The Visa Process As An Alternative Solution To The American Mortgage Crisis
As the American mortgage crisis continues to grow with each passing month, a new proposal from the educational sector has the potential to significantly relieve America’s current housing problem while encouraging billions of dollars in economic growth. As the director of a foreign credential evaluation agency and an expert on the characteristics and demographics of persons seeking foreign degree evaluations for EB-2 and EB-3 visas to the United States, I advocate significantly speeding up the processing of applications for permanent residency from those holding the visas.
After careful analysis, I’ve decided to support a proposal that was first presented on the Immigration Voice internet chat board. EB-2 and EB-3 visa holders have already been living in the U.S. for more than five years. They all have professional degrees and many have a master’s or a Ph.D. None are taking a job away from Americans, because the visas are issued precisely when no U.S. citizens are available for these jobs. They make a very good income, but they’re afraid to buy a house while their green card status remains in limbo due to a tremendous backlog.
The average income earned by workers holding EB visas is $65,000 to $135,000 yearly. The majority of these individuals have good or excellent credit ratings and secure incomes. They are highly motivated to purchase homes and settle in family-friendly neighborhoods. However, they remain in limbo while they wait for the U.S. Citizenship and Immigration Services to approve their green card applications – sometimes up to a seven year wait. Currently mortgage companies and banks rarely approve home loans for families without permanent residency.
Currently, approximately 800,000 wage earners wait to see whether they will be permitted to remain in the United States. More than 200,000 immigration visa numbers have been lost as workers wait for their application to be processed, which has resulted in millions of lost dollars for the economy.
Suppose half of these persons wish to purchase a home. If they were permitted to make a 20 percent down payment on a private home (and the average cost of a home in the U.S. today is approximately $200,000), this would result in a net financial gain of $1.6 billion immediately for American banks, not to mention improving the dismal real estate market in many areas of the country.
Accordingly, Career Consulting International, has started a petition drive at http://www.thedegreepeople.com/eb-petition.html to speed up visa processing for EB-2 and EB-3 visa holders who are ready to purchase a home now.
Immigrants are highly motivated to succeed and make themselves part of the culture that welcomes them to remain in their country. I remember when my father got his citizenship. I was about eight years old, and he picked me up and danced me around the room, he was so happy. Offer your support for a solution that works for hard-working immigrants as well as the U.S. economy today. These stable, risk-free mortgages will help to reverse the downward spiral into which our housing market has slumped and help it to soar upward again.
Sheila Danzig is the director of Career Consulting International at the www.TheDegreePeople.com, a foreign credential evaluation agency. She offers free review of I140 education based Denials, RFE's and NOIDs at www.cciFree.com. For more information or to sign the petition to support this proposal, go to http://www.thedegreepeople.com/eb-petition.html.
The opinions expressed in this article do not necessarily reflect the opinion of ILW.COM.