> the Department of Housing and Urban Development announced that non-permanent residents ... would no longer be eligible for mortgages insured by the Federal Housing Administration (FHA)
> The reason why the number of FHA loans going to non-permanent residents has dropped in recent months, according to Thomas, is mostly that they are not buying anymore.
What? No, the reason why the number of FHA loans going to non-permanent residents has dropped is that they are not eligible for them. It literally says so at the beginning of the article.
This is even before the HIRE Act.
People on a temporary visa should not be given mortgages anyway. Are the banks dumb? If they leave you're never going to recoup the balance.
https://en.wikipedia.org/wiki/FHA_insured_loan#Mortgage_insu...
Uh did you think that through?
> Are the banks dumb? If they leave you're never going to recoup the balance.
Maybe you believe someone will pack a house into a suitcase when they leave or that foreclosure isn't a thing.
From a capitalist perspective, encouraging guest workers to take on fixed collateralized debt is an excellent anchor to reduce turnover, in addition to holding their workers' visas hostage and nudging them to start families. The result is cheaper, compliant workers who won't unionize, strike, or complain about abuse. As long as it's kept secret and doesn't make it to social media or the legacy news. It's similar to students loans and personal debt in that way because it keeps people tethered to a job they might hate.
Further action needs to be taken against that. Personally I think offshoring is a far worse problem for workers than H1-Bs, but a harder one to solve.
H1-Bs should be limited to people significantly better than average, and some innovative regulation needs to be concocted to discourage and punish offshoring.
Yes, it's complicated. Arguably, when foreigners buy American made software eg, Microsoft products, they are offshoring software development to America.
So... if you start limiting software "imports" aka offshoring, other countries will do the same. So Microsoft will sell a lot less.
1. You don't really have to target software "imports," especially since software is only part of the offshoring problem. It makes more sense to go directly after certain kinds of employment and labor contracting agreements.
2. Also, you really only have to target India and you solve most of the problem.
rurban•3mo ago
lttlrck•3mo ago
I bought a house while on H1B in 2014.
If the climate was like it is now back then, I would have waited for my GC or, for everything to calm down.
But I wouldn't have left...
Edit: BTW it was far far from a low-risk venture in 2014.
15155•3mo ago
How awful that I'll never have to field another recruiting call asking about my 25 years of React experience.
DaveZale•3mo ago
isodev•3mo ago
Yeah, the talent shaped over many years by experience brought to you from near and far.
The question is, can your talent remain competitive and can you make new one?
palmotea•3mo ago
I've worked with tons of H1-Bs: their talent distribution isn't any better than native-born Americans and companies aren't any more selective when hiring them. Also, almost all of them were US-educated.
DaveZale•3mo ago
moribvndvs•3mo ago
yahoozoo•3mo ago
rayiner•3mo ago
lesuorac•3mo ago
bryanlarsen•3mo ago
oa335•3mo ago
Where did you get this statistic?
chairmansteve•3mo ago
hollerith•3mo ago