to school on an EAD.

    In short, he is doing this EB-3 bullshit just to get maximum mileage out of this in his favor. Given a chance, he would jump ship to EB-2 and not give a damn about EB-3 India.

    Expanding on these points, if you, the reader, are an EB-3 or ported to EB-2 and work in the oh-so-familiar IT bodyshops, go suck on those sour lemons.

    How dare you fuck@#n compare yourselves to EB-2?

    Cant you FUC@#N understand what the phrase "preference category" means????? go get a higher education, change employers, get an EB-2 the right way.

    Stop this bullshit you have going on. I for one will write my own letters to ensure none of this EB-3 India whining nonsense gets any attention. I will also mobilize other EB-2 India and China folks i know, to do the same.

    If that does not succeed, i will slap a lawsuit against any organization that attempts to twist the rules to imply EB-3 and EB-2 are the same skill level.

    Let us see who wins here. In the interim, go suck on those sour lemons and work for your blood sucking desi employers. Serves you right for being lazy and not trying to help your lot before.

    Will rot for 7 years in EB-3, but will not get a US MS/MBA/PhD, will not change to an EB-2 job, and then when EB-2 gains something, will cry and create a ruckus????? Go screw yourselves.


    EB3-I..please print the attached word doc and sign and mail it to Department of state..this week

    Moderator could you makes this Sticky please

    Could somebody also post the adderess of USCIS please..



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  • gcbikari
    08-11 04:58 PM
    Where is lesson 2?


    Lesson 2:

    A priest offered a Nun a lift. She got in and crossed her legs, forcing her gown to reveal a leg. The priest nearly had an accident. After controlling the car, he stealthily slid his hand up her leg.
    The nun said, "Father, remember Psalm 129?"
    The priest removed his hand. But, changing gears, he let his hand slide up her leg again.
    The nun once again said, "Father, remember Psalm 129?"
    The priest apologized "Sorry sister but the flesh is weak."
    Arriving at the convent, the nun sighed heavily and went on her way.
    On his arrival at the church, the priest rushed to look up Psalm 129 It said, "Go forth and seek, further up, you will find glory."

    Moral of the story
    If you are not well informed in your job, you might miss a great opportunity.





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  • Macaca
    05-02 05:38 PM
    Don't kowtow to China now (http://www.theaustralian.com.au/national-affairs/dont-kowtow-to-china-now/story-fn59niix-1226047967727) By Paul Dibb | The Australian

    PRIME Minister Julia Gillard's visit to China has confirmed important strategic priorities for Australia. She called for Australia and China to gradually increase their defence co-operation as a means to promote good relations and understanding of each other. She also talked about wanting to see increased military transparency by China.

    Defence Minister Stephen Smith says he has also made it very clear to his Chinese counterpart that Australia expects China to abide by, and conduct itself, in accordance with international norms, including the international law of the sea.

    Given China's military build-up and its more aggressive behaviour of late in the East and South China Seas, these are entirely legitimate strategic interests for Australia.

    While Gillard has made it plain that she does not support the idea of the US and its allies containing China, her strong support of the US alliance during her recent visit to Washington will not have gone unnoticed in Beijing. It was appropriate that the Australian PM first visit Japan and South Korea before going to China. The fact is that the US, Japan and South Korea are - like us - democracies and allies of America. China will never be our ally.

    None of this undermines the PM's objective of encouraging increased military co-operation and defence links. We have to understand what China intends to do with its military forces in future.

    These are non-trivial issues for Australia over the next two or three decades. Of course it is sensible policy to encourage Beijing to be a responsible emerging great power and to be closely engaged in the development of security and stability in the Asia-Pacific region.

    It is also good policy to engage China across the full range of our bilateral relationship - political, economic, defence, cultural and human rights.

    But as Beijing's power inevitably grows this suggests that in parallel with engagement we should also have a policy of hedging against a more belligerent China in future.

    The Australian defence white paper of May 2009 states that by 2030 China will be the strongest Asian military power by a considerable margin and that its military modernisation will be increasingly characterised by the development of power projection capabilities.

    As China becomes more powerful economically, it can be expected to develop more substantial military capabilities befitting its size. But, as the white paper notes, the pace, scope and structure of China's military modernisation have the potential to give its neighbours cause for concern.

    If China does not become more transparent, questions will inevitably arise about the purpose of its military development plans. Beijing is developing some quite impressive capabilities that will eventually make it more hazardous for the US and its allies to operate in China's maritime approaches with impunity. This is increasingly recognised to be the case by the US and Japan.

    In Australia, there have been some fantasies lately suggesting we should be able to develop forces capable of attacking China directly. That is dangerous and stupid. We can, however, aspire to building force elements - including submarines - that would contribute usefully to a US-led coalition force, which would include Japan and Australia.

    This is not to see China as the next inevitable enemy. Now and foreseeably it will not have the awesome military strength of the former Soviet Union. And Beijing has no experience whatsoever of prosecuting a modern war.

    China needs a basically peaceful strategic environment so that it can give priority to governing an increasingly restive population of 1.3 billion.

    China is not a country without weaknesses. We need to remember this before we conclude that China will continue to rise and rise and not experience serious hurdles.

    To take one example, the one-child policy has resulted in a rapidly ageing population.

    By 2014, China's working-age numbers will begin to decline and by 2040 some 30 per cent of China's population will be over 60 years old.

    This will inevitably have serious implications for economic growth rates, which are already predicted to decline to about 7 per cent a year compared with 10-12 per cent growth previously.

    There are many other political, economic, environmental and corruption problems facing China in the 21st century.

    We should be wary of straight line extrapolations that predict China's inevitable growth to a position of regional supremacy.

    There are other geopolitical factors at work.

    If China becomes more aggressive it will face a closing of the ranks in Asia. Already, its more confrontational stance over maritime disputes and its unquestioning support of North Korea has led Japan and South Korea to be more pro-American.

    While it is true that many countries in the region, including Australia, are increasingly dependent on China for our economic wellbeing, there is growing unease about China's military build-up and its increasingly aggressive attitude over its territorial claims.

    The fact is that China's only really close friends in Asia are North Korea, Burma and Pakistan. India will inevitably find itself uncomfortable with China's growing power and that is already the case with Vietnam. Other middle powers, such as Indonesia, will also have to take account of how a more assertive China conducts itself.

    We have two scenarios here. The first is a China that continues to focus on its economic wellbeing and which increasingly sees it in its interest to be part of building a co-operative regional security environment (what Beijing calls "a harmonious region"). The second scenario is the one we must hedge against: it involves a militarily stronger and more dangerous China.

    The jury is out on which direction China will take. It is not prudent at present to panic and to build forces supposedly capable of tearing an arm off China. Nor is it time to kowtow and acknowledge the inevitability of Chinese primacy accompanied by, as some would have it, the equally inevitable decline of a US fatally weakened by its current economic difficulties.

    Paul Dibb is emeritus professor of strategic studies at the Australian National University. In 1978, as deputy director of defence intelligence, he visited China to open up defence relations.


    Another kind of Chinese History (http://www.asiasentinel.com/index.php?option=com_content&task=view&id=3164&Itemid=206) By Mark O'Neill | Asia Sentinel





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  • Haley Reinhart who fell on the



  • ns33
    07-13 12:20 AM
    Great Job - Thanks for taking initiative... everyone please pitch in.





    jung.lee
    04-12 11:52 PM
    :eek:I don't think it's good time to buy in CA.. Just wait for option ARM reset and market will drop more.

    I agree with this statement!

    See this chart?

    http://www.irvinehousingblog.com/wp-content/uploads/2007/04/adjustable-rate-mortgage-reset-schedule.jpg

    Most of the higher priced properties purchased in 2003 - 2006 in the coastal areas of California were purchased using Option ARMs. I was talking to an acquaintance last week who was in the loan broking business in Orange County (had to switch careers since then) who told me that over 90% of several hundreds of loans that he was involved with were Option ARMs and very little 3% to no cash down.

    He also said that all the loan guidelines are so strict now that a majority of those who took these dicey loans will not be able to refinance when the payments reset in the next 3-4 years.

    As an example he said he knew someone who had bought a $750k house with 3% down ($22.5k), with an Option ARM at 2% interest only with negative amortization of unpaid interest (i.e. principal payment and a portion ofthe interest payment was "Optional" in the first 3 years). This interest even with today's low interest environment will reset to LIBOR (http://www.bloomberg.com/markets/rates/index.html)+ 3.75%. Furthermore, this will reset to a "fully amortizing loan", i.e. paying principal is no longer an option.

    So can you imagine trying to refinance this house in two years, when it has declined say conservatively 20% in value down to $600k, and one still owes the full amount of $750k+ unpaid principal on the original loan? Right now lenders are asking for a minimum of 20% down and financing no more than 80% of current appraised value. In bubble markets such as ours in CA, they are asking to finance no more than 75% of appraised value in some cases. So all in all, these "homeowners" are pretty much screwed. Experienced observers are positing that there will be increase in foreclosures and walkaways.

    For those who rented and saved, there will be lots of choices in the best areas. Just be patient!





    crystal
    08-03 06:09 PM
    Search the threads there is a link , if you entered to US in less than a year before filing I-485 they wil send a copy of G-325a to Consulate. If they dont get response in 6 months they move forward, they dont wait for the response. this does not cause backlog as far as i know. They keep consulate visa interview forms for an year , thats what i read in the link

    Ok . here is the link

    http://www.imminfo.com/resources/cis-sop-aos/7-3-3.html It is 60 days ( not 6 months which i said above)

    Do you really think they would send the G-325a to the consulate? Do the consulates keep all the records? For how long? I heard from immigrationportal, somebody said they only send G-325a to the consulate if one applied a visa within one year prior to AOS application. Can anyone confirm this?

    If they send everyone's G-325a form to the consulates, would that result in another backlog? Thanks.



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