Immigration for the wealthy: Program raises money, debate

Dec 19, 2011 | Posted by: roboblogger | Full story: Bend Bulletin

Under the EB-5 program, investors receive a visa that provides residency for two years and can be converted into a permanent green card if the holders can show that their investment produced at least 10 jobs, even if the project has not been completed.

Comments
1 - 5 of 5 Comments Last updated Dec 19, 2011

“Assimilate & Speak English!”

Since: Jan 07

Lansing, IL - now: Pomp Bch FL

#1 Dec 19, 2011
Not that we need more people coming here at this time, but at least these people have money, won't be a burden on the taxpayer and will be attempting to create jobs. The biggest problem is tracking them and making sure they leave if they don't create those jobs.
USA

United States

#2 Dec 19, 2011
Rebel wrote:
Not that we need more people coming here at this time, but at least these people have money, won't be a burden on the taxpayer and will be attempting to create jobs. The biggest problem is tracking them and making sure they leave if they don't create those jobs.
it's all about money huh? One answer to the foreclosure mess: More immigrants
August 12, 2011 | 11:15 am

Money manager and influential financial blogger Barry Ritholtz was one of the few people on Wall Street to predict the subprime meltdown, so it's worth listening when he talks about how to fix the lingering problems in the housing market. On Yahoo's Daily Ticker program Friday, he offered this suggestion for clearing out the backlog of homes in foreclosure: Offer permanent resident status to any immigrant who buys a repossessed house within two years of arriving in the United States.
It's not a new idea -- Ritholtz included it in his 2009 book "Bailout Nation," which examined the regulatory and policy-making failures that led to the housing market's collapse and the subsequent credit crunch. But it's a more creative response than the Obama administration's latest proposal, which invited the private sector to come up with ideas for converting government-repossessed homes into rental properties. Here's Ritholtz:
You want to get rid of the problem of excess supply, the way to do it is create more demand. Bring 2 or 3 million immigrants. You come into the United States, you buy a home or start a business within two years, you get a permanent green card. I think this is a nation built by immigrants. 
That to me makes much more sense than getting into the business of being landlords. Listen, the federal government has subsidized and built low-income housing and rented it. It hasn't really been a successful program for them over the decades. I would hate to see them go back down that road."
Ritholtz sees many more foreclosures to come as housing values continue to drop. Unless banks are willing to write off a significant amount of what is owed, borrowers will keep defaulting -- and some by choice. The "line in the sand" for borrowers, he said, gets crossed when a home's value is 25% less than the outstanding mortgage debt. "Once they're more than 25% under water, they tend to walk away, they tend to default," Ritholtz said.
That's a rational response to a long-term investment that has little chance of breaking even, let alone making a reasonable amount of money. And houses are the most important long-term investment many Americans make.
USA

United States

#3 Dec 19, 2011
So we hate illegals but than we can start loving them if they give us jobs ?
USA

United States

#4 Dec 19, 2011
It's all about money huh?

One answer to the foreclosure mess: More immigrants
August 12, 2011 | 11:15 am

Money manager and influential financial blogger Barry Ritholtz was one of the few people on Wall Street to predict the subprime meltdown, so it's worth listening when he talks about how to fix the lingering problems in the housing market. On Yahoo's Daily Ticker program Friday, he offered this suggestion for clearing out the backlog of homes in foreclosure: Offer permanent resident status to any immigrant who buys a repossessed house within two years of arriving in the United States.
It's not a new idea -- Ritholtz included it in his 2009 book "Bailout Nation," which examined the regulatory and policy-making failures that led to the housing market's collapse and the subsequent credit crunch. But it's a more creative response than the Obama administration's latest proposal, which invited the private sector to come up with ideas for converting government-repossessed homes into rental properties. Here's Ritholtz:
You want to get rid of the problem of excess supply, the way to do it is create more demand. Bring 2 or 3 million immigrants. You come into the United States, you buy a home or start a business within two years, you get a permanent green card. I think this is a nation built by immigrants. 
That to me makes much more sense than getting into the business of being landlords. Listen, the federal government has subsidized and built low-income housing and rented it. It hasn't really been a successful program for them over the decades. I would hate to see them go back down that road."
Ritholtz sees many more foreclosures to come as housing values continue to drop. Unless banks are willing to write off a significant amount of what is owed, borrowers will keep defaulting -- and some by choice. The "line in the sand" for borrowers, he said, gets crossed when a home's value is 25% less than the outstanding mortgage debt. "Once they're more than 25% under water, they tend to walk away, they tend to default," Ritholtz said.
That's a rational response to a long-term investment that has little chance of breaking even, let alone making a reasonable amount of money. And houses are the most important long-term investment many Americans make.

“Assimilate & Speak English!”

Since: Jan 07

Lansing, IL - now: Pomp Bch FL

#5 Dec 19, 2011
USA wrote:
So we hate illegals but than we can start loving them if they give us jobs ?
Are you *that* stupid? They are NOT illegal when they come here on a VISA. You do know the difference between coming here the legal way and being an illegal alien, right?

That is why I said we must make sure to track them and if they have not fulfilled their requirements at the end of their 2 years, we must make sure they leave. It is not okay for them to overstay their visa, no matter how much money they have.

I believe you just like trying to stir up trouble.

Tell me when this thread is updated: (Registration is not required)

Add to my Tracker Send me an email

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

News Discussions

Title Updated Last By Comments
Former "CSI" Actor Dating Openly Gay College Ba... May '14 Pat Robertson s F... 27
Herman Cain admits sexual harassment charges ..... (Oct '11) Apr '14 swedenforever 25
Taylor Swift visits Cancer Center, bonds with t... Mar '14 Taylor Swift 1
Stranded Swedes arrive ashore in Delaware after... Mar '14 Stefanie 1
New York's famed Per Se Restaurant cited for he... Mar '14 juandeveras 1
Miley Cyrus hits back at Joe Jonas: 'If you wan... (Dec '13) Dec '13 Big mike 2
ABC News to Air Special Coverage for 50th Anniv... (Nov '13) Nov '13 frankco 2
•••
Enter and win $5000
•••

News People Search

Addresses and phone numbers for FREE

•••