sk.aggarwal
11-11 08:03 PM
I have never heard about this before, but if I were you I would:
1. Immediately request transcripts from college in sealed envelope, exactly as requested.
2. I dont think sending notarized copies will work, because notaries normally dont attest document, owner of the document does that and they just say that it is your signature. As per my understanding you will need to send the originals as requested. But with it you can safely send a letter asking them to send the documents back. Include a prepaid fedex envelop.
Worst case, they will loose these documents but you can get them reissued from university. But if you dont send documents as requested your application could be denied.
Its amazing the extent USCIS will go to make our lives tough
1. Immediately request transcripts from college in sealed envelope, exactly as requested.
2. I dont think sending notarized copies will work, because notaries normally dont attest document, owner of the document does that and they just say that it is your signature. As per my understanding you will need to send the originals as requested. But with it you can safely send a letter asking them to send the documents back. Include a prepaid fedex envelop.
Worst case, they will loose these documents but you can get them reissued from university. But if you dont send documents as requested your application could be denied.
Its amazing the extent USCIS will go to make our lives tough
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sukhwinderd
09-11 10:55 AM
i am not sure if my lawyer has the receipts. my case was sent on 6.29.2007 and received on july 2nd.
i got my FP notice (for my wife also) yesterday in mail for 9/25 appt.
from the receipt number on FP notice i checked it on USCIS website. it says that they received the 485 app on 30 aug. and the LUD on 485 is 9/3.
i got my FP notice (for my wife also) yesterday in mail for 9/25 appt.
from the receipt number on FP notice i checked it on USCIS website. it says that they received the 485 app on 30 aug. and the LUD on 485 is 9/3.
raysaikat
06-20 08:59 PM
[snip...]
As long as you have the I-797 approval petition you are good.
S/he has to have a valid I-94 to stay in the country legally. I-797 usually comes with an I-94. However, what the original poster said is that his/her I-94 is going to expire. I am interpreting the statement to mean that among the I-94's (one or more) s/he holds, the one with farthest validity is going to expire. If it does, s/he has to go out and get a new I-94 while re-entering. If s/he applies for some other status, and relevant I-797 comes with another I-94, then that's different. The bottom-line is, s/he has to have a valid I-94. It is irrelevant if the I-94 is given by the IO at the entry post or attached to an I-797.
As long as you have the I-797 approval petition you are good.
S/he has to have a valid I-94 to stay in the country legally. I-797 usually comes with an I-94. However, what the original poster said is that his/her I-94 is going to expire. I am interpreting the statement to mean that among the I-94's (one or more) s/he holds, the one with farthest validity is going to expire. If it does, s/he has to go out and get a new I-94 while re-entering. If s/he applies for some other status, and relevant I-797 comes with another I-94, then that's different. The bottom-line is, s/he has to have a valid I-94. It is irrelevant if the I-94 is given by the IO at the entry post or attached to an I-797.
2011 quotes on mother. Quotes for Mother#39;s Day
chanduv23
08-09 01:07 PM
^^^^^^^^^^^^^^
more...
nashim
12-12 11:36 AM
What was the REF about?
As a backup you can file new EB3 PERM
As a backup you can file new EB3 PERM
akhilmahajan
04-11 03:05 PM
We are working on fixing the bugs and will be trying our best to get them fixed as soon as we can.
So, please keep on letting us know about the bugs.
Patience and support is really appreciated.
GO IV GO.
So, please keep on letting us know about the bugs.
Patience and support is really appreciated.
GO IV GO.
more...
Munna Bhai
01-09 01:14 PM
Mine is Feb 2007 NSC. I-140 got RFE on Oct will be replying sometime this week.
Looks like they may work on May 2007 cases sometime this month occording to NSC progress.
please share your inputs
Looks like they may work on May 2007 cases sometime this month occording to NSC progress.
please share your inputs
2010 Quotes On Mother: Mother
devamanohar
08-15 05:00 AM
Is it necessary to file second time with I-140 reciept?
What is the fee?
Do you have new form I-485 and I-765 (EAD)?
What is the fee?
Do you have new form I-485 and I-765 (EAD)?
more...
Dhundhun
10-24 02:00 PM
I gave you green .. be happy .. and keep helping others
I think it is not a game of red green. Someone is screwing Immigration Voice.
I think it is not a game of red green. Someone is screwing Immigration Voice.
hair love quotes for mothers.
reachinus
12-24 12:44 PM
If you don't get the regular W2, then you fill in all the details that you know are correct and submit it along with your tax filings saying that you asked your employer to issue you the W2/Correct W2 with all the Pay info, but since he didn't give you the correct W2 your are using a non standard W2. IF u google it I am sure u will find it.
Its better to have pay stubs for all the time that you are on H1 to avoid future problems.
Its better to have pay stubs for all the time that you are on H1 to avoid future problems.
more...
Blog Feeds
08-20 02:40 PM
H1B Visa Lawyer Blog Has Just Posted the Following:
Question #1 � Temporary Work Visa � H-1B Nonimmigrant Visa
Can more than one (1) employer file a temporary (part-time) H1B visa application on my behalf at the same time? For a part time H1B worker, what is the minimum number of hours per week and days per week of work required to be eligible for maintaining the part-time H1B visa status?
Answer #1
Simply put, yes more than one employer can file a temporary part-time H-1B visa application for you during the same time period, as long as a certified LCA covering the jurisdiction of employment is obtained and the I-129 petition and additional supporting documentation reflects this part-time period. 40 hours per week would be considered a full time employee, therefore, anything less than 40 hours per week would be considered part-time.
Question #2 � Employment Based Immigration � Green Card
We have traveled to India about 2 months back (in June). My husband got a job transfer to India, and I resigned my job in the US to move here with my family. Since we are not there in the US, do you know if the green cards will go back to the USCIS? Or to my forwarding address in the US?
Answer #2
If you do intend to come back to the U.S. in the near future - they will not send your permanent resident cards to India, therefore, you will need to contact the USCIS and provide your new U.S. mailing address so that they will be sent there. The USCIS DOES NOT forward mail, so if you have your mail being forwarded, your cards will be returned to the USCIS and the USCIS case status will indicate that your cards have been returned as undeliverable until you can provide the USCIS with an updated U.S. mailing address for them to be re-sent.
Question #3 � Temporary Work Visa � H-1B Nonimmigrant Visa
What is the minimum time period for which an H1B visa can be issued? Can it be less than 3 years? If yes, what is the minimum number of years for which my employer can sponsor me for an H1B visa?
Answer #3
The maximum time period that an H-1B visa can be issued for is three (3) years. Therefore, if your position does not require your placement for the entire three year period, your employer can request any time period from six (6) months to three (3) years.
Question #4 � Employment Based Immigration � Green Card
I just received my Green Card, what do I do now?
Answer #4
USCIS maintains a useful web page on the topic �Now That You Are A Permanent Resident.� It can be found at http://uscis.gov this is the USCIS home page, click on After a Green Card is Granted under the Green Card (Permanent Residence) heading. Then look to the right side and under More Information you will find valuable information on, among other topics, how not to lose your status as a permanent resident. Additionally, if you look to the left side under After a Green Card is Granted you will find numerous resources on different topics relating to your status as a Permanent Resident.
Question #5 � General � Social Security Card
How and when can I get a Social Security Card?
Answer #5
Generally, you may obtain a Social Security Card once you are legally authorized to work in the United States. Such authorization may be evidenced by receipt of an employment authorization card, an Alien Registration Card (Green Card), or receipt of temporary evidence of Green Card status (as established by presentation of an I-551 stamp in your passport). You will need to file an application for a Social Security Number in person at the Social Security Office. When filing this application at the Social Security Office, you should bring the following documents with you: your original birth certificate, passport, and employment authorization document, stamped passport or Green Card. Call 1-800-772-1213 for further information including the address of your local Social Security office, or visit their website at www.ssa.gov.
Question #6 � Employment Based Immigration - Green Card
My co-worker, a U.S. citizen worker showed me a brochure he receives from the SSA. It provides the credits he receives each year for the work he does. Does this apply to me, should I be receiving the brochure? Please advise what I need to do�
Answer #6
If you have a Social Security number, you should check to make sure you received credits under Social Security for any taxable work you did before you got your Green Card. Sometimes the Social Security Administration misplaces the records if you did not have a valid card, and this is the time to unscramble the records. Request a form SSA-7004, Request for Earnings and Benefit Estimate Statement, from Social Security to check these records. In fact, you should check your earnings statement every three to four years because errors more than four years old usually cannot be corrected.
Question #7 � Employment Based Immigration � Labor Certification
What is the difference between the old process for obtaining labor certification and the new PERM process?
Answer #7
In 2005, the Department of Labor (DOL) drastically changed the way it processes labor certification cases. The primary difference between the new process (referred to as �PERM�) and the old process is how recruitment-related documentation is handled. Previously, supporting documentation such as newspaper ads and other recruitment efforts, justification of the job requirements, prevailing wage determinations, etc., were submitted when the labor certification application was filed. Under PERM, while the same documentation must be prepared or assembled, it is kept by the employer and only submitted if and when requested by the DOL. The employer is required to retain this documentation for a period of five years. Under the previous regulations, there were two types of labor certifications: Reduction in Recruitment (RIR) (also known as �fast-track,� since these types of cases were given priority handling), and traditional or non�Reduction in Recruitment (non�RIR) cases. These two classifications have been done away with. However, occupations are now classified as �professional� or �nonprofessional� and each classification has different recruitment requirements.
Question #8 � Employment Based Immigration - Green Card
The Social Security card I have states that it is not valid for employment, but I just received my Green Card in the mail�can I continue to use my Social Security card or can they re-issue me a card without the restriction on it?
Answer #8
If you already have your Social Security card, but it is annotated indicating that it is not valid for employment without a USCIS employment authorization document, you should contact Social Security with your evidence of permanent resident status to have the restrictions removed.
Question #9 � Employment Based Immigration � Green Card
My priority date is current. How long do I have to wait, we�ve already waited 5 years for our green cards. Do you suggest I call USCIS and make a service request to make sure they have everything and to speed up the issuance of my card??
Answer #9
Normally when priority dates become current according to the Visa Bulletin, it takes anywhere from 30-90 days to complete the processing of the I-485 before issuing the Green Card to the primary applicant and his/her derivatives, unless issues arise during the process.
Question #10 � Temporary Work Visa � H-1B Nonimmigrant Visa
How many H1 nonimmigrant visas are left?
Answer #10
As of August 13, 2010, there were 35,300 H-1B Regular CAP subject nonimmigrant visas remaining and 7,700 H-1B Masters Exemption nonimmigrant visas remaining. USCIS will continue to accept both cap-subject petitions and advanced degree petitions until a sufficient number of H-1B petitions have been received to reach the statutory limits, taking into account the fact that some of these petitions may be denied, revoked, or withdrawn. For continuous FY2011 H-1B Cap updates, please refer to our website.
MVP Law Group would like to thank everyone who contributed a question or comment. We hope the information provided is helpful.
Our next �Immigration Q & A Forum� is scheduled for Friday, September 3, 2010! Please remember to submit your questions/comments on our h1bvisalawyerblog.
MVP Law Group, P.A. makes available the information and materials in this forum for informational purposes only. The information is general in nature and does not constitute legal advice or any contractual obligations. Further, the use of this site, and the sending or receipt of this information, does not create an attorney-client relationship between us. And, therefore, your communication with us through this forum will not be considered as privileged or confidential.
More... (http://www.h1bvisalawyerblog.com/2010/08/mvp_law_group_qa_forum_august_2.html)
Question #1 � Temporary Work Visa � H-1B Nonimmigrant Visa
Can more than one (1) employer file a temporary (part-time) H1B visa application on my behalf at the same time? For a part time H1B worker, what is the minimum number of hours per week and days per week of work required to be eligible for maintaining the part-time H1B visa status?
Answer #1
Simply put, yes more than one employer can file a temporary part-time H-1B visa application for you during the same time period, as long as a certified LCA covering the jurisdiction of employment is obtained and the I-129 petition and additional supporting documentation reflects this part-time period. 40 hours per week would be considered a full time employee, therefore, anything less than 40 hours per week would be considered part-time.
Question #2 � Employment Based Immigration � Green Card
We have traveled to India about 2 months back (in June). My husband got a job transfer to India, and I resigned my job in the US to move here with my family. Since we are not there in the US, do you know if the green cards will go back to the USCIS? Or to my forwarding address in the US?
Answer #2
If you do intend to come back to the U.S. in the near future - they will not send your permanent resident cards to India, therefore, you will need to contact the USCIS and provide your new U.S. mailing address so that they will be sent there. The USCIS DOES NOT forward mail, so if you have your mail being forwarded, your cards will be returned to the USCIS and the USCIS case status will indicate that your cards have been returned as undeliverable until you can provide the USCIS with an updated U.S. mailing address for them to be re-sent.
Question #3 � Temporary Work Visa � H-1B Nonimmigrant Visa
What is the minimum time period for which an H1B visa can be issued? Can it be less than 3 years? If yes, what is the minimum number of years for which my employer can sponsor me for an H1B visa?
Answer #3
The maximum time period that an H-1B visa can be issued for is three (3) years. Therefore, if your position does not require your placement for the entire three year period, your employer can request any time period from six (6) months to three (3) years.
Question #4 � Employment Based Immigration � Green Card
I just received my Green Card, what do I do now?
Answer #4
USCIS maintains a useful web page on the topic �Now That You Are A Permanent Resident.� It can be found at http://uscis.gov this is the USCIS home page, click on After a Green Card is Granted under the Green Card (Permanent Residence) heading. Then look to the right side and under More Information you will find valuable information on, among other topics, how not to lose your status as a permanent resident. Additionally, if you look to the left side under After a Green Card is Granted you will find numerous resources on different topics relating to your status as a Permanent Resident.
Question #5 � General � Social Security Card
How and when can I get a Social Security Card?
Answer #5
Generally, you may obtain a Social Security Card once you are legally authorized to work in the United States. Such authorization may be evidenced by receipt of an employment authorization card, an Alien Registration Card (Green Card), or receipt of temporary evidence of Green Card status (as established by presentation of an I-551 stamp in your passport). You will need to file an application for a Social Security Number in person at the Social Security Office. When filing this application at the Social Security Office, you should bring the following documents with you: your original birth certificate, passport, and employment authorization document, stamped passport or Green Card. Call 1-800-772-1213 for further information including the address of your local Social Security office, or visit their website at www.ssa.gov.
Question #6 � Employment Based Immigration - Green Card
My co-worker, a U.S. citizen worker showed me a brochure he receives from the SSA. It provides the credits he receives each year for the work he does. Does this apply to me, should I be receiving the brochure? Please advise what I need to do�
Answer #6
If you have a Social Security number, you should check to make sure you received credits under Social Security for any taxable work you did before you got your Green Card. Sometimes the Social Security Administration misplaces the records if you did not have a valid card, and this is the time to unscramble the records. Request a form SSA-7004, Request for Earnings and Benefit Estimate Statement, from Social Security to check these records. In fact, you should check your earnings statement every three to four years because errors more than four years old usually cannot be corrected.
Question #7 � Employment Based Immigration � Labor Certification
What is the difference between the old process for obtaining labor certification and the new PERM process?
Answer #7
In 2005, the Department of Labor (DOL) drastically changed the way it processes labor certification cases. The primary difference between the new process (referred to as �PERM�) and the old process is how recruitment-related documentation is handled. Previously, supporting documentation such as newspaper ads and other recruitment efforts, justification of the job requirements, prevailing wage determinations, etc., were submitted when the labor certification application was filed. Under PERM, while the same documentation must be prepared or assembled, it is kept by the employer and only submitted if and when requested by the DOL. The employer is required to retain this documentation for a period of five years. Under the previous regulations, there were two types of labor certifications: Reduction in Recruitment (RIR) (also known as �fast-track,� since these types of cases were given priority handling), and traditional or non�Reduction in Recruitment (non�RIR) cases. These two classifications have been done away with. However, occupations are now classified as �professional� or �nonprofessional� and each classification has different recruitment requirements.
Question #8 � Employment Based Immigration - Green Card
The Social Security card I have states that it is not valid for employment, but I just received my Green Card in the mail�can I continue to use my Social Security card or can they re-issue me a card without the restriction on it?
Answer #8
If you already have your Social Security card, but it is annotated indicating that it is not valid for employment without a USCIS employment authorization document, you should contact Social Security with your evidence of permanent resident status to have the restrictions removed.
Question #9 � Employment Based Immigration � Green Card
My priority date is current. How long do I have to wait, we�ve already waited 5 years for our green cards. Do you suggest I call USCIS and make a service request to make sure they have everything and to speed up the issuance of my card??
Answer #9
Normally when priority dates become current according to the Visa Bulletin, it takes anywhere from 30-90 days to complete the processing of the I-485 before issuing the Green Card to the primary applicant and his/her derivatives, unless issues arise during the process.
Question #10 � Temporary Work Visa � H-1B Nonimmigrant Visa
How many H1 nonimmigrant visas are left?
Answer #10
As of August 13, 2010, there were 35,300 H-1B Regular CAP subject nonimmigrant visas remaining and 7,700 H-1B Masters Exemption nonimmigrant visas remaining. USCIS will continue to accept both cap-subject petitions and advanced degree petitions until a sufficient number of H-1B petitions have been received to reach the statutory limits, taking into account the fact that some of these petitions may be denied, revoked, or withdrawn. For continuous FY2011 H-1B Cap updates, please refer to our website.
MVP Law Group would like to thank everyone who contributed a question or comment. We hope the information provided is helpful.
Our next �Immigration Q & A Forum� is scheduled for Friday, September 3, 2010! Please remember to submit your questions/comments on our h1bvisalawyerblog.
MVP Law Group, P.A. makes available the information and materials in this forum for informational purposes only. The information is general in nature and does not constitute legal advice or any contractual obligations. Further, the use of this site, and the sending or receipt of this information, does not create an attorney-client relationship between us. And, therefore, your communication with us through this forum will not be considered as privileged or confidential.
More... (http://www.h1bvisalawyerblog.com/2010/08/mvp_law_group_qa_forum_august_2.html)
hot birthday quotes for mothers.
rjgleason
June 4th, 2004, 08:31 PM
I immediately thought of the Seinfeld Episode: Bubble Boy
more...
house Quotes On Mother: English
mhtanim
09-20 11:26 PM
Thanks for the info. how about areas like simivalley, santa clarita, do you get houses for 300 to 350 and
And also around bay area- san roman, liver moore are they good neighbourhood. Also which has more jobs in datawarehousing is it LA or bayarea.
House prices in California have fallen significantly this year. However, they are still out of reach for most of the first time buyers. Simi Valley and Santa Clarita are nice places to live but still quite expensive. You may be able to find a townhouse for the range that you have mentioned. Please browse www.realtor.com and run some searches by cities to get an idea.
Remember, it's very difficult to get a loan nowadays. The lender will now check how much you really make. The general rule for qualifying a loan is that you need to make at least 1/3rd per year of the house that you are buying. For example: if you make $50K a year, you can qualify for a mortgage up to $50K*3=$150K and not more than that.
Good luck on your search.
And also around bay area- san roman, liver moore are they good neighbourhood. Also which has more jobs in datawarehousing is it LA or bayarea.
House prices in California have fallen significantly this year. However, they are still out of reach for most of the first time buyers. Simi Valley and Santa Clarita are nice places to live but still quite expensive. You may be able to find a townhouse for the range that you have mentioned. Please browse www.realtor.com and run some searches by cities to get an idea.
Remember, it's very difficult to get a loan nowadays. The lender will now check how much you really make. The general rule for qualifying a loan is that you need to make at least 1/3rd per year of the house that you are buying. For example: if you make $50K a year, you can qualify for a mortgage up to $50K*3=$150K and not more than that.
Good luck on your search.
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InTheMoment
07-17 09:32 PM
XM0625 is the officer id.
more...
pictures birthday quotes marathi.
freedom_fighter
01-27 10:52 AM
Congrats! Enjoy the freedom.
i'm not going anywhere and would like to contribute in what ever way possible to address our cause.
i'm not going anywhere and would like to contribute in what ever way possible to address our cause.
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SFGREG
February 2nd, 2004, 10:53 PM
Hi,
From an old time NIkon user with of all cameras the N70 (sort of ironic). I currently own a canon dig camera (s50) and I have found the need for a better optical zoom range, and stronger flash.
Almost bought the new canon rebel, but since I own some nikon equipment, and heard about d70, I held off.
So, the questions:;;
1) Will I be able to use my Nikon AF Nikkor 35-80mm lens?
2) How about my Sigma 70-300mm apo macro for nikon?
3) I also have sb26 nikon flash?
Are these all usable? WIll I be giving up functionality with these lenses or flash? Obviously, I'm more willing to spend 1k on the camera if I can utilize my current investment in my lenses and flash.
Thanks
Craig
From an old time NIkon user with of all cameras the N70 (sort of ironic). I currently own a canon dig camera (s50) and I have found the need for a better optical zoom range, and stronger flash.
Almost bought the new canon rebel, but since I own some nikon equipment, and heard about d70, I held off.
So, the questions:;;
1) Will I be able to use my Nikon AF Nikkor 35-80mm lens?
2) How about my Sigma 70-300mm apo macro for nikon?
3) I also have sb26 nikon flash?
Are these all usable? WIll I be giving up functionality with these lenses or flash? Obviously, I'm more willing to spend 1k on the camera if I can utilize my current investment in my lenses and flash.
Thanks
Craig
more...
makeup Quotes On Mother: mother n
alkg
08-13 08:41 PM
see the paragraph in bold letters.................
Greenspan Sees Bottom
In Housing, Criticizes Bailout
August 14, 2008
WASHINGTON -- Alan Greenspan usually surrounds his opinions with caveats and convoluted clauses. But ask his view of the government's response to problems confronting mortgage giants Fannie Mae and Freddie Mac, and he offers one word: "Bad."
In a conversation this week, the former Federal Reserve chairman also said he expects that U.S. house prices, a key factor in the outlook for the economy and financial markets, will begin to stabilize in the first half of next year.
"Home prices in the U.S. are likely to start to stabilize or touch bottom sometime in the first half of 2009," he said in an interview. Tracing a jagged curve with his finger on a tabletop to underscore the difficulty in pinpointing the precise trough, he cautioned that even at a bottom, "prices could continue to drift lower through 2009 and beyond."
A long-time student of housing markets, Mr. Greenspan now works out of a well-windowed, oval-shaped office that is evidence of his fascination with the housing market. His desk, couch, coffee table and conference table are strewn with print-outs of spreadsheets and multicolored charts of housing starts, foreclosures and population trends siphoned from government and trade association sources.
An end to the decline in house prices, he explained, matters not only to American homeowners but is "a necessary condition for an end to the current global financial crisis" he said.
"Stable home prices will clarify the level of equity in homes, the ultimate collateral support for much of the financial world's mortgage-backed securities. We won't really know the market value of the asset side of the banking system's balance sheet -- and hence banks' capital -- until then."
At 82 years old, Mr. Greenspan remains sharp and his fascination with the workings of the economy undiminished. But his star no longer shines as brightly as it did when he retired from the Fed in January 2006.
Mr. Greenspan has been criticized for contributing to today's woes by keeping interest rates too low too long and by regulating too lightly. He has been aggressively defending his record -- in interviews, in op-ed pieces and in a new chapter in his recent book, included in the paperback version to be published next month. Mr. Greenspan attributes the rise in house prices to a historically unusual period in which world markets pushed interest rates down and even sophisticated investors misjudged the risks they were taking.
His views remain widely watched, however. Mr. Greenspan's housing forecast rests on two pillars of data. One is the supply of vacant, single-family homes for sale, both newly completed homes and existing homes owned by investors and lenders. He sees that "excess supply" -- roughly 800,000 units above normal -- diminishing soon. The other is a comparison of the current price of houses -- he prefers the quarterly S&P Case Shiller National Home Price Index because it includes both urban and rural areas -- with the government's estimate of what it costs to rent a single-family house. As other economists do, Mr. Greenspan essentially seeks to gauge when it is rational to own a house and when it is rational to sell the house, invest the money elsewhere and rent an identical house next door.
"It's the imbalance of supply and demand which causes prices to go down, but it's ultimately the valuation process of the use of the commodity...which tells you where the bottom is," Mr. Greenspan said, recalling his days trading copper a half century ago. "For example, the grain markets can have a huge excess of corn or wheat, but the price never goes to zero. It'll stabilize at some level of prices where people are willing to hold the excess inventory. We have little history, but the same thing is surely true in housing as well. We will get to the point where there will be willing holders of vacant single-family dwellings, and that will no longer act to depress the price level."
The collapse in home prices, of course, is a major threat to the stability of Fannie and Freddie. At the Fed, Mr. Greenspan warned for years that the two mortgage giants' business model threatened the nation's financial stability. He acknowledges that a government backstop for the shareholder-owned, government-sponsored enterprises, or GSEs, was unavoidable. Not only are they crucial to the ailing mortgage market now, but the Fed-financed takeover of investment bank Bear Stearns Cos. also made government backing of Fannie and Freddie debt "inevitable," he said. "There's no credible argument for bailing out Bear Stearns and not the GSEs."
His quarrel is with the approach the Bush administration sold to Congress. "They should have wiped out the shareholders, nationalized the institutions with legislation that they are to be reconstituted -- with necessary taxpayer support to make them financially viable -- as five or 10 individual privately held units," which the government would eventually auction off to private investors, he said.
Instead, Congress granted Treasury Secretary Henry Paulson temporary authority to use an unlimited amount of taxpayer money to lend to or invest in the companies. In response to the Greenspan critique, Mr. Paulson's spokeswoman, Michele Davis, said, "This legislation accomplished two important goals -- providing confidence in the immediate term as these institutions play a critical role in weathering the housing correction, and putting in place a new regulator with all the authorities necessary to address systemic risk posed by the GSEs."
But a similar critique has been raised by several other prominent observers. "If they are too big to fail, make them smaller," former Nixon Treasury Secretary George Shultz said. Some say the Paulson approach, even if the government never spends a nickel, entrenches current management and offers shareholders the upside if the government's reassurance allows the companies to weather the current storm. The Treasury hasn't said what conditions it would impose if it offers Fannie and Freddie taxpayer money.
Fear that financial markets would react poorly if the U.S. government nationalized the companies and assumed their approximately $5 trillion debt is unfounded, Mr. Greenspan said. "The law that stipulates that GSEs are not backed by the full faith and credit of the U.S. government is disbelieved. The market believes the government guarantee is there. Foreigners believe the guarantee is there. The only fiscal change is for someone to change the bookkeeping."
In the past, to be sure, Mr. Greenspan's crystal ball has been cloudy. He didn't foresee the sharp national decline in home prices. Recently released transcripts of Fed meetings do record him warning in November 2002: "It's hard to escape the conclusion that at some point our extraordinary housing boom...cannot continue indefinitely into the future."
Publicly, he was more reassuring. "While local economies may experience significant speculative price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity," he said in October 2004. Eight months later, he said if home prices did decline, that "likely would not have substantial macroeconomic implications." And in a speech in October 2006, nine months after leaving the Fed, he told an audience that, though housing prices were likely to be lower than the year before, "I think the worst of this may well be over." Housing prices, by his preferred gauge, have fallen nearly 19% since then. He says he was referring not to prices but to the downward drag on economic growth from weakening housing construction.
Mr. Greenspan urges the government to avoid tax or other policies that increase the construction of new homes because that would delay the much-desired day when home prices find a bottom.
He did offer one suggestion: "The most effective initiative, though politically difficult, would be a major expansion in quotas for skilled immigrants," he said. The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
He estimates the number of new households in the U.S. currently is increasing at an annual rate of about 800,000, of whom about one third are immigrants. "Perhaps 150,000 of those are loosely classified as skilled," he said. "A double or tripling of this number would markedly accelerate the absorption of unsold housing inventory for sale -- and hence help stabilize prices."
http://online.wsj.com/article/SB121865515167837815.html?mod=hpp_us_whats_news
Greenspan Sees Bottom
In Housing, Criticizes Bailout
August 14, 2008
WASHINGTON -- Alan Greenspan usually surrounds his opinions with caveats and convoluted clauses. But ask his view of the government's response to problems confronting mortgage giants Fannie Mae and Freddie Mac, and he offers one word: "Bad."
In a conversation this week, the former Federal Reserve chairman also said he expects that U.S. house prices, a key factor in the outlook for the economy and financial markets, will begin to stabilize in the first half of next year.
"Home prices in the U.S. are likely to start to stabilize or touch bottom sometime in the first half of 2009," he said in an interview. Tracing a jagged curve with his finger on a tabletop to underscore the difficulty in pinpointing the precise trough, he cautioned that even at a bottom, "prices could continue to drift lower through 2009 and beyond."
A long-time student of housing markets, Mr. Greenspan now works out of a well-windowed, oval-shaped office that is evidence of his fascination with the housing market. His desk, couch, coffee table and conference table are strewn with print-outs of spreadsheets and multicolored charts of housing starts, foreclosures and population trends siphoned from government and trade association sources.
An end to the decline in house prices, he explained, matters not only to American homeowners but is "a necessary condition for an end to the current global financial crisis" he said.
"Stable home prices will clarify the level of equity in homes, the ultimate collateral support for much of the financial world's mortgage-backed securities. We won't really know the market value of the asset side of the banking system's balance sheet -- and hence banks' capital -- until then."
At 82 years old, Mr. Greenspan remains sharp and his fascination with the workings of the economy undiminished. But his star no longer shines as brightly as it did when he retired from the Fed in January 2006.
Mr. Greenspan has been criticized for contributing to today's woes by keeping interest rates too low too long and by regulating too lightly. He has been aggressively defending his record -- in interviews, in op-ed pieces and in a new chapter in his recent book, included in the paperback version to be published next month. Mr. Greenspan attributes the rise in house prices to a historically unusual period in which world markets pushed interest rates down and even sophisticated investors misjudged the risks they were taking.
His views remain widely watched, however. Mr. Greenspan's housing forecast rests on two pillars of data. One is the supply of vacant, single-family homes for sale, both newly completed homes and existing homes owned by investors and lenders. He sees that "excess supply" -- roughly 800,000 units above normal -- diminishing soon. The other is a comparison of the current price of houses -- he prefers the quarterly S&P Case Shiller National Home Price Index because it includes both urban and rural areas -- with the government's estimate of what it costs to rent a single-family house. As other economists do, Mr. Greenspan essentially seeks to gauge when it is rational to own a house and when it is rational to sell the house, invest the money elsewhere and rent an identical house next door.
"It's the imbalance of supply and demand which causes prices to go down, but it's ultimately the valuation process of the use of the commodity...which tells you where the bottom is," Mr. Greenspan said, recalling his days trading copper a half century ago. "For example, the grain markets can have a huge excess of corn or wheat, but the price never goes to zero. It'll stabilize at some level of prices where people are willing to hold the excess inventory. We have little history, but the same thing is surely true in housing as well. We will get to the point where there will be willing holders of vacant single-family dwellings, and that will no longer act to depress the price level."
The collapse in home prices, of course, is a major threat to the stability of Fannie and Freddie. At the Fed, Mr. Greenspan warned for years that the two mortgage giants' business model threatened the nation's financial stability. He acknowledges that a government backstop for the shareholder-owned, government-sponsored enterprises, or GSEs, was unavoidable. Not only are they crucial to the ailing mortgage market now, but the Fed-financed takeover of investment bank Bear Stearns Cos. also made government backing of Fannie and Freddie debt "inevitable," he said. "There's no credible argument for bailing out Bear Stearns and not the GSEs."
His quarrel is with the approach the Bush administration sold to Congress. "They should have wiped out the shareholders, nationalized the institutions with legislation that they are to be reconstituted -- with necessary taxpayer support to make them financially viable -- as five or 10 individual privately held units," which the government would eventually auction off to private investors, he said.
Instead, Congress granted Treasury Secretary Henry Paulson temporary authority to use an unlimited amount of taxpayer money to lend to or invest in the companies. In response to the Greenspan critique, Mr. Paulson's spokeswoman, Michele Davis, said, "This legislation accomplished two important goals -- providing confidence in the immediate term as these institutions play a critical role in weathering the housing correction, and putting in place a new regulator with all the authorities necessary to address systemic risk posed by the GSEs."
But a similar critique has been raised by several other prominent observers. "If they are too big to fail, make them smaller," former Nixon Treasury Secretary George Shultz said. Some say the Paulson approach, even if the government never spends a nickel, entrenches current management and offers shareholders the upside if the government's reassurance allows the companies to weather the current storm. The Treasury hasn't said what conditions it would impose if it offers Fannie and Freddie taxpayer money.
Fear that financial markets would react poorly if the U.S. government nationalized the companies and assumed their approximately $5 trillion debt is unfounded, Mr. Greenspan said. "The law that stipulates that GSEs are not backed by the full faith and credit of the U.S. government is disbelieved. The market believes the government guarantee is there. Foreigners believe the guarantee is there. The only fiscal change is for someone to change the bookkeeping."
In the past, to be sure, Mr. Greenspan's crystal ball has been cloudy. He didn't foresee the sharp national decline in home prices. Recently released transcripts of Fed meetings do record him warning in November 2002: "It's hard to escape the conclusion that at some point our extraordinary housing boom...cannot continue indefinitely into the future."
Publicly, he was more reassuring. "While local economies may experience significant speculative price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity," he said in October 2004. Eight months later, he said if home prices did decline, that "likely would not have substantial macroeconomic implications." And in a speech in October 2006, nine months after leaving the Fed, he told an audience that, though housing prices were likely to be lower than the year before, "I think the worst of this may well be over." Housing prices, by his preferred gauge, have fallen nearly 19% since then. He says he was referring not to prices but to the downward drag on economic growth from weakening housing construction.
Mr. Greenspan urges the government to avoid tax or other policies that increase the construction of new homes because that would delay the much-desired day when home prices find a bottom.
He did offer one suggestion: "The most effective initiative, though politically difficult, would be a major expansion in quotas for skilled immigrants," he said. The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
He estimates the number of new households in the U.S. currently is increasing at an annual rate of about 800,000, of whom about one third are immigrants. "Perhaps 150,000 of those are loosely classified as skilled," he said. "A double or tripling of this number would markedly accelerate the absorption of unsold housing inventory for sale -- and hence help stabilize prices."
http://online.wsj.com/article/SB121865515167837815.html?mod=hpp_us_whats_news
girlfriend Mother Quotes
arc
08-03 05:29 PM
When I open this post the AD on the top of the page said "zero calorie noodles" ha ha I could not resist I had to write a few lines...
Dude - Life is too short, eat drink and be merry :p when you become 80 - even if you have 6 peck no one is going to want to look at you :D
(do some workout like fun sports (Gym is for the dedicated ones) to stay active)
Dude - Life is too short, eat drink and be merry :p when you become 80 - even if you have 6 peck no one is going to want to look at you :D
(do some workout like fun sports (Gym is for the dedicated ones) to stay active)
hairstyles Mother Teresa Quotes: Mother
godbless
07-31 03:56 PM
Certainly you loose your h4 status if you start working on your EAD. After that one should use Advanced Parole for travelling out of the country. There is no need to inform USCIS formally about it.
pappu
05-12 08:31 AM
It may be a good idea for people like me who cannot make it to the event to call in to this event.
can we have some kind of confrence call number we can call and listen to the speakers?
can we have some kind of confrence call number we can call and listen to the speakers?
contact
04-27 10:45 AM
whether the incident is true or not, IV member is trying to caution us that we should be fully focused when the officer examines our passport.
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