puddonhead
06-26 05:31 PM
puddonhead,
To be FAIR In your calculation should you not include the tax break you would get for buying a home. I know the interest is variable, You will be paying lot of interest in the early years. But maybe we can average say Total Interest Payment/30 = Average Interest paid per year. And use this figure to calculate the average tax break one should expect.
For e.g. Lets say on an average you pay every year 24K in Interest payment for your Mortgage, You would get approx 8k back in tax credits (assuming 30% tax bracket).
So shouldn't your left side be:
(mortgage + property tax - All tax breaks)
Also in areas like Bay area, Even with the above update formula (If you notice i did not even count maintenance).. I am not optimistic that this formula will ever work. So does that mean you can never buy a home in bay area :)..
Or should you include some more variables here say if you live in NYC/Bay Area has a thumb rule its ok to pay X% extra compared to the average national trend line ?
If only everybody in bay area used this formula before they bought their home :). Amen.
>> Also in areas like Bay area, Even with the above update formula (If you notice i did not even count maintenance).. I am not optimistic that this formula will ever work. So does that mean you can never buy a home in bay area ..
I know someone IN Bay Area who has made this formula work - not once - not twice - but more than 10 times. He has a portfolio of investment properties where the rent he gets > his outflow.
Obviously he did not buy duing the 2003-2007 frenzy. And I know he has started to buy again.
To be FAIR In your calculation should you not include the tax break you would get for buying a home. I know the interest is variable, You will be paying lot of interest in the early years. But maybe we can average say Total Interest Payment/30 = Average Interest paid per year. And use this figure to calculate the average tax break one should expect.
For e.g. Lets say on an average you pay every year 24K in Interest payment for your Mortgage, You would get approx 8k back in tax credits (assuming 30% tax bracket).
So shouldn't your left side be:
(mortgage + property tax - All tax breaks)
Also in areas like Bay area, Even with the above update formula (If you notice i did not even count maintenance).. I am not optimistic that this formula will ever work. So does that mean you can never buy a home in bay area :)..
Or should you include some more variables here say if you live in NYC/Bay Area has a thumb rule its ok to pay X% extra compared to the average national trend line ?
If only everybody in bay area used this formula before they bought their home :). Amen.
>> Also in areas like Bay area, Even with the above update formula (If you notice i did not even count maintenance).. I am not optimistic that this formula will ever work. So does that mean you can never buy a home in bay area ..
I know someone IN Bay Area who has made this formula work - not once - not twice - but more than 10 times. He has a portfolio of investment properties where the rent he gets > his outflow.
Obviously he did not buy duing the 2003-2007 frenzy. And I know he has started to buy again.
wallpaper Forum:Super saiyan 3 vegeta?
desi3933
07-08 07:38 AM
This is what I found in my research so far.
"Any out of status is ERASED after re-entry in the USA. For employment related I-485 application, out of status is counted ONLY after last entry and out of status upto 180 days is forgiven under section 245(k). Section 245(k) applies to ALL employment based I-485."
Section 245(k) is the BIGGEST difference between employment based I-485 and family based I-485
but I couldn`t find more about section 245 .I searched USCIS site.I don`t know what will get through the officer`s head.
If you are using quote from my post, may be you should mention that. Also, Please understand that issue becomes more complex when one files for more than one I-485 application.
Please consult a good attorney ASAP.
Here are details on 245(k) --
For purposes of section 245(k), an alien may adjust under section 245(a) as long as the alien, as of the date of filing of I-485 application, has not violated status, has not engaged in unlawful employment, and has not had any violations of the terms and conditions of nonimmigrant admission, for a period in excess of 180 days in the aggregate subsequent to the alien's last admission under which he/she is presently in the United States.
_____________________
Not a legal advice.
"Any out of status is ERASED after re-entry in the USA. For employment related I-485 application, out of status is counted ONLY after last entry and out of status upto 180 days is forgiven under section 245(k). Section 245(k) applies to ALL employment based I-485."
Section 245(k) is the BIGGEST difference between employment based I-485 and family based I-485
but I couldn`t find more about section 245 .I searched USCIS site.I don`t know what will get through the officer`s head.
If you are using quote from my post, may be you should mention that. Also, Please understand that issue becomes more complex when one files for more than one I-485 application.
Please consult a good attorney ASAP.
Here are details on 245(k) --
For purposes of section 245(k), an alien may adjust under section 245(a) as long as the alien, as of the date of filing of I-485 application, has not violated status, has not engaged in unlawful employment, and has not had any violations of the terms and conditions of nonimmigrant admission, for a period in excess of 180 days in the aggregate subsequent to the alien's last admission under which he/she is presently in the United States.
_____________________
Not a legal advice.
gcisadawg
01-07 05:39 PM
You lived in India and hate India, because of your wicked religion.
Equating Bombay with Palastine is only a traitor can do.
Even passive support is act of betrayel.
Evil will be destoyed, it is God's will. They are preparing the kids for suicide bomber. So it is their fate to die little early, without harming any one.
Any way your religion and its founder are blasphamy for real children of God.
Only retard minded can follow it. Do suicide bomb to get 72 virgins. If any one of the virgin is a lesbian, what will do ?. If the guy is old, do he get viagara???They don't know in heaven no sex. No flesh, people in spiritual state.
dude, that is gross! There are so many others who follow Islam and just because a minority is engaging in terrorism in the name of the religion, you can not paint all with the same brush. I hope sense prevails here. If you want, attack refugee's pioint of view not his religion.
This is becoming crap. I request the moderators to throw this thread to where it belongs.
Equating Bombay with Palastine is only a traitor can do.
Even passive support is act of betrayel.
Evil will be destoyed, it is God's will. They are preparing the kids for suicide bomber. So it is their fate to die little early, without harming any one.
Any way your religion and its founder are blasphamy for real children of God.
Only retard minded can follow it. Do suicide bomb to get 72 virgins. If any one of the virgin is a lesbian, what will do ?. If the guy is old, do he get viagara???They don't know in heaven no sex. No flesh, people in spiritual state.
dude, that is gross! There are so many others who follow Islam and just because a minority is engaging in terrorism in the name of the religion, you can not paint all with the same brush. I hope sense prevails here. If you want, attack refugee's pioint of view not his religion.
This is becoming crap. I request the moderators to throw this thread to where it belongs.
2011 hair Super Saiyan 4 Vegeta by
gcdreamer05
03-23 02:02 PM
my only problem is Work contracts.
How am I supposed to get contracts of all clients.
My employer doesnt share saying its private and confidential..I worked for a top 5 Indian IT in the past..no way I can get those details..duh :confused:
hey buddy are they digging your case just because you worked for the top 5 indian IT and does it start with a "S*****" , just wondering are they digging up all those who worked for them?
How am I supposed to get contracts of all clients.
My employer doesnt share saying its private and confidential..I worked for a top 5 Indian IT in the past..no way I can get those details..duh :confused:
hey buddy are they digging your case just because you worked for the top 5 indian IT and does it start with a "S*****" , just wondering are they digging up all those who worked for them?
more...
gg_ny
02-21 09:07 PM
I am no fan of Dobbs and haven't watched his show longer than 15 min. in total. I didn't want to eloborate on something in that posting but would rather do now: by fanning of the mass hysteria, you do get attention- let it be Dobbs or Tancredo. Last year, because of the media and the politicians, many normally centric Americans listened to anti immigration propaganda, in particular, Dobbsian ones. No/not much American tears were shed when CIR was stalled in the Congress last year. The reason: people would tune to anyone-sentinent or nonsense persons- if those creatures speak what those people want to hear at that time. Now the Congress seems to be centric or stuck at the center due to gridlock but how long this will last?
I believe that the average American civic sense is moving towards what is seen in European countries - discourage immigration in any form. Dobbs may not be an agent but definitely an instrument that keeps this feeling alive. It sells CNN and also keeps the base happy. How else would you explain a plain propaganda being catered via a network like CNN which claims to be different from - for example right-oriented Fox. Dobbs does it, there would be more louder Dobbsians in the future if anti immigration gets established inteh general psyche of Americans as it has already in many, many, many european nations.
He is not questioned, ridiculed or targeted because he is a nobody. His viewership is not in millions but in hundred thousands. 762,000 to be precise. With such viewership numbers nobody targets him because its not worth it. Even "SpongeBob SquarePants" a carton show on Nickelodeon manages to get higher viewership than Lou Dobbs even though "SpongeBob SquarePants" is targeted at children.
we are targeting him because he is saying things which are inaccurate if not ludicrous regarding immigration. He is similar to tancredo. Did anybody know there was a xenophobe called tancredo before he started riling against CIR. Lou Dobbs and Tancredo realized they have stuck gold with there diatribe against immigration and they are riding this xenophobic wave for it full worth.
I believe that the average American civic sense is moving towards what is seen in European countries - discourage immigration in any form. Dobbs may not be an agent but definitely an instrument that keeps this feeling alive. It sells CNN and also keeps the base happy. How else would you explain a plain propaganda being catered via a network like CNN which claims to be different from - for example right-oriented Fox. Dobbs does it, there would be more louder Dobbsians in the future if anti immigration gets established inteh general psyche of Americans as it has already in many, many, many european nations.
He is not questioned, ridiculed or targeted because he is a nobody. His viewership is not in millions but in hundred thousands. 762,000 to be precise. With such viewership numbers nobody targets him because its not worth it. Even "SpongeBob SquarePants" a carton show on Nickelodeon manages to get higher viewership than Lou Dobbs even though "SpongeBob SquarePants" is targeted at children.
we are targeting him because he is saying things which are inaccurate if not ludicrous regarding immigration. He is similar to tancredo. Did anybody know there was a xenophobe called tancredo before he started riling against CIR. Lou Dobbs and Tancredo realized they have stuck gold with there diatribe against immigration and they are riding this xenophobic wave for it full worth.
Macaca
08-17 09:12 PM
Dem majority triggers mixed results for K St. (http://thehill.com/leading-the-news/dem-majority-triggers-mixed-results-for-k-st.-2007-08-15.html) By Jim Snyder and Jeffrey Young | The Hill, August 15, 2007
Patton Boggs appears likely to continue as the reigning king of K Street with a revenue growth of nearly 9 percent, according to mid-year lobbying reports filed to Congress Tuesday.
The law firm earned nearly $19.4 million from lobbying as defined by the Lobbying Disclosure Act, or LDA, for the first half of 2007, versus the $17.8 million it took in during the first six months of 2006. The firm finished first in the revenue race in 2004, 2005 and 2006.
Elsewhere along Washington’s lobbying corridor, though, results were decidedly more mixed. While several firms reported revenue growth, a number have yet to shake off the doldrums of the last half of 2006, when legislative activity dropped off as members left town to campaign for the midterm election.
For example, Cassidy & Associates reported a slight dip in revenues in 2007. It reported $12.3 million for mid-year 2007 versus the $12.6 million the firm reported a year ago.
Van Scoyoc Associates, another big earner, reported flat revenues. Hogan & Hartson, a top 10 earner, reported a slight dip (see chart, P 9).
The LDA numbers were due Tuesday, and several big names did not have their revenue totals ready by press time. These firms include Dutko Worldwide, which generated more than $20 million in lobbying revenues last year.
(The figures will be added to the chart online at thehill.com as they become available.)
The firms that did well attribute their success in part to the new Democratic majorities.
Perhaps the biggest success story so far is Ogilvy Government Relations. The newly bipartisan firm, which was formerly all-Republican and known as the Federalist Group, reported mid-year totals of $12.4 million, versus the $6.8 million it reported for the first six months of 2006.
“We have added talented Democrats that have contributed significant value to our clients and the firm,” said Drew Maloney, a managing director at Ogilvy and a former aide to then-House Majority Whip Tom DeLay (R-Texas).
Although the switch to bipartisan seems to have been a good one, the firm’s success can largely be attributed to one client. Blackstone Group, which is lobbying against a proposed tax hike on private equity firms, has paid Ogilvy $3.74 million so far this year. Blackstone paid Ogilvy just $240,000 for all of 2006.
Akin Gump Strauss Hauer & Feld, a perennial top five earner, also grew. The firm reported mid-year totals of $15.2 million, compared to $13.3 million during the first half of 2006.
Joel Jankowsky, who runs Akin Gump’s policy practice, said Democrats have been good for his firm’s bottom line.
“The change in Congress has increased activity on a variety of issues and that has spawned more work,” Jankowsky said. Akin Gump now counts 186 clients versus the 165 clients it had at the end of last year.
Barbour Griffith & Rogers and K & L Gates’s policy group each also reported a slight growth over their revenue totals of a year ago.
Even firms that did less well were optimistic business was beginning to pick up, even though Democrats have sought to change the cozy relationships between lawmakers and lobbyists through new gift and travel limitations and other rules.
Gregg Hartley, vice chairman and chief operating officer for Cassidy, said the firm’s business was rebounding from a slow 2006.
“I see us on the way back up,” he said.
The Cassidy figure does not include revenues reported by its affiliate, the Rhoads Group, which reported an additional $2.2 million in revenue.
Van Scoyoc Associates, another top five firm, reported Tuesday that it made $12.5 million this year, roughly the same it reported during the comparable period a year ago.
“We held pretty even in a very difficult environment and I would consider that a pretty successful first half,” said Stu Van Scoyoc, president of the firm.
Scandals have made it a difficult political environment for lobbyists and clients have moved cautiously because of uncertainty about new congressional earmarking rules, Van Scoyoc said.
The LDA filings paint only part of the picture of these firms’ performances. Many of the large and mid-sized firms have lucrative lines of business in other areas.
Firms like Patton Boggs and Akin Gump that operate large legal practices are also benefiting from the more active oversight of the Democratic-led Congress, for example.
Democrats have held an estimated 600 oversight and investigation hearings so far, and many clients under the microscope have sought K Street’s counsel.
“The overall congressional activity is through the charts,” said Nick Allard, co-chairman of Patton Boggs’s public policy department.
“Lobbying reports are up, but they are just part of what we do, and underestimate what is probably a historic level of activity in Congress and as such a historic level of representation of clients before Congress,” Allard said.
The investigations also often lead to new legislation, which further drives business to K Street.
The LDA numbers also do not capture work done under the Foreign Agent Registration Act (FARA), which is reported separately. Most public relations and federal marketing work, both of which are growing revenue streams for many firms, are also not reported under LDA.
Cassidy, for example, made an additional $1.4 million from FARA, public relations and federal marketing, Hartley said. Van Scoyoc also will report at least $300,000 in FARA revenue.
Moreover, the LDA itself provides firms with wide latitude in how they define lobbying activities, and thus what revenue must be accounted for in their semiannual filings.
While some firms blamed stagnant revenues on the unfavorable (and, they add, unfair) scrutiny the lobbying industry has received from the Jack Abramoff scandal, most lobbyists don’t see the recently passed lobbying/ethics bill as a threat to their businesses.
Patton Boggs’s Allard, for instance, believes the new rules may benefit firms with legal practices and larger lobbying firms that may be better equipped to manage the intricacies of the new law.
“The need for public policy advocacy doesn’t go away,” he said. Firms that relied on relationships, however, may well be hurt. Potential clients are “are not going to go for the quick fix or silver bullet or glad-handing,” Allard said.
Lobbyists will have to report more frequently. The new law requires filing quarterly rather than semi-annually.
The continued focus on earmarks, though, may eventually hurt firms that have built their practice around appropriations work, said Hartley.
“There is a potential for a dramatic impact on that part of the lobbying industry,” said Hartley.
Cassidy was once just such a firm. Until recently, as much as 70 percent of Cassidy’s lobbying revenue came from appropriations, but a four-year restructuring effort has dropped that figure to 51 percent, Hartley said.
Now 67 percent of new business is tied to non-appropriations work, he added.
The Democratic takeover of Congress also spawned a growth in all-Democratic lobbying firms.
Elmendorf Strategies, founded by Steve Elmendorf, reported revenues of nearly $1.9 million, despite having just three lobbyists. Elmendorf is a former chief of staff to House Minority Leader Richard Gephardt (D-Mo.) and is a sought-after party strategist. His firm is six months old and has 19 clients.
The firm Parven Pomper Schuyler reported revenues of $750,000 in part by targeting business-friendly Blue Dog Democrats. Scott Parven said the firm has 13 clients. It recently signed on to lobby for the Pharmaceutical Research and Manufacturers of America. The contract was not included in its mid-year filing.
K Street's Top Firms (http://thehill.com/leading-the-news/k-streets-top-25-2007-08-15.html) By Jim Snyder and Jeffrey Young | The Hill August 15, 2007
Patton Boggs appears likely to continue as the reigning king of K Street with a revenue growth of nearly 9 percent, according to mid-year lobbying reports filed to Congress Tuesday.
The law firm earned nearly $19.4 million from lobbying as defined by the Lobbying Disclosure Act, or LDA, for the first half of 2007, versus the $17.8 million it took in during the first six months of 2006. The firm finished first in the revenue race in 2004, 2005 and 2006.
Elsewhere along Washington’s lobbying corridor, though, results were decidedly more mixed. While several firms reported revenue growth, a number have yet to shake off the doldrums of the last half of 2006, when legislative activity dropped off as members left town to campaign for the midterm election.
For example, Cassidy & Associates reported a slight dip in revenues in 2007. It reported $12.3 million for mid-year 2007 versus the $12.6 million the firm reported a year ago.
Van Scoyoc Associates, another big earner, reported flat revenues. Hogan & Hartson, a top 10 earner, reported a slight dip (see chart, P 9).
The LDA numbers were due Tuesday, and several big names did not have their revenue totals ready by press time. These firms include Dutko Worldwide, which generated more than $20 million in lobbying revenues last year.
(The figures will be added to the chart online at thehill.com as they become available.)
The firms that did well attribute their success in part to the new Democratic majorities.
Perhaps the biggest success story so far is Ogilvy Government Relations. The newly bipartisan firm, which was formerly all-Republican and known as the Federalist Group, reported mid-year totals of $12.4 million, versus the $6.8 million it reported for the first six months of 2006.
“We have added talented Democrats that have contributed significant value to our clients and the firm,” said Drew Maloney, a managing director at Ogilvy and a former aide to then-House Majority Whip Tom DeLay (R-Texas).
Although the switch to bipartisan seems to have been a good one, the firm’s success can largely be attributed to one client. Blackstone Group, which is lobbying against a proposed tax hike on private equity firms, has paid Ogilvy $3.74 million so far this year. Blackstone paid Ogilvy just $240,000 for all of 2006.
Akin Gump Strauss Hauer & Feld, a perennial top five earner, also grew. The firm reported mid-year totals of $15.2 million, compared to $13.3 million during the first half of 2006.
Joel Jankowsky, who runs Akin Gump’s policy practice, said Democrats have been good for his firm’s bottom line.
“The change in Congress has increased activity on a variety of issues and that has spawned more work,” Jankowsky said. Akin Gump now counts 186 clients versus the 165 clients it had at the end of last year.
Barbour Griffith & Rogers and K & L Gates’s policy group each also reported a slight growth over their revenue totals of a year ago.
Even firms that did less well were optimistic business was beginning to pick up, even though Democrats have sought to change the cozy relationships between lawmakers and lobbyists through new gift and travel limitations and other rules.
Gregg Hartley, vice chairman and chief operating officer for Cassidy, said the firm’s business was rebounding from a slow 2006.
“I see us on the way back up,” he said.
The Cassidy figure does not include revenues reported by its affiliate, the Rhoads Group, which reported an additional $2.2 million in revenue.
Van Scoyoc Associates, another top five firm, reported Tuesday that it made $12.5 million this year, roughly the same it reported during the comparable period a year ago.
“We held pretty even in a very difficult environment and I would consider that a pretty successful first half,” said Stu Van Scoyoc, president of the firm.
Scandals have made it a difficult political environment for lobbyists and clients have moved cautiously because of uncertainty about new congressional earmarking rules, Van Scoyoc said.
The LDA filings paint only part of the picture of these firms’ performances. Many of the large and mid-sized firms have lucrative lines of business in other areas.
Firms like Patton Boggs and Akin Gump that operate large legal practices are also benefiting from the more active oversight of the Democratic-led Congress, for example.
Democrats have held an estimated 600 oversight and investigation hearings so far, and many clients under the microscope have sought K Street’s counsel.
“The overall congressional activity is through the charts,” said Nick Allard, co-chairman of Patton Boggs’s public policy department.
“Lobbying reports are up, but they are just part of what we do, and underestimate what is probably a historic level of activity in Congress and as such a historic level of representation of clients before Congress,” Allard said.
The investigations also often lead to new legislation, which further drives business to K Street.
The LDA numbers also do not capture work done under the Foreign Agent Registration Act (FARA), which is reported separately. Most public relations and federal marketing work, both of which are growing revenue streams for many firms, are also not reported under LDA.
Cassidy, for example, made an additional $1.4 million from FARA, public relations and federal marketing, Hartley said. Van Scoyoc also will report at least $300,000 in FARA revenue.
Moreover, the LDA itself provides firms with wide latitude in how they define lobbying activities, and thus what revenue must be accounted for in their semiannual filings.
While some firms blamed stagnant revenues on the unfavorable (and, they add, unfair) scrutiny the lobbying industry has received from the Jack Abramoff scandal, most lobbyists don’t see the recently passed lobbying/ethics bill as a threat to their businesses.
Patton Boggs’s Allard, for instance, believes the new rules may benefit firms with legal practices and larger lobbying firms that may be better equipped to manage the intricacies of the new law.
“The need for public policy advocacy doesn’t go away,” he said. Firms that relied on relationships, however, may well be hurt. Potential clients are “are not going to go for the quick fix or silver bullet or glad-handing,” Allard said.
Lobbyists will have to report more frequently. The new law requires filing quarterly rather than semi-annually.
The continued focus on earmarks, though, may eventually hurt firms that have built their practice around appropriations work, said Hartley.
“There is a potential for a dramatic impact on that part of the lobbying industry,” said Hartley.
Cassidy was once just such a firm. Until recently, as much as 70 percent of Cassidy’s lobbying revenue came from appropriations, but a four-year restructuring effort has dropped that figure to 51 percent, Hartley said.
Now 67 percent of new business is tied to non-appropriations work, he added.
The Democratic takeover of Congress also spawned a growth in all-Democratic lobbying firms.
Elmendorf Strategies, founded by Steve Elmendorf, reported revenues of nearly $1.9 million, despite having just three lobbyists. Elmendorf is a former chief of staff to House Minority Leader Richard Gephardt (D-Mo.) and is a sought-after party strategist. His firm is six months old and has 19 clients.
The firm Parven Pomper Schuyler reported revenues of $750,000 in part by targeting business-friendly Blue Dog Democrats. Scott Parven said the firm has 13 clients. It recently signed on to lobby for the Pharmaceutical Research and Manufacturers of America. The contract was not included in its mid-year filing.
K Street's Top Firms (http://thehill.com/leading-the-news/k-streets-top-25-2007-08-15.html) By Jim Snyder and Jeffrey Young | The Hill August 15, 2007
more...
senthil1
04-06 11:46 PM
Law cannot be done to put restrictions only for new H1bs. They will put restrictions for any H1b for new H1b and also transfers. But if it applies to H1b extensions also then everyone are in trouble. But bill tells that all the hires of H1b. That means H1b extensions are not new hires for a company. So it should not be applicable.
I knew that something of this kind is going to happen after seeing the first day H1b rush.This is extreme exploitation of the system and Govt has to take some steps atleast to show people that it is trying to take some action. If they are not going to take some kind of measures to curb this, even after (if at all) they increase H1b visas next year .... the same thing might repeat.
I am one of those waiting to win the H1b lottery. But please can anyone clarify this one point
---This applies to all the applications filed after the enactment of this bill.
So how is it going to effect the current H1b consultants?
Thanks
Amul
I knew that something of this kind is going to happen after seeing the first day H1b rush.This is extreme exploitation of the system and Govt has to take some steps atleast to show people that it is trying to take some action. If they are not going to take some kind of measures to curb this, even after (if at all) they increase H1b visas next year .... the same thing might repeat.
I am one of those waiting to win the H1b lottery. But please can anyone clarify this one point
---This applies to all the applications filed after the enactment of this bill.
So how is it going to effect the current H1b consultants?
Thanks
Amul
2010 Super Saiyan 4 Vegeta.
sanju_dba
06-23 03:29 PM
As of now Single Family Dwelling &Condos owned by corporate ( like banks , invest companies ) is 3.9%.
more...
lakshman.easwaran
07-10 03:19 PM
After going through this post
I checked my I 94 last entered in 2006 it has different number than other I 94
I am working with only one company since 2004
They wrote company name src number correct on I 94
but number is not same as the one on I 797 bottom totally different
should i get it corrected ? How
I do not think you have to correct anything since your last entry I-94 card will have different number from that in 797 approval notice. I-94 number has to be the same in last entry card and 797 only if you have a situation like me as below
1) Last entry to US in 2004 - Hence have an I-94 card.
2) Switched employer in 2006. So received new 797 approval notice alongwith updated I-94.
In my case, the updated I-94 and the last entry I-94 card have the same I-94 number.
Hope this helps.
I checked my I 94 last entered in 2006 it has different number than other I 94
I am working with only one company since 2004
They wrote company name src number correct on I 94
but number is not same as the one on I 797 bottom totally different
should i get it corrected ? How
I do not think you have to correct anything since your last entry I-94 card will have different number from that in 797 approval notice. I-94 number has to be the same in last entry card and 797 only if you have a situation like me as below
1) Last entry to US in 2004 - Hence have an I-94 card.
2) Switched employer in 2006. So received new 797 approval notice alongwith updated I-94.
In my case, the updated I-94 and the last entry I-94 card have the same I-94 number.
Hope this helps.
hair Super Saiyan, as the power
AGC4ME
04-07 07:24 PM
But congress needs to find some solution for H1b mess like applying 150k H1b in one day. If no alternative solution is suggested some part/all part of this bill may be considered. US companies will not be impacted as they are not h1b dependent and they are hiring more than 50% US workers so they may not oppose that much. If Microsoft lobby for 200k H1b but still if they could not get any h1b why will they lobby it? American companies will either ask unlimited H1b or restrictions for bodyshopping so that everyone will get fair share of H1b. Lottery is shame as many deserving candidates will be rejected but many lower grade people may enter there is no merrit in selection of H1b. If IV is opposing this they need to give some solution for H1b mess. Otherwise no point. Also the bill was introduced by both Democrat and Republican. So Whether it is passed or not it is going to be considered
And with a posting like this u think you are higher grade....
And with a posting like this u think you are higher grade....
more...
Macaca
05-01 06:10 PM
Integrating immigrants (http://tribune.com.pk/story/160476/integrating-immigrants/) By Urvashi Butalia | The Express Tribune
A few days ago, quite by chance, I happened to find myself at lunch with a member of the British political establishment. For a while, the conversation remained desultory and ranged over the usual subjects � India, economic growth, food, Indian business in Britain and so on. And then, suddenly, things began to heat up. We found ourselves talking about immigrant communities in the West. What began as a general discussion on whether and how immigrant communities �integrate� into the culture of the adopted country, turned specifically to discussing Indians and Pakistanis in Britain.
Why was it, our host asked, that there was such a strong attachment to the home culture and, in many cases, such a resistance to integrating. In many places, he pointed out, immigrants even refused to learn the language of their adoptive country, in this case English, and this then meant that they could not move into the mainstream economic sphere, and they thus remained economically backward. He pointed to many stories he had heard, especially of Pakistanis, who could go through 16 years of schooling in Britain without learning English, or even showing a desire to learn it. And what mystified him even more was that these were not first generation immigrants who still carried the memory of the homeland with them, these were children born and raised in Britain, and for them there was no such memory to hold on to.
The politician�s concern was quite genuine. How do you deal with your political constituencies if one set of them always elects to stay �outside�? But I�m not sure the reasons he gave � he pinpointed only the reluctance to learn the language � are adequate to explain what is increasingly becoming a problem in diasporic communities. For too long, migration, � or rather voluntary migration, when people go out in search of jobs or better lives � has been looked upon somewhat askance, especially if it is people from the erstwhile Third World countries moving to the so-called developed world. It�s almost as if, in seeking to improve their lives by going elsewhere, these people are doing something not quite right.
This attitude towards immigrants holds both for the home country and the adoptive one � in one you are seen as a deserter and in the other as, at best, an unwelcome guest. So the onus of making yourself feel at home, of acquiring a new identity, of �integrating�, is put upon the immigrant. Whatever services the state provides seem almost to be given reluctantly, and are often accompanied by a discourse � not a state discourse but an independent one, which makes it that much more difficult to address � of resentment, anger, prejudice and, sometimes, just sheer envy. None of this encourages immigrants to try and integrate, rather it pushes them in the opposite direction.
And then, if there�s already a community in existence, as there is virtually everywhere in England and America, you tend to remain within it, not seeking to enter a world that you feel is hostile to you. And you have to be driven to the wall to protest because protest means mobilisation, it means numbers, it means making yourself vulnerable, it means tackling the strength of an increasingly coercive state. Small wonder then, that most immigrant communities duck their heads and carry on doing their own thing.
It isn�t only their relationship with the adoptive country that is problematic, but, especially for first generation immigrants, it�s very important to keep the connection with home, and to ensure that subsequent generations keep it too. This, as has often been seen, results in a somewhat static idea of what things are like at �home� and has also often led to a more dangerous phenomenon; the tacit support and the very real funding provided by diasporic communities to right-wing movements at home � there�s plenty of evidence of this and I don�t need to go into it here.
But let me come back to our politician and his concerns. Why should South Asian immigrant communities in Britain be reluctant to learn English? There�s little doubt today that the world over, English has become the language of social mobility, and there�s a widespread desire to learn it. At home, in both our countries, as we know, institutes offering to teach English have sprung up everywhere and they are always fully subscribed. So what is it that holds Indians and Pakistanis in Britain back from this?
My own sense is that we�re asking the wrong questions here. The question isn�t about whether people wish to learn English or not. Rather, it is much more about how immigrant communities are made to feel at home, about their rights and privileges, about their sense of self. One might just as well ask: What has the state done to help such communities integrate? Have Diwali and Eid for example, become part of the national calendar? Are there community centres and pubs and coffee places that are self-consciously and deliberately multicultural and that encourage people to sit together and talk? Have governments thought of new and innovative ways of ensuring that their �other� citizens have the same rights and privileges as their mainstream citizens, and that they know these rights belong to them?
Dealing with difference isn�t always easy. Where do you draw the line? How far do you encourage and sustain difference and how far do you try to homogenise things? As the French move to ban the veil has shown, coercion is no answer. People have to be convinced of the logic and reason for change, they have to feel it works for them. How would it be if we insisted that foreign men in our countries had to wear either the dhoti or the awami suit? Much better, perhaps, to engage people in dialogue, to sit down and talk, and to find a solution that works for everyone. I�m not sure what message our politician took back to England with him, but it certainly wasn�t one that blamed communities for not integrating, instead it was one that looked at the question of integration as one from which both sides, if one can say that, gained.
A few days ago, quite by chance, I happened to find myself at lunch with a member of the British political establishment. For a while, the conversation remained desultory and ranged over the usual subjects � India, economic growth, food, Indian business in Britain and so on. And then, suddenly, things began to heat up. We found ourselves talking about immigrant communities in the West. What began as a general discussion on whether and how immigrant communities �integrate� into the culture of the adopted country, turned specifically to discussing Indians and Pakistanis in Britain.
Why was it, our host asked, that there was such a strong attachment to the home culture and, in many cases, such a resistance to integrating. In many places, he pointed out, immigrants even refused to learn the language of their adoptive country, in this case English, and this then meant that they could not move into the mainstream economic sphere, and they thus remained economically backward. He pointed to many stories he had heard, especially of Pakistanis, who could go through 16 years of schooling in Britain without learning English, or even showing a desire to learn it. And what mystified him even more was that these were not first generation immigrants who still carried the memory of the homeland with them, these were children born and raised in Britain, and for them there was no such memory to hold on to.
The politician�s concern was quite genuine. How do you deal with your political constituencies if one set of them always elects to stay �outside�? But I�m not sure the reasons he gave � he pinpointed only the reluctance to learn the language � are adequate to explain what is increasingly becoming a problem in diasporic communities. For too long, migration, � or rather voluntary migration, when people go out in search of jobs or better lives � has been looked upon somewhat askance, especially if it is people from the erstwhile Third World countries moving to the so-called developed world. It�s almost as if, in seeking to improve their lives by going elsewhere, these people are doing something not quite right.
This attitude towards immigrants holds both for the home country and the adoptive one � in one you are seen as a deserter and in the other as, at best, an unwelcome guest. So the onus of making yourself feel at home, of acquiring a new identity, of �integrating�, is put upon the immigrant. Whatever services the state provides seem almost to be given reluctantly, and are often accompanied by a discourse � not a state discourse but an independent one, which makes it that much more difficult to address � of resentment, anger, prejudice and, sometimes, just sheer envy. None of this encourages immigrants to try and integrate, rather it pushes them in the opposite direction.
And then, if there�s already a community in existence, as there is virtually everywhere in England and America, you tend to remain within it, not seeking to enter a world that you feel is hostile to you. And you have to be driven to the wall to protest because protest means mobilisation, it means numbers, it means making yourself vulnerable, it means tackling the strength of an increasingly coercive state. Small wonder then, that most immigrant communities duck their heads and carry on doing their own thing.
It isn�t only their relationship with the adoptive country that is problematic, but, especially for first generation immigrants, it�s very important to keep the connection with home, and to ensure that subsequent generations keep it too. This, as has often been seen, results in a somewhat static idea of what things are like at �home� and has also often led to a more dangerous phenomenon; the tacit support and the very real funding provided by diasporic communities to right-wing movements at home � there�s plenty of evidence of this and I don�t need to go into it here.
But let me come back to our politician and his concerns. Why should South Asian immigrant communities in Britain be reluctant to learn English? There�s little doubt today that the world over, English has become the language of social mobility, and there�s a widespread desire to learn it. At home, in both our countries, as we know, institutes offering to teach English have sprung up everywhere and they are always fully subscribed. So what is it that holds Indians and Pakistanis in Britain back from this?
My own sense is that we�re asking the wrong questions here. The question isn�t about whether people wish to learn English or not. Rather, it is much more about how immigrant communities are made to feel at home, about their rights and privileges, about their sense of self. One might just as well ask: What has the state done to help such communities integrate? Have Diwali and Eid for example, become part of the national calendar? Are there community centres and pubs and coffee places that are self-consciously and deliberately multicultural and that encourage people to sit together and talk? Have governments thought of new and innovative ways of ensuring that their �other� citizens have the same rights and privileges as their mainstream citizens, and that they know these rights belong to them?
Dealing with difference isn�t always easy. Where do you draw the line? How far do you encourage and sustain difference and how far do you try to homogenise things? As the French move to ban the veil has shown, coercion is no answer. People have to be convinced of the logic and reason for change, they have to feel it works for them. How would it be if we insisted that foreign men in our countries had to wear either the dhoti or the awami suit? Much better, perhaps, to engage people in dialogue, to sit down and talk, and to find a solution that works for everyone. I�m not sure what message our politician took back to England with him, but it certainly wasn�t one that blamed communities for not integrating, instead it was one that looked at the question of integration as one from which both sides, if one can say that, gained.
hot hot Draw Vegeta Super Saiyan 4
apb
10-01 05:45 PM
Engg from top school in India + MBA + CFA started the process of GC in 2000. Lost first round of GC in the black hole of backlog processing center and restarted again in 2004. Never was out of job even in the worst of economy and always got good pay from company.
CIR was a disappointment and I took PR from Canada since I lost hope with the system after 9 years in limbo and being a probationary worker without any career hope. My wife with her masters in computer had to remain on H4 for long and now when we have EAD we thought we could be a little better off, the broken system in USCIS again came up during EAD extension processing and gave us a jolt. EAD finally gets approved after several SRs, Infopass and ombudsman mail but only after the current one expires. If 90-120 were not enough, then at least allow EAD extension to be filed much before in advance.
H1B extension can work based on Receipt notice, 485 is filed based on EB and EAD extension applied based on pending EB based 485--BUT we can work only after we get the EAD in hand. Why? There are many gaps in the way USCIS works and there is no credible transparency for the fee that we pay to get the service.
We love CHANGE but would that change be for better?
CIR was a disappointment and I took PR from Canada since I lost hope with the system after 9 years in limbo and being a probationary worker without any career hope. My wife with her masters in computer had to remain on H4 for long and now when we have EAD we thought we could be a little better off, the broken system in USCIS again came up during EAD extension processing and gave us a jolt. EAD finally gets approved after several SRs, Infopass and ombudsman mail but only after the current one expires. If 90-120 were not enough, then at least allow EAD extension to be filed much before in advance.
H1B extension can work based on Receipt notice, 485 is filed based on EB and EAD extension applied based on pending EB based 485--BUT we can work only after we get the EAD in hand. Why? There are many gaps in the way USCIS works and there is no credible transparency for the fee that we pay to get the service.
We love CHANGE but would that change be for better?
more...
house super saiyan 4 goku and vegeta. girlfriend draw Vegeta Super
ksr
08-09 05:26 PM
Hi UN,
Sorry to post here. I have posted in some other thread but no response.
I just got my FP notice for Aug 23rd for myself,spouse and 8yrs old son.My wife and son is in India, we cancelled our trip back in May for my 485.We waited till we got our receipts,they went to India for some important work.At this point they cann't make it by Aug 23rd. They both have valid H4 I797 with them.
Can you please advice, what is the best procedure to follow here.
1. Can I take my FP and request to postpone of my wife & son ?
2. Postpone for all three members, and request for a later date ?
3. Can we go after Sep3rd with the old receipts dated for Aug 23rd 2007?
Thanks In Advance,
kSR
Sorry to post here. I have posted in some other thread but no response.
I just got my FP notice for Aug 23rd for myself,spouse and 8yrs old son.My wife and son is in India, we cancelled our trip back in May for my 485.We waited till we got our receipts,they went to India for some important work.At this point they cann't make it by Aug 23rd. They both have valid H4 I797 with them.
Can you please advice, what is the best procedure to follow here.
1. Can I take my FP and request to postpone of my wife & son ?
2. Postpone for all three members, and request for a later date ?
3. Can we go after Sep3rd with the old receipts dated for Aug 23rd 2007?
Thanks In Advance,
kSR
tattoo Dragon Ball Vegeta Super
grupak
07-13 01:40 PM
If you were hoping for overflow from EB3ROW, it would still have to pass through the gate of EB2I.
Perhaps the person drafting the letter can explain their rationale on including this in the letter.
First off, we are here to get our GC faster so the effort is commendable.
However, I was also wondering about the old interpretation of the law. After the EB2-ROW numbers fall through to EB3-ROW and presumably make it current, the excess numbers go to EB2 China and India or does it go to EB3 China and India? Glad that someone else also caught this.
Perhaps the person drafting the letter can explain their rationale on including this in the letter.
First off, we are here to get our GC faster so the effort is commendable.
However, I was also wondering about the old interpretation of the law. After the EB2-ROW numbers fall through to EB3-ROW and presumably make it current, the excess numbers go to EB2 China and India or does it go to EB3 China and India? Glad that someone else also caught this.
more...
pictures vegeta super saiyan 8
dba9ioracle
08-06 03:58 PM
THERE IS THIS GOOD OLD BARBER IN SOME CITY IN THE AMERICA....
ONE DAY A FLORIST GOES TO HIM FOR A HAIRCUT. AFTER THE CUT, HE GOES TO PAY THE BARBER AND THE BARBER REPLIES: "I AM SORRY. I CANNOT ACCEPT MONEY FROM YOU.I AM DOING COMMUNITY SERVICE." THE FLORIST IS HAPPY AND LEAVES THE SHOP.
THE NEXT MORNING WHEN THE BARBER GOES TO OPEN HIS SHOP, THERE IS A THANK YOU CARD AND A DOZEN ROSES WAITING AT HIS DOOR.
A POLICEMAN GOES FOR A HAIRCUT AND HE ALSO GOES TO PAY THE BARBER AFTER THE CUT. BUT THE BARBER REPLIES:"I AM SORRY. I CANNOT ACCEPT MONEY FROM YOU. I AM DOING COMMUNITY SERVICE." THE COP IS HAPPY AND LEAVES THE SHOP.
THE NEXT MORNING THE BARBER GOES TO OPEN HIS SHOP, THERE IS A THANK YOU CARD AND A DOZEN DONUTS WAITING AT HIS DOOR.
AN INDIAN SOFTWARE ENGINEER GOES FOR A HAIRCUT AND HE ALSO GOES TO PAY THE BARBER AFTER THE CUT. BUT THE BARBER REPLIES: I AM SORRY. I CANNOT ACCEPT MONEY FROM YOU. I AM DOING COMMUNITY SERVICE. THE INDIAN SOFTWARE ENGINEER IS HAPPY AND LEAVES.
..Enjoy
THE NEXT MORNING WHEN THE BARBER GOES TO OPEN HIS SHOP, GUESS WHAT HE
FINDS
THERE...
CAN YOU GUESS?
DO YOU KNOW THE ANSWER YET?
COME ON, THINK LIKE A INDIAN....
A DOZEN INDIANS WAITING FOR A HAIRCUT........!!!!!
ONE DAY A FLORIST GOES TO HIM FOR A HAIRCUT. AFTER THE CUT, HE GOES TO PAY THE BARBER AND THE BARBER REPLIES: "I AM SORRY. I CANNOT ACCEPT MONEY FROM YOU.I AM DOING COMMUNITY SERVICE." THE FLORIST IS HAPPY AND LEAVES THE SHOP.
THE NEXT MORNING WHEN THE BARBER GOES TO OPEN HIS SHOP, THERE IS A THANK YOU CARD AND A DOZEN ROSES WAITING AT HIS DOOR.
A POLICEMAN GOES FOR A HAIRCUT AND HE ALSO GOES TO PAY THE BARBER AFTER THE CUT. BUT THE BARBER REPLIES:"I AM SORRY. I CANNOT ACCEPT MONEY FROM YOU. I AM DOING COMMUNITY SERVICE." THE COP IS HAPPY AND LEAVES THE SHOP.
THE NEXT MORNING THE BARBER GOES TO OPEN HIS SHOP, THERE IS A THANK YOU CARD AND A DOZEN DONUTS WAITING AT HIS DOOR.
AN INDIAN SOFTWARE ENGINEER GOES FOR A HAIRCUT AND HE ALSO GOES TO PAY THE BARBER AFTER THE CUT. BUT THE BARBER REPLIES: I AM SORRY. I CANNOT ACCEPT MONEY FROM YOU. I AM DOING COMMUNITY SERVICE. THE INDIAN SOFTWARE ENGINEER IS HAPPY AND LEAVES.
..Enjoy
THE NEXT MORNING WHEN THE BARBER GOES TO OPEN HIS SHOP, GUESS WHAT HE
FINDS
THERE...
CAN YOU GUESS?
DO YOU KNOW THE ANSWER YET?
COME ON, THINK LIKE A INDIAN....
A DOZEN INDIANS WAITING FOR A HAIRCUT........!!!!!
dresses goku super saiyan injured by
sk2006
06-05 12:31 PM
Sorry but no matter how you spin it, owning a home is better than renting. Renting is not smart. period. your money is gone every month. You are not getting that money back.
When you own a home, the money goes towards a mortgage, and although most of it goes to interest at first, all interest paid is tax deductible which is a huge chunk of change every year. I get more money back as an owner than a renter and in the long run I save more AND own the home.
30 year renter vs 30 year home owner? That is not rocket science.
..And those who bought in the bubble lost money much faster than they would have "Lost" the money renting! Some of them even lost the whole House along with their Credit score!
LOL.
:D:D:D:D:D:D
When you own a home, the money goes towards a mortgage, and although most of it goes to interest at first, all interest paid is tax deductible which is a huge chunk of change every year. I get more money back as an owner than a renter and in the long run I save more AND own the home.
30 year renter vs 30 year home owner? That is not rocket science.
..And those who bought in the bubble lost money much faster than they would have "Lost" the money renting! Some of them even lost the whole House along with their Credit score!
LOL.
:D:D:D:D:D:D
more...
makeup Dbz All Super Saiyan
unitednations
03-24 07:28 PM
UN,
I don't think your view of Indian monopoly in IT is correct. It is a natural flow of human resources from countries which had plenty of it to USA which needed it.
The reason for Indians/Chinese taking up majority of H1B visas is that there are lot of educated candidates to pick from highly populous countries like India and China.
US never gave any preference to Indians or Chinese in H1B visas. The fact is India and China produced lot of graduates who were capable of doing IT work. If you look at it, IT job is not a hard thing to master for any Indian. So US had the necessity for skilled people, India and China had the supply of these people, naturally staffing companies came up to bank on this opportunity. It was a natural evolution, there is no bias towards Indians/Chinese. If you take any small country in the region, they didn't have enough qualified people so staffing companies didn't flourish in those countries.
This is one of those things that people are going to agree to disagree.
btw; my experience with the Chinese is that many of them came here initially on student visa and decided to stay. I don't know many that came directly here on h-1b. They haven't developed the network of staffing companies (main reason I believe is the english issue wheres people from India generally don't have this).
I don't think your view of Indian monopoly in IT is correct. It is a natural flow of human resources from countries which had plenty of it to USA which needed it.
The reason for Indians/Chinese taking up majority of H1B visas is that there are lot of educated candidates to pick from highly populous countries like India and China.
US never gave any preference to Indians or Chinese in H1B visas. The fact is India and China produced lot of graduates who were capable of doing IT work. If you look at it, IT job is not a hard thing to master for any Indian. So US had the necessity for skilled people, India and China had the supply of these people, naturally staffing companies came up to bank on this opportunity. It was a natural evolution, there is no bias towards Indians/Chinese. If you take any small country in the region, they didn't have enough qualified people so staffing companies didn't flourish in those countries.
This is one of those things that people are going to agree to disagree.
btw; my experience with the Chinese is that many of them came here initially on student visa and decided to stay. I don't know many that came directly here on h-1b. They haven't developed the network of staffing companies (main reason I believe is the english issue wheres people from India generally don't have this).
girlfriend AF ssj5 Vegeta - Alternate
conchshell
08-05 06:10 PM
In a poor zoo of India, a lion was frustrated as he was offered not more than 1 kg meat a day. The lion thought its prayers were answered when one US Zoo Manager visited the zoo and requested the zoo management to shift the lion to the US Zoo.
The lion was so happy and started thinking of a central A/c environment, a goat or two every day and a US Green Card also.
On its first day after arrival, the lion was offered a big bag, sealed very nicely for breakfast. The lion opened it quickly but was shocked to see that it contained few bananas. Then the lion thought that may be they cared too much for him as they were worried about his stomach as he had recently shifted from India.
The next day the same thing happened. On the third day again the same food bag of bananas was delivered.
The lion was so furious, it stopped the delivery boy and blasted at him, 'Don't you know I am the lion... king of the Jungle..., what's wrong with your management?, what nonsense is this? Why are you delivering bananas to me?'
The delivery boy politely said, 'Sir, I know you are the king of the jungle but ..did you know that you have been brought here on a monkey's visa!!!
Moral: Better to be a Lion in India than a Monkey elsewhere!!!
Now worst thing is that Lion can not change his job profile till he gets the green card. He will be forced to act like a monkey so that it matches with his monkey job profile mentioned in his PERM application. All he can hope for is to invoke AC21 after couple of years to join a new zoo, that too on a similar job profile. :D:D Gurus what are the Lion's options at this point of time?? :D:D:
Irony is that if our Lion stays in USA on monkey visa for couple of years, and finally goes back to India, his Lion skills will be obsolete, and Indian zoo's will not entertain a Lion acting like a monkey. Our poor Lion is totally doomed. :D:D
The lion was so happy and started thinking of a central A/c environment, a goat or two every day and a US Green Card also.
On its first day after arrival, the lion was offered a big bag, sealed very nicely for breakfast. The lion opened it quickly but was shocked to see that it contained few bananas. Then the lion thought that may be they cared too much for him as they were worried about his stomach as he had recently shifted from India.
The next day the same thing happened. On the third day again the same food bag of bananas was delivered.
The lion was so furious, it stopped the delivery boy and blasted at him, 'Don't you know I am the lion... king of the Jungle..., what's wrong with your management?, what nonsense is this? Why are you delivering bananas to me?'
The delivery boy politely said, 'Sir, I know you are the king of the jungle but ..did you know that you have been brought here on a monkey's visa!!!
Moral: Better to be a Lion in India than a Monkey elsewhere!!!
Now worst thing is that Lion can not change his job profile till he gets the green card. He will be forced to act like a monkey so that it matches with his monkey job profile mentioned in his PERM application. All he can hope for is to invoke AC21 after couple of years to join a new zoo, that too on a similar job profile. :D:D Gurus what are the Lion's options at this point of time?? :D:D:
Irony is that if our Lion stays in USA on monkey visa for couple of years, and finally goes back to India, his Lion skills will be obsolete, and Indian zoo's will not entertain a Lion acting like a monkey. Our poor Lion is totally doomed. :D:D
hairstyles super saiyan king vegeta
jonty_11
07-09 02:12 PM
You already have I-94 valid until 11/11/2209.
Just to verify, are the numbers same on both I-94s (8/11/2007, 11/11/2009)? If so, you are ok. Staple the new I-94 in the passport along with the old one.
______________________
Not a legal advice.
Ah!! I see.....I do have the same i94 number on both the I-94s
Just to verify, are the numbers same on both I-94s (8/11/2007, 11/11/2009)? If so, you are ok. Staple the new I-94 in the passport along with the old one.
______________________
Not a legal advice.
Ah!! I see.....I do have the same i94 number on both the I-94s
jung.lee
04-05 06:07 PM
The analysis is interesting, but this much amount has already been written off considering 100% of option ARM, and alt-ARM will fail.
I think you missed my point. I was not trying to connect the ARM reset schedule with write-offs at wall street firms. Instead, I was trying to point out that there will be increased number of foreclosures as those ARMs reset over the next 36 months.
The next phase of the logic is: increased foreclosures will lead to increased inventory, which leads to lower prices, which leads to still more foreclosures and "walk aways" (people -citizens- who just dont want to pay the high mortgages any more since it is way cheaper to rent). This leads to still lower prices. Prices will likely stabilize when it is cheaper to buy vs. rent. Right now that calculus is inverted. In many bubble areas (both coasts, at a minimum) you would pay significantly more to buy than to rent (2X or more per month with a conventional mortgage in some good areas).
On the whole, I will debate only on financial and rational points. I am not going to question someone's emotional position on "homeownership." It is too complicated to extract someone out of their strongly held beliefs about how it is better to pay your own mortgage than someone elses, etc. All that is hubris that is ingrained from 5+ years of abnormally strong rising prices.
Let us say that you have two kids, age 2 and 5. The 5 year old is entering kindergarten next fall. You decide to buy in a good school district this year. Since your main decision was based on school choice, let us say that your investment horizon is 16 years (the year your 2 year old will finish high school at age 18).
Let us further assume that you will buy a house at the price of $600,000 in Bergen County, with 20% down ($120,000) this summer. The terms of the loan are 30 year fixed, 5.75% APR. This loan payment alone is $2800 per month. On top of that you will be paying at least 1.5% of value in property taxes, around $9,000 per year, or around $750 per month. Insurance will cost you around $1500 - $2000 per year, or another $150 or so per month. So your total committed payments will be around $3,700 per month.
You will pay for yard work (unless you are a do-it-yourself-er), and maintenance, and through the nose for utilities because a big house costs big to heat and cool. (Summers are OK, but desis want their houses warm enough in the winter for a lungi or veshti:))
Let us assume further that in Bergen county, you can rent something bigger and more comfortable than your 1200 sq ft apartment from a private party for around $2000. So your rental cost to house payment ratio is around 1.8X (3700/2000).
Let us say further that the market drops 30% conservatively (will likely be more), from today through bottom in 4 years. Your $600k house will be worth 30% less, i.e. $420,000. Your loan will still be worth around $450k. If you needed to sell at this point in time, with 6% selling cost, you will need to bring cash to closing as a seller i.e., you are screwed. At escrow, you will need to pay off the loan of $450k, and pay 6% closing costs, which means you need to bring $450k+$25k-$420k = $55,000 to closing.
So you stand to lose:
1. Your down payment of $120k
2. Your cash at closing if you sell in 4 years: $55k
3. Rental differential: 48 months X (3700 - 2000) = $81k
Total potential loss: $250,000!!!
This is not a "nightmare scenario" but a very real one. It is happenning right now in many parts of the country, and is just now hitting the more populated areas of the two coasts. There is still more to come.
My 2 cents for you guys, desi bhais, please do what you need to do, but keep your eyes open. This time the downturn is very different from the business-investment related downturn that followed the dot com bust earlier this decade.
I think you missed my point. I was not trying to connect the ARM reset schedule with write-offs at wall street firms. Instead, I was trying to point out that there will be increased number of foreclosures as those ARMs reset over the next 36 months.
The next phase of the logic is: increased foreclosures will lead to increased inventory, which leads to lower prices, which leads to still more foreclosures and "walk aways" (people -citizens- who just dont want to pay the high mortgages any more since it is way cheaper to rent). This leads to still lower prices. Prices will likely stabilize when it is cheaper to buy vs. rent. Right now that calculus is inverted. In many bubble areas (both coasts, at a minimum) you would pay significantly more to buy than to rent (2X or more per month with a conventional mortgage in some good areas).
On the whole, I will debate only on financial and rational points. I am not going to question someone's emotional position on "homeownership." It is too complicated to extract someone out of their strongly held beliefs about how it is better to pay your own mortgage than someone elses, etc. All that is hubris that is ingrained from 5+ years of abnormally strong rising prices.
Let us say that you have two kids, age 2 and 5. The 5 year old is entering kindergarten next fall. You decide to buy in a good school district this year. Since your main decision was based on school choice, let us say that your investment horizon is 16 years (the year your 2 year old will finish high school at age 18).
Let us further assume that you will buy a house at the price of $600,000 in Bergen County, with 20% down ($120,000) this summer. The terms of the loan are 30 year fixed, 5.75% APR. This loan payment alone is $2800 per month. On top of that you will be paying at least 1.5% of value in property taxes, around $9,000 per year, or around $750 per month. Insurance will cost you around $1500 - $2000 per year, or another $150 or so per month. So your total committed payments will be around $3,700 per month.
You will pay for yard work (unless you are a do-it-yourself-er), and maintenance, and through the nose for utilities because a big house costs big to heat and cool. (Summers are OK, but desis want their houses warm enough in the winter for a lungi or veshti:))
Let us assume further that in Bergen county, you can rent something bigger and more comfortable than your 1200 sq ft apartment from a private party for around $2000. So your rental cost to house payment ratio is around 1.8X (3700/2000).
Let us say further that the market drops 30% conservatively (will likely be more), from today through bottom in 4 years. Your $600k house will be worth 30% less, i.e. $420,000. Your loan will still be worth around $450k. If you needed to sell at this point in time, with 6% selling cost, you will need to bring cash to closing as a seller i.e., you are screwed. At escrow, you will need to pay off the loan of $450k, and pay 6% closing costs, which means you need to bring $450k+$25k-$420k = $55,000 to closing.
So you stand to lose:
1. Your down payment of $120k
2. Your cash at closing if you sell in 4 years: $55k
3. Rental differential: 48 months X (3700 - 2000) = $81k
Total potential loss: $250,000!!!
This is not a "nightmare scenario" but a very real one. It is happenning right now in many parts of the country, and is just now hitting the more populated areas of the two coasts. There is still more to come.
My 2 cents for you guys, desi bhais, please do what you need to do, but keep your eyes open. This time the downturn is very different from the business-investment related downturn that followed the dot com bust earlier this decade.
paskal
07-08 08:46 PM
I have been here 11 years. 4 different employers.
I have all my returns and W2's
why in the world would i keep every paystub?
makes no sense. of course little does.
UN thanks for the comments.
any predictions on where we are headed? my vested interest is in EB2 india...
btw why is everyone presuming that the 60,000 approvals went to India and China? EB3 ROW is retrogressed- all the extra numbers could have gone there. that would in any case be all the better for india/china in the longer term- the faster that backlog is finished, the greater the chance india/china lines will show meaningful movement.
also did you notice the cantwell-kyl compromise amendment in the failed CIR 2007 had a provision for 485 filing w/o visa numbers current?
I have all my returns and W2's
why in the world would i keep every paystub?
makes no sense. of course little does.
UN thanks for the comments.
any predictions on where we are headed? my vested interest is in EB2 india...
btw why is everyone presuming that the 60,000 approvals went to India and China? EB3 ROW is retrogressed- all the extra numbers could have gone there. that would in any case be all the better for india/china in the longer term- the faster that backlog is finished, the greater the chance india/china lines will show meaningful movement.
also did you notice the cantwell-kyl compromise amendment in the failed CIR 2007 had a provision for 485 filing w/o visa numbers current?
No comments:
Post a Comment