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h1techSlave
08-10-2011, 03:53 PM
White house seeks ideas to fix foreclosure glut: White House seeks ideas to shrink foreclosure glut - Yahoo! Finance (http://finance.yahoo.com/news/White-House-seeks-ideas-to-rb-804949606.html?x=0&sec=topStories&pos=7&asset=&ccode=)

I will buy two foreclosed properties, if I were to get green card. For qualifying for loan on a foreclosure home, you need a GC.

PlainSpeakSucks
08-10-2011, 03:59 PM
Green card for buying a house and holding it for 5 years is a good idea. just like getting married to a local :D. Besides it would become a package, as these people would also buy a car, bumping up the automotive sector and manual labor jobs.

I heard this actually this used to happen long time back in california. people who bought land would get a GC.


White house seeks ideas to fix foreclosure glut: White House seeks ideas to shrink foreclosure glut - Yahoo! Finance (http://finance.yahoo.com/news/White-House-seeks-ideas-to-rb-804949606.html?x=0&sec=topStories&pos=7&asset=&ccode=)

I will buy two foreclosed properties, if I were to get green card. For qualifying for loan on a foreclosure home, you need a GC.

dontcareaboutGC
08-10-2011, 04:00 PM
White house seeks ideas to fix foreclosure glut: White House seeks ideas to shrink foreclosure glut - Yahoo! Finance (http://finance.yahoo.com/news/White-House-seeks-ideas-to-rb-804949606.html?x=0&sec=topStories&pos=7&asset=&ccode=)

I will buy two foreclosed properties, if I were to get green card. For qualifying for loan on a foreclosure home, you need a GC.
I do not think that you need a GC to qualify for a loan- perhaps that argument may not fly- What perhaps will help is indicating that people have financial means to purchase houses but aren't willing to do so due to the insecurity presented because of lack of stability a.k.a long wait times in the GC queue.

h1techSlave
08-10-2011, 04:15 PM
I do not think that you need a GC to qualify for a loan- perhaps that argument may not fly- What perhaps will help is indicating that people have financial means to purchase houses but aren't willing to do so due to the insecurity presented because of lack of stability a.k.a long wait times in the GC queue.

not "to qualify for a loan"; but to qualify for a loan to buy a foreclosed property. It is not an argument with out merit. My loan application was rejected two times because I did not have a GC. I have used the rejection letter to get my deposit back.

h1techSlave
08-10-2011, 04:19 PM
Green card for buying a house and holding it for 5 years is a good idea. just like getting married to a local :D. Besides it would become a package, as these people would also buy a car, bumping up the automotive sector and manual labor jobs.

I heard this actually this used to happen long time back in california. people who bought land would get a GC.

Many a times foreclosure is due to divorce. Do you think we can solve both the problem (the problem of a newly divorced wife and the foreclosed property) by giving away GCs??? ;-) ;-) ;-)

dealguy007
08-10-2011, 04:23 PM
not "to qualify for a loan"; but to qualify for a loan to buy a foreclosed property. It is not an argument with out merit. My loan application was rejected two times because I did not have a GC. I have used the rejection letter to get my deposit back.

You might have a bad Realtor/Broker, i am on H1 and got mine approved with no problem through Citi last year.

arung
08-10-2011, 10:54 PM
I guess most EB3I people seeking option to get GC with buying property. A best option for govt. , may be it's time to write to whitehouse.gov

skpanda
08-11-2011, 01:09 AM
There was a bill back in 2008 or 2009 that prposed giving green cards for those who bought properties. That failed terribly without a trace.

I bought a forclosed property in 2010. I have a loan on the property.


not "to qualify for a loan"; but to qualify for a loan to buy a foreclosed property. It is not an argument with out merit. My loan application was rejected two times because I did not have a GC. I have used the rejection letter to get my deposit back.

snathan
08-11-2011, 01:15 AM
Many a times foreclosure is due to divorce. Do you think we can solve both the problem (the problem of a newly divorced wife and the foreclosed property) by giving away GCs??? ;-) ;-) ;-)

So which one you want..?

gk_2000
08-11-2011, 03:14 AM
Many a times foreclosure is due to divorce. Do you think we can solve both the problem (the problem of a newly divorced wife and the foreclosed property) by giving away GCs??? ;-) ;-) ;-)

Reminds me of a certain saying that goes "Be careful what you wish for ...." .... Just saying ..

PlainSpeakSucks
08-11-2011, 09:47 AM
Many a times foreclosure is due to divorce. Do you think we can solve both the problem (the problem of a newly divorced wife and the foreclosed property) by giving away GCs??? ;-) ;-) ;-)

Yes we can fix 2 or 3 more problems. There will be more complete families, add another car to the family :). Your credit card is going to get burned though which is good for the economy.
They should also reduce the wait time for the marriage citizenship to 2 years, since you're taking on more overhead in property.
Don't you want to see the future wife though before committing for a GC?

gc_check
08-11-2011, 09:47 AM
not "to qualify for a loan"; but to qualify for a loan to buy a foreclosed property. It is not an argument with out merit. My loan application was rejected two times because I did not have a GC. I have used the rejection letter to get my deposit back.

You might have a bad Realtor/Broker, i am on H1 and got mine approved with no problem through Citi last year.

I have had issues with re-fi. Almost all major banks ask for I-94 / Visa copy and are not recognizing the EAD as a valid status. I have had issues with Bank of America, Wells Fargo and I ended up with a credit union. Again it depend on the under writer you application get assigned to and if is not knowledgeable, you are in difficulty. This causes added pain when you are in AOS.

sidbee
08-11-2011, 09:55 AM
White house seeks ideas to fix foreclosure glut: White House seeks ideas to shrink foreclosure glut - Yahoo! Finance (http://finance.yahoo.com/news/White-House-seeks-ideas-to-rb-804949606.html?x=0&sec=topStories&pos=7&asset=&ccode=)

I will buy two foreclosed properties, if I were to get green card. For qualifying for loan on a foreclosure home, you need a GC.

I dont think you are right .You dont need GC for a Home loan on a foreclosure.Some Lenders like ING need GC for any Home Loans. According to the FM's regulations , H1B is eligible for Home Loans,

h1techSlave
08-11-2011, 04:45 PM
I dont think you are right .You dont need GC for a Home loan on a foreclosure.Some Lenders like ING need GC for any Home Loans. According to the FM's regulations , H1B is eligible for Home Loans,

I perfectly agree with you that a GC is not mandatory for a home loan. But having a GC makes the applicant qualifies for many loan programs, which he would not be qualified in EAD or H1B status.

This situation is similar to many other situations in life. Is it a must to have GC to start a business? If you have a world shattering idea, you can be an illegal immigrant and still start a business. Is it a must to have education to be successful in life? If you are incredibly talented, then you don't. But for average folks these things help. Having a GC opens up many avenues for an average joe like me to start a business. Having a decent education is the only guaranteed way an average joe like me can be successful in life. That is my point.

Right now the US government is basically out of options on how to mend the economy. If we can throw an idea, (even one, which would be unthinkable 5 years back) they may listen to you.

Rb_newsletter
08-11-2011, 09:42 PM
You guys are talking about borrowing money from bank. Have you tried to open a trading account in BoA/Merrill Lynch? They ask for GC/citizenship. I don't understand that logic.

Except font and format below quote is exactly what you see in application.


NOTE: All foreign citizens will need to document their United States Residency by providing a legible copy of their United States Permanent Resident Card (commonly known as a "Green Card") and Passport to Merrill Edge. Work Visas and Student Visas are considered temporary proof of residency and are not applicable.

h1techSlave
08-12-2011, 07:30 AM
You guys are talking about borrowing money from bank. Have you tried to open a trading account in BoA/Merrill Lynch? They ask for GC/citizenship. I don't understand that logic.

Except font and format below quote is exactly what you see in application.

The lack of economic activity is what is causing the current situation in the US. For increasing economic activity in a country, the money supply should not be tightened. That was the mistake they did in the 1930s.

More GCs to people like us would increase economic activity in the country by ways of new home purchases, new car purchases and new businesses etc.

psagarn
08-12-2011, 10:09 AM
White house seeks ideas to fix foreclosure glut: White House seeks ideas to shrink foreclosure glut - Yahoo! Finance (http://finance.yahoo.com/news/White-House-seeks-ideas-to-rb-804949606.html?x=0&sec=topStories&pos=7&asset=&ccode=)

I will buy two foreclosed properties, if I were to get green card. For qualifying for loan on a foreclosure home, you need a GC.

So is anyone taking the initiative to write to the white house? I can volunteer but then I have never been good at writing impressive stuff. Can the ideas, as to what all do we need to include, start flowing now.

imh1b
08-12-2011, 10:43 AM
From a citizen's perspective: Key problem of everyone on this website is that they only think of themselves. All they need is a greencard. They do not bother to understand the problem of this country and think like an American. Once everyone starts thinking in the interest of USA like an American, all advocacy will succeed.

There are 7.5 million unemployed US citizens right now. There are greater number of immigrants on H1B, H4, F1, F2, J1, J2, L1, L2, B1, TN, EAD etc kind of visas in this country.

Does anyone have ideas that get can 7.5 million people to work first? For a US citizen and Senator it does not matter if one get a greencard or EAD. in 10 years or 20 years. The important question is how can he get America back to work and help put food on the table for 7.5 million and counting unemployed Americans. Of these unemployed, there are millions in technology. They are engineers and programmers. Companies are bringing people on B1 and H1 visas everyday and this is Bad PR for all of us. New workforce is added everyday when spouses and dependents start competing for jobs. It is time to ask for a complete Immigration Freeze for new immigrants until American economy is fixed.

Can we discuss how we can help solve unemployment in America? If we focus on those ideas, it will help greencard lobbying.

psagarn
08-12-2011, 10:55 AM
Can we discuss how we can help solve unemployment in America? If we focus on those ideas, it will help greencard lobbying.

Boost the sectors like housing and in general manufacturing. Right now, most of the manufacturing is outsourced to countries like China which is hitting US economy really hard. The pro-outsourcing guys argument that it is much cheaper does make sense in the short term but imagine if it (outflow of money) continues for long term there would not be enough money left in the economy to buy even the cheaper (those manufactured overseas) goods? Where would all the pro-outsourcing capitalists sell their products then? I guess state should concentrate on getting more people back on jobs, and really discourage manufacturing to ship jobs overseas, even if it means taking money out of the "unemployment funds" and using them to kind of subsidize the labor here within the country. In short, do not extend unemployment benefits for longer terms, instead use that money to make working attractive to those living on Unemployment, and to those shipping jobs overseas for the sake of increased profits.

floridasun
08-12-2011, 10:55 AM
More feedback from American perspective: Key problem of everyone on this website is that they only think of themselves. All they need is a greencard. They do not bother to understand the problem of this country and think like an American. Once everyone starts thinking in the interest of USA like an American, all advocacy will succeed.

There are 7.5 million unemployed US citizens right now. There are greater number of immigrants on H1B, H4, F1, F2, J1, J2, L1, L2, B1, TN, EAD etc kind of visas in this country.

Does anyone have ideas that get can 7.5 million people to work first? For a US citizen and Senator it does not matter if one get a greencard or EAD. in 10 years or 20 years. The important question is how can he get America back to work and help put food on the table for 7.5 million and counting unemployed Americans. Of these unemployed, there are millions in technology. They are engineers and programmers. Companies are bringing people on B1 and H1 visas everyday and this is Bad PR for all of us. It is time to ask for a complete Immigration Freeze for new immigrants until American economy is fixed.

Can we discuss how we can help solve unemployment in America? If we focus on those ideas, it will help greencard lobbying.

Right of the bat, here is my reply
Lot of us have been waiting for green card for a long long
long long time. So it is safe to assume that we have seen greatest
booms and also greatest busts in this country. Why did not any of these
lawmakers reform this broken immigration system when times
were good ? Even now, best companies and smart ppl attended a hearing to advocate
reform. If you look at unemployment rate in STEM related jobs, it is low.

imh1b
08-12-2011, 11:08 AM
Right of the bat, here is my reply
Lot of us have been waiting for green card for a long long
long long time. So it is safe to assume that we have seen greatest
booms and also greatest busts in this country. Why did not any of these
lawmakers reform this broken immigration system when times
were good ? Even now, best companies and smart ppl attended a hearing to advocate
reform. If you look at unemployment rate in STEM related jobs, it is low.

Unemployment rate in STEM can be zero if immigration freeze happens.
Unemployment rate in other low skill workforce can be zero if all illegals are deported.

When there is very few unskilled and highskill workforce and more jobs, wages will increase and economy will improve. This short term fix will give boost to the economy immediately.When queue is shorter after freeze, those in waiting will also get greencards. Right now every Tom Dick and Harry is able to come to USA. The high skill has many low qualified workers and low skill has many illegals.

Politicians need to take bold steps to improve economy.

imh1b
08-12-2011, 11:18 AM
Boost the sectors like housing and in general manufacturing. Right now, most of the manufacturing is outsourced to countries like China which is hitting US economy really hard. The pro-outsourcing guys argument that it is much cheaper does make sense in the short term but imagine if it (outflow of money) continues for long term there would not be enough money left in the economy to buy even the cheaper (those manufactured overseas) goods? Where would all the pro-outsourcing capitalists sell their products then? I guess state should concentrate on getting more people back on jobs, and really discourage manufacturing to ship jobs overseas, even if it means taking money out of the "unemployment funds" and using them to kind of subsidize the labor here within the country. In short, do not extend unemployment benefits for longer terms, instead use that money to make working attractive to those living on Unemployment, and to those shipping jobs overseas for the sake of increased profits.

Country is driven by capitalist forces. Companies are important and their profits. Companies can lobby. If company can make more profit by outsourcing, they will do it. The solution to that is not to go socialist, but change the tax structure to tax company that outsource, bring forign workers and give tax breaks to companies that create jobs for US citizens.

rkay
08-12-2011, 11:21 AM
Unemployment rate in STEM can be zero if immigration freeze happens.
Unemployment rate in other low skill workforce can be zero if all illegals are deported.

When there is very few unskilled and highskill workforce and more jobs, wages will increase and economy will improve. This short term fix will give boost to the economy immediately.When queue is shorter after freeze, those in waiting will also get greencards. Right now every Tom Dick and Harry is able to come to USA. The high skill has many low qualified workers and low skill has many illegals.

Politicians need to take bold steps to improve economy.

This is how a typical union guy or communist would think. They think from an employee perspective. They want jobs by hook or crook. US is the #1 country for a single reason, it is the most business friendly nation on earth. When business is provided the environment to thrive, it will create more jobs and economy will grow.

One of the requirements for business to grow is to have a vast pool of skilled and unskilled labor to pick from. This means competition for the employee. This is what some american citizens and unions are worried about. They want no competition. They want higher wages even if they perform poorly, just because they happen to be citizens. Sorry to say business won't survive in that environment. US needs more skilled and unskilled workforce to make it competitive.

psagarn
08-12-2011, 11:24 AM
Unemployment rate in STEM can be zero if immigration freeze
happens.
Unemployment rate in other low skill workforce can be zero if all illegals are deported.

On the contrary, I think more jobs will be outsourced which IMHO is worse than having qualified legal aliens come in and fill the gap. They at least pay taxes and contribute to local economy.

ndbhatt
08-12-2011, 12:19 PM
I know we have been saying this for long but here's someone "local" and "vocal" who has made it a point
drift-lower-best-case-scenario-housing-ritholtz-says (http://finance.yahoo.com/blogs/daily-ticker/drift-lower-best-case-scenario-housing-ritholtz-says-140042867.html)
I know this is just another voice but at least it's +1 to the count :)

floridasun
08-12-2011, 12:25 PM
This is how a typical union guy or communist would think. They think from an employee perspective. They want jobs by hook or crook. US is the #1 country for a single reason, it is the most business friendly nation on earth. When business is provided the environment to thrive, it will create more jobs and economy will grow.

One of the requirements for business to grow is to have a vast pool of skilled and unskilled labor to pick from. This means competition for the employee. This is what some american citizens and unions are worried about. They want no competition. They want higher wages even if they perform poorly, just because they happen to be citizens. Sorry to say business won't survive in that environment. US needs more skilled and unskilled workforce to make it competitive.

Hate to spoil your 'US is the #1 country' party. We have already seen good size socialism in this country for the past 4 years. Example for the starters - BUY AMERICAN, Huge Government intervention in the markets - read bailouts and such, infinite money printing. If US is business-friendly, let the Corporations buy all this foreclosure glut. We, the people working for these corporations, shall invest our hard-earned money elsewhere wherever there is human-friendly countries.

greencard.wait
08-12-2011, 02:48 PM
Contact the White House | The White House (http://www.whitehouse.gov/contact)

I submitted my suggestion to White house in "Job Creation" section. Raise your voice if you want to see your Green card soon.

Thanks,

imh1b
08-12-2011, 03:21 PM
Contact the White House | The White House (http://www.whitehouse.gov/contact)

I submitted my suggestion to White house in "Job Creation" section. Raise your voice if you want to see your Green card soon.

Thanks,

I am asking them to freeze immigration, focus on jobs creation. Improve economy. If economy is good more Immigrants will be attracted. If economy is bad, no immigrant will come.

skpanda
08-12-2011, 03:30 PM
Friends...

It may be a good idea to send our support on this idea 'Green card for buying foreclosed property'.

Below is a sample letter that I have drafted. Please suggest any improvements or use it to write to White House:

Contact the White House | The White House (http://www.whitehouse.gov/contact)


SAMPLE LETTER:

Sir,

This is in response to the news article, 'White House seeks ideas to shrink foreclosure glut' (White House seeks ideas to shrink foreclosure glut - Yahoo! Finance (http://finance.yahoo.com/news/White-House-seeks-ideas-to-rb-804949606.html?x=0&sec=topStories&pos=7&asset=&ccode=)).

I am confident that all of us will agree that these foreclosed homes are the root cause of fall of our great economy since 2007.

I would like to propose one possible solution to this problem.

There are atleast half a million (500,000) people 'legally' working in the USA on work visas such as H1B etc. Most of these people have already applied for Green Cards in Employment Based categories (EB) and are waiting for their turn to receive one.

Unfortunately due to lack of immigration reforms and limited green cards allocated each year, their wait time is running into decades which is impractical and unfair.

These people usually earn higher than prevailing wage in their community and send all their savings (billions of dollars) back to their home country due to uncertainities in the US.

If they are allowed to buy the foreclosed properties on the promise of a 'conditional' green card, I am confident that there will be huge investment in the real estate market and hence will aid our ailing economy.

Few conditions can be laid out to qualify for the 'Conditional' Green cards:

a. Beneficiary should be already legally employed in USA. This ensures that we are not bringing in people from outside the country which may impact the job market.

b. Beneficiary should offer significant but reasonalbe cash down payment to buy the property. Probably 50% of the cost.

c. Remove the conditions on Green Card only when beneficiary does not sell their properties before 5 years and they does NOT default on the Property Tax obligations.


Few advantages:

a. Assuming average cost for a home to be: 200,000
Say half million (500,000) people avail this oppurtunity in the 1st year. Total number of Foreclosed properties out of the Market in 1 year: Half Million (500,000)

b. Total Amount pumped into US economy in a single year: $ 50 Billion cash.

c. Mortgage industry will revive because of the loans that these high skilled employed workers will take to fund rest of their home cost.

d. No need to give any extra green cards. There people would have got their green cards anyways (ofcourse few decades later).

e. Further these new 'conditional' green card holders will be encouraged to invest in USA (instead of sending savings to home country - billions of dollars every year) in buying new cars, start new businesses and hence aiding further to the economy and job creation.


This program can be continued in future years as long as required.

I respectfully request you to consider this proposal to help our economy.

Thank you very much for the oppurtunity.

Regards,
xyz



Contact the White House | The White House (http://www.whitehouse.gov/contact)

I submitted my suggestion to White house in "Job Creation" section. Raise your voice if you want to see your Green card soon.

Thanks,

h1techSlave
08-12-2011, 03:44 PM
I liked the previous poster's idea, except the 50% down payment. 20% is the norm.

imh1b
08-12-2011, 03:54 PM
It should be 100% cost and not 50 % if you want to catch attention.



Friends...

It may be a good idea to send our support on this idea 'Green card for buying foreclosed property'.

Below is a sample letter that I have drafted. Please suggest any improvements or use it to write to White House:

Contact the White House | The White House (http://www.whitehouse.gov/contact)


SAMPLE LETTER:

Sir,

This is in response to the news article, 'White House seeks ideas to shrink foreclosure glut' (White House seeks ideas to shrink foreclosure glut - Yahoo! Finance (http://finance.yahoo.com/news/White-House-seeks-ideas-to-rb-804949606.html?x=0&sec=topStories&pos=7&asset=&ccode=)).

I am confident that all of us will agree that these foreclosed homes are the root cause of fall of our great economy since 2007.

I would like to propose one possible solution to this problem.

There are atleast half a million (500,000) people 'legally' working in the USA on work visas such as H1B etc. These people have already applied for Green Cards in Employment Based categories (EB) and are waiting for their turn to receive one.

Unfortunately due to lack of immigration reforms and limited green cards allocated each year, their wait time is running into decades which is unfair.

These people usually earn higher than prevailing wage in their community and send all their savings (billions of dollars) back to their home country due to uncertainities in the US.

If they are allowed to buy the foreclosed properties on the promise of a 'conditional' green card, I am confident that there will be huge investment in the real estate market and hence will aid our ailing economy.

Few conditions can be laid out to qualify for the 'Conditional' Green cards:

a. Beneficiary should be already legally employed in USA. This ensures that we are not bringing in people from outside the country which may impact the job market.

b. Beneficiary should offer significant but reasonalbe cash down payment to buy the property. Probably 50% of the cost.

c. Remove the conditions on Green Card only when beneficiary does not sell their properties before 5 years and they does NOT default on the Property Tax obligations.


Few advantages:

a. Assuming average cost for a home to be: 200,000
Say half million (500,000) people avail this oppurtunity in the 1st year. Total number of Foreclosed properties out of the Market in 1 year: Half Million (500,000)

b. Total Amount pumped into US economy in a single year: $ 50 Billion cash.

c. Mortgage industry will revive because of the loans that these high skilled employed workers will take to fund rest of their home cost.

This program can be continued in future years as long as required.

I respectfully request you to consider this proposal to help our economy.

Thank you very much for the oppurtunity.

Regards,
xyz

skpanda
08-12-2011, 03:55 PM
Economy needs Money 'right now'. Unless White House sees cash (billions of dollars), this proposal will not fly.

If they give green cards for just 20% down payment, it wont bring anything. On top of it.. they will probably be giving birth to another Real estate bubble where these new green card holders may default. Unnecessary mess.

I have already brought a home in USA and will not hesitate to consolidate my savings in my home country to give large cash down payment to an investment property. I understand every body have their own thought process and situations.

Just my thoughts!!

I liked the previous poster's idea, except the 50% down payment. 20% is the norm.

skpanda
08-12-2011, 04:00 PM
Well that is what I put down initially but thought it may be unreasonable to expect more than 100K cash from people working on H1Bs.

Even 100% cost will get lot of people to avail the oppurtunity.


It should be 100% cost and not 50 % if you want to catch attention.

imh1b
08-12-2011, 04:02 PM
Economy needs Money 'right now'. Unless White House sees cash (billions of dollars), this proposal will not fly.

If they give green cards for just 20% down payment, it wont bring anything. On top of it.. they will probably be giving birth to another Real estate bubble where these new green card holders may default. Unnecessary mess.

I have already brought a property and will not hesitate to consolidate my savings in my home country to give large cash down payment to an investment property. I understand every body have their own thought process and situations.

Just my thoughts!!

Most H1Bs are high income earners. They have US masters degrees and work in top companies. They have been waiting for greencard for many years and have cash to buy the house if it can give them green cards. And we can reference a sample poll on IV in the letter.

I doubt half million people are in backlogs and half million will buy house.

Get the exact figure from Teddy on backlogs.

Then let us do a poll on percentage of IV members willing to buy a house with full downpayment for a greencard. This will boost economy big time.

imh1b
08-12-2011, 04:04 PM
Well that is what I put down initially but thought it may be unreasonable to expect more than 100K cash from people working on H1Bs.

Even 100% cost will get lot of people to avail the oppurtunity.

Fresh H1B will not be able to. B1 visa and L1 visa is not included. But H1Bs for many years in USA can. These are the guys who want green card and have roots in USA now.

greencard.wait
08-12-2011, 04:36 PM
I am glad you put your effort in creating a draft version. Appreciate if you can upload final version once you add everyone's comments. Let's target to finish this by Monday COB.

Below are some more ways to communicate with WH -

Contact the White House | The White House (http://www.whitehouse.gov/contact)

White House Address (http://www.visitingdc.com/white-house/white-house-address.htm)

Below are White House Email addresses.

President: president@whitehouse.gov
Vice President: vice_president@whitehouse.gov

If you have have comments, send your email to: comments@whitehouse.gov




Friends...

It may be a good idea to send our support on this idea 'Green card for buying foreclosed property'.

Below is a sample letter that I have drafted. Please suggest any improvements or use it to write to White House:

Contact the White House | The White House (http://www.whitehouse.gov/contact)


SAMPLE LETTER:

Sir,

This is in response to the news article, 'White House seeks ideas to shrink foreclosure glut' (White House seeks ideas to shrink foreclosure glut - Yahoo! Finance (http://finance.yahoo.com/news/White-House-seeks-ideas-to-rb-804949606.html?x=0&sec=topStories&pos=7&asset=&ccode=)).

I am confident that all of us will agree that these foreclosed homes are the root cause of fall of our great economy since 2007.

I would like to propose one possible solution to this problem.

There are atleast half a million (500,000) people 'legally' working in the USA on work visas such as H1B etc. Most of these people have already applied for Green Cards in Employment Based categories (EB) and are waiting for their turn to receive one.

Unfortunately due to lack of immigration reforms and limited green cards allocated each year, their wait time is running into decades which is impractical and unfair.

These people usually earn higher than prevailing wage in their community and send all their savings (billions of dollars) back to their home country due to uncertainities in the US.

If they are allowed to buy the foreclosed properties on the promise of a 'conditional' green card, I am confident that there will be huge investment in the real estate market and hence will aid our ailing economy.

Few conditions can be laid out to qualify for the 'Conditional' Green cards:
a. Beneficiary should be already legally employed in USA. This ensures that we are not bringing in people from outside the country which may impact the job market.

b. Beneficiary should offer significant but reasonalbe cash down payment to buy the property. Probably 50% of the cost.

c. Remove the conditions on Green Card only when beneficiary does not sell their properties before 5 years and they does NOT default on the Property Tax obligations.


Few advantages:

a. Assuming average cost for a home to be: 200,000
Say half million (500,000) people avail this oppurtunity in the 1st year. Total number of Foreclosed properties out of the Market in 1 year: Half Million (500,000)

b. Total Amount pumped into US economy in a single year: $ 50 Billion cash.

c. Mortgage industry will revive because of the loans that these high skilled employed workers will take to fund rest of their home cost.

d. Further these new 'conditional' green card holders will be encouraged to invest further in buying new cars, start new businesses and hence aiding further to the economy and job creation.


This program can be continued in future years as long as required.

I respectfully request you to consider this proposal to help our economy.

Thank you very much for the oppurtunity.

Regards,
xyz

mayhemt
08-14-2011, 08:49 AM
It appears one CEO agrees with this idea..
"Drift Lower"¯ Is BEST-Case Scenario for Housing, Ritholtz Says | Daily Ticker - Yahoo! Finance (http://finance.yahoo.com/blogs/daily-ticker/drift-lower-best-case-scenario-housing-ritholtz-says-140042867.html)

From the article..


Ritholtz is not convinced of the programs merits, based on the governments track record as landlords. "The federal government has subsidized and built low income housing and rented it," he says. "It hasn't been a successful program for them I hate to see them go down that same road."
Ritholtz has another idea: Attract new homeowners to the country. He suggests the government should reduce the anti-immigrations measures created after the 9/11 attacks and allow more skilled workers to immigrate into the country. "You want to get rid of excessive supply, the way to do it is to create demand," he says.
Make it easier for educated people to live the American dream and those homes will be filled, Ritholtz declares. "That to me makes much more sense than getting into the business of being landlords."

gk_2000
08-14-2011, 10:51 AM
It appears one CEO agrees with this idea..
"Drift Lower"¯ Is BEST-Case Scenario for Housing, Ritholtz Says | Daily Ticker - Yahoo! Finance (http://finance.yahoo.com/blogs/daily-ticker/drift-lower-best-case-scenario-housing-ritholtz-says-140042867.html)

From the article..

Read some of the comments.. the anti's always find ways to oppose. And until and unless we have a bold president I feel we dont have much hope.

greencard.wait
08-14-2011, 11:29 AM
Did you posted your reply. If we legal immigrant also start posting our comments then I am sure you will see more legal immigrants comments than anti.

Read some of the comments.. the anti's always find ways to oppose. And until and unless we have a bold president I feel we dont have much hope.

arung
08-14-2011, 02:08 PM
I guess people are now talking and understand how powerful tool immigration is in this country. I have written to whitehouse.gov, the day saw article. I know nothing going to happened but there no harm either to throw an idea.

smuggymba
08-14-2011, 02:18 PM
Importance Of Home Ownership | Home Ownership Matters | HouseLogic (http://www.houselogic.com/articles/home-ownership-matters/)

tampacoolie
08-14-2011, 03:24 PM
Whitehouse seems clueless on the principles of Economics. There are only two keywords to understand here, supply and demand. Foreclosed homes brings excess supply and the demand for housing simply isn't there to absorb this excess supply. Natural demand (this occurs when a new household forms, people move out of their parents, get married and start looking to buy a house) formation isn't enough to absorb this excess capacity. The main reason is due to excess mal-investment in real-estate by building too many houses during credit boom. Now they have two options, either you increase the demand or destroy the excess supply (during great depression, US did destroy homes, burned grains etc.. due to low prices and too much agri yields). US could absorb those excess houses to productive use is using immigration policy. It doesn't cost anything with tax subsidy like they tried in couple of years ago. Allow existing legal immigrants who showed their intention to immigrate permanently to purchase a home. Allow PD to be current or move substantial with 1 year lag for retrogressed countries, so that legal immigrants will see some flexibility in their employment. Give them a conditional GC for 3 or 5 years after I485 filed, until their dates are current. This should give immigrants community greater flexibility, relief and stability and they can
Give them conditional GC until their turn comes to get approved. I know, conditional GC might require a congressional action. Unless we replace 535 clowns in DC with Robots with SkyNet operating behind, this ain't gonna happen. At least Obama, should give some administrative relief like moving PD to closer 2011 or 2010 and give 3 or 5 year EAD+AP single document for retrogressed applicants. Any chance of administrative relief also slim or none, since no one in the administration has operating neurons in their head.

If the low prices on the housing continues for another year, the recession will be coming in 2012, if not the recession is already started in 3rd quarter. When people buy houses, it brings more jobs than any other industry, as people tends to buy other housing related goods and services. Construction, real estate and retail sectors are the heavily affected sectors in this recession. Instead of paying unemployment benefits, pay them salary and start build a fence in the southern border. This alone could brings thousands of construction jobs. If they want unemployment benefits beyond standard 13 or 26 weeks, then ship them to the border and help this country to build a border. Those who are in jobs always tend to spend and this will restart positive feedback loop in the economy. Currently, we are facing negative feedback loop in the economy as people are afraid of their job loss or lost job with no income to spend.

Instead of doing these kind of initiatives, all Obama did was bailed out banks, instituted millions of pork projects that does not create any positive feedback to the economy, bailed out car companies, bailed out insurance companies, wasted time on idiotic healthcare law (this will be thrown out as unconstitutional), wasted time on financial overhaul law (this doesn't nothing to prevent future crisis or too big to fail. BofA is started crack and market thinks BofA is bankrupt already) and continue to provide subsidy to Corn producers in Iowa (blink the senator from the state of Iowa) for ethanol production. Can someone tell Chuck Grassely about cutting corn subsidy as we need money for building for strong border in south to avoid illegal immigration and he will cry wolf. Diverting food corn to fuel with subsidy only increased prices and this was the main MENA was erupted into crisis due to rises in food. Obama is an epic failure, unless he changes his policy direction very soon. History will judge him as one of the worst US president. Obama is just 3rd term of George W. Bush. Same policies are followed. Two endless wars continue and in fact, Obama poses more war mongering tactics than his predecessors. At least Bush tried to bring the immigration reform and he supported it. Obama deserves defeat in 2012.

gk_2000
08-14-2011, 10:18 PM
Did you posted your reply. If we legal immigrant also start posting our comments then I am sure you will see more legal immigrants comments than anti.

Yes, I swatted a few of them.

But I believe the problem is not one of commonsense, but of politics, which is not really in our hands

immigrant2007
08-15-2011, 09:09 AM
most of our comments are Greencard centric...not sure if this is "THE" solution to the issue or we are seeing the full picture. it will have positive impact but what is needed here is something bigger than that. Something which we haven't seen in our lifetime, right now it is like one bad news following another one. We try to fix one and another one pops up...that's a major concern,,whether they are real bad news of someone controlling thier timing or are they manufactured (can't ignore the devil's mind at this time)...unless someone knows true reason behind it it is difficult to fix the whole situation otheriwse everything is temporary...I am sure Obama will get lots of real good ideas on this request of his.

h1techSlave
08-15-2011, 10:10 AM
This is a comment regarding what would be good for the economy; people putting 20, 50 or 100% down payment while buying a home.

The problem in the American economy right is not the lack of money, but lack of money supply (movement of money). The total amount of dollars that the government has printed remains pretty much the same between 2007 and 2011 (it is increasing by only the amount of current account deficit per year). But the money supply has reduced dramatically between 2007 and 2011. That is what needs fixing.

Nobody needs to bring any money from India to improve the US economy, hence whether we put 0% down or 100% does not matter much. Maximum number of people should buy home. Then why not make 0%, so that millions qualify for a loan. The 20% is the historical minimum so that the buyer will keep paying the mortgage. Any thing below 20% will result in many home buyers abandon their new home. Insisting on more than 20% would result in very little homes being purchased.

tampacoolie
08-15-2011, 06:52 PM
The problem in the American economy right is not the lack of money, but lack of money supply (movement of money). The total amount of dollars that the government has printed remains pretty much the same between 2007 and 2011 (it is increasing by only the amount of current account deficit per year). But the money supply has reduced dramatically between 2007 and 2011. That is what needs fixing.
.

Where do you get the idea that money supply is reduced? I agree the velocity of the money got collapsed which needs uplifting. That won't happen unless we have new sets of borrowers in the economy or credit flows into the real economy not in bank coffers.

Here is the graph for Adjusted Monetary Base i.e Total Dollars that Fed has printed for last 30 years.

St. Louis Adjusted Monetary Base (BASE) - FRED - St. Louis Fed (http://research.stlouisfed.org/fred2/series/BASE)

Fed has printed 2 Trillion dollars for last four years. It never happened in the history of US where money was printed like madness. But the problem is not solved why?. Fed can print and only give to bankers. It nearly went vertical for last four years. Unless bankers lend to eligible borrowers, the money either sits in Fed reserve accounts or Bank uses to speculate on commodities thus increasing inflation. Banks did both of those for two reasons. The entire US banking system is insolvent and Fed is slowly working on recapitalizing banks. Banks needs to make profit and fill the reserve accounts as loses on their balance sheet is not fully realized due to suspension of mark to market accounting rules. Banks borrow at 0% from the Fed and park it Fed's reserve accounts for 0.25% interest. Banks make free 0.25%. The extra money is used to speculate in oil markets, cotton, sugar, wheat and other commodities. This has caused series problem in all over the world, especially in middle eastern countries where population spend entire income on food and housing. This is why Tunisia, Libya, Egypt, exploded into chaos and other mid eastern countries having problem.

The problem is velocity of money which is a different concept. Velocity money can only increase, if the credit to the main street economy is flowing. This wasn't happening since either we don't have any more borrowers left in the economy and the bank is afraid of losing money by lending to non prime borrowers. This is the stuff got broken and it will never reset back to positive feedback unless we have large number of consumers or borrowers in the economy. A country can't just bring new home buyers into market overnight. You just can't increase people's age using magic wand here. This will take some time and we don't have time. However, US can use their immigration policy to bring more borrowers. US economy doesn't have any more borrowers left since pretty much everyone affraid of their job, retirement, housing value collapse.

Here is the velocity of money graph. You will see the collapse. This is why US is in serious trouble than it appears on the surface.
Velocity of M1 Money Stock (M1V) - FRED - St. Louis Fed (http://research.stlouisfed.org/fred2/series/M1V?cid=32242)

Now, where does the 2 trillion that Fed has printed gone. They are right here.
Excess Reserves of Depository Institutions (EXCRESNS) - FRED - St. Louis Fed (http://research.stlouisfed.org/fred2/series/EXCRESNS)

They are parked as excess reserves in the Fed accounts and collecting dust like our GC applications and earning nice 0.25% interest. Excess reserves were zero until all the hell broke lose during collapse since banks panicked about their loss. They are still parking the money to account for future loses. Almost 1.6 Trillions are lying with Fed and the rest were sloshing around in the treasury purchase and commodity speculation.

US will get out of this mess after 15-20 years :p However there is a slimmer of hope, if they use their immigration policies wisely. Only time will tell.

floridasun
08-15-2011, 07:57 PM
Just to expand, if you look at US boom/bust cycles, 99% of them were fueled by one or more of a. ingenuity b. innovation c. creativity d. theft (obtaining wealth by waging war - right or wrong wars). The last boom/bust cycle was caused by easy money - thus leading to illusion of prosperity (read excessive leverage). whats happening now is orderly
de-leveraging of that (fake) prosperity. But the problem is US built up too many liabilities backed by that prosperity - leading to loss of jobs that were created by these liabilities. In short, lot of fish jumped in when froth was building up. Now that all the froth is receding,
fish do not have enough water to swim. solution would be either a. build up froth again
or b. add more water. I would prefer the latter but its easier said than done. forgive me if the analogy is poor :cool:

Where do you get the idea that money supply is reduced? I agree the velocity of the money got collapsed which needs uplifting. That won't happen unless we have new sets of borrowers in the economy or credit flows into the real economy not in bank coffers.

Here is the graph for Adjusted Monetary Base i.e Total Dollars that Fed has printed for last 30 years.

St. Louis Adjusted Monetary Base (BASE) - FRED - St. Louis Fed (http://research.stlouisfed.org/fred2/series/BASE)

Fed has printed 2 Trillion dollars for last four years. It never happened in the history of US where money was printed like madness. But the problem is not solved why?. Fed can print and only give to bankers. It nearly went vertical for last four years. Unless bankers lend to eligible borrowers, the money either sits in Fed reserve accounts or Bank uses to speculate on commodities thus increasing inflation. Banks did both of those for two reasons. The entire US banking system is insolvent and Fed is slowly working on recapitalizing banks. Banks needs to make profit and fill the reserve accounts as loses on their balance sheet is not fully realized due to suspension of mark to market accounting rules. Banks borrow at 0% from the Fed and park it Fed's reserve accounts for 0.25% interest. Banks make free 0.25%. The extra money is used to speculate in oil markets, cotton, sugar, wheat and other commodities. This has caused series problem in all over the world, especially in middle eastern countries where population spend entire income on food and housing. This is why Tunisia, Libya, Egypt, exploded into chaos and other mid eastern countries having problem.

The problem is velocity of money which is a different concept. Velocity money can only increase, if the credit to the main street economy is flowing. This wasn't happening since either we don't have any more borrowers left in the economy and the bank is afraid of losing money by lending to non prime borrowers. This is the stuff got broken and it will never reset back to positive feedback unless we have large number of consumers or borrowers in the economy. A country can't just bring new home buyers into market overnight. You just can't increase people's age using magic wand here. This will take some time and we don't have time. However, US can use their immigration policy to bring more borrowers. US economy doesn't have any more borrowers left since pretty much everyone affraid of their job, retirement, housing value collapse.

Here is the velocity of money graph. You will see the collapse. This is why US is in serious trouble than it appears on the surface.
Velocity of M1 Money Stock (M1V) - FRED - St. Louis Fed (http://research.stlouisfed.org/fred2/series/M1V?cid=32242)

Now, where does the 2 trillion that Fed has printed gone. They are right here.
Excess Reserves of Depository Institutions (EXCRESNS) - FRED - St. Louis Fed (http://research.stlouisfed.org/fred2/series/EXCRESNS)

They are parked as excess reserves in the Fed accounts and collecting dust like our GC applications and earning nice 0.25% interest. Excess reserves were zero until all the hell broke lose during collapse since banks panicked about their loss. They are still parking the money to account for future loses. Almost 1.6 Trillions are lying with Fed and the rest were sloshing around in the treasury purchase and commodity speculation.

US will get out of this mess after 15-20 years :p However there is a slimmer of hope, if they use their immigration policies wisely. Only time will tell.

helpful_leo
08-16-2011, 09:06 AM
I think this is a great idea. The letter drafted by the earlier poster has come up with very good points!

We should work on giving this idea visibility, send it to the National association of Realtors, senators, media, etc. We should highlight the conditionality of the GC (on buying a house and staying in it), and a fixed down-payment.

Importantly, we should highlight the fact that it does not add new immigrants or take jobs- only speeds up the process for those already here and on jobs, and who will eventually get their GCs anyway.

The Obama administration is desperate for short term fixes that will soften the fall of the economy.

This sounds like a win-win for all. Maybe IV should officially support this.
I can help with the drafting of the letter.

helpful_leo
08-16-2011, 09:20 AM
Also highlight in the letter that lack of GCs is causing non-investment in housing because of emotional/ commitment reasons (i.e. medium term uncertainty) as well as more tangible reasons (refusal by banks, etc.).

It would be very helpful if we can get some hard verifiable numbers reg. how many people will potentially avail such a measure. I also think there is data out there that recent legal immigrants have good to excellent credit histories.

Overall I think following a measure like this, new immigrants can provide at least a minor upward momentum to housing.

h1techSlave
08-16-2011, 10:09 AM
Thanks tampacoolie for the detailed explanation. So according to you, what would be beneficial for the US economy? Insisting on immigrants to purchase homes with 100% down payment or saying 20% down payment is okay?

rameshvaid
08-16-2011, 10:18 AM
not "to qualify for a loan"; but to qualify for a loan to buy a foreclosed property. It is not an argument with out merit. My loan application was rejected two times because I did not have a GC. I have used the rejection letter to get my deposit back.

I bought 2 homes on H1. 3rd in the process on EAD..You can buy the home per HUD guidelines if you are on EAD. PM me and I can send you the relevant section of HUD for you to qualify for loan.

psagarn
08-16-2011, 10:26 AM
I am glad you put your effort in creating a draft version. Appreciate if you can upload final version once you add everyone's comments. Let's target to finish this by Monday COB.

Below are some more ways to communicate with WH -

Contact the White House | The White House (http://www.whitehouse.gov/contact)

White House Address (http://www.visitingdc.com/white-house/white-house-address.htm)

Below are White House Email addresses.

President: president@whitehouse.gov
Vice President: vice_president@whitehouse.gov

If you have have comments, send your email to: comments@whitehouse.gov

Is the final version of the letter (with more data points and their credible sources) available anywhere? I want to send my response today.

skpanda
08-16-2011, 10:37 AM
Is the final version of the letter (with more data points and their credible sources) available anywhere? I want to send my response today.

Later today, I will reach out to the IV core team on this and will take further steps.

Below are some ideas:

1. Create a thread for this initiative and obtain suggestions from members to draft the letter.

2. Create a poll to get a sample of what % of members will buy a home / at how much down payment if this initiative becomes a bill

3. Work with IV core team to provide credible facts and numbers

4. Initiate a campaign to encourage members to send across the final letter to White house thru USPS mail/email/website Contact us page/other means of contact.

Thanks!

psagarn
08-16-2011, 10:57 AM
Later today, I will reach out to the IV core team on this and will take further steps.

Please update this thread too with the links for poll and the draft letter, will be glad to help in any way possible.

helpful_leo
08-16-2011, 11:03 AM
Later today, I will reach out to the IV core team on this and will take further steps.

Below are some ideas:

1. Create a thread for this initiative and obtain suggestions from members to draft the letter.

2. Create a poll to get a sample of what % of members will buy a home / at how much down payment if this initiative becomes a bill

Thanks!

Good idea. I can help with drafting a letter.

A couple of ideas how the proposal can be phrased:

“American Dream Act” – Bill to selectively recapture lost visa numbers for those skilled legal immigrants who wish to invest in the American Dream and buy homes in their communities to help revive local housing markets.

OR

“American Dream Act” – Bill to selectively exempt from “per country” numerical limits those skilled legal immigrants who wish to invest in the American Dream and buy homes in their communities to help revive local housing markets.

psagarn
08-16-2011, 11:12 AM
Later today, I will reach out to the IV core team on this and will take further steps.


Last year, NRIs remitted close to USD 55 billion to India and around 40% of that comes from NA (src: THe NR EYE: Gulf outstripped US in NRI remittances during global crisis (http://remittancesgateway.org/index.php/press-clippings/industry-news/776-the-nr-eye-gulf-outstripped-us-in-nri-remittances-during-global-crisis)) which means around 22 billion worth of potential US investment is lost to India, every year!!

helpful_leo
08-16-2011, 11:19 AM
Last year, NRIs remitted close to USD 55 billion to India and around 40% of that comes from NA (src: THe NR EYE: Gulf outstripped US in NRI remittances during global crisis (http://remittancesgateway.org/index.php/press-clippings/industry-news/776-the-nr-eye-gulf-outstripped-us-in-nri-remittances-during-global-crisis)) which means around 22 billion worth of potential US investment is lost to India, every year!!

Good data. We can use this and similar.


Getting a sense of the numbers (people and money) involved will be critical for this to gain traction with those who matter. A poll at IV is a good idea, but we should get a good number of people to participate.

Pitching this idea to National Association of Realtors (Real Estate Education, Information, Marketing Resources & Much More (http://www.realtor.org/)) and getting them to support the proposal will also be important as they have significant lobbying clout.

h1techSlave
08-16-2011, 11:29 AM
National Association of Realtors will gain significantly from such a bill. Do the people in the loan business have such organizations? A National association of loan sharks ??


Good data. We can use this and similar.


Getting a sense of the numbers (people and money) involved will be critical for this to gain traction with those who matter. A poll at IV is a good idea, but we should get a good number of people to participate.

Pitching this idea to National Association of Realtors (Real Estate Education, Information, Marketing Resources & Much More (http://www.realtor.org/)) and getting them to support the proposal will also be important as they have significant lobbying clout.

tampacoolie
08-16-2011, 12:31 PM
Thanks tampacoolie for the detailed explanation. So according to you, what would be beneficial for the US economy? Insisting on immigrants to purchase homes with 100% down payment or saying 20% down payment is okay?

Traditional 20% down payment is good enough. More importantly, front end DTI should be less than or equal to 28% and back end DTI should be less than or equal 36%. DTI - is debt to income ratio. During boom, this got broken and people were spending 70% of their income on housing costs. Chuck Grassley will say people are using foreclosure homes as green card mills :(. So we need tighter lending to allow only eligible borrowers are eligible for this plan.

alecshermon
08-16-2011, 03:15 PM
How a change to the visa laws could reverse the housing slump
By Vivek Wadhwa

The National Association of Home Builders announced yesterday that despite record low interest rates, home builders are extremely pessimistic about any recovery in the housing market. It seems that we're caught in a Catch-22: As consumers watch the prices of their houses drop, they are not going to spend more money. And, until they spend more money, we won't see a housing recovery.

There may be a very simple way out of this predicament at no cost to taxpayers: Provide immediate permanent-resident visas to the hundreds of thousands of doctors, scientists, and engineers who are already in the United States legally and stuck in immigration limbo. But make their expedited permanent residency contingent on their purchase of a house for, say, more than $250,000. These highly educated, skilled workers won't be taking any American jobs away. They are already working in the U.S. They didn't break any laws. They entered the U.S. through the front door. And they won't be a burden to society, since these workers often earn six-figure salaries and pay high taxes. So this should be a no-brainer.

The reason this problem exists is because over the past 20 years, we brought in large numbers of highly skilled workers and foreign students on temporary visas but never expanded the number of permanent resident visas which allow them to make the U.S. their only home. In some years we admitted more than 100,000 workers plus their families on the H1-B temporary worker visa, and we admitted a similar number of foreign students. But the cap for permanent-resident visas for all workers in the three skilled-worker permanent visa categories (EB-1, EB-2, and EB-3) remained at 120,000 (family members are counted in this quota). To add to the problem, there is a 7 percent-per-country limit on the number of skilled immigrants that are eligible for these visas. So we admit as many immigrants from high population countries like India, China, and Russia, as from Iceland, Mongolia, and Poland. That's less than 10,000 per country.

My research team estimated that, as of October 2006, there were 500,040 principals in the main employment-based categories and an additional 555,044 family members awaiting legal permanent resident status in the United States. These numbers have likely increased since then. About 350,000 Indians and 250,000 Chinese are waiting for a yearly allocation of the roughly 10,000 skilled worker visas allocated for each country. They could be waiting for decades.

We predicted that these workers would get frustrated and start returning home. Indeed, our subsequent research and extensive media reports have substantiated that the U.S. is presently experiencing its first ever brain drain. Highly educated and skilled workers are taking their knowledge, entrepreneurial energy, and savings with them and returning home. This is a blow to U.S. competitiveness.


Our country needs to expand the numbers of EB-1, EB-2, and EB-3 visas available, remove the per-country limits, and tie the immediate issuance of these visas to the purchase of a home. I estimate that at the least 20% of qualified immigrants will take the government up on this offer. That amounts to more than 100,000 houses being sold within a short period of time—a roughly $25 billion potential boost to the anemic housing market. Plus these workers will furnish their new houses, buy new appliances, and buy new cars. That amounts to billions more in economic stimulus.

Unlike the bailouts and subsidies that our leaders have been debating, this will cost taxpayers practically nothing. It will also reduce the outflow of talent and allow these ambitious immigrants to start new businesses that create jobs. With the economy in the doldrums, lingering unemployment, and a political stalemate on how to deal with the nation’s problems, we need some fresh, out-of-the-box thinking. A program like what I am proposing will appeal to both sides of the political spectrum and give our economy a badly needed boost.

greencard.wait
08-16-2011, 04:26 PM
This may be good time to flood suggestions into Congressman and Senators mail box.

How a change to the visa laws could reverse the housing slump
By Vivek Wadhwa

The National Association of Home Builders announced yesterday that despite record low interest rates, home builders are extremely pessimistic about any recovery in the housing market. It seems that we're caught in a Catch-22: As consumers watch the prices of their houses drop, they are not going to spend more money. And, until they spend more money, we won't see a housing recovery.

There may be a very simple way out of this predicament at no cost to taxpayers: Provide immediate permanent-resident visas to the hundreds of thousands of doctors, scientists, and engineers who are already in the United States legally and stuck in immigration limbo. But make their expedited permanent residency contingent on their purchase of a house for, say, more than $250,000. These highly educated, skilled workers won't be taking any American jobs away. They are already working in the U.S. They didn't break any laws. They entered the U.S. through the front door. And they won't be a burden to society, since these workers often earn six-figure salaries and pay high taxes. So this should be a no-brainer.

The reason this problem exists is because over the past 20 years, we brought in large numbers of highly skilled workers and foreign students on temporary visas but never expanded the number of permanent resident visas which allow them to make the U.S. their only home. In some years we admitted more than 100,000 workers plus their families on the H1-B temporary worker visa, and we admitted a similar number of foreign students. But the cap for permanent-resident visas for all workers in the three skilled-worker permanent visa categories (EB-1, EB-2, and EB-3) remained at 120,000 (family members are counted in this quota). To add to the problem, there is a 7 percent-per-country limit on the number of skilled immigrants that are eligible for these visas. So we admit as many immigrants from high population countries like India, China, and Russia, as from Iceland, Mongolia, and Poland. That's less than 10,000 per country.

My research team estimated that, as of October 2006, there were 500,040 principals in the main employment-based categories and an additional 555,044 family members awaiting legal permanent resident status in the United States. These numbers have likely increased since then. About 350,000 Indians and 250,000 Chinese are waiting for a yearly allocation of the roughly 10,000 skilled worker visas allocated for each country. They could be waiting for decades.

We predicted that these workers would get frustrated and start returning home. Indeed, our subsequent research and extensive media reports have substantiated that the U.S. is presently experiencing its first ever brain drain. Highly educated and skilled workers are taking their knowledge, entrepreneurial energy, and savings with them and returning home. This is a blow to U.S. competitiveness.


Our country needs to expand the numbers of EB-1, EB-2, and EB-3 visas available, remove the per-country limits, and tie the immediate issuance of these visas to the purchase of a home. I estimate that at the least 20% of qualified immigrants will take the government up on this offer. That amounts to more than 100,000 houses being sold within a short period of time—a roughly $25 billion potential boost to the anemic housing market. Plus these workers will furnish their new houses, buy new appliances, and buy new cars. That amounts to billions more in economic stimulus.

Unlike the bailouts and subsidies that our leaders have been debating, this will cost taxpayers practically nothing. It will also reduce the outflow of talent and allow these ambitious immigrants to start new businesses that create jobs. With the economy in the doldrums, lingering unemployment, and a political stalemate on how to deal with the nation’s problems, we need some fresh, out-of-the-box thinking. A program like what I am proposing will appeal to both sides of the political spectrum and give our economy a badly needed boost.

helpful_leo
08-16-2011, 05:08 PM
How a change to the visa laws could reverse the housing slump
By Vivek Wadhwa



Good find!
It is from the Washington Post blog- link here: How a change to the visa laws could reverse the housing slump - Ideas@Innovations - The Washington Post (http://wapo.st/qVJbwn)



I think a poll can be set up along these lines. More questions can provide a more definitive picture, and this can be cited in our representations to others, if we can get good participation and a good percentage of individuals show they are willing to invest:

1. Will you invest in a new home in your community if a new law allows for such an investment to fast track your green card application and removes wait times?

A. Yes
B. No
C. Cannot say


2. If you answered yes above, what is the anticipated budget range for your housing investment?

A. < 150,000
B. $150,000- 300,000
C. $300,000 - $500,000
D. > $500,000


3. If you answered yes to Q1, what percentage of cost are you able to provide as downpayment?

A. <10%
B. 10-20%
C. 20-50%
D. >50%


4. What prevents you from investing in a home in your current non-immigrant (i.e. non-Green Card) status?

A. Uncertainty of future US permanent residence/ immigrant status
B. Restrictions or bottlenecks in obtaining mortgage in current status
C. Uncertainty about housing market or economy
D. Other personal or financial factors

Somebody who is more familiar with these things, kindly set this or a similar poll up. Thanks.

GC_dd
08-16-2011, 05:27 PM
I sent following request in immigration section to white house:
A lot of Indian and Chinese legal immigrants are waiting to get green cards. Please remove the country based quota and use the available green cards. Most of these are in h1 and their spouse cannot work as they are in H4. These are best and brightest people who can start companies and create jobs. Please allow me and my spouse to work and start a business. I already have a mortgage and a house in USA in single income due to being in H1b.

tampacoolie
08-16-2011, 07:06 PM
National Association of Realtors will gain significantly from such a bill. Do the people in the loan business have such organizations? A National association of loan sharks ??

Yes. Mortgage bankers have their own association. It's called Mortgage Bankers Association (http://www.mbaa.org/default.htm).
They defaulted their mortgage loan on their own office facility in DC during recent collapse in the real-estate prices. Prices wen't down so much and it didn't make sense for them to pay mortgage on their building.

floridasun
08-16-2011, 07:44 PM
looking at the passion the IV members are displaying in this thread, I can't help but remember a telugu proverb - dunnapothu meeda vaana paddattu these ideas especially immigration related ones are to DC people.

skpanda
08-16-2011, 10:58 PM
Friends,

Thank you very much for your ideas and encouragement. I have created a new thread with a poll. We will drive this initiative from that thread.

http://immigrationvoice.org/forum/forum85-action-items-for-everyone/2331131-conditional-green-card-for-buying-foreclosed-property-an-initiative.html

I request you to participate and encourage others to actively participate in this initiative.

Lets work together for the 'Change'.

Regards,
skpanda

lostcause2007
08-18-2011, 10:01 PM
Thanks for the initiative and effort.
Friends,

Thank you very much for your ideas and encouragement. I have created a new thread with a poll. We will drive this initiative from that thread.

http://immigrationvoice.org/forum/forum85-action-items-for-everyone/2331131-conditional-green-card-for-buying-foreclosed-property-an-initiative.html

I request you to participate and encourage others to actively participate in this initiative.

Lets work together for the 'Change'.

Regards,
skpanda