ganguteli
03-23 12:26 PM
well..thats good question..I couldnt..because calling number was Unavailable..
Call came to my cell which is the number I put in 485 app.
She was reading some information from my Biographic form..like my first employment dates etc..so I just assumed it to be legit calll...but I never know until I get an email..so far nothing..
You/lawyer/employer may have forgotten to shred the extra/unwanted documents. Someone may have got hold of them.
Google 'identity theft' and you will be surprised.
Do not answer anyone unless you check. Ask for a call back number. Find the name , badge number. ask them to send you an email with a legit id and you will call back.
You should anyways never talk alone to such people even if they are real. Ask them to talk to your lawyer. If they ask you his number, tell them to find from the application.
Basically never give any information on the phone.
Call came to my cell which is the number I put in 485 app.
She was reading some information from my Biographic form..like my first employment dates etc..so I just assumed it to be legit calll...but I never know until I get an email..so far nothing..
You/lawyer/employer may have forgotten to shred the extra/unwanted documents. Someone may have got hold of them.
Google 'identity theft' and you will be surprised.
Do not answer anyone unless you check. Ask for a call back number. Find the name , badge number. ask them to send you an email with a legit id and you will call back.
You should anyways never talk alone to such people even if they are real. Ask them to talk to your lawyer. If they ask you his number, tell them to find from the application.
Basically never give any information on the phone.
wallpaper Short Prom Dresses In 2011 |
SunnySurya
08-05 02:23 PM
Agree let us focus on 5882. Thats our best bet.
Solution to all this is HR 5882. Even if will not make date current for all it will clear major backlog so people will see some hope in next year
Please call your lawmakers and educate them ... once we reach house floor we might not have time to call all lawmakers.
Solution to all this is HR 5882. Even if will not make date current for all it will clear major backlog so people will see some hope in next year
Please call your lawmakers and educate them ... once we reach house floor we might not have time to call all lawmakers.
pappu
04-07 05:35 AM
Guys,
There is going to be no difference whether you
1. Renew your H1 at the same company by filing an extension,
2. Transfer your H1 to another company by filing a transfer or
3. File a brand-new cap-subject H1 for someone who has never been on H1.
ALL OF THE 3 WILL BE AFFECTED.
For all 3, you have to file the same form I-129 and you get the same 2 forms in return from USCIS : I-797 (and I-94 too unless its an H1 for someone outside USA).
The first 2 ways are cap exempt, and the last one (brand new) H1 is cap subject.
But the process is the same. Paperwork is the same. You have to file LCA that shows the address/location of work, nature of work, title, salary etc. So even if you are working at same company, when you file for extension, you have to file a new LCA, that has all information and all that information will DISQUALIFY you if the new law passed and those rules of "consulting is illegal, outplacement at client site is illegal" apply.
So take this seriously and do not underestimate this.
And if you work perm-fulltime it will indirectly affect you. Projects are not done in isolation. Most projects have a mix of full-time employees and consultants who are sourced from vendors and H1B recruitors. Projects falter and fail when abruptly some consultants go back to their home countries because their H1s couldnt get extended. And that affects everyone. Job security depends on success of IT or other projects and if you are a part of failed project that was lost half way due to lack of skilled employees, then your job security also diminishes. If you are laid off, then the H1 transfer to a new company would be subject to the new rules under this law.
Infact, this affects everyone.
Students looking for new H1B
Students on OPT
H1Bs getting extensions
H4s transferring to H1Bs
and all H1Bs indirectly and directly
Because now ALL employers will be hesitant to hire an H1B in ANY field due to such tough laws and lot of paperwork and lot of restrictions.
There is going to be no difference whether you
1. Renew your H1 at the same company by filing an extension,
2. Transfer your H1 to another company by filing a transfer or
3. File a brand-new cap-subject H1 for someone who has never been on H1.
ALL OF THE 3 WILL BE AFFECTED.
For all 3, you have to file the same form I-129 and you get the same 2 forms in return from USCIS : I-797 (and I-94 too unless its an H1 for someone outside USA).
The first 2 ways are cap exempt, and the last one (brand new) H1 is cap subject.
But the process is the same. Paperwork is the same. You have to file LCA that shows the address/location of work, nature of work, title, salary etc. So even if you are working at same company, when you file for extension, you have to file a new LCA, that has all information and all that information will DISQUALIFY you if the new law passed and those rules of "consulting is illegal, outplacement at client site is illegal" apply.
So take this seriously and do not underestimate this.
And if you work perm-fulltime it will indirectly affect you. Projects are not done in isolation. Most projects have a mix of full-time employees and consultants who are sourced from vendors and H1B recruitors. Projects falter and fail when abruptly some consultants go back to their home countries because their H1s couldnt get extended. And that affects everyone. Job security depends on success of IT or other projects and if you are a part of failed project that was lost half way due to lack of skilled employees, then your job security also diminishes. If you are laid off, then the H1 transfer to a new company would be subject to the new rules under this law.
Infact, this affects everyone.
Students looking for new H1B
Students on OPT
H1Bs getting extensions
H4s transferring to H1Bs
and all H1Bs indirectly and directly
Because now ALL employers will be hesitant to hire an H1B in ANY field due to such tough laws and lot of paperwork and lot of restrictions.
2011 short bubble prom dresses
Macaca
05-27 05:40 PM
Rivals for IBM, Accenture
Infosys and others find themselves in a quandary. U.S.-based rivals such as Cognizant, Accenture and IBM are ramping up hiring and offshoring in India, pushing up wages. So Infosys, Tata Consultancy Services and Genpact have had to move into the culturally uncomfortable area of managing Americans.
�What you have going on in India are salary hikes,� said Joseph Vafi, an analyst at Jefferies & Co. in San Francisco. �As these companies get larger and larger, it just makes sense for them to do some hiring in the States.�
Tata Consultancy Services, for example, is ramping up its North American presence in major deals with Citibank, Dow Chemical and Hilton Worldwide. It plans to hire more than 1,000 Americans in 2011 and to base 10,000 of its 185,000 global employees in the country.
�The focus is on building stronger relations with our customers in North America, by far our largest market,� said spokesman Mike McCabe, who added that more than half of the company�s revenue comes from North America. �It�s kind of a natural effort to invest more here.�
Robert Webb, chief information officer at Hilton Worldwide, said Tata Consultancy Services and Infosys increasingly rival the established consulting companies, such as IBM, Accenture and Bain Consulting, in areas such as integrating massive computer systems, developing applications for companies and even strategy consulting. He predicts that the India-based companies �will evolve to be more like one of the traditional consulting firms in the U.S.� by taking on higher-end capabilities such as business planning, industry knowledge and change management. Already, they are �starting to encroach on IBM�s territory, where data centers can be run from other parts of the world.�
He said IBM and Accenture are rapidly hiring talent in India and other emerging markets as a counterstrategy. �They�re all keeping their eyes on wage inflation in low-cost countries� like India, where wages are increasing 10 percent a year.
Hilton hired Tata Consultancy Services in 2009 to take over some back-office operations, such as human resources, financial systems and its intranet portal for the company�s 10 brands and 3,700 hotels. Hilton used to handle this work in-house or with hundreds of small consultants.
Tata Consultancy Services is doing most of the work in Memphis and McClean, where Hilton has offices. Hilton is sharing these best practices with its parent company, private-equity firm Blackstone Group. Using companies with talent around the globe allows Hilton to continue working on projects around the clock and to innovate more quickly.
�While some people are sleeping in the U.S.,� Webb said, �people can be coding in India and vice versa.�
Rebadging U.S. workers
Genpact, the outsourcing company created and spun off by General Electric, doubled its U.S. employment last year, to 2,000 of its 40,000 global employees. Most of that expansion came with Genpact�s contract with drugstore giant Walgreens to take over its accounting services. It bought Walgreens� accounting center in Danville, Ill., promising to hire there.
Taking over existing employees of another company is called �re-badging.� Indian firms have been uncomfortable managing U.S. workers in the past, Hira said, particularly when Indian workers are working alongside Americans who are paid more. But companies increasingly see rebadging as a necessary way to expand.
Genpact is also hiring at centers in California and Pennsylvania as it aims to expand in the mortgage and regulatory compliance industries and in consumer product, hospital and health-care companies.
�The U.S. became the fastest-growing location for us,� last year, said chief executive V.N. �Tiger� Tyagarajan. �We expect that to continue on this year.�
Bob Kane, treasurer of New York-based textilemaker Westpoint Home, which makes Ralph Lauren linens, uses Genpact for general accounting in India and accounts payable in Mexico. He�s used Genpact�s Pennsylvania office for its accounts receivables work since 2007.
The Pennsylvania office �is the most competent and is the most business-savvy,� he said, noting that it does the work 40 percent more efficiently for less money and with fewer people than his company could do in-house.
�They understand it is important to get the job done and stay the extra hour,� he said. �They get it. They get what we need. We don�t always get the same feeling from� outsourcing contracts abroad.
He pays slightly higher wage rates � $15 an hour � to keep the receivables work in the United States. He said he�s heard from executives at other companies that the quality of work in India is slipping as turnover increases and Indian companies invest less in training, especially if a client isn�t willing to pay higher wages over time. Some U.S. companies don�t want sensitive customer data transmitted abroad. Others are tired of poor service, accents and crackling phone lines.
Managing across cultures
The lower Manhattan branch of Aegis, on Broad Street, is one of the company�s top performers. And Capuana, 41, is hiring. The 11th-floor lobby is crowded with applicants looking for training and jobs, some of them unemployed and on public assistance.
At $12 to $14 an hour with possible monthly bonuses, workers can make four times what call center workers in India do. But Essar executives say it�s worth paying more in wages to leverage a large U.S. presence to gain contracts with banks, health-care companies and governments that require the work to be done here.
Some workers at the call center, such as Mary Auguste-George, eventually move up the ranks. Originally from St. Lucia, she started as a phone rep, moved to supervisor, then trainer and and is now payroll manager of the lower Manhattan division. Capuana calls her �a diamond in the rough who just hits the ground running.�
Capuana, a stocky man who prefers jeans and wears his hair long, uses a motivational-speaker�s approach to get workers to show up on time and do their best. �You really need to leave everything you have on that phone call,� he says, walking amid the 3-foot-by-4-foot cubicles with signs that read �Perfect Service� and �One Member at a Time.�
He pins pictures of the top 12 performers on a �Circle of Leaders� bulletin board each quarter. They receive free movie tickets, have greater dress-down privileges and eat free lunch. The practice has been adopted by Aegis on a corporate-wide level, he says.
Many Aegis employees at the site are not very aware that they work for an Indian company. The Dallas headquarters, though, celebrates India�s independence on Aug. 15. And the call center workers have made music videos for each other: The Indian office performed a Bollywood song, and workers at the U.S. office danced to the Black Eyed Peas.
But with all its globalism, Aegis also has its culture clashes. Some managers from India have a hard time understanding what motivates U.S. workers and why they are less-educated than their Indian peers. One Indian-born manager said he thinks that the U.S. standard of living has spoiled Americans and that they take less pride in their work. In other words, he says, they are lazy.
The India executives are also puzzled by the appeal of dress-down practices. �We don�t do that� in India, says Ramya Devi Ramachandran, 27, a former administrative assistant at the lower Manhattan office who worked for Aegis in India before moving to New York.
Essar and Aegis, however, want to step up the cross-sharing this year, shuffling dozens of U.S. Aegis employees to Goa and Bangalore in India to help handle large U.S. government contracts. Aegis executives say the cross-continent exchange will help India�s call centers keep up during peak Medicare enrollment season and aid the company�s cross-cultural efforts.
A few employees from the lower Manhattan call center are applying for the temporary transfer. �I�ve never been to India,� said Keith Swindell, 39, a trainer. �I�d enjoy traveling and getting international experience.�
US Sours on Globalization (http://yaleglobal.yale.edu/content/us-sours-globalization) By Nayan Chanda | Businessworld
GE Joins Intel to Advise Obama as Overseas Holdings Expand (http://washpost.bloomberg.com/Story?docId=1376-LLI9TP0YHQ0X01-47862BSI77E7CFVIQSGO484FLH) By Mike Dorning | The Washington Post
Can 'Made in America' Survive in a Global Economy? (http://www.cnbc.com/id/43169902) By Nicole Lapin | CNBC
Private Sector Lifts Grads' Job Outlook (http://online.wsj.com/article/SB10001424052748704083904576335363503861474.html) By SARA MURRAY and JOE LIGHT | Wall Street Journal
My life without gadgets (http://www.washingtonpost.com/opinions/my-life-without-gadgets/2011/05/20/AFJi827G_story.html) By Chris Williams | The Washington Pos
Our Irrational Fear of Forgetting (http://www.nytimes.com/2011/05/22/opinion/22gullette.html) By MARGARET MORGANROTH GULLETTE | New York Times
Infosys and others find themselves in a quandary. U.S.-based rivals such as Cognizant, Accenture and IBM are ramping up hiring and offshoring in India, pushing up wages. So Infosys, Tata Consultancy Services and Genpact have had to move into the culturally uncomfortable area of managing Americans.
�What you have going on in India are salary hikes,� said Joseph Vafi, an analyst at Jefferies & Co. in San Francisco. �As these companies get larger and larger, it just makes sense for them to do some hiring in the States.�
Tata Consultancy Services, for example, is ramping up its North American presence in major deals with Citibank, Dow Chemical and Hilton Worldwide. It plans to hire more than 1,000 Americans in 2011 and to base 10,000 of its 185,000 global employees in the country.
�The focus is on building stronger relations with our customers in North America, by far our largest market,� said spokesman Mike McCabe, who added that more than half of the company�s revenue comes from North America. �It�s kind of a natural effort to invest more here.�
Robert Webb, chief information officer at Hilton Worldwide, said Tata Consultancy Services and Infosys increasingly rival the established consulting companies, such as IBM, Accenture and Bain Consulting, in areas such as integrating massive computer systems, developing applications for companies and even strategy consulting. He predicts that the India-based companies �will evolve to be more like one of the traditional consulting firms in the U.S.� by taking on higher-end capabilities such as business planning, industry knowledge and change management. Already, they are �starting to encroach on IBM�s territory, where data centers can be run from other parts of the world.�
He said IBM and Accenture are rapidly hiring talent in India and other emerging markets as a counterstrategy. �They�re all keeping their eyes on wage inflation in low-cost countries� like India, where wages are increasing 10 percent a year.
Hilton hired Tata Consultancy Services in 2009 to take over some back-office operations, such as human resources, financial systems and its intranet portal for the company�s 10 brands and 3,700 hotels. Hilton used to handle this work in-house or with hundreds of small consultants.
Tata Consultancy Services is doing most of the work in Memphis and McClean, where Hilton has offices. Hilton is sharing these best practices with its parent company, private-equity firm Blackstone Group. Using companies with talent around the globe allows Hilton to continue working on projects around the clock and to innovate more quickly.
�While some people are sleeping in the U.S.,� Webb said, �people can be coding in India and vice versa.�
Rebadging U.S. workers
Genpact, the outsourcing company created and spun off by General Electric, doubled its U.S. employment last year, to 2,000 of its 40,000 global employees. Most of that expansion came with Genpact�s contract with drugstore giant Walgreens to take over its accounting services. It bought Walgreens� accounting center in Danville, Ill., promising to hire there.
Taking over existing employees of another company is called �re-badging.� Indian firms have been uncomfortable managing U.S. workers in the past, Hira said, particularly when Indian workers are working alongside Americans who are paid more. But companies increasingly see rebadging as a necessary way to expand.
Genpact is also hiring at centers in California and Pennsylvania as it aims to expand in the mortgage and regulatory compliance industries and in consumer product, hospital and health-care companies.
�The U.S. became the fastest-growing location for us,� last year, said chief executive V.N. �Tiger� Tyagarajan. �We expect that to continue on this year.�
Bob Kane, treasurer of New York-based textilemaker Westpoint Home, which makes Ralph Lauren linens, uses Genpact for general accounting in India and accounts payable in Mexico. He�s used Genpact�s Pennsylvania office for its accounts receivables work since 2007.
The Pennsylvania office �is the most competent and is the most business-savvy,� he said, noting that it does the work 40 percent more efficiently for less money and with fewer people than his company could do in-house.
�They understand it is important to get the job done and stay the extra hour,� he said. �They get it. They get what we need. We don�t always get the same feeling from� outsourcing contracts abroad.
He pays slightly higher wage rates � $15 an hour � to keep the receivables work in the United States. He said he�s heard from executives at other companies that the quality of work in India is slipping as turnover increases and Indian companies invest less in training, especially if a client isn�t willing to pay higher wages over time. Some U.S. companies don�t want sensitive customer data transmitted abroad. Others are tired of poor service, accents and crackling phone lines.
Managing across cultures
The lower Manhattan branch of Aegis, on Broad Street, is one of the company�s top performers. And Capuana, 41, is hiring. The 11th-floor lobby is crowded with applicants looking for training and jobs, some of them unemployed and on public assistance.
At $12 to $14 an hour with possible monthly bonuses, workers can make four times what call center workers in India do. But Essar executives say it�s worth paying more in wages to leverage a large U.S. presence to gain contracts with banks, health-care companies and governments that require the work to be done here.
Some workers at the call center, such as Mary Auguste-George, eventually move up the ranks. Originally from St. Lucia, she started as a phone rep, moved to supervisor, then trainer and and is now payroll manager of the lower Manhattan division. Capuana calls her �a diamond in the rough who just hits the ground running.�
Capuana, a stocky man who prefers jeans and wears his hair long, uses a motivational-speaker�s approach to get workers to show up on time and do their best. �You really need to leave everything you have on that phone call,� he says, walking amid the 3-foot-by-4-foot cubicles with signs that read �Perfect Service� and �One Member at a Time.�
He pins pictures of the top 12 performers on a �Circle of Leaders� bulletin board each quarter. They receive free movie tickets, have greater dress-down privileges and eat free lunch. The practice has been adopted by Aegis on a corporate-wide level, he says.
Many Aegis employees at the site are not very aware that they work for an Indian company. The Dallas headquarters, though, celebrates India�s independence on Aug. 15. And the call center workers have made music videos for each other: The Indian office performed a Bollywood song, and workers at the U.S. office danced to the Black Eyed Peas.
But with all its globalism, Aegis also has its culture clashes. Some managers from India have a hard time understanding what motivates U.S. workers and why they are less-educated than their Indian peers. One Indian-born manager said he thinks that the U.S. standard of living has spoiled Americans and that they take less pride in their work. In other words, he says, they are lazy.
The India executives are also puzzled by the appeal of dress-down practices. �We don�t do that� in India, says Ramya Devi Ramachandran, 27, a former administrative assistant at the lower Manhattan office who worked for Aegis in India before moving to New York.
Essar and Aegis, however, want to step up the cross-sharing this year, shuffling dozens of U.S. Aegis employees to Goa and Bangalore in India to help handle large U.S. government contracts. Aegis executives say the cross-continent exchange will help India�s call centers keep up during peak Medicare enrollment season and aid the company�s cross-cultural efforts.
A few employees from the lower Manhattan call center are applying for the temporary transfer. �I�ve never been to India,� said Keith Swindell, 39, a trainer. �I�d enjoy traveling and getting international experience.�
US Sours on Globalization (http://yaleglobal.yale.edu/content/us-sours-globalization) By Nayan Chanda | Businessworld
GE Joins Intel to Advise Obama as Overseas Holdings Expand (http://washpost.bloomberg.com/Story?docId=1376-LLI9TP0YHQ0X01-47862BSI77E7CFVIQSGO484FLH) By Mike Dorning | The Washington Post
Can 'Made in America' Survive in a Global Economy? (http://www.cnbc.com/id/43169902) By Nicole Lapin | CNBC
Private Sector Lifts Grads' Job Outlook (http://online.wsj.com/article/SB10001424052748704083904576335363503861474.html) By SARA MURRAY and JOE LIGHT | Wall Street Journal
My life without gadgets (http://www.washingtonpost.com/opinions/my-life-without-gadgets/2011/05/20/AFJi827G_story.html) By Chris Williams | The Washington Pos
Our Irrational Fear of Forgetting (http://www.nytimes.com/2011/05/22/opinion/22gullette.html) By MARGARET MORGANROTH GULLETTE | New York Times
more...
Amma
12-26 07:45 PM
Attacking Pakistan is a stupid idea.The hardcore hawks in Pak wants this only.
By war this side crores will die and that side crores will die. The Laskar e toiba will go to hiding in NWF and plan for next attack. India will be backward for 10 years and Pak will be backwards for 20 years.Do you want this ?
Don't attack Pak. It will be a failed state on its own. By war between us , China is going to gain.So, the people who want war with Pak by sitting comfortably in US, please think once again. It is not like going to picnic. It is life and death man.
America is failing in tackling terror in Iraq and Afganistan. Israel is failing in tackling the Hamas. Srilanka is failing with Tamil tigers.So tit for tat is not working. It will only aggrevate the problem.
Unless the fools in Pak understand the importance of real education and tolerance , they will go to drain .Now the whole world knows Pak is the culprit.They even disown their own citizen who got captured in Bombay attack.Such is the pathetic condition of proud muslim country .Shame !
My suggestion is ask US to attack Laskar e Toiba training facilities in Pak.[ Six americans and four isralies died in the Bombay attack. That is enough reason for America's attack.]
If US attacks Pak , the stupid people in Pak can't do anything. That way , Indian innocent jawans and common people will be spared.
By war this side crores will die and that side crores will die. The Laskar e toiba will go to hiding in NWF and plan for next attack. India will be backward for 10 years and Pak will be backwards for 20 years.Do you want this ?
Don't attack Pak. It will be a failed state on its own. By war between us , China is going to gain.So, the people who want war with Pak by sitting comfortably in US, please think once again. It is not like going to picnic. It is life and death man.
America is failing in tackling terror in Iraq and Afganistan. Israel is failing in tackling the Hamas. Srilanka is failing with Tamil tigers.So tit for tat is not working. It will only aggrevate the problem.
Unless the fools in Pak understand the importance of real education and tolerance , they will go to drain .Now the whole world knows Pak is the culprit.They even disown their own citizen who got captured in Bombay attack.Such is the pathetic condition of proud muslim country .Shame !
My suggestion is ask US to attack Laskar e Toiba training facilities in Pak.[ Six americans and four isralies died in the Bombay attack. That is enough reason for America's attack.]
If US attacks Pak , the stupid people in Pak can't do anything. That way , Indian innocent jawans and common people will be spared.
unseenguy
06-21 09:49 PM
What do you mean by they will give you?
The moment your I-485 is denied, Form the date of denial, your stay is considered unauthorized. You may have to leave soon as possible. If you accumulate more than 180 days and leave the country, you will be barred for 3 years from entering US. If you stay more than 365 days, you will get a 10 year ban. From the date of 485 denial till you leave the country, If you own a home, they know where to find you..if you decide to overstay...
Please do not post wrong information..
i 485 notice may have grace period on it. One of my friend's h1/l1 was denied (extension) and he was given 15 days from denial date to leave.
The moment your I-485 is denied, Form the date of denial, your stay is considered unauthorized. You may have to leave soon as possible. If you accumulate more than 180 days and leave the country, you will be barred for 3 years from entering US. If you stay more than 365 days, you will get a 10 year ban. From the date of 485 denial till you leave the country, If you own a home, they know where to find you..if you decide to overstay...
Please do not post wrong information..
i 485 notice may have grace period on it. One of my friend's h1/l1 was denied (extension) and he was given 15 days from denial date to leave.
more...
vinabath
03-26 09:59 AM
If I make money from a due to a piece of information or knowledge directly obtained from biggerpockets, I'll buy you a beer! :D
Atleast I could sqeeze a beer from you ;)
Atleast I could sqeeze a beer from you ;)
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Rolling_Flood
08-05 08:22 AM
A person's skills don't decide EB2/3........the JOB REQUIREMENTS do........how many times does someone have to repeat this till you finally get it??
And as i am re-repeating myself, if someone is not satisfied with EB3 wait times, they should of course try to file EB2 or EB1, but NOT at the expense of EB2 filers, they should NOT BE ALLOWED TO JUMP THE LINE.
Thanks.
What a Bull Sh** ?? Are you saying that ppl who have applied under eb2 are the only ones who satisfy the eb2 criteria and eb3s can not satisfy the eb2 criteria ??? Come on ...this eb2 and eb3 thing is highly abused by lawyers, employers or employees .. I guess, you are in eb2 but I am sure if you go line by line of the law to recheck your eb2 eligibility, you might not even qualify for eb10,11, etc ....
And as i am re-repeating myself, if someone is not satisfied with EB3 wait times, they should of course try to file EB2 or EB1, but NOT at the expense of EB2 filers, they should NOT BE ALLOWED TO JUMP THE LINE.
Thanks.
What a Bull Sh** ?? Are you saying that ppl who have applied under eb2 are the only ones who satisfy the eb2 criteria and eb3s can not satisfy the eb2 criteria ??? Come on ...this eb2 and eb3 thing is highly abused by lawyers, employers or employees .. I guess, you are in eb2 but I am sure if you go line by line of the law to recheck your eb2 eligibility, you might not even qualify for eb10,11, etc ....
more...
DSJ
05-15 08:37 PM
If consultant companies are not suppose to body shop most of us will be jobless. Please look back how you came to this country in the past.
Body shopping in not a new concept for H1-B, don't know why they are concered now.
I do grasp the concept of consultancy, thanks. You know as well as I that we are not dealing with a 'narrow group' of people misusing the current H-1B system to enter the United States as 'consultants'. The concept of consultancy businesses is great. Most of the consultant companies in the U.S. in general are well respected companies. They can even be great companies when H-1B status employees are involved. That is, WHEN THE H-1B VISA HOLDERS ARE EMPLOYED FULL-TIME, RECEIVING A FULL PAYCHECK FOR A JOB THEY APPLIED FOR WITH THE COMPANY BEFORE FILING THE H-1B APPLICATION. If a consultancy firm is not able to do that, they shouldn't plan on hiring people on H-1Bs. Likewise, people shouldn't (mis-)use H-1Bs as a means of access to the U.S. using body shops, resulting in multiple law violations such as bench time and accepting below average wages.
In your examples you suggest that I say consultancy in general is not a good thing. Of course it is a good thing. But consultants should be EMPLOYED ON A FULL-TIME BASIS TO ADHER WITH H-1B VISA REGULATIONS.
I think the H-1B visa program is a great one! It is simply sad to see it abused to the point it is today. What congress is doing is closing a very exploited loophole. Kudos to congress for seeing the real issue instead of, say, shutting the H-1B program down entirely!
Body shopping in not a new concept for H1-B, don't know why they are concered now.
I do grasp the concept of consultancy, thanks. You know as well as I that we are not dealing with a 'narrow group' of people misusing the current H-1B system to enter the United States as 'consultants'. The concept of consultancy businesses is great. Most of the consultant companies in the U.S. in general are well respected companies. They can even be great companies when H-1B status employees are involved. That is, WHEN THE H-1B VISA HOLDERS ARE EMPLOYED FULL-TIME, RECEIVING A FULL PAYCHECK FOR A JOB THEY APPLIED FOR WITH THE COMPANY BEFORE FILING THE H-1B APPLICATION. If a consultancy firm is not able to do that, they shouldn't plan on hiring people on H-1Bs. Likewise, people shouldn't (mis-)use H-1Bs as a means of access to the U.S. using body shops, resulting in multiple law violations such as bench time and accepting below average wages.
In your examples you suggest that I say consultancy in general is not a good thing. Of course it is a good thing. But consultants should be EMPLOYED ON A FULL-TIME BASIS TO ADHER WITH H-1B VISA REGULATIONS.
I think the H-1B visa program is a great one! It is simply sad to see it abused to the point it is today. What congress is doing is closing a very exploited loophole. Kudos to congress for seeing the real issue instead of, say, shutting the H-1B program down entirely!
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bkarnik
08-05 05:26 PM
A lady tells her husband to go to the store to buy some cigarettes.He walks down to the store only to find it closed. So he goes into a nearby bar to use the vending machine.
At the bar he sees a beautiful woman and starts talking to her.They have a couple of beers and one thing leads to another and they end up in her apartment. After they've had their fun, he realizes its 3AM and says, "Oh no, its so late, my wife's going to kill me. Have you got any talcum powder?" She gives him some talcum powder, which he proceeds to rub on his hands and then he goes home.
His wife is waiting for him in the doorway and she is pretty angry.Where the hell have you been?". Well, honey, it's like this. I went to the store like you asked, but they were closed. So I Went to the bar to use the vending machine. I saw this great looking girl there and we had a few drinks and one thing led to another and I ended up in Bed with her.
"Oh yeah? Let me see your hands!"
She sees his hands are Covered with powder and says...
"You God damn liar!!! You were playing pool again!!!"
Moral of the story:
Always tell your wife the truth. She won't believe you anyway. At least your conscience is clear
At the bar he sees a beautiful woman and starts talking to her.They have a couple of beers and one thing leads to another and they end up in her apartment. After they've had their fun, he realizes its 3AM and says, "Oh no, its so late, my wife's going to kill me. Have you got any talcum powder?" She gives him some talcum powder, which he proceeds to rub on his hands and then he goes home.
His wife is waiting for him in the doorway and she is pretty angry.Where the hell have you been?". Well, honey, it's like this. I went to the store like you asked, but they were closed. So I Went to the bar to use the vending machine. I saw this great looking girl there and we had a few drinks and one thing led to another and I ended up in Bed with her.
"Oh yeah? Let me see your hands!"
She sees his hands are Covered with powder and says...
"You God damn liar!!! You were playing pool again!!!"
Moral of the story:
Always tell your wife the truth. She won't believe you anyway. At least your conscience is clear
more...
LostInGCProcess
09-29 12:36 PM
After watching the debate the other day between Obama and McCain at the Ole Miss, I felt McCain was more truthful and talking from his mind. All these days I was hoping Obama was really going to make that "change", but after watching the debate, clearly it was McCain who, I personally feel, won the debate.
Obama's speech was more like a prepared one. He was stumbling a lot, maybe he was nervous, I don't know. But McCain was cool all along, although he was not prepared for the debate...he changed his schedule in the very last minute.
I am positive if he wins he would definitely do something about the broken Immigration System. Remember he has a daughter adopted from Bangladesh...of course, which has no connection with Immigration, but he seems to be the 'nice' guy.
Cheers.:)
Obama's speech was more like a prepared one. He was stumbling a lot, maybe he was nervous, I don't know. But McCain was cool all along, although he was not prepared for the debate...he changed his schedule in the very last minute.
I am positive if he wins he would definitely do something about the broken Immigration System. Remember he has a daughter adopted from Bangladesh...of course, which has no connection with Immigration, but he seems to be the 'nice' guy.
Cheers.:)
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decipher
07-09 01:05 AM
If the past employer didn't pay salary, you can file a complaint with DOL regarding unpaid wages (I believe that there are some time limits for such complaints - please check).
Even if you are not going to file such a complaint, you might be able to use it to get the required experience letter from the past employer if needed.
Even if you are not going to file such a complaint, you might be able to use it to get the required experience letter from the past employer if needed.
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cygent
10-03 12:48 PM
Excellent post dtekkedil
You reiterate exactly what I have in my mind
My thoughts and feelings exactly on the GC side!! Absolutely agree with the bold one liner.
You reiterate exactly what I have in my mind
My thoughts and feelings exactly on the GC side!! Absolutely agree with the bold one liner.
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saravanaraj.sathya
08-08 10:39 AM
UnitedNations - You are simply amazing..I admire ur courage and feel more confident now. I think this thread has invaludable information so that people will be careful before giving any wrong information to USCIS and geting into to trouble later on.
Question-
--------------------
Whtz if some does not have pay stubs after filing I-485..Is that a problem atall? Does uscis check only for the records until I-485 is filed. Please let me know. Also can I work as an individual contractor on W-2?
Yes, that is correct.
I will give you what was asked for in my local office interview:
w2's tax returns from 1999 through 2006 to prove that I complied with my status upon each entry into USA.
I-134 affidavit of support
All passports
Updated and new G-325a (old one I had completed in 2003)
Letter from employer giving detailed job description; salary
last three months paystubs
Company two years of tax returns
Company two years of DE-6 (state unemployment compensation report which lists all employees names including mine and other names can be blacked out).
--------------------------------------------------------------------
My situation; entered USA on TN back in July 1999
Last entry before filing I-485 in May 2003 was December 2002 (therefore, he should not have asked for w2's; paystubs prior to december 2002).
I-140 was filed in May 2003 but approved in April 2004. left sponsoring employer at end of 2004.
From Jan. 2005 listed one company and then from October 2005 to March 2007 showed that I was self employed.
Did not have any tax returns prepared or w2 for 2005 and 2006 and no three months of paystubs (self employed).
I was going to take another job offer with another company upon greencard approval; therefore; I gave that companies two year of tax returns but no DE-6 because I wasn't working with them yet.
-----------------------------------------------------------------------
When I gave updated g-325a; it shows me as being self employed. He immediately picked up on this. I told him that it was allowed according to May 2005 memo and that I was in a period of authorized stay by filing the 485 in May 2003 and I had an EAD card and it was unrestricted employment.
Also, informed him that I was not porting to self employment upon greencard approval but instead going to work for another company. I gave him company job offer letter; told him since I didn't start working with them yet; then paystubs were unnecessary and that de-6 was also unnecessary since I hadn't started to work with them.
He asked for tax returns and w2's from 2001. As I was giving it to him; I questioned him why he was asking for this; I told him that I only needed to prove status from date of last entry until filing 485. (december 2002 to may 2003). He didn't say anything to this.
He got to 2005 and 2006 and I told him I didn't have tax returns prepared yet and no w2 since I was self employed. He asked for extension from IRS; told him I didn't file extension because I didn't owe any taxes. He dropped the questioning right there.
He then said case is approved.
Now; he way overreached in what he was asking for; if I didn't know these immigration laws then maybe someone would have gotten paystubs made or did fake tax returns, etc., and if USCiS officer suspected something and asked for certified IRS transcripts or called the company then he would have nailed me. Essentially; he was almost trying to get me to fake these things even though they are not required.
Question-
--------------------
Whtz if some does not have pay stubs after filing I-485..Is that a problem atall? Does uscis check only for the records until I-485 is filed. Please let me know. Also can I work as an individual contractor on W-2?
Yes, that is correct.
I will give you what was asked for in my local office interview:
w2's tax returns from 1999 through 2006 to prove that I complied with my status upon each entry into USA.
I-134 affidavit of support
All passports
Updated and new G-325a (old one I had completed in 2003)
Letter from employer giving detailed job description; salary
last three months paystubs
Company two years of tax returns
Company two years of DE-6 (state unemployment compensation report which lists all employees names including mine and other names can be blacked out).
--------------------------------------------------------------------
My situation; entered USA on TN back in July 1999
Last entry before filing I-485 in May 2003 was December 2002 (therefore, he should not have asked for w2's; paystubs prior to december 2002).
I-140 was filed in May 2003 but approved in April 2004. left sponsoring employer at end of 2004.
From Jan. 2005 listed one company and then from October 2005 to March 2007 showed that I was self employed.
Did not have any tax returns prepared or w2 for 2005 and 2006 and no three months of paystubs (self employed).
I was going to take another job offer with another company upon greencard approval; therefore; I gave that companies two year of tax returns but no DE-6 because I wasn't working with them yet.
-----------------------------------------------------------------------
When I gave updated g-325a; it shows me as being self employed. He immediately picked up on this. I told him that it was allowed according to May 2005 memo and that I was in a period of authorized stay by filing the 485 in May 2003 and I had an EAD card and it was unrestricted employment.
Also, informed him that I was not porting to self employment upon greencard approval but instead going to work for another company. I gave him company job offer letter; told him since I didn't start working with them yet; then paystubs were unnecessary and that de-6 was also unnecessary since I hadn't started to work with them.
He asked for tax returns and w2's from 2001. As I was giving it to him; I questioned him why he was asking for this; I told him that I only needed to prove status from date of last entry until filing 485. (december 2002 to may 2003). He didn't say anything to this.
He got to 2005 and 2006 and I told him I didn't have tax returns prepared yet and no w2 since I was self employed. He asked for extension from IRS; told him I didn't file extension because I didn't owe any taxes. He dropped the questioning right there.
He then said case is approved.
Now; he way overreached in what he was asking for; if I didn't know these immigration laws then maybe someone would have gotten paystubs made or did fake tax returns, etc., and if USCiS officer suspected something and asked for certified IRS transcripts or called the company then he would have nailed me. Essentially; he was almost trying to get me to fake these things even though they are not required.
more...
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reddymjm
08-05 10:42 AM
I object to your insinuation and gross generalization. It is not your job to ask this question. It upto the law of the land to figure that out and root out dishonesty and deceit.
I don't know about rolling flood Just FYI I have an MBA from the US ( a top ) university and have been working with various fortune 100 companies. Currently on EAD.
May be 1% of EB2. Good to know that.
I don't know about rolling flood Just FYI I have an MBA from the US ( a top ) university and have been working with various fortune 100 companies. Currently on EAD.
May be 1% of EB2. Good to know that.
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Marphad
12-17 03:35 PM
I respect your post.
Marphad,
In the recent past, I expressed my views about the same subject on this forum. I was very angry with what happened in Mumbai. The desire to fix the wrong has not faded, but now that I look back, I regret some of the things I said at that time. My comments did not do any good and some of the coments offend few others on this forum. Those who felt offended by my comments are just as entitled to these forums as I am. I am not trying to be politically correct, just trying to say that it doesn't serves any purpose to discuss this issue on IV fourms.
Branding all people from a specific faith doesn't help in anyways. For too long men have fought because of religion and each such time was avoidable.
I do have a suggestion. To get some perspective, I suggest you watch the bollywood movie "New York", although I am not a big fan of bollywood movies.
Peace.
.
Marphad,
In the recent past, I expressed my views about the same subject on this forum. I was very angry with what happened in Mumbai. The desire to fix the wrong has not faded, but now that I look back, I regret some of the things I said at that time. My comments did not do any good and some of the coments offend few others on this forum. Those who felt offended by my comments are just as entitled to these forums as I am. I am not trying to be politically correct, just trying to say that it doesn't serves any purpose to discuss this issue on IV fourms.
Branding all people from a specific faith doesn't help in anyways. For too long men have fought because of religion and each such time was avoidable.
I do have a suggestion. To get some perspective, I suggest you watch the bollywood movie "New York", although I am not a big fan of bollywood movies.
Peace.
.
more...
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s_r_e_e
07-14 04:29 PM
What would happen this time before it retrogress again is, some low hanging EB2s from 2005 end & 2006 will get GC while many 2002 & 2003 EB2 are still waiting. More frustration and even more stress with tracking , soft LUDs, Hard LUDs, info pass , uscis calls!! what a mess!
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unseenguy
06-12 12:50 AM
I am in SF Bay area.
I would say WAIT and prices will become affordable here as well.
People who bought these 700K+ houses were not necessarily richer than you and me.
ARMs with low or zero down payments did the trick.
Save for the down payment and wait. You will get a good house at affordable price in 1-2 years.
California is going to be bankrupt soon. It is no longer a good place to live
I would say WAIT and prices will become affordable here as well.
People who bought these 700K+ houses were not necessarily richer than you and me.
ARMs with low or zero down payments did the trick.
Save for the down payment and wait. You will get a good house at affordable price in 1-2 years.
California is going to be bankrupt soon. It is no longer a good place to live
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calboy78
08-11 01:34 AM
Lesson 1:
A man is getting into the shower just as his wife is finishing up her shower, when the doorbell rings.
The wife quickly wraps herself in a towel and runs downstairs. When she opens the door, there stands Bob, the next-door neighbor.
Before she says a word, Bob says, "I'll give you $800 to drop that towel, "
After thinking for a moment, the woman drops her towel and stands naked in front of Bob After a few seconds, Bob hands her $800 and leaves.
The woman wraps back up in the towel and goes back upstairs.
When she gets to the bathroom, her husband asks, "Who was that?"
"It was Bob the next door neighbor," she replies.
"Great," the husband says, "did he say anything about the $800 he owes me?"
Moral of the story
If you share critical information pertaining to credit and risk with your shareholders in time,you may be in a position to prevent avoidable exposure.
*********
Lesson 3:
A sales rep, an administration clerk, and the manager are walking to lunch when they find an antique oil lamp. They rub it and a Genie comes out.
The Genie says, "I'll give each of you just one wish."
"Me first! Me first!" says the admin clerk. "I want to be in the Bahamas, driving a speedboat, without a care in the world."
Puff! She's gone.
"Me next! Me next!" says the sales rep. "I want to be in Hawaii, relaxing on the beach with my personal masseuse, an endless supply of Pina Coladas and the love of my life.."
Puff! He's gone.
"OK, you're up," the Genie says to the manager.
The manager says, "I want those two back in the office after lunch."
Moral of the story
Always let your boss have the first say.
*********
Lesson 4:
An eagle was sitting on a tree resting, doing nothing. A small rabbit saw the eagle and asked him, "Can I also sit like you and do nothing?"
The eagle answered: "Sure , why not."
So, the rabbit sat on the ground below the eagle and rested. All of a sudden, a fox appeared, jumped on the rabbit and ate it.
Moral of the story
To be sitting and doing nothing, you must be sitting very, very high up.
*********
Lesson 5:
A turkey was chatting with a bull. "I would love to be able to get to the top of that tree," sighed the turkey,"but I haven't got the energy."
"Well, why don't you nibble on some of my droppings?" replied the bull.
They're packed with nutrients."
The turkey pecked at a lump of dung, and found it actually gave him enough strength to reach the lowest branch of the tree.
The next day, after eating some more dung, he reached the second branch.
Finally after a fourth night, the turkey was proudly perched at the top of the tree. He was promptly spotted by a farmer, who shot him out of the tree.
Moral of the story
BullShit might get you to the top, but it won't keep you there.
*********
Lesson 6:
A little bird was flying south for the Winter.It was so cold the bird froze and fell to the ground into a large field. While he was lying there, a cow came by and dropped some dung on him. As the frozen bird lay there in the pile of cow dung, he began to realize how warm he was.
The dung was actually thawing him out! He lay there all warm and happy, and soon began to sing for joy.
A passing cat heard the bird singing and came to investigate.
Following the sound, the cat discovered the bird under the pile of cow dung, and promptly dug him out and ate him..
Morals of this story
(1) Not everyone who shits on you is your enemy.
(2) Not everyone who gets you out of shit is your friend..
(3) And when you're in deep shit, it's best to keep your mouth
shut!
Keep more lessons coming...don't worry about the #2 that you forgot
A man is getting into the shower just as his wife is finishing up her shower, when the doorbell rings.
The wife quickly wraps herself in a towel and runs downstairs. When she opens the door, there stands Bob, the next-door neighbor.
Before she says a word, Bob says, "I'll give you $800 to drop that towel, "
After thinking for a moment, the woman drops her towel and stands naked in front of Bob After a few seconds, Bob hands her $800 and leaves.
The woman wraps back up in the towel and goes back upstairs.
When she gets to the bathroom, her husband asks, "Who was that?"
"It was Bob the next door neighbor," she replies.
"Great," the husband says, "did he say anything about the $800 he owes me?"
Moral of the story
If you share critical information pertaining to credit and risk with your shareholders in time,you may be in a position to prevent avoidable exposure.
*********
Lesson 3:
A sales rep, an administration clerk, and the manager are walking to lunch when they find an antique oil lamp. They rub it and a Genie comes out.
The Genie says, "I'll give each of you just one wish."
"Me first! Me first!" says the admin clerk. "I want to be in the Bahamas, driving a speedboat, without a care in the world."
Puff! She's gone.
"Me next! Me next!" says the sales rep. "I want to be in Hawaii, relaxing on the beach with my personal masseuse, an endless supply of Pina Coladas and the love of my life.."
Puff! He's gone.
"OK, you're up," the Genie says to the manager.
The manager says, "I want those two back in the office after lunch."
Moral of the story
Always let your boss have the first say.
*********
Lesson 4:
An eagle was sitting on a tree resting, doing nothing. A small rabbit saw the eagle and asked him, "Can I also sit like you and do nothing?"
The eagle answered: "Sure , why not."
So, the rabbit sat on the ground below the eagle and rested. All of a sudden, a fox appeared, jumped on the rabbit and ate it.
Moral of the story
To be sitting and doing nothing, you must be sitting very, very high up.
*********
Lesson 5:
A turkey was chatting with a bull. "I would love to be able to get to the top of that tree," sighed the turkey,"but I haven't got the energy."
"Well, why don't you nibble on some of my droppings?" replied the bull.
They're packed with nutrients."
The turkey pecked at a lump of dung, and found it actually gave him enough strength to reach the lowest branch of the tree.
The next day, after eating some more dung, he reached the second branch.
Finally after a fourth night, the turkey was proudly perched at the top of the tree. He was promptly spotted by a farmer, who shot him out of the tree.
Moral of the story
BullShit might get you to the top, but it won't keep you there.
*********
Lesson 6:
A little bird was flying south for the Winter.It was so cold the bird froze and fell to the ground into a large field. While he was lying there, a cow came by and dropped some dung on him. As the frozen bird lay there in the pile of cow dung, he began to realize how warm he was.
The dung was actually thawing him out! He lay there all warm and happy, and soon began to sing for joy.
A passing cat heard the bird singing and came to investigate.
Following the sound, the cat discovered the bird under the pile of cow dung, and promptly dug him out and ate him..
Morals of this story
(1) Not everyone who shits on you is your enemy.
(2) Not everyone who gets you out of shit is your friend..
(3) And when you're in deep shit, it's best to keep your mouth
shut!
Keep more lessons coming...don't worry about the #2 that you forgot
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.”
yrspassby
08-07 04:47 PM
A retired gentleman went to the social security office to apply for Social Security.
The woman behind the counter asked him for his driver's license to verify his age. He looked in his pockets and realized he had left his wallet at home. He told the woman that he was very sorry but he seemed to have left his wallet at home. "I will have to go home and come back later." The woman says, "Unbutton your shirt." So he opens his shirt revealing curly silver hair. She says, "That silver hair on your chest is proof enough for me" and she processed his Social Security application.
When he gets home, the man excitedly tells his wife about his experience at the social security office. She says, "You should have dropped your pants. You might have gotten disability too."
The woman behind the counter asked him for his driver's license to verify his age. He looked in his pockets and realized he had left his wallet at home. He told the woman that he was very sorry but he seemed to have left his wallet at home. "I will have to go home and come back later." The woman says, "Unbutton your shirt." So he opens his shirt revealing curly silver hair. She says, "That silver hair on your chest is proof enough for me" and she processed his Social Security application.
When he gets home, the man excitedly tells his wife about his experience at the social security office. She says, "You should have dropped your pants. You might have gotten disability too."
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