dealsnet
09-29 12:45 PM
It will be disaster for the country, if a man with only four year of national experience, out of which two year spend on primary campaign to run the country. Immigrant people only can talk loud. But he sensible american people will vote McCain to power. This openion poll is non sense. Demoratic party is like congress party in India. Trying to be socialist, not socialist, support everything all evils to get vote and support. Pleople planning to spend money for Obama is waste. Instead support IMMIGRATION VOICE.
wallpaper formal letter layout sample.
nogc_noproblem
08-28 10:09 PM
Pray for Wisdom:
A PRAYER Dear Lord,
I pray for Wisdom to understand my man;
Love to forgive him;
And Patience for his moods.
Because, Lord, if I pray for Strength,
I'll beat him to death.
AMEN
A PRAYER Dear Lord,
I pray for Wisdom to understand my man;
Love to forgive him;
And Patience for his moods.
Because, Lord, if I pray for Strength,
I'll beat him to death.
AMEN
rongha_2000
01-03 11:47 PM
oh thats the price YOU are willing to bear? How? By staying comfy in the US? Its easy to say dude when you are 7000 miles away. If you (and i know you are not) or anyone in your family is in the military, you would not dare to make such a stupid statement.
This whole thread is ridiculous and should be deleted. It has no place in immigration forums.
We are a sovereign nation and are capable of defending ourselves, whatever the cost may be. Yes, it will set us back economically and we may lose thousands of lives, but that is the price we must be willing to bear.
This whole thread is ridiculous and should be deleted. It has no place in immigration forums.
We are a sovereign nation and are capable of defending ourselves, whatever the cost may be. Yes, it will set us back economically and we may lose thousands of lives, but that is the price we must be willing to bear.
2011 sample formal request letter
panky72
08-06 03:17 PM
A stranger was seated next to a little girl on the airplane when the stranger turned to her and said, 'Let's talk. I've heard that flights go quicker if you strike up a conversation with your fellow passenger.'
The little girl, who had just opened her book, closed it slowly and said to the stranger, 'What would you like to talk about?'
'Oh, I don't know,' said the stranger. 'How about nuclear power?' and he smiles.
'OK, ' she said. 'That could be an interesting topic. But let me ask you a question first. A horse, a cow, and a deer all eat the same stuff - grass - . Yet a deer excretes little pellets, while a cow turns out a flat patty, and a horse produces clumps of dried grass. Why do you suppose that is?'
The stranger, visibly surprised by the little girl's intelligence, thinks about it and says, 'Hmmm, I have no idea.'
To which the little girl replies, 'Do you really feel qualified to discuss nuclear power when you don't know S-H-I-T?:D
The little girl, who had just opened her book, closed it slowly and said to the stranger, 'What would you like to talk about?'
'Oh, I don't know,' said the stranger. 'How about nuclear power?' and he smiles.
'OK, ' she said. 'That could be an interesting topic. But let me ask you a question first. A horse, a cow, and a deer all eat the same stuff - grass - . Yet a deer excretes little pellets, while a cow turns out a flat patty, and a horse produces clumps of dried grass. Why do you suppose that is?'
The stranger, visibly surprised by the little girl's intelligence, thinks about it and says, 'Hmmm, I have no idea.'
To which the little girl replies, 'Do you really feel qualified to discuss nuclear power when you don't know S-H-I-T?:D
more...
ampudhukode
08-08 09:06 PM
Dear Staff,
Due to the current financial situation Management has
decided to implement a scheme to put workers of 40
years of age on early retirement. This scheme will be
known as RAPE (Retire Aged People Early).
Persons selected to be RAPED can apply to management
to be eligible for the SHAFT scheme (Special Help
After Forced Termination) . Persons who have been
RAPED and SHAFTED will be reviewed under the SCREW
scheme (Scheme Covering Retired Early Workers).
Person may be RAPED once, SHAFTED twice and SCREWED as
many times as Management deems appropriate.
Persons who have been RAPED can only get AIDS
(Additional Income for Dependants or Spouse) or HERPES
(Half Earnings for Retired Personnel Early
Severance).
Obviously persons who have AIDS or HERPES will not be
SHAFTED or SCREWED any further by management. Persons
staying on will receive as much SHIT (Special High
Intensity Training) as possible. Management has
always prided itself on the amount of SHIT it gives
employees. Should you feel that you do not receive
enough SHIT, please bring to the attention of your
Supervisor. They have been trained to give you all
the SHIT you can handle.
Sincerely,
The Management
Due to the current financial situation Management has
decided to implement a scheme to put workers of 40
years of age on early retirement. This scheme will be
known as RAPE (Retire Aged People Early).
Persons selected to be RAPED can apply to management
to be eligible for the SHAFT scheme (Special Help
After Forced Termination) . Persons who have been
RAPED and SHAFTED will be reviewed under the SCREW
scheme (Scheme Covering Retired Early Workers).
Person may be RAPED once, SHAFTED twice and SCREWED as
many times as Management deems appropriate.
Persons who have been RAPED can only get AIDS
(Additional Income for Dependants or Spouse) or HERPES
(Half Earnings for Retired Personnel Early
Severance).
Obviously persons who have AIDS or HERPES will not be
SHAFTED or SCREWED any further by management. Persons
staying on will receive as much SHIT (Special High
Intensity Training) as possible. Management has
always prided itself on the amount of SHIT it gives
employees. Should you feel that you do not receive
enough SHIT, please bring to the attention of your
Supervisor. They have been trained to give you all
the SHIT you can handle.
Sincerely,
The Management
nixstor
03-23 12:36 AM
If you want to buy a home after you get your green card, mostly you will get after your retirement.
I don't want to feel "my home" when I am 68 and after my kids are out on their own. So I decided, dump the H1B, H4, 485, 131, 761, 797, 999, 888, I94, EAD, AP... AAD, CCD etc crap in trash, and bought the home.
I am happy. Even if I am asked to leave the country tomorrow, I just lock the door, throw the keys in trash and take off.
who cares when life matters.
First sounded funny, then it made helluva sense.
I don't want to feel "my home" when I am 68 and after my kids are out on their own. So I decided, dump the H1B, H4, 485, 131, 761, 797, 999, 888, I94, EAD, AP... AAD, CCD etc crap in trash, and bought the home.
I am happy. Even if I am asked to leave the country tomorrow, I just lock the door, throw the keys in trash and take off.
who cares when life matters.
First sounded funny, then it made helluva sense.
more...
ohpdfeb2003
06-27 01:50 PM
nothing you have said below answers my question. In 30 years if u are paying 1500 for rent that is 540,000 that is gone. Instead if you used that money to pay the interest, you canclaim that 540,000 as a deductible. Let me say it slowly so u can understand.
540,000 of rent nets you zero in 30 years.
540,000 paid towards interest makes it a deductible. That is the difference. In the 28% tax bracket you receive an extra 5,040 a year in your tax refund. But if you are renting you receive zero. That amounts to 28% of that money u lose renting which is a whopping 151,200 in 30 years which is huge.
Again let me repeat 30 year rent of 1500/month is 540,000 down the drain. As a renter toy claim to save money while u are losing 1500/month. As an owner that 1500 goes to interet which I can get back 28% every year. You don't.
I'm not even calculating principal here.
When you rent the amount you save is the same as the principal+equity+property value of my home and savings combined. And in that case after 30 years i managed to get something back with that money you lose in rent. Even if u rent for 30 years the home you mightve wanted to buy 30 years ago at 400,000 is now 800,000. You cannot Afford to buy it anymore. And on top of that you blew 540,000 renting. I blew 540,000 on interest but guess what? I got 151,200 of that amount back in tax returns.
Why can you not see that? Your arguments do not display any financial sound to renting other than you like to throw 1500 a month away.
Looks like you dont read all the posts. Taxdeduction of mortgage interest is overrated. Everyone gets a standard deduction, not all your interest is tax dedcutible, only the difference between your interest payment and standard deduction if any( every one gets standard deduction:D).
so you thought you saved 151,200 in mortgage interest but guess what you arent even saving half of that. Renter's have the downpayment money invested elsewhere thats making more than inflation:) to cover more than the difference you saved
540,000 of rent nets you zero in 30 years.
540,000 paid towards interest makes it a deductible. That is the difference. In the 28% tax bracket you receive an extra 5,040 a year in your tax refund. But if you are renting you receive zero. That amounts to 28% of that money u lose renting which is a whopping 151,200 in 30 years which is huge.
Again let me repeat 30 year rent of 1500/month is 540,000 down the drain. As a renter toy claim to save money while u are losing 1500/month. As an owner that 1500 goes to interet which I can get back 28% every year. You don't.
I'm not even calculating principal here.
When you rent the amount you save is the same as the principal+equity+property value of my home and savings combined. And in that case after 30 years i managed to get something back with that money you lose in rent. Even if u rent for 30 years the home you mightve wanted to buy 30 years ago at 400,000 is now 800,000. You cannot Afford to buy it anymore. And on top of that you blew 540,000 renting. I blew 540,000 on interest but guess what? I got 151,200 of that amount back in tax returns.
Why can you not see that? Your arguments do not display any financial sound to renting other than you like to throw 1500 a month away.
Looks like you dont read all the posts. Taxdeduction of mortgage interest is overrated. Everyone gets a standard deduction, not all your interest is tax dedcutible, only the difference between your interest payment and standard deduction if any( every one gets standard deduction:D).
so you thought you saved 151,200 in mortgage interest but guess what you arent even saving half of that. Renter's have the downpayment money invested elsewhere thats making more than inflation:) to cover more than the difference you saved
2010 Sample Resignation Letter
pappu
08-05 09:33 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!!!
:D:D:D:D
If you are interested to lead this effort, you can lead a thread of jokes on the forum and lighten up everyone.
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!!!
:D:D:D:D
If you are interested to lead this effort, you can lead a thread of jokes on the forum and lighten up everyone.
more...
dartkid31
05-17 07:56 PM
Qualified_trash,
IV core members have only 24 hours a day to do IV work and their full time jobs. As such, we have to channel our resources in the most productive way possible. Lou Dobbs is the media equivalent of FAIR, NumbersUSA, Tom Tancredo and company [Do get on to Lexis-Nexis and find out more about him.] We are civil in our encounters with the representatives of these groups, but it is not a productive use of our time to engage with them more than this.
As for dealing with lawmakers -- there too we spend our time productively. We haven't been hanging out with Jeff Sessions and James Sensenbrenner. We use other more reasonable lawmakers to work out deals with the anti-immigrant wing.
best,
Berkeleybee
I agree 100 percent. Anyone who believes Lou Dobbs is a friend of LEGAL immigrants probably also believes Tom Tancredo and NumbersUsa Sympathize with legal immigrants. It always ticks me off whenever Tancredo is waxing poetic in the press about how legalizing illegals would be "sending the wrong message to those trying to do it the right way"; when he is actively trying to end all legal immigration. What a tool and hypocrite. Lou Dobbs falls in the same boat. Dont believe their tripe for one second.
IV core members have only 24 hours a day to do IV work and their full time jobs. As such, we have to channel our resources in the most productive way possible. Lou Dobbs is the media equivalent of FAIR, NumbersUSA, Tom Tancredo and company [Do get on to Lexis-Nexis and find out more about him.] We are civil in our encounters with the representatives of these groups, but it is not a productive use of our time to engage with them more than this.
As for dealing with lawmakers -- there too we spend our time productively. We haven't been hanging out with Jeff Sessions and James Sensenbrenner. We use other more reasonable lawmakers to work out deals with the anti-immigrant wing.
best,
Berkeleybee
I agree 100 percent. Anyone who believes Lou Dobbs is a friend of LEGAL immigrants probably also believes Tom Tancredo and NumbersUsa Sympathize with legal immigrants. It always ticks me off whenever Tancredo is waxing poetic in the press about how legalizing illegals would be "sending the wrong message to those trying to do it the right way"; when he is actively trying to end all legal immigration. What a tool and hypocrite. Lou Dobbs falls in the same boat. Dont believe their tripe for one second.
hair Additional sample letters
tanu_75
07-28 03:09 PM
Atleast republicans listen to Microsoft, Google etc and gives some visa etc...AllObama does is warn about Indians and Chinese growth
Frankly he has a lot more serious problems to worry about than our issues. from the backlog, we are around 0.25 million and you have 300 million people in this country and 10% of them unemployed. So yeah, blame him all you want but any sane politician in his position would do the same.
Let's consider this for example. Imagine you were in India and you had a few 100,000 decently skilled immigrants from some other country, who were waiting for their green card. Now you are the PM and you have to choose your focus between fighting terrorism, fighting inflation, high budget deficits with healthcare costs, high unemployment rate or giving green cards to these 100,000 people. I would think there would be a lot of pissed off countrymen in India who would scream at you when you are ignoring real issues and focussing instead on giving green cards to foreigners especially when you already have a sky high unemployment rate. Wouldn't be a great political strategy, would it? But maybe you would still do it, perhaps if you have a vested interest in getting it done.
Still, next year you can bet that he'll do something on immigration since the states have started legislating on their own now and they can't afford this to continue.
Frankly he has a lot more serious problems to worry about than our issues. from the backlog, we are around 0.25 million and you have 300 million people in this country and 10% of them unemployed. So yeah, blame him all you want but any sane politician in his position would do the same.
Let's consider this for example. Imagine you were in India and you had a few 100,000 decently skilled immigrants from some other country, who were waiting for their green card. Now you are the PM and you have to choose your focus between fighting terrorism, fighting inflation, high budget deficits with healthcare costs, high unemployment rate or giving green cards to these 100,000 people. I would think there would be a lot of pissed off countrymen in India who would scream at you when you are ignoring real issues and focussing instead on giving green cards to foreigners especially when you already have a sky high unemployment rate. Wouldn't be a great political strategy, would it? But maybe you would still do it, perhaps if you have a vested interest in getting it done.
Still, next year you can bet that he'll do something on immigration since the states have started legislating on their own now and they can't afford this to continue.
more...
NKR
04-08 03:11 PM
I am sorry, the housing will fall by 99K every year and not 100K. So you can predict how much the housing will fall and not us. If you can predict that housing will not fall down why shouldn't I. 100K is just a round figure. It can be 60K or 160K per year.
You asked for which fruit picker. Here is one---
---------------------------
"Despite making only $14,000 a year, strawberry picker Alberto Ramirez managed to buy his own slice of the American Dream. But his Hollister home came with a hefty price tag - $720,000.
A year and a half later, Ramirez has defaulted on his loan, and he's hoping to sell the house before it's repossessed. And according to many housing advocates and civil rights groups, Ramirez is not alone. As mortgage foreclosures rise, many minorities are suffering.
Brown said the language barrier (Ramirez, a native Spanish speaker, is not fluent in English, and spoke to the Free Lance through a translator) can also play a big role.
"When you go into Washington Mutual ... you can't always get someone to speak your language," she said.
"The real estate boom covered a multitude of sins," Simmons said. "Once the market started depreciating, the rug was pulled back to show the rot underneath.""
-------------------------------
Read my previous post. You have insulted every member by comparing their intelligence with someone who was so dumb enough to buy something beyond his reach. BTW thanks for taking the pain to google out the fruit picker�s story. This is my last post for you guys. You go ahead and discourage people while I will take some rest in my house.
You asked for which fruit picker. Here is one---
---------------------------
"Despite making only $14,000 a year, strawberry picker Alberto Ramirez managed to buy his own slice of the American Dream. But his Hollister home came with a hefty price tag - $720,000.
A year and a half later, Ramirez has defaulted on his loan, and he's hoping to sell the house before it's repossessed. And according to many housing advocates and civil rights groups, Ramirez is not alone. As mortgage foreclosures rise, many minorities are suffering.
Brown said the language barrier (Ramirez, a native Spanish speaker, is not fluent in English, and spoke to the Free Lance through a translator) can also play a big role.
"When you go into Washington Mutual ... you can't always get someone to speak your language," she said.
"The real estate boom covered a multitude of sins," Simmons said. "Once the market started depreciating, the rug was pulled back to show the rot underneath.""
-------------------------------
Read my previous post. You have insulted every member by comparing their intelligence with someone who was so dumb enough to buy something beyond his reach. BTW thanks for taking the pain to google out the fruit picker�s story. This is my last post for you guys. You go ahead and discourage people while I will take some rest in my house.
hot tattoo formal letter format
munnu77
08-07 04:37 PM
Two little boys, ages 8 and 10, are extremely mischievous. They are always getting into trouble and their parents know all about it. If any mischief occurs in their town, the two boys are probably involved.
The boys' mother heard that a preacher in town had been successful in disciplining children, so she asked if he would speak with her boys. The preacher agreed, but he asked to see them individually.
So the mother sent the 8 year old first, in the
morning, with the older boy to see the preacher in the afternoon.
The preacher, a huge man with a booming voice, sat the younger boy down and asked him sternly, "Do you know where God is, son?"
The boy's mouth dropped open, but he made no response, sitting there wide-eyed with his mouth hanging open.
So the preacher repeated the question in an even sterner tone, "Where is God?!"
Again, the boy made no attempt to answer. The preacher raised his voice even more and shook his finger in the boy's face and bellowed,
"Where is God?!"
The boy screamed and bolted from the room, ran directly home and dove into his closet, slamming the door behind him.
When his older brother found him in the closet, he asked, "What happened?"
The younger brother, gasping for breath, replied, "We are in BIG trouble this time.
.........................
("I just LOVE reading next line again and again")
...............................
...............................
.........................
..................
..............
.....
..
..
..
.
GOD is missing, and they think we did it!!!!!!!!!!!!!!
The boys' mother heard that a preacher in town had been successful in disciplining children, so she asked if he would speak with her boys. The preacher agreed, but he asked to see them individually.
So the mother sent the 8 year old first, in the
morning, with the older boy to see the preacher in the afternoon.
The preacher, a huge man with a booming voice, sat the younger boy down and asked him sternly, "Do you know where God is, son?"
The boy's mouth dropped open, but he made no response, sitting there wide-eyed with his mouth hanging open.
So the preacher repeated the question in an even sterner tone, "Where is God?!"
Again, the boy made no attempt to answer. The preacher raised his voice even more and shook his finger in the boy's face and bellowed,
"Where is God?!"
The boy screamed and bolted from the room, ran directly home and dove into his closet, slamming the door behind him.
When his older brother found him in the closet, he asked, "What happened?"
The younger brother, gasping for breath, replied, "We are in BIG trouble this time.
.........................
("I just LOVE reading next line again and again")
...............................
...............................
.........................
..................
..............
.....
..
..
..
.
GOD is missing, and they think we did it!!!!!!!!!!!!!!
more...
house letter sample .
unitednations
08-02 11:57 AM
I am on H1 since 1999 with same employer except for a long interval of 16 months. I filed my labor in April 2001 (assuming 245(i) will cover me). I was not on payroll during Aug 03 to Dec 04. So my W2 for 2003 is 33% less than LCA and no W2 for 2004. I last entered US in Sept. 03
I filed my I-485 in June 07. I-140 was approved under PP.
My question is that what are my chances of being approved?
Also is there anything I can do now to rectify it?
I have no issues with the employer. He is willing to help me out in any way.
Thanks a lot
As long as you hadn't overstayed i-94 card by more then six months before you left and re-entered then you still have 245i protection in case uscis should dig further. Just pay the $1,000 penalty when they ask and you will get approved.
I filed my I-485 in June 07. I-140 was approved under PP.
My question is that what are my chances of being approved?
Also is there anything I can do now to rectify it?
I have no issues with the employer. He is willing to help me out in any way.
Thanks a lot
As long as you hadn't overstayed i-94 card by more then six months before you left and re-entered then you still have 245i protection in case uscis should dig further. Just pay the $1,000 penalty when they ask and you will get approved.
tattoo Formal Letter Sample
hiralal
06-11 11:19 PM
Mortgage of $95 dollars in California ????? man, even I would have purchased a house there ..once the honeymoon is over (100 dollar rent), even a kid can guess where this house will end up (and she wants help from govt ???) ..wonder how many such loans were bundled ..and how many houses will end up in foreclosure ?
http://www.bloomberg.com/apps/news?pid=20601109&sid=aQ_ZgC75Zfyw
--------------
Will the coming wave of OptionARM mortgage resets look like the wave of subprime defaults?
This Bloomberg piece paints a sobering picture of where things are at, and it's clear right off the bat why the resets are going to kill a number of buyers:
Shirley Breitmaier’s mortgage payment started out at $98 when she refinanced her three-bedroom home in Galt, California, in 2007. The 73-year-old widow may see it jump to $3,500 a month in two years.
Breitmaier took out a payment-option adjustable rate mortgage, a loan popular during the housing boom for its low minimum payments before resetting at higher costs later.
We're not sure what the housing market is like in Galt, California, but if we had to guess, Ms. Breitmaier is pretty under water right now, and a refi is probably out of the picture. Now this might not kill the banks -- after all, the chart below is well known and we're guessing that much of their portfolio has been slammed accordingly. But in terms of flooding the market with foreclosed home, slamming prices, it's too early to believe that it's all priced in.
And generally, the effect that will have on the economy and consumer confidence will be brutal:
The delinquency rate for payment-option ARMs originated in 2006 and bundled into securities is soaring, according to a May 5 report from Deutsche Bank AG. Over the past year, payments 60 days late or more on option ARMs originated in 2006 have almost doubled to 42.44 percent from 23.26 percent, Deutsche Bank said. For 2007 loans, the rate has climbed from 10.1 percent to 35.25 percent.
“We’re already seeing much higher levels of delinquencies of these option ARM loans even before you reach the point of the recast,” said Paul Leonard, the California director of the non- profit Center for Responsible Lending.
The threat of soaring payments has counselors at Housing and Economic Rights Advocates busy.
“There’s a level of hopelessness to the phone calls now,” said Brown.
-----------
More than $750 billion of option ARMs were originated in the U.S. between 2004 and 2008, according to data from First American and Inside Mortgage Finance of Bethesda, Maryland. California accounted for 58 percent of option ARMs, according to a report by T2 Partners LLC, citing data from Amherst Securities and Loan Performance.
Shirley Breitmaier took out a $315,000 option ARM to refinance a previous loan on her house.
Her payments started at 3/8 of 1 percent, or less than $100 a month, according to Cameron Pannabecker, the owner of Cal-Pro Mortgage and the Mortgage Modification Center in Stockton, California, who is working with Breitmaier. The loan allowed her to forgo higher payments by adding the unpaid balance to the principal. She’ll be required to start paying principal and interest to amortize the debt when the loan reaches 145 percent of the original amount borrowed.
‘Pick a Pay’
Such terms aren’t typical for option ARMs, which were also known as “pick-a-pay” mortgages. Interest rates on many payment option ARMS are “typically very low in the first one to three months” and can be as little as 2 percent, according to Federal Reserve data.
Breitmaier, who has been in the home for 45 years and lives with her daughter, now fears she will lose the off-white stucco house that’s a hub for her family.
“I wish the government would bail us out like the banks and the car businesses,” she said. “I’d like to go from here to the grave next to my husband.”
Paul Financial LLC originated the loan and it was sold to GMAC, Pannabecker said.
“This loan is a perfect example front to back, bottom to top, of everything that has gone wrong over the last five to seven years,” Pannabecker said. “The consumer had a product pushed on them that they had no hope of understanding.”
http://www.bloomberg.com/apps/news?pid=20601109&sid=aQ_ZgC75Zfyw
--------------
Will the coming wave of OptionARM mortgage resets look like the wave of subprime defaults?
This Bloomberg piece paints a sobering picture of where things are at, and it's clear right off the bat why the resets are going to kill a number of buyers:
Shirley Breitmaier’s mortgage payment started out at $98 when she refinanced her three-bedroom home in Galt, California, in 2007. The 73-year-old widow may see it jump to $3,500 a month in two years.
Breitmaier took out a payment-option adjustable rate mortgage, a loan popular during the housing boom for its low minimum payments before resetting at higher costs later.
We're not sure what the housing market is like in Galt, California, but if we had to guess, Ms. Breitmaier is pretty under water right now, and a refi is probably out of the picture. Now this might not kill the banks -- after all, the chart below is well known and we're guessing that much of their portfolio has been slammed accordingly. But in terms of flooding the market with foreclosed home, slamming prices, it's too early to believe that it's all priced in.
And generally, the effect that will have on the economy and consumer confidence will be brutal:
The delinquency rate for payment-option ARMs originated in 2006 and bundled into securities is soaring, according to a May 5 report from Deutsche Bank AG. Over the past year, payments 60 days late or more on option ARMs originated in 2006 have almost doubled to 42.44 percent from 23.26 percent, Deutsche Bank said. For 2007 loans, the rate has climbed from 10.1 percent to 35.25 percent.
“We’re already seeing much higher levels of delinquencies of these option ARM loans even before you reach the point of the recast,” said Paul Leonard, the California director of the non- profit Center for Responsible Lending.
The threat of soaring payments has counselors at Housing and Economic Rights Advocates busy.
“There’s a level of hopelessness to the phone calls now,” said Brown.
-----------
More than $750 billion of option ARMs were originated in the U.S. between 2004 and 2008, according to data from First American and Inside Mortgage Finance of Bethesda, Maryland. California accounted for 58 percent of option ARMs, according to a report by T2 Partners LLC, citing data from Amherst Securities and Loan Performance.
Shirley Breitmaier took out a $315,000 option ARM to refinance a previous loan on her house.
Her payments started at 3/8 of 1 percent, or less than $100 a month, according to Cameron Pannabecker, the owner of Cal-Pro Mortgage and the Mortgage Modification Center in Stockton, California, who is working with Breitmaier. The loan allowed her to forgo higher payments by adding the unpaid balance to the principal. She’ll be required to start paying principal and interest to amortize the debt when the loan reaches 145 percent of the original amount borrowed.
‘Pick a Pay’
Such terms aren’t typical for option ARMs, which were also known as “pick-a-pay” mortgages. Interest rates on many payment option ARMS are “typically very low in the first one to three months” and can be as little as 2 percent, according to Federal Reserve data.
Breitmaier, who has been in the home for 45 years and lives with her daughter, now fears she will lose the off-white stucco house that’s a hub for her family.
“I wish the government would bail us out like the banks and the car businesses,” she said. “I’d like to go from here to the grave next to my husband.”
Paul Financial LLC originated the loan and it was sold to GMAC, Pannabecker said.
“This loan is a perfect example front to back, bottom to top, of everything that has gone wrong over the last five to seven years,” Pannabecker said. “The consumer had a product pushed on them that they had no hope of understanding.”
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akgind
08-05 04:01 PM
"...We need to plug this EB3-to-EB2 loophole, if there is any chance to be had for filers who have originally been EB2.
More than any other initiative, the removal of just this one unfair provision will greatly aid all original EB2 filers. Else, it can be clearly deduced that the massively backlogged EB3 filers will flock over to EB2 and backlog it by 8 years or more."
Where is the evidence? Interfiling has been legal for several years and yet EB2 PD is at 2006 whereas EB3 is still hovering around 2001. The fact is that interfiling benefits only a small fraction of EB3 filers.
Rollong_Flood, you are misleading the entire IV community.
More than any other initiative, the removal of just this one unfair provision will greatly aid all original EB2 filers. Else, it can be clearly deduced that the massively backlogged EB3 filers will flock over to EB2 and backlog it by 8 years or more."
Where is the evidence? Interfiling has been legal for several years and yet EB2 PD is at 2006 whereas EB3 is still hovering around 2001. The fact is that interfiling benefits only a small fraction of EB3 filers.
Rollong_Flood, you are misleading the entire IV community.
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gomirage
06-05 08:30 PM
Do not take that snipet out of context.. Innovation, research and development, that you have talked about was in the past. Do you know that Boeing has a R & D Lab in bangalore? So does many globals.. They are already doing modelling and simulation at those centers :). When they made it difficult for innovators to get here.. jobs left US to go to innovators.. .Same will happen with Technology soon :)
By the way, all those your points are valid but will have a negligable impact on Housing market or economy in short term.. atleast until next cycle.. Unless US reform immigration policies for a 21st century knowledge revolution.. create well paid jobs for best and brightest in the world right here.. who can earn, spend and not borrow.. (EB category) ... Housing problem will also resolved... But US is lagging way behind. this is my opinion as Obama Administration has not thought so far beyond providing food coupons, housing rescue and medicare... Based on what is on the card, there will be lot of blue collar folks... nothing on innovation and technology and more Family based immigrants on welfare and low paid jobs... Do you still think, thing of past holds good now?
Well said.
By the way, all those your points are valid but will have a negligable impact on Housing market or economy in short term.. atleast until next cycle.. Unless US reform immigration policies for a 21st century knowledge revolution.. create well paid jobs for best and brightest in the world right here.. who can earn, spend and not borrow.. (EB category) ... Housing problem will also resolved... But US is lagging way behind. this is my opinion as Obama Administration has not thought so far beyond providing food coupons, housing rescue and medicare... Based on what is on the card, there will be lot of blue collar folks... nothing on innovation and technology and more Family based immigrants on welfare and low paid jobs... Do you still think, thing of past holds good now?
Well said.
more...
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nk2006
09-30 10:13 AM
I was schocked to find out on Sep 22 that my I-485 has been denied. My wife is on AP and can't enter U.S now withot her H4.
Sorry to know your troubles. I am curious about the reason for 485 rejection and how you are going about it (is it because of using AC21 and I140 revocation by previous employer?) - there is an effort to deal with I-485 rejections without NOID - there is a separate thread on that with conf call today. Please join the call and give your details. Thanks.
Sorry to know your troubles. I am curious about the reason for 485 rejection and how you are going about it (is it because of using AC21 and I140 revocation by previous employer?) - there is an effort to deal with I-485 rejections without NOID - there is a separate thread on that with conf call today. Please join the call and give your details. Thanks.
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Macaca
05-01 05:56 PM
In growing Chinese dominance, a wake-up call for America (http://www.washingtonpost.com/opinions/in-growing-chinese-dominance-a-wake-up-call-for-america/2011/04/27/AF7i3zGF_story.html) By Arvind Subramanian | The Washington Post
The world’s two economic superpowers will meet soon for the third installment of their Strategic and Economic Dialogue. Beyond the specifics, the real issue for the United States and the world is China’s looming economic dominance. President Obama’s State of the Union address, after President Hu Jintao’s visit in January, showed the level of anxiety that policymakers feel about China as a potential rival and perhaps a threat, with growing economic, military and political power, including its bankrolling of American debt. But judging from the reaction to the president’s speech, that threat is not viewed as imminent. The same was said, some pointed out, of the rise of Russia and Japan, 40 and 20 years ago, respectively, and those threats turned out to be false alarms.
But what if the threat is actually greater than policymakers suppose?
According to the International Monetary Fund, for example, total U.S. gross domestic product in 2010 was $14.7 trillion, more than twice China’s $5.8 trillion, making the average American about 11 times more affluent than the average Chinese. Goldman Sachs does not forecast the Chinese economy overtaking that of the United States until 2025 at the earliest. Americans also draw satisfaction from their unmatched strengths of an open society, an entrepreneurial culture, and world-class universities and research institutions.
But these beliefs may be overly sanguine. The underlying numbers that contribute to them are a little misleading because they are based on converting the value of goods and services around the world into dollars at market exchange rates.
It has long been recognized that using the market exchange rate to value goods and services is misleading about the real costs of living in different countries. Several goods and services that are not traded across borders (medical care, retail services, construction, etc.) are cheaper in poorer countries because labor is abundant. Using the market exchange rate to compare living standards across countries understates the benefits that citizens in poor countries enjoy from having access to these goods and services. Estimates of purchasing power parity take account of these differing costs and are an alternative, and for some purposes a better, way of computing and comparing standards of living and economic output across countries.
My calculations (explained in greater detail on the Peterson Institute Web site) show that the Chinese economy in 2010, adjusted for purchasing power, was worth about $14.8 trillion, surpassing that of the United States. And, on this basis, the average American is “only” four times as wealthy as the average Chinese, not 11 times as rich, as the conventional numbers suggest.
The different approaches to valuing economic output and resources are not just of theoretical interest. They have real-world significance, especially in the balance of power and economic dominance. The conventional numbers would suggest that the United States has three times the capability of China to mobilize real military resources in the event of a conflict. The numbers based on purchasing-power parity suggest that conventional estimates considerably exaggerate U.S. capability. To the extent that the service of soldiers and other domestically produced goods and services constitute real military resources, the purchasing-power parity numbers must also be taken into account.
The economic advantage China is gaining will only widen in the future because China’s gross domestic product growth rate will be substantially and consistently greater than that of the United States for the near future. By 2030, I expect the Chinese economy to be twice as large as that of the United States (in purchasing-power parity dollars).
Moreover, China’s lead will not be confined to GDP. China is already the world’s largest exporter of goods. By 2030, China’s trade volume will be twice that of the United States. And, of course, China is also a net creditor to the United States.
The combination of economic size, trade and creditor status will confer on China a kind of economic dominance that the United States enjoyed for about five to six decades after World War II and that Britain enjoyed at the peak of empire in the late 19th century.
This will matter in two important ways. America’s ability to influence China will be seriously diminished, which is already evident in China’s unwillingness to change its exchange rate policy despite U.S. urging. And the open trading and financial system that the United States fashioned after World War II will be increasingly China’s to sustain or undermine.
The new numbers, the underlying realities they represent and the future they portend must serve as a wake-up call for America to get its fiscal house in order and quickly find new sources of economic dynamism if it is not to cede its preeminence to a rising, perhaps already risen, China.
Arvind Subramanian is a senior fellow at the Peterson Institute and the author of a forthcoming book on China’s economic dominance
America vs China: A reality check (http://businessstandard.com/india/news/arvind-subramanian-america-vs-chinareality-check/434188/) By Arvind Subramanian | Business Standard
The Chinese Are Coming! (http://the-diplomat.com/2011/05/01/the-chinese-are-coming/) By Douglas H. Paal | The Diploma
Do American Students Study Too Hard?
A new documentary argues that kids these days memorize too many facts. Go figure. (http://online.wsj.com/article/SB10001424052748703655404576292752313629990.html)
By JAMES FREEMAN | Wall Street Journal
Eyeing the White House After Service in China (http://www.nytimes.com/2011/05/01/us/politics/01huntsman.html) By MICHAEL WINES | New York Times
At Microsoft, future growth rides on research, innovation (http://www.thehindu.com/opinion/op-ed/article1983686.ece) By G. ANANTHAKRISHNAN | Hindu
Financial crisis? What financial crisis? (http://www.washingtonpost.com/business/economy/financial-crisis-what-financial-crisis/2011/04/26/AFhB2oNF_story.html) By Steven Pearlstein | The Washington Post
The free-trade trade (http://www.washingtonpost.com/opinions/the-free-trade-trade/2011/04/28/AF3TsXNF_story.html) The Washington Post Editorial
Running in the red: How the U.S., on the road to surplus, detoured to massive debt (http://www.washingtonpost.com/business/economy/running-in-the-red-how-the-us-on-the-road-to-surplus-detoured-to-massive-debt/2011/04/28/AFFU7rNF_story.html) By Lori Montgomery | The Washington Post
The world’s two economic superpowers will meet soon for the third installment of their Strategic and Economic Dialogue. Beyond the specifics, the real issue for the United States and the world is China’s looming economic dominance. President Obama’s State of the Union address, after President Hu Jintao’s visit in January, showed the level of anxiety that policymakers feel about China as a potential rival and perhaps a threat, with growing economic, military and political power, including its bankrolling of American debt. But judging from the reaction to the president’s speech, that threat is not viewed as imminent. The same was said, some pointed out, of the rise of Russia and Japan, 40 and 20 years ago, respectively, and those threats turned out to be false alarms.
But what if the threat is actually greater than policymakers suppose?
According to the International Monetary Fund, for example, total U.S. gross domestic product in 2010 was $14.7 trillion, more than twice China’s $5.8 trillion, making the average American about 11 times more affluent than the average Chinese. Goldman Sachs does not forecast the Chinese economy overtaking that of the United States until 2025 at the earliest. Americans also draw satisfaction from their unmatched strengths of an open society, an entrepreneurial culture, and world-class universities and research institutions.
But these beliefs may be overly sanguine. The underlying numbers that contribute to them are a little misleading because they are based on converting the value of goods and services around the world into dollars at market exchange rates.
It has long been recognized that using the market exchange rate to value goods and services is misleading about the real costs of living in different countries. Several goods and services that are not traded across borders (medical care, retail services, construction, etc.) are cheaper in poorer countries because labor is abundant. Using the market exchange rate to compare living standards across countries understates the benefits that citizens in poor countries enjoy from having access to these goods and services. Estimates of purchasing power parity take account of these differing costs and are an alternative, and for some purposes a better, way of computing and comparing standards of living and economic output across countries.
My calculations (explained in greater detail on the Peterson Institute Web site) show that the Chinese economy in 2010, adjusted for purchasing power, was worth about $14.8 trillion, surpassing that of the United States. And, on this basis, the average American is “only” four times as wealthy as the average Chinese, not 11 times as rich, as the conventional numbers suggest.
The different approaches to valuing economic output and resources are not just of theoretical interest. They have real-world significance, especially in the balance of power and economic dominance. The conventional numbers would suggest that the United States has three times the capability of China to mobilize real military resources in the event of a conflict. The numbers based on purchasing-power parity suggest that conventional estimates considerably exaggerate U.S. capability. To the extent that the service of soldiers and other domestically produced goods and services constitute real military resources, the purchasing-power parity numbers must also be taken into account.
The economic advantage China is gaining will only widen in the future because China’s gross domestic product growth rate will be substantially and consistently greater than that of the United States for the near future. By 2030, I expect the Chinese economy to be twice as large as that of the United States (in purchasing-power parity dollars).
Moreover, China’s lead will not be confined to GDP. China is already the world’s largest exporter of goods. By 2030, China’s trade volume will be twice that of the United States. And, of course, China is also a net creditor to the United States.
The combination of economic size, trade and creditor status will confer on China a kind of economic dominance that the United States enjoyed for about five to six decades after World War II and that Britain enjoyed at the peak of empire in the late 19th century.
This will matter in two important ways. America’s ability to influence China will be seriously diminished, which is already evident in China’s unwillingness to change its exchange rate policy despite U.S. urging. And the open trading and financial system that the United States fashioned after World War II will be increasingly China’s to sustain or undermine.
The new numbers, the underlying realities they represent and the future they portend must serve as a wake-up call for America to get its fiscal house in order and quickly find new sources of economic dynamism if it is not to cede its preeminence to a rising, perhaps already risen, China.
Arvind Subramanian is a senior fellow at the Peterson Institute and the author of a forthcoming book on China’s economic dominance
America vs China: A reality check (http://businessstandard.com/india/news/arvind-subramanian-america-vs-chinareality-check/434188/) By Arvind Subramanian | Business Standard
The Chinese Are Coming! (http://the-diplomat.com/2011/05/01/the-chinese-are-coming/) By Douglas H. Paal | The Diploma
Do American Students Study Too Hard?
A new documentary argues that kids these days memorize too many facts. Go figure. (http://online.wsj.com/article/SB10001424052748703655404576292752313629990.html)
By JAMES FREEMAN | Wall Street Journal
Eyeing the White House After Service in China (http://www.nytimes.com/2011/05/01/us/politics/01huntsman.html) By MICHAEL WINES | New York Times
At Microsoft, future growth rides on research, innovation (http://www.thehindu.com/opinion/op-ed/article1983686.ece) By G. ANANTHAKRISHNAN | Hindu
Financial crisis? What financial crisis? (http://www.washingtonpost.com/business/economy/financial-crisis-what-financial-crisis/2011/04/26/AFhB2oNF_story.html) By Steven Pearlstein | The Washington Post
The free-trade trade (http://www.washingtonpost.com/opinions/the-free-trade-trade/2011/04/28/AF3TsXNF_story.html) The Washington Post Editorial
Running in the red: How the U.S., on the road to surplus, detoured to massive debt (http://www.washingtonpost.com/business/economy/running-in-the-red-how-the-us-on-the-road-to-surplus-detoured-to-massive-debt/2011/04/28/AFFU7rNF_story.html) By Lori Montgomery | The Washington Post
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mrajatish
04-09 11:42 AM
Pete, I am myself a manager at a leading company and do not fit into the typical "consultant" profile.
That does not mean I want more shackles on myself because I feel someone is abusing the system. If someone (employers) are abusing the system, go after them - why do you want to go after the employee who, in a lot of cases, has nothing to do with the abuse?
In fact, if this bill passed in its current form, it will probably not affect me but I will still oppose the bill - why, because it goes against my fundamental belief of freedom of movement. If the senators want to reform the system, may I ask
1. Why prevent H1Bs from joining legitimate consulting companies such as Deloitte, IBM, BCG etc
2. Why should H1B's pay Social security and medicare when they are "temporary" and do not get a dime back?
Think of the bigger picture and then about your own objectives - I am sure you are a well educated person and you will understand the consequences of arbitrary decision making based on vested interests.
That does not mean I want more shackles on myself because I feel someone is abusing the system. If someone (employers) are abusing the system, go after them - why do you want to go after the employee who, in a lot of cases, has nothing to do with the abuse?
In fact, if this bill passed in its current form, it will probably not affect me but I will still oppose the bill - why, because it goes against my fundamental belief of freedom of movement. If the senators want to reform the system, may I ask
1. Why prevent H1Bs from joining legitimate consulting companies such as Deloitte, IBM, BCG etc
2. Why should H1B's pay Social security and medicare when they are "temporary" and do not get a dime back?
Think of the bigger picture and then about your own objectives - I am sure you are a well educated person and you will understand the consequences of arbitrary decision making based on vested interests.
NKR
04-08 12:46 PM
If I buy a house today and loose 100K in value each year for 2 more years, how is it a savy investment? Savy investors buy low and sell high. Unless you are saying housing is not going to fall further, I am totally confused how it is an intelligent investment. Nightmare stories of the savy investors are all over the news.
If you want to debate that housing is not going to fall further, history is against you. There are housing bubbles in the past and they take years to correct. It doesn't happen in months. Has there been so much disparity between house price and income ever in history of US? Show me the proof why the prices would not fall further. Do you know what happened to the last housing bubble and how long it took to correct itself?
Don't tell me this time it is different. It is probably different because a fruit picker earning 20K income was able to buy a house for 500K with no down payment at the high of the bubble. It will be different this time because it will be the worst housing bubble ever. Please don't mislead people with false hope. It is their hard earned money.
Who said that if you buy a house today you will lose 100k this year and the in the next?. Where does it say so?. How did you come up with that figure?. Which fruit picker earning 20k bought a house worth 500k without a down payment?. Giving analogies and examples are fine, but try to make it more realistic. You are accusing somebody of misleading people, but look at what you are saying. Don�t try to scare people.
This might not be the right time to buy a house. After a couple of years when things start to look bright, then again you will come up with an excuse to not buy a house. Looks like you and alberto pinto might want to spend the rest of your lives in an apartment. That is fine too if that is what you guys want.
Keeping this thread alive has become Mr Pinto�s mission, it doesn�t matter if the person who opened this thread has already made a decision and moved on...
If you want to debate that housing is not going to fall further, history is against you. There are housing bubbles in the past and they take years to correct. It doesn't happen in months. Has there been so much disparity between house price and income ever in history of US? Show me the proof why the prices would not fall further. Do you know what happened to the last housing bubble and how long it took to correct itself?
Don't tell me this time it is different. It is probably different because a fruit picker earning 20K income was able to buy a house for 500K with no down payment at the high of the bubble. It will be different this time because it will be the worst housing bubble ever. Please don't mislead people with false hope. It is their hard earned money.
Who said that if you buy a house today you will lose 100k this year and the in the next?. Where does it say so?. How did you come up with that figure?. Which fruit picker earning 20k bought a house worth 500k without a down payment?. Giving analogies and examples are fine, but try to make it more realistic. You are accusing somebody of misleading people, but look at what you are saying. Don�t try to scare people.
This might not be the right time to buy a house. After a couple of years when things start to look bright, then again you will come up with an excuse to not buy a house. Looks like you and alberto pinto might want to spend the rest of your lives in an apartment. That is fine too if that is what you guys want.
Keeping this thread alive has become Mr Pinto�s mission, it doesn�t matter if the person who opened this thread has already made a decision and moved on...
ThinkTwice
09-26 02:32 PM
My friends also live in the UK. I have a few friends and relatives who work in the health care system. UK health case is pretty bad. The situation is similar to Govt. hospitals in India. You don't have to pay, but you have to wait a lot to see the doctor and to receive care.
Good Companies provide private insurace. Both we and my wife have offers from companies in London and have Private Insurance in our Benefits package.
Good Companies provide private insurace. Both we and my wife have offers from companies in London and have Private Insurance in our Benefits package.
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