xyzgc
12-26 08:39 PM
Attacking Pakistan is a stupid idea.The hardcore hawks in Pak wants this only.
By war this side crores will die and that side crores will die. The Laskar e toiba will go to hiding in NWF and plan for next attack. India will be backward for 10 years and Pak will be backwards for 20 years.Do you want this ?
Don't attack Pak. It will be a failed state on its own. By war between us , China is going to gain.So, the people who want war with Pak by sitting comfortably in US, please think once again. It is not like going to picnic. It is life and death man.
America is failing in tackling terror in Iraq and Afganistan. Israel is failing in tackling the Hamas. Srilanka is failing with Tamil tigers.So tit for tat is not working. It will only aggrevate the problem.
Unless the fools in Pak understand the importance of real education and tolerance , they will go to drain .Now the whole world knows Pak is the culprit.They even disown their own citizen who got captured in Bombay attack.Such is the pathetic condition of proud muslim country .Shame !
My suggestion is ask US to attack Laskar e Toiba training facilities in Pak.[ Six americans and four isralies died in the Bombay attack. That is enough reason for America's attack.]
If US attacks Pak , the stupid people in Pak can't do anything. That way , Indian innocent jawans and common people will be spared.
Nobody is a war monger. Killing innocent Pakistanis is the worse crime. These are good people like us.
We want to attack terrorist camps.
Israel is a bad example. If Israeli don't counter-attack, they will cease to exist.
One attack will not kill the enemy. You must do it multiple times.
To think, US will take out LeT is a good idea but its not practical.
Nobody's gonna come to wipe your ass. You gotta do it yourself.
By war this side crores will die and that side crores will die. The Laskar e toiba will go to hiding in NWF and plan for next attack. India will be backward for 10 years and Pak will be backwards for 20 years.Do you want this ?
Don't attack Pak. It will be a failed state on its own. By war between us , China is going to gain.So, the people who want war with Pak by sitting comfortably in US, please think once again. It is not like going to picnic. It is life and death man.
America is failing in tackling terror in Iraq and Afganistan. Israel is failing in tackling the Hamas. Srilanka is failing with Tamil tigers.So tit for tat is not working. It will only aggrevate the problem.
Unless the fools in Pak understand the importance of real education and tolerance , they will go to drain .Now the whole world knows Pak is the culprit.They even disown their own citizen who got captured in Bombay attack.Such is the pathetic condition of proud muslim country .Shame !
My suggestion is ask US to attack Laskar e Toiba training facilities in Pak.[ Six americans and four isralies died in the Bombay attack. That is enough reason for America's attack.]
If US attacks Pak , the stupid people in Pak can't do anything. That way , Indian innocent jawans and common people will be spared.
Nobody is a war monger. Killing innocent Pakistanis is the worse crime. These are good people like us.
We want to attack terrorist camps.
Israel is a bad example. If Israeli don't counter-attack, they will cease to exist.
One attack will not kill the enemy. You must do it multiple times.
To think, US will take out LeT is a good idea but its not practical.
Nobody's gonna come to wipe your ass. You gotta do it yourself.
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Amma
01-06 06:10 PM
What Israel is doing is pure state terrorism.Isreal is grid locking the gaza strip and punishing gazans because they elected Hamas. World policeman America will advocate democracy to the world but refuse to accept democratically elected Hamas. What a selective measurement ?
Israel always sees that they are in upper hand. I strongly condemn the poking of Hamas by firing rockets into Israel.They teased the elephant and now they are suffering. This is a cycle. In this war neither party is going to win.Both fools will suffer because of their madness.But innocent people who got in between these two thugs will suffer the most. That is the fate.
Take Srilanka. If the srilankan government gives reasonable autonomy to the Tamils , that isssue would have sorted out long time ago. See what is happening now ? Srilanka is air bombing its own citizens and killing in dozens.
Which country is condemning this ? All are keeping quiet.Now, Tamil tigers will start their terror tactics then whole world will condemn their act.
So, unless there is give and take policy it is a endless cycle of destruction and agony.Unfortunately, the sixth sense is not working in those conflict regions.And suffering of the common innocent citizens is continuing.
Israel always sees that they are in upper hand. I strongly condemn the poking of Hamas by firing rockets into Israel.They teased the elephant and now they are suffering. This is a cycle. In this war neither party is going to win.Both fools will suffer because of their madness.But innocent people who got in between these two thugs will suffer the most. That is the fate.
Take Srilanka. If the srilankan government gives reasonable autonomy to the Tamils , that isssue would have sorted out long time ago. See what is happening now ? Srilanka is air bombing its own citizens and killing in dozens.
Which country is condemning this ? All are keeping quiet.Now, Tamil tigers will start their terror tactics then whole world will condemn their act.
So, unless there is give and take policy it is a endless cycle of destruction and agony.Unfortunately, the sixth sense is not working in those conflict regions.And suffering of the common innocent citizens is continuing.
dartkid31
05-17 07:56 PM
Qualified_trash,
IV core members have only 24 hours a day to do IV work and their full time jobs. As such, we have to channel our resources in the most productive way possible. Lou Dobbs is the media equivalent of FAIR, NumbersUSA, Tom Tancredo and company [Do get on to Lexis-Nexis and find out more about him.] We are civil in our encounters with the representatives of these groups, but it is not a productive use of our time to engage with them more than this.
As for dealing with lawmakers -- there too we spend our time productively. We haven't been hanging out with Jeff Sessions and James Sensenbrenner. We use other more reasonable lawmakers to work out deals with the anti-immigrant wing.
best,
Berkeleybee
I agree 100 percent. Anyone who believes Lou Dobbs is a friend of LEGAL immigrants probably also believes Tom Tancredo and NumbersUsa Sympathize with legal immigrants. It always ticks me off whenever Tancredo is waxing poetic in the press about how legalizing illegals would be "sending the wrong message to those trying to do it the right way"; when he is actively trying to end all legal immigration. What a tool and hypocrite. Lou Dobbs falls in the same boat. Dont believe their tripe for one second.
IV core members have only 24 hours a day to do IV work and their full time jobs. As such, we have to channel our resources in the most productive way possible. Lou Dobbs is the media equivalent of FAIR, NumbersUSA, Tom Tancredo and company [Do get on to Lexis-Nexis and find out more about him.] We are civil in our encounters with the representatives of these groups, but it is not a productive use of our time to engage with them more than this.
As for dealing with lawmakers -- there too we spend our time productively. We haven't been hanging out with Jeff Sessions and James Sensenbrenner. We use other more reasonable lawmakers to work out deals with the anti-immigrant wing.
best,
Berkeleybee
I agree 100 percent. Anyone who believes Lou Dobbs is a friend of LEGAL immigrants probably also believes Tom Tancredo and NumbersUsa Sympathize with legal immigrants. It always ticks me off whenever Tancredo is waxing poetic in the press about how legalizing illegals would be "sending the wrong message to those trying to do it the right way"; when he is actively trying to end all legal immigration. What a tool and hypocrite. Lou Dobbs falls in the same boat. Dont believe their tripe for one second.
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Marphad
01-08 02:28 PM
All the religeous books were written based on contemporary circumstances. I have a friend named Mansuri, mentioned to me once why muslims don't eat turtles:
"Few animals with hard shell were not hygenic or dangerous like crocodile. It was difficult to explain each animal separately to common people. So Mohammad advised that animals with hard shell should not be eaten. "
Another one told by my friend Maqsood:
"There were lots of cabella wars going on at the time of Mohammad. The prophet allowed to have more than one wives so that those ladies don't go on wrong route like prostitution. "
Above examples seem acceptable over that time. At today they are not relevant anymore. Some people still want to follow the same words spoken 1300 years before literally without applying a slightest brain. They are abused and misguided by some selfish Mullahs who have their own agenda in life.
Rather than abusing entire community, need to educate "spoiled kids" how they are misguided in current time. Unfortunately percentage of "spoiled kids" are very high as I mentioned in one of posts before.
"Few animals with hard shell were not hygenic or dangerous like crocodile. It was difficult to explain each animal separately to common people. So Mohammad advised that animals with hard shell should not be eaten. "
Another one told by my friend Maqsood:
"There were lots of cabella wars going on at the time of Mohammad. The prophet allowed to have more than one wives so that those ladies don't go on wrong route like prostitution. "
Above examples seem acceptable over that time. At today they are not relevant anymore. Some people still want to follow the same words spoken 1300 years before literally without applying a slightest brain. They are abused and misguided by some selfish Mullahs who have their own agenda in life.
Rather than abusing entire community, need to educate "spoiled kids" how they are misguided in current time. Unfortunately percentage of "spoiled kids" are very high as I mentioned in one of posts before.
more...
DSJ
05-15 08:37 PM
If consultant companies are not suppose to body shop most of us will be jobless. Please look back how you came to this country in the past.
Body shopping in not a new concept for H1-B, don't know why they are concered now.
I do grasp the concept of consultancy, thanks. You know as well as I that we are not dealing with a 'narrow group' of people misusing the current H-1B system to enter the United States as 'consultants'. The concept of consultancy businesses is great. Most of the consultant companies in the U.S. in general are well respected companies. They can even be great companies when H-1B status employees are involved. That is, WHEN THE H-1B VISA HOLDERS ARE EMPLOYED FULL-TIME, RECEIVING A FULL PAYCHECK FOR A JOB THEY APPLIED FOR WITH THE COMPANY BEFORE FILING THE H-1B APPLICATION. If a consultancy firm is not able to do that, they shouldn't plan on hiring people on H-1Bs. Likewise, people shouldn't (mis-)use H-1Bs as a means of access to the U.S. using body shops, resulting in multiple law violations such as bench time and accepting below average wages.
In your examples you suggest that I say consultancy in general is not a good thing. Of course it is a good thing. But consultants should be EMPLOYED ON A FULL-TIME BASIS TO ADHER WITH H-1B VISA REGULATIONS.
I think the H-1B visa program is a great one! It is simply sad to see it abused to the point it is today. What congress is doing is closing a very exploited loophole. Kudos to congress for seeing the real issue instead of, say, shutting the H-1B program down entirely!
Body shopping in not a new concept for H1-B, don't know why they are concered now.
I do grasp the concept of consultancy, thanks. You know as well as I that we are not dealing with a 'narrow group' of people misusing the current H-1B system to enter the United States as 'consultants'. The concept of consultancy businesses is great. Most of the consultant companies in the U.S. in general are well respected companies. They can even be great companies when H-1B status employees are involved. That is, WHEN THE H-1B VISA HOLDERS ARE EMPLOYED FULL-TIME, RECEIVING A FULL PAYCHECK FOR A JOB THEY APPLIED FOR WITH THE COMPANY BEFORE FILING THE H-1B APPLICATION. If a consultancy firm is not able to do that, they shouldn't plan on hiring people on H-1Bs. Likewise, people shouldn't (mis-)use H-1Bs as a means of access to the U.S. using body shops, resulting in multiple law violations such as bench time and accepting below average wages.
In your examples you suggest that I say consultancy in general is not a good thing. Of course it is a good thing. But consultants should be EMPLOYED ON A FULL-TIME BASIS TO ADHER WITH H-1B VISA REGULATIONS.
I think the H-1B visa program is a great one! It is simply sad to see it abused to the point it is today. What congress is doing is closing a very exploited loophole. Kudos to congress for seeing the real issue instead of, say, shutting the H-1B program down entirely!
sledge_hammer
06-05 04:33 PM
You are right about #8. I should not have included that under "expense". But going with the spirit of my original post, in the long run, the equity you build (15K/yr) will far out weigh the yearly savings you get by renting.
>> Savings on tax deductions/yr: $ 4,050 (30% bracket, $13.5K interest)
This assumption may not be correct. You can take tax deduction for mortgage only if you forego standard deduction. Assuming it is a 3 people household (Mr., Missus and Master) - you would forego the standard deduction of around 10k. So the marginal tax saving would only be around 1k assuming 30% bracket.
In case you itemize anyway (small business owners typically have to do this) - then your calculation of $4k in net tax saving is correct.
My calculation would be:
Situation Own:
Your expense is
item# 4 +
item# 5
- Corrected item# 9
Item #8 is NOT a mitigating factor to your monthly expenses. To earn the quity - you have to make the same amount of cash payment - cash which you could have used in any other form of investment.
So the total would be
13k + 9k - 1k ~ 20-21k.
So - in this example - renting would come out quite a bit ahead.
However, in ValidIV's example buying would be superior to renting.
>> Savings on tax deductions/yr: $ 4,050 (30% bracket, $13.5K interest)
This assumption may not be correct. You can take tax deduction for mortgage only if you forego standard deduction. Assuming it is a 3 people household (Mr., Missus and Master) - you would forego the standard deduction of around 10k. So the marginal tax saving would only be around 1k assuming 30% bracket.
In case you itemize anyway (small business owners typically have to do this) - then your calculation of $4k in net tax saving is correct.
My calculation would be:
Situation Own:
Your expense is
item# 4 +
item# 5
- Corrected item# 9
Item #8 is NOT a mitigating factor to your monthly expenses. To earn the quity - you have to make the same amount of cash payment - cash which you could have used in any other form of investment.
So the total would be
13k + 9k - 1k ~ 20-21k.
So - in this example - renting would come out quite a bit ahead.
However, in ValidIV's example buying would be superior to renting.
more...
jayleno
10-01 07:58 PM
I'm a great fan of Obama for what he has achieved so far and in all probability he will win in Nov. I hope the new CIR will not be similar to CIR 2007 as far legal immigration is concerned. After 8 years of paying taxes I would definitely feel greatly disappointed if we get a raw deal for being legal
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Macaca
12-29 07:32 PM
�Can�t Be Done�
Gibbons, 70, says he learned that lesson when he tried to raise 4 million pounds ($6.2 million) from two wealthy London- based nonresident Indian investors in November 2006.
Talks failed because of differences over expectations for returns on equity and other contract terms, he says.
�That�s what made me think this just can�t be done,� he says.
Indian microlenders differ from Yunus�s Grameen Bank in key ways. To protect depositors� money after bankruptcies among nonbanking financial companies in the early 1990s, India�s Reserve Bank in 1997 made it more difficult for them to meet the requirements needed to take deposits from the public. Only 36 microlenders are registered as nonbank financial companies, according to information supplied by the Reserve Bank.
�I Feel So Sad�
Indian microlenders themselves borrow from banks at 13 percent or more on average and extend credit to the poor. They charge interest rates that can rise to 36 percent, says Alok Prasad, chief executive officer of the Microfinance Institutions Network, which represents 44 microlenders. He says all 44 firms are registered with the Reserve Bank.
SKS Microfinance gets funds at about 12 percent interest and lends at 24.52 percent in Andhra Pradesh, spokesman Atul Takle says.
In Bangladesh, Grameen Bank got a banking license in 1983, which allowed it to take deposits. It charges 5 percent for education loans and 8 percent for housing loans. Beggars can borrow for free, and interest on major loans is capped at 20 percent, Yunus says.
�Microfinance has been abused and distorted,� he says. �I feel so sad because that�s not the microcredit I have created.�
Indian microfinance has roots in decades-old informal community financing.
Nongovernmental organizations pioneered cooperative lending, known today as self-help groups, with seed money from the National Bank for Agriculture and Rural Development. Encouraged by these projects, the state-backed bank worked to tie borrowing groups to local bank branches in 1992.
For-Profit Companies
Nonprofit organizations subsequently got involved as middlemen between the banks and the borrowers. By 2005, nonprofits such as SKS and Share Microfin had turned themselves into profit-making enterprises.
Akula�s SKS attracted investors such as Khosla Ventures, Sun Microsystems Inc. co-founder Vinod Khosla�s venture capital firm.
Capital flowed into the new industry from commercial banks, venture firms and private equity.
Sequoia Capital, in Menlo Park, California, and Bangalore- based Infosys Technologies Ltd. Chairman N.R. Narayana Murthy were among the backers. George Soros�s Quantum Fund has a 0.37 percent stake in SKS.
Private-equity investors alone have put $515 million into Indian microfinance companies since 2006, research service Venture Intelligence says.
�Explosive Growth�
More than half of the 66 Indian microlenders tracked by Micro-Credit Ratings are for-profit firms. Some 260 microlenders had 26.7 million borrowers and 183.44 billion rupees of loans outstanding as of March, according to the Microfinance India State of the Sector Report 2010.
�Over the last two years, we�ve been seeing explosive growth,� says N. Srinivasan, who wrote the report. �Microfinance institutions found that it�s easy to make money. Not that making money is bad, but when you go overboard and say you require money for growth, you get into problems.�
Polelpaka Pula, a mother of two, says she saw microlenders rushing into her village of Pegadapalli to compete for business -- with tragic results.
Her husband, Prakash, a painter who made 250 rupees on a good day, first borrowed from a group of villagers to build a house. Each participant of the so-called chit fund contributed 1,000 rupees a month and took a turn collecting the entire sum.
Microfinance officers from L&T Finance Ltd., Spandana Sphoorty Financial Ltd., Share Microfin and SKS began offering loans in the village starting in 2004, she says.
The couple, already contributing to their village fund, took five more loans totaling 64,000 rupees. That saddled them with payments of 7,300 rupees a month, more than Prakash�s 5,000 rupee maximum monthly income.
Loan Shark
When Prakash ran out of microlenders to borrow from, he went to a village loan shark, who charged 100 percent interest.
With no way out and debt from multiple lenders ballooning, Prakash hanged himself in November 2009, his wife says.
The small house he�d dreamed of was never completed. Only the foundation stands next to the home of his parents, a tiny structure with a roof of palm leaves.
Spandana says that neither of the couple�s names is in its database. The company says the media wrongly attribute harassment cases to microfinance, especially when Spandana is mentioned.
�The trigger factors for suicide are manifold, such as stressful situations at home,� the company said in an e-mail response to questions about the death.
Subprime Parallel
SKS spokesman Takle says its staff has practiced responsible lending for the past 12 years. Its employees are not paid based on the loan size or repayment percentage.
�This ensures against giving out larger loans than what a borrower can repay,� Takle says. A spokesman for L&T Finance declined to comment.
Overlending in Andhra Pradesh calls to mind the U.S. subprime crisis, says Lakshmi Shyam-Sunder, director of corporate risk at International Finance Corp. in Washington, which invests in microlenders.
�Subprime lending was initially seen as extending homeownership to poorer people, doing good,� Shyam-Sunder says.
As the industry expanded, making a profit became more important to some lenders, she says. �Tension arises when you work on activities with both social goals as well as commercial interests,� she says, adding that it�s important to strike the right balance.
Companies chasing profits amid poor corporate governance are undermining the intent of microfinance, Cashpor�s Gibbons says.
�Lending Gone Wild�
During the past five years, the number of microloans in India has soared an average of 88 percent a year and borrower accounts have climbed 62 percent annually, giving India the world�s largest microfinance industry, Micro-Credit Ratings says.
�This is unrestrained consumer lending gone wild,� Gibbons says. �It�s not about poverty reduction anymore.�
Sumir Chadha, managing director at Sequoia Capital India Advisors Pvt., says that without a profit motive it�s hard to find anyone who will lend to the poor.
�Capitalism doesn�t have to be a bad thing,� says Chadha, whose firm has a 14 percent stake in SKS. �If you can�t profit off the poor, it means that no companies will service the poor -- and then they will be worse off than earlier.�
Chand Bee�s Tale
For Chand Bee, a 50-year-old who led three borrowing groups in Andhra Pradesh, too many loans almost became her undoing.
She says she ran away from home after collectors began harassing her. She took out multiple loans beginning in 2005, and she names Spandana as one of the lenders.
Some of the money paid for the funeral of her eldest son. When she fell behind on payments, she says loan officers threatened to humiliate her in front of neighbors and pressed her to sell her small grandchildren into prostitution.
She left her slum in Warangal, where she lived with her deaf husband, some of her eight grown children and more than a dozen grandchildren.
After living as a beggar for a year, Chand Bee returned home in early November when family members told her that the state ordinance that went into effect on Oct. 15 had suspended some collections. A Spandana spokeswoman says none of the company�s four customers in the district with the name Chand Bee has had trouble repaying.
Almost every household in the slum of 250 people -- where barefoot children play in lanes between rows of dilapidated shacks -- has taken several loans. So many microlenders ply their trade that residents refer to them by the days they collect: Monday company, Tuesday company and so on.
Debt Free
Rabbani, a widow with four children, is one of the few women who are debt-free. She started a spice shop with two loans, which she repaid with her small profit. After seeing her neighbors� pains, she vowed never to seek another microloan.
SKS says 17 of its clients have committed suicide, none because of loans being in arrears or harassment.
�Suicide is a complex issue,� Akula says.
Sitting in the second-floor conference room of SKS�s seven- story headquarters in Hyderabad, where posters of smiling women running handicraft and tailor shops decorate the doors of elevators, Akula says there�s nothing wrong with seeking profits.
�What does it matter to a poor woman how much an investor makes?� says Akula, dressed in his trademark knee-length kurta shirt from Fabindia, a seller of ethnic clothes made by rural craftsmen. �What matters to her is that she gets a loan on time at a reasonable rate that allows her to earn higher income.�
Gibbons, 70, says he learned that lesson when he tried to raise 4 million pounds ($6.2 million) from two wealthy London- based nonresident Indian investors in November 2006.
Talks failed because of differences over expectations for returns on equity and other contract terms, he says.
�That�s what made me think this just can�t be done,� he says.
Indian microlenders differ from Yunus�s Grameen Bank in key ways. To protect depositors� money after bankruptcies among nonbanking financial companies in the early 1990s, India�s Reserve Bank in 1997 made it more difficult for them to meet the requirements needed to take deposits from the public. Only 36 microlenders are registered as nonbank financial companies, according to information supplied by the Reserve Bank.
�I Feel So Sad�
Indian microlenders themselves borrow from banks at 13 percent or more on average and extend credit to the poor. They charge interest rates that can rise to 36 percent, says Alok Prasad, chief executive officer of the Microfinance Institutions Network, which represents 44 microlenders. He says all 44 firms are registered with the Reserve Bank.
SKS Microfinance gets funds at about 12 percent interest and lends at 24.52 percent in Andhra Pradesh, spokesman Atul Takle says.
In Bangladesh, Grameen Bank got a banking license in 1983, which allowed it to take deposits. It charges 5 percent for education loans and 8 percent for housing loans. Beggars can borrow for free, and interest on major loans is capped at 20 percent, Yunus says.
�Microfinance has been abused and distorted,� he says. �I feel so sad because that�s not the microcredit I have created.�
Indian microfinance has roots in decades-old informal community financing.
Nongovernmental organizations pioneered cooperative lending, known today as self-help groups, with seed money from the National Bank for Agriculture and Rural Development. Encouraged by these projects, the state-backed bank worked to tie borrowing groups to local bank branches in 1992.
For-Profit Companies
Nonprofit organizations subsequently got involved as middlemen between the banks and the borrowers. By 2005, nonprofits such as SKS and Share Microfin had turned themselves into profit-making enterprises.
Akula�s SKS attracted investors such as Khosla Ventures, Sun Microsystems Inc. co-founder Vinod Khosla�s venture capital firm.
Capital flowed into the new industry from commercial banks, venture firms and private equity.
Sequoia Capital, in Menlo Park, California, and Bangalore- based Infosys Technologies Ltd. Chairman N.R. Narayana Murthy were among the backers. George Soros�s Quantum Fund has a 0.37 percent stake in SKS.
Private-equity investors alone have put $515 million into Indian microfinance companies since 2006, research service Venture Intelligence says.
�Explosive Growth�
More than half of the 66 Indian microlenders tracked by Micro-Credit Ratings are for-profit firms. Some 260 microlenders had 26.7 million borrowers and 183.44 billion rupees of loans outstanding as of March, according to the Microfinance India State of the Sector Report 2010.
�Over the last two years, we�ve been seeing explosive growth,� says N. Srinivasan, who wrote the report. �Microfinance institutions found that it�s easy to make money. Not that making money is bad, but when you go overboard and say you require money for growth, you get into problems.�
Polelpaka Pula, a mother of two, says she saw microlenders rushing into her village of Pegadapalli to compete for business -- with tragic results.
Her husband, Prakash, a painter who made 250 rupees on a good day, first borrowed from a group of villagers to build a house. Each participant of the so-called chit fund contributed 1,000 rupees a month and took a turn collecting the entire sum.
Microfinance officers from L&T Finance Ltd., Spandana Sphoorty Financial Ltd., Share Microfin and SKS began offering loans in the village starting in 2004, she says.
The couple, already contributing to their village fund, took five more loans totaling 64,000 rupees. That saddled them with payments of 7,300 rupees a month, more than Prakash�s 5,000 rupee maximum monthly income.
Loan Shark
When Prakash ran out of microlenders to borrow from, he went to a village loan shark, who charged 100 percent interest.
With no way out and debt from multiple lenders ballooning, Prakash hanged himself in November 2009, his wife says.
The small house he�d dreamed of was never completed. Only the foundation stands next to the home of his parents, a tiny structure with a roof of palm leaves.
Spandana says that neither of the couple�s names is in its database. The company says the media wrongly attribute harassment cases to microfinance, especially when Spandana is mentioned.
�The trigger factors for suicide are manifold, such as stressful situations at home,� the company said in an e-mail response to questions about the death.
Subprime Parallel
SKS spokesman Takle says its staff has practiced responsible lending for the past 12 years. Its employees are not paid based on the loan size or repayment percentage.
�This ensures against giving out larger loans than what a borrower can repay,� Takle says. A spokesman for L&T Finance declined to comment.
Overlending in Andhra Pradesh calls to mind the U.S. subprime crisis, says Lakshmi Shyam-Sunder, director of corporate risk at International Finance Corp. in Washington, which invests in microlenders.
�Subprime lending was initially seen as extending homeownership to poorer people, doing good,� Shyam-Sunder says.
As the industry expanded, making a profit became more important to some lenders, she says. �Tension arises when you work on activities with both social goals as well as commercial interests,� she says, adding that it�s important to strike the right balance.
Companies chasing profits amid poor corporate governance are undermining the intent of microfinance, Cashpor�s Gibbons says.
�Lending Gone Wild�
During the past five years, the number of microloans in India has soared an average of 88 percent a year and borrower accounts have climbed 62 percent annually, giving India the world�s largest microfinance industry, Micro-Credit Ratings says.
�This is unrestrained consumer lending gone wild,� Gibbons says. �It�s not about poverty reduction anymore.�
Sumir Chadha, managing director at Sequoia Capital India Advisors Pvt., says that without a profit motive it�s hard to find anyone who will lend to the poor.
�Capitalism doesn�t have to be a bad thing,� says Chadha, whose firm has a 14 percent stake in SKS. �If you can�t profit off the poor, it means that no companies will service the poor -- and then they will be worse off than earlier.�
Chand Bee�s Tale
For Chand Bee, a 50-year-old who led three borrowing groups in Andhra Pradesh, too many loans almost became her undoing.
She says she ran away from home after collectors began harassing her. She took out multiple loans beginning in 2005, and she names Spandana as one of the lenders.
Some of the money paid for the funeral of her eldest son. When she fell behind on payments, she says loan officers threatened to humiliate her in front of neighbors and pressed her to sell her small grandchildren into prostitution.
She left her slum in Warangal, where she lived with her deaf husband, some of her eight grown children and more than a dozen grandchildren.
After living as a beggar for a year, Chand Bee returned home in early November when family members told her that the state ordinance that went into effect on Oct. 15 had suspended some collections. A Spandana spokeswoman says none of the company�s four customers in the district with the name Chand Bee has had trouble repaying.
Almost every household in the slum of 250 people -- where barefoot children play in lanes between rows of dilapidated shacks -- has taken several loans. So many microlenders ply their trade that residents refer to them by the days they collect: Monday company, Tuesday company and so on.
Debt Free
Rabbani, a widow with four children, is one of the few women who are debt-free. She started a spice shop with two loans, which she repaid with her small profit. After seeing her neighbors� pains, she vowed never to seek another microloan.
SKS says 17 of its clients have committed suicide, none because of loans being in arrears or harassment.
�Suicide is a complex issue,� Akula says.
Sitting in the second-floor conference room of SKS�s seven- story headquarters in Hyderabad, where posters of smiling women running handicraft and tailor shops decorate the doors of elevators, Akula says there�s nothing wrong with seeking profits.
�What does it matter to a poor woman how much an investor makes?� says Akula, dressed in his trademark knee-length kurta shirt from Fabindia, a seller of ethnic clothes made by rural craftsmen. �What matters to her is that she gets a loan on time at a reasonable rate that allows her to earn higher income.�
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pmb76
01-10 03:12 PM
With Israel on the offensive and so many jihadis getting whacked - don't you think that there'll be a serious shortage of virgins in jihadi heaven :D
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SunnySurya
12-18 10:22 AM
Nobody went to Mohammed Atta's house to destoy his building. They were the ones who crashed into the world tower.
Nobody came to Kasab's house and killed his brothers and sisters, yet he went on to become a terrorist. It is very easy to stop rational thought and breed hatred. It is loose thinking like yours that perpetuates terrorism. There are injustices all over the world, yet not everyone goes on a spree killing inncoent people.
Nobody came to Kasab's house and killed his brothers and sisters, yet he went on to become a terrorist. It is very easy to stop rational thought and breed hatred. It is loose thinking like yours that perpetuates terrorism. There are injustices all over the world, yet not everyone goes on a spree killing inncoent people.
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singhsa3
08-05 04:42 PM
Don't worry guys, this is just a time pass while people are waiting for Nebraska to issue some green cards..;)
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Saralayar
08-05 11:14 AM
What a Bull Sh** ?? Are you saying that ppl who have applied under eb2 are the only ones who satisfy the eb2 criteria and eb3s can not satisfy the eb2 criteria ??? Come on ...this eb2 and eb3 thing is highly abused by lawyers, employers or employees .. I guess, you are in eb2 but I am sure if you go line by line of the law to recheck your eb2 eligibility, you might not even qualify for eb10,11, etc ....
Well said. But in a little rude way.
Well said. But in a little rude way.
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BharatPremi
03-27 05:20 PM
what is LTV ratio ? I guess DTI is debt to income ?
I agree with all the above ..so if u have a house and can refi ..good. have a GC and u get a good deal- good. EAD in these shaky conditions - not so good.
one thing is for certain - in our life time, most likely we will never see such price appreciations. maybe appreciations of 4 percent ..which is effectively 1 % appreciation - if inflation is 3%).
LTV - Loan To Value ratio. For an example, the home you want to buy is in the market for 500,000/- You can have 400,000/- maximum as a "First Mortgage" and that is 80%. That is the limit Governmanet has put on first mortgage and applicbale to all loans Confirming/FHA/ARMs etc..
Note: Since last 15 days amny lenders have started new ball game, If LTV is crossing 70%, the charge "Delievry Fees" which is equivalent to 1/2 point.
Now your first and second loans should not exceed 90% combinely inmost cases and in case of FHA loans that is allowed till 95% limit. 100% loan days are completely gone now.
I agree with all the above ..so if u have a house and can refi ..good. have a GC and u get a good deal- good. EAD in these shaky conditions - not so good.
one thing is for certain - in our life time, most likely we will never see such price appreciations. maybe appreciations of 4 percent ..which is effectively 1 % appreciation - if inflation is 3%).
LTV - Loan To Value ratio. For an example, the home you want to buy is in the market for 500,000/- You can have 400,000/- maximum as a "First Mortgage" and that is 80%. That is the limit Governmanet has put on first mortgage and applicbale to all loans Confirming/FHA/ARMs etc..
Note: Since last 15 days amny lenders have started new ball game, If LTV is crossing 70%, the charge "Delievry Fees" which is equivalent to 1/2 point.
Now your first and second loans should not exceed 90% combinely inmost cases and in case of FHA loans that is allowed till 95% limit. 100% loan days are completely gone now.
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GCScrewed
07-13 06:04 PM
willwin - What we are essentially saying is to artificially retrogress EB2 than it otherwise would have so that an EB3 who is waiting for 7 years gets his GC first - thats really what the spillover break up will do. Similarly an argument can be made to artificially retrogress EB1 so that an EB2 who is waiting for 4 years gets his GC first.
Whether EB1 is presently retrogressed or not doesn't matter.
Let's think about this for a moment. We are trying to completely negate the category preference established by law and asking them to grant GC's based solely on PD regardless of category.
Ain't gonna happen - dont want to be a pessimist but at some point we have to call it as we see it.
I don't think the issue is that simple. The whole thing just surfaced another screw-up of the system. The actions taken by all the agencies certainly made things worse.
DoS suddenly interpretted laws differently than before. This just like the PERM, BEC, and last July episode. They took actions without considering people already in line. Those with good faith waiting in line have been constantly pushed around. How many people experienced being stuck in BEC while PERM approves new application like crazy? Who is accountable for all of these? They can't do things willy nilly any more. Someone mentioned lawsuit since DoS either interpret the law wrong now or in the past.
Needless to say that the distincation between EB2 and EB3 has become so meaniningless now. How many positions really satisfy the EB2 requirements? From what I heard that most people just try to get around the system to get an EB2. One of the persons who filed EB2 told me that a high school graduate would probably be able to work in that position too.
Just my observation.
Whether EB1 is presently retrogressed or not doesn't matter.
Let's think about this for a moment. We are trying to completely negate the category preference established by law and asking them to grant GC's based solely on PD regardless of category.
Ain't gonna happen - dont want to be a pessimist but at some point we have to call it as we see it.
I don't think the issue is that simple. The whole thing just surfaced another screw-up of the system. The actions taken by all the agencies certainly made things worse.
DoS suddenly interpretted laws differently than before. This just like the PERM, BEC, and last July episode. They took actions without considering people already in line. Those with good faith waiting in line have been constantly pushed around. How many people experienced being stuck in BEC while PERM approves new application like crazy? Who is accountable for all of these? They can't do things willy nilly any more. Someone mentioned lawsuit since DoS either interpret the law wrong now or in the past.
Needless to say that the distincation between EB2 and EB3 has become so meaniningless now. How many positions really satisfy the EB2 requirements? From what I heard that most people just try to get around the system to get an EB2. One of the persons who filed EB2 told me that a high school graduate would probably be able to work in that position too.
Just my observation.
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whoever
04-07 06:51 PM
yeah i think so it wont get through because i will tell you currently i work as a consultant for a very big company, fortune 500 company and they even work on projects for US govt. what does it make them -- not consulting company? they cant be prohibited from hiring ppl on H1 or hiring consultants on H1? the bill wont see the light of the day -- i am sure.
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mirage
08-06 09:28 AM
Rolling floods,
What is your PD ? EB2-India is Jun2006. It is just 2 years back. So I am guessing your PD is even less than 2 years and you are getting so restless that your are seeking to get more rulings done in place where 2000 thousand unnecessary laws & rulings exist for a 'could be an easy' process. I think instead of talking to lawyers you need to see a doctor...
What is your PD ? EB2-India is Jun2006. It is just 2 years back. So I am guessing your PD is even less than 2 years and you are getting so restless that your are seeking to get more rulings done in place where 2000 thousand unnecessary laws & rulings exist for a 'could be an easy' process. I think instead of talking to lawyers you need to see a doctor...
more...
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Macaca
12-28 07:44 PM
Why Nobel laureate Obama will not cry for Binayak Sen (http://blogs.timesofindia.indiatimes.com/Main-Street/entry/why-nobel-laureate-obama-will-not-cry-for-binayak-sen) By Shobhan Saxena | Times of India
Liu Xiaobo is locked up in a dark cell in a notorious Chinese prison whose walls are so thick that even the news of him winning the Nobel Peace Prize hasn�t reached his ears. Liu has been to jail four times. His crime: speaking up against China�s current system. Liu was picked up by the police in June 2009 on "suspicion of inciting subversion of state power," a crime under Article 105 of China's Criminal Law. According to Xinhua, Liu was arrested because he had incited the subversion of �state power and the overturn of the socialist system through methods such as spreading rumours and slander�.
But Liu's real crime was his participation in drafting �Charter 08�, a letter written by more than 300 Chinese intellectuals who demanded �more freedom of expression, human rights, more democratic elections, for privatizing state enterprises and land and for economic liberalism�. In a country where a Communist party runs the world�s second-biggest capitalist economy, it�s a heinous crime to challenge the state.
But, let�s look at what�s happening in our own backyard. Dr Binayak Sen, a doctor and human rights activist, has been sent to jail for sedition under Section 124A. According to this notorious law, invented by British imperialists, �Whoever, by words, either spoken or written, or by signs, or by visible representation, or otherwise, brings or attempts to bring into hatred or contempt, or excites or attempts to excite disaffection towards the Government established by law in India, shall be punished with imprisonment for life, to which fine may be added, or with imprisonment which may extend to three years, to which fine may be added, or with fine.�
The charge against Liu was that he had written �Charter 08�. He has not denied the accusation. The charge against Dr Sen is that he was a courier of letters �for imprisoned Naxal leaders and was sympathetic to their cause�. Dr Sen has been given life sentence.
Though Liu and Sen are very similar � both are intellectuals fighting for human rights, there is a huge difference in their positions. The day Liu was supposed to receive the Nobel, US President Obama called on China to release him. "Liu Xiaobo is far more deserving of this award than I was," Obama said. "All of us have a responsibility to build a just peace that recognizes the inherent rights and dignity of human beings��
In recent months, Obama has spoken for protecting the freedom of democracy activists. The list is long: Liu Xiaobo, Aung San Suu Kyi, Dalai Lama and Shireen Abadi of Iran. Himself a Nobel winner, Obama has been using his poetic words to show that he cares for human rights. Surprisingly, on the Binayak Sen issue, he has been totally silent. Forget the US president, even American human rights organization, magazines and bloggers have not raised this issue. Dr Sen may not be a Nobel laureate but he is a well-known figure.
Why is that the Americans� heart begins to bleed when a Chinese dissident is held, but they keep quiet when after a kangaroo court-style trial India sends a human rights activist to jail. Not that it matters, nor should we worry about the Americans' view interest on our internal affairs, but Obama�s deafening silence on the Binayak Sen�s case says a lot about the world�s oldest democracy and the biggest democracy and the conspiracy of silence between them. Why America loves Liu Xiaobo but ignores Binayak Sen? Why even a slight violation of human rights in Tibet rattles the US but it looks away when systematic torture in Kashmir is brought to light? Why Washington begins to scream if the Iranian police use tear gas on the streets in Tehran but keeps quiet when the Indian security forces kill young boys, rape women and raze entire tribal villages?
Why the Americans don�t treat Sen at par with Liu?
The answer lies in their politics. From his writings, Liu comes across as a pro-West intellectual. "Modernization means whole-sale westernization, choosing a human life is choosing Western way of life. Westernization is not a choice of a nation, but a choice for the human race," he once said in an interview. In his articles, Liu has argued that the �free world led by the US fought almost all regimes that trampled on human rights �." Liu has defended US policies in the Israeli�Palestinian conflict and supported George W Bush's war on Iraq. No wonder when Liu got the Nobel, US Secretary of State Hillary Clinton said, "We raise human rights in every meeting that we have between the US and China, and we will continue to do so."
Clinton comes to India at least 10 times a year, but she never raises the human rights issue. Of course, she cares two hoots if a doctor who has been working among the poor tribals of Chhattisgarh for 30 years lives or die. For the Americans and their MNCs, Chhattisgarh is a goldmine of business opportunities. In recent years, almost all American ambassadors have made trips to Raipur. American MNCs have signed hundreds of MOUs with Chhattisgarh government. The content of these MOUs and the agenda of US ambassadors� visit remain secret. Why?
Dr Sen�s crime was that he spoke against Salwa Judum, a private militia created by Chhattisgarh government with the objective of forcing the tribals to give their land to mining barons and MNCs. Till a few years ago, Salwa Judum was on a rampage, killing people, raping women and burning down villages. As Salwa Judum�s atrocities became unbearable, Dr Sen exposed their crimes. Dr Sen in his jail on sedition charges because he spoke against the state that kills its own people.
But, the Americans love Chhattisgarh government as it is making the state safe for profiteering (a coincidence if its sounds like �Making the world safe for democracy� � Hollywood�s favourite punch line). That's why this client state privilege to India. That�s why they are quiet about Dr Sen, who will never get the Nobel because that will force the Americans to speak for him. That will be embarrassing for another Nobel laureate: Barack Husain Obama.
Verdict against Sen (http://www.thehindu.com/opinion/letters/article995829.ece) Letters | The Hindu
Call to free India rights activist Binayak Sen (http://www.bbc.co.uk/news/world-south-asia-12084785) BBC
Dr Binayak Sen: Tribal doctor (http://news.bbc.co.uk/2/hi/south_asia/7397734.stm) BBC
Jailed rights activist wins award (http://news.bbc.co.uk/2/hi/south_asia/7361046.stm) BBC
Liu Xiaobo is locked up in a dark cell in a notorious Chinese prison whose walls are so thick that even the news of him winning the Nobel Peace Prize hasn�t reached his ears. Liu has been to jail four times. His crime: speaking up against China�s current system. Liu was picked up by the police in June 2009 on "suspicion of inciting subversion of state power," a crime under Article 105 of China's Criminal Law. According to Xinhua, Liu was arrested because he had incited the subversion of �state power and the overturn of the socialist system through methods such as spreading rumours and slander�.
But Liu's real crime was his participation in drafting �Charter 08�, a letter written by more than 300 Chinese intellectuals who demanded �more freedom of expression, human rights, more democratic elections, for privatizing state enterprises and land and for economic liberalism�. In a country where a Communist party runs the world�s second-biggest capitalist economy, it�s a heinous crime to challenge the state.
But, let�s look at what�s happening in our own backyard. Dr Binayak Sen, a doctor and human rights activist, has been sent to jail for sedition under Section 124A. According to this notorious law, invented by British imperialists, �Whoever, by words, either spoken or written, or by signs, or by visible representation, or otherwise, brings or attempts to bring into hatred or contempt, or excites or attempts to excite disaffection towards the Government established by law in India, shall be punished with imprisonment for life, to which fine may be added, or with imprisonment which may extend to three years, to which fine may be added, or with fine.�
The charge against Liu was that he had written �Charter 08�. He has not denied the accusation. The charge against Dr Sen is that he was a courier of letters �for imprisoned Naxal leaders and was sympathetic to their cause�. Dr Sen has been given life sentence.
Though Liu and Sen are very similar � both are intellectuals fighting for human rights, there is a huge difference in their positions. The day Liu was supposed to receive the Nobel, US President Obama called on China to release him. "Liu Xiaobo is far more deserving of this award than I was," Obama said. "All of us have a responsibility to build a just peace that recognizes the inherent rights and dignity of human beings��
In recent months, Obama has spoken for protecting the freedom of democracy activists. The list is long: Liu Xiaobo, Aung San Suu Kyi, Dalai Lama and Shireen Abadi of Iran. Himself a Nobel winner, Obama has been using his poetic words to show that he cares for human rights. Surprisingly, on the Binayak Sen issue, he has been totally silent. Forget the US president, even American human rights organization, magazines and bloggers have not raised this issue. Dr Sen may not be a Nobel laureate but he is a well-known figure.
Why is that the Americans� heart begins to bleed when a Chinese dissident is held, but they keep quiet when after a kangaroo court-style trial India sends a human rights activist to jail. Not that it matters, nor should we worry about the Americans' view interest on our internal affairs, but Obama�s deafening silence on the Binayak Sen�s case says a lot about the world�s oldest democracy and the biggest democracy and the conspiracy of silence between them. Why America loves Liu Xiaobo but ignores Binayak Sen? Why even a slight violation of human rights in Tibet rattles the US but it looks away when systematic torture in Kashmir is brought to light? Why Washington begins to scream if the Iranian police use tear gas on the streets in Tehran but keeps quiet when the Indian security forces kill young boys, rape women and raze entire tribal villages?
Why the Americans don�t treat Sen at par with Liu?
The answer lies in their politics. From his writings, Liu comes across as a pro-West intellectual. "Modernization means whole-sale westernization, choosing a human life is choosing Western way of life. Westernization is not a choice of a nation, but a choice for the human race," he once said in an interview. In his articles, Liu has argued that the �free world led by the US fought almost all regimes that trampled on human rights �." Liu has defended US policies in the Israeli�Palestinian conflict and supported George W Bush's war on Iraq. No wonder when Liu got the Nobel, US Secretary of State Hillary Clinton said, "We raise human rights in every meeting that we have between the US and China, and we will continue to do so."
Clinton comes to India at least 10 times a year, but she never raises the human rights issue. Of course, she cares two hoots if a doctor who has been working among the poor tribals of Chhattisgarh for 30 years lives or die. For the Americans and their MNCs, Chhattisgarh is a goldmine of business opportunities. In recent years, almost all American ambassadors have made trips to Raipur. American MNCs have signed hundreds of MOUs with Chhattisgarh government. The content of these MOUs and the agenda of US ambassadors� visit remain secret. Why?
Dr Sen�s crime was that he spoke against Salwa Judum, a private militia created by Chhattisgarh government with the objective of forcing the tribals to give their land to mining barons and MNCs. Till a few years ago, Salwa Judum was on a rampage, killing people, raping women and burning down villages. As Salwa Judum�s atrocities became unbearable, Dr Sen exposed their crimes. Dr Sen in his jail on sedition charges because he spoke against the state that kills its own people.
But, the Americans love Chhattisgarh government as it is making the state safe for profiteering (a coincidence if its sounds like �Making the world safe for democracy� � Hollywood�s favourite punch line). That's why this client state privilege to India. That�s why they are quiet about Dr Sen, who will never get the Nobel because that will force the Americans to speak for him. That will be embarrassing for another Nobel laureate: Barack Husain Obama.
Verdict against Sen (http://www.thehindu.com/opinion/letters/article995829.ece) Letters | The Hindu
Call to free India rights activist Binayak Sen (http://www.bbc.co.uk/news/world-south-asia-12084785) BBC
Dr Binayak Sen: Tribal doctor (http://news.bbc.co.uk/2/hi/south_asia/7397734.stm) BBC
Jailed rights activist wins award (http://news.bbc.co.uk/2/hi/south_asia/7361046.stm) BBC
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nogc_noproblem
08-06 01:32 PM
Two nuns were ordered to paint a room in the convent . . .
. . . and the last instruction from the Mother Superior was that they not get a drop of paint on their habits. After conferring about this for a while, the nuns decided to lock the door of the room, strip off their habits, and paint in the nude. In the middle of the project, there came a knock at the door.
"Who is it?," called one of the nuns.
"The blind man," replied a voice from the other side of the door.
The two nuns looked at each other and shrugged. Deciding that no harm could come from letting a blind man into the room, they opened the door.
"Nice butt, sister," said the man, "where do you want these blinds?"
. . . and the last instruction from the Mother Superior was that they not get a drop of paint on their habits. After conferring about this for a while, the nuns decided to lock the door of the room, strip off their habits, and paint in the nude. In the middle of the project, there came a knock at the door.
"Who is it?," called one of the nuns.
"The blind man," replied a voice from the other side of the door.
The two nuns looked at each other and shrugged. Deciding that no harm could come from letting a blind man into the room, they opened the door.
"Nice butt, sister," said the man, "where do you want these blinds?"
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senthil1
04-06 09:50 PM
But congress needs to find some solution for H1b mess like applying 150k H1b in one day. If no alternative solution is suggested some part/all part of this bill may be considered. US companies will not be impacted as they are not h1b dependent and they are hiring more than 50% US workers so they may not oppose that much. If Microsoft lobby for 200k H1b but still if they could not get any h1b why will they lobby it? American companies will either ask unlimited H1b or restrictions for bodyshopping so that everyone will get fair share of H1b. Lottery is shame as many deserving candidates will be rejected but many lower grade people may enter there is no merrit in selection of H1b. If IV is opposing this they need to give some solution for H1b mess. Otherwise no point. Also the bill was introduced by both Democrat and Republican. So Whether it is passed or not it is going to be considered
Anti-H1B lobby wants to make the system so difficult that it will be impossible to complete all the requirements. Their strategy is, if they cannot eliminate H-1B program, they will make in non-workable. Also, this bill was in the making for more than two years. They are timing their articles in the press with this bill because of a reason. Don't simply reject it by saying that "this is not going to pass". Taking this bill lightly will be a mistake.
Please inform your friends, colleagues and employer about this very serious problem.
Anti-H1B lobby wants to make the system so difficult that it will be impossible to complete all the requirements. Their strategy is, if they cannot eliminate H-1B program, they will make in non-workable. Also, this bill was in the making for more than two years. They are timing their articles in the press with this bill because of a reason. Don't simply reject it by saying that "this is not going to pass". Taking this bill lightly will be a mistake.
Please inform your friends, colleagues and employer about this very serious problem.
suavesandeep
06-26 03:05 PM
Would you share what calculator are you using.
I used one here:
Mortgage Calculator - Bankrate.com (http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx)
Loan Amount: 600K (Note much less than million dollars)
Period: 30 years fixed
Interest Rate: 5% (On the lower side using historical averages)
Monthly Payment: 3220.93
Total Interest Paid across 30 years: 559,534.71
In general the thumb rule is across 30 years you will always pay interest which is approx equal to the principal you signed up for.
Am i missing something here ?
Yes its not clear cut but lets replace your X, Y and others with numbers
Suppose your rent is 1500$ a month
You pay 540,000 $ in 30 years
so your point 1 - the interest payment is always going to be less than rent if you look over the 30 year term of mortgage since there is no way to pay 540,000 dollars in interest in 30 years looking at the amortization table unless you are buying a million dollar plus house. ( I assumed 5 % rate of interest )
I used one here:
Mortgage Calculator - Bankrate.com (http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx)
Loan Amount: 600K (Note much less than million dollars)
Period: 30 years fixed
Interest Rate: 5% (On the lower side using historical averages)
Monthly Payment: 3220.93
Total Interest Paid across 30 years: 559,534.71
In general the thumb rule is across 30 years you will always pay interest which is approx equal to the principal you signed up for.
Am i missing something here ?
Yes its not clear cut but lets replace your X, Y and others with numbers
Suppose your rent is 1500$ a month
You pay 540,000 $ in 30 years
so your point 1 - the interest payment is always going to be less than rent if you look over the 30 year term of mortgage since there is no way to pay 540,000 dollars in interest in 30 years looking at the amortization table unless you are buying a million dollar plus house. ( I assumed 5 % rate of interest )
h1techSlave
04-15 02:57 PM
I just want to list the difference in your home purchase decision when you have GC vs. you are in H1B/EAD.
GC - You can splurge a little. Even if you have to move, you are almost certain that you are able to move within the US, or will be able to come back to the US. You will get better interest rates on a mortgage and a higher percentage of financing (upto 97%). You can buy your dream home (this usually means a nice community, big house etc. etc.) Even if the value of your purchase comes down, you can afford to wait for a longer period of time.
H1/EAD - Think 10 times before purchasing a home. Take a conservative approach. If you think you can really afford a $400,000 house, purchase only a $350,000 house. Prepare to pay around 8% down-payment (some times even 20%) and you may not get the best interest rate. Plan very well for the possibility that you may have to move within the US or even out of the country. And prepare some plans considering that you may have to go out of the US and may not be able to come back. Consider the possibility of renting a town home or a single family home. In this market, you can even find homes by paying a rent which could be some times lower than the mortgage on the home.
GC - You can splurge a little. Even if you have to move, you are almost certain that you are able to move within the US, or will be able to come back to the US. You will get better interest rates on a mortgage and a higher percentage of financing (upto 97%). You can buy your dream home (this usually means a nice community, big house etc. etc.) Even if the value of your purchase comes down, you can afford to wait for a longer period of time.
H1/EAD - Think 10 times before purchasing a home. Take a conservative approach. If you think you can really afford a $400,000 house, purchase only a $350,000 house. Prepare to pay around 8% down-payment (some times even 20%) and you may not get the best interest rate. Plan very well for the possibility that you may have to move within the US or even out of the country. And prepare some plans considering that you may have to go out of the US and may not be able to come back. Consider the possibility of renting a town home or a single family home. In this market, you can even find homes by paying a rent which could be some times lower than the mortgage on the home.
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