$25 Billion Settlement Reached in Mortgage Abuse Cases — $17 Billion to Go for Reduced Loans
- Posted on February 9, 2012 at 11:02am by
Becket Adams
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AP
WASHINGTON (AP/The Blaze) — Federal officials say the five largest mortgage lenders have reached a $25 billion settlement with 49 states over foreclosure abuses that took place after the housing bubble burst. They will have three years to fulfill the terms of the landmark deal announced Thursday.
About $1.5 billion of the settlement will to go homeowners who had their homes foreclosed upon, which will come to about $2,000 per homeowner, according to CNN Money.
The deal also ends a separate investigation into Bank of America and Countrywide for inflating appraisals of loans from 2003 through most of 2009. Bank of America will pay $1 billion to settle that federal probe.
Oklahoma is the lone holdout and will receive no money.
The Justice Department made the announcement at a 10 a.m. EST news conference.
Five major banks – Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial – will pay roughly $26 billion to reimburse American homeowners and overhaul their industry.
Many companies that process foreclosures failed to verify documents. Some employees signed papers they hadn’t read or used fake signatures to speed foreclosures – an action known as robo-signing.
The deal would be the biggest involving a single industry since a 1998 multistate tobacco deal. It will force the five mortgage lenders to reduce loans for about 1 million households. The reduced loans will theoretically benefit homeowners who are behind on their payments and owe more than their homes are worth.
The banks and U.S. state attorneys general agreed to the deal late Wednesday after 16 months of contentious negotiations.
New York and California came on board late Wednesday, according to a person close to the negotiations. The source was not authorized to disclose the agreement before Thursday’s announcement.
California has more than 2 million “underwater” borrowers, whose homes are worth less than their mortgages. New York has some 118,000 homeowners who are underwater.
The settlement ends a painful chapter that emerged from the financial crisis, when home values sank and millions edged toward foreclosure. In addition to the payments and mortgage write-downs, the deal promises to reshape long-standing mortgage lending guidelines. It will make it easier for those at risk of foreclosure to make their payments and keep their homes.
Those who lost their homes to foreclosure are unlikely to get their homes back or benefit much financially from the settlement.
The settlement will apply only to privately held mortgages issued from 2008 through 2011. Banks own about half of all U.S. mortgages – roughly 30 million loans.
Some critics say the proposed deal doesn’t go far enough. They have argued for a thorough investigation of potentially illegal foreclosure practices before a settlement is hammered out.
Under the deal:
- $17 billion will go toward reducing the principal that struggling homeowners owe on their mortgages
- $5 billion will be placed in a reserve account for various state and federal programs; a portion of that money will cover the $1,800 checks sent to those homeowners affected by the deceptive practices
- About $3 billion will help homeowners refinance at 5.25 percent
Update — CNN video added:
The Associated Press contributed to this report.
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Comments (104)
garbagecanlogic
Posted on February 9, 2012 at 1:22pmAnother screw the taxpayer handout by obama.
Pray For Obama. Psalm 109:8
The U.S. Out Of The U.N.
Report Post »The U.N. Out Of The U.S.
Detroit paperboy
Posted on February 9, 2012 at 2:57pm@garbagecan
Report Post »Oh, im prayin for him alright……
WILFREDFROMSUNCITYFL
Posted on February 9, 2012 at 1:15pmJust stay home and collect a government check. Why work? I’m not quitting my job, but it makes you wonder sometimes.
When will Atlas shrug for real? When? Where is John Galt?
Report Post »Truthnaccountability
Posted on February 9, 2012 at 1:40pmAnd who will this public veneer not help? If you gave had a delinquent payment in the last 12 mos you do not qualify. If you made all your mortgage payments in the last 12 mos on time, but in the previous 12 mos had 1 late payment, you don’t qualify! The very public gov. investigation of the banking industry stops. Mortgage industry liability is capped. And our citizens get reamed. Why have we not heard anything about restoring A.R.M.s to initial rates or a moritorium on A.R.M. rates increasing. Before we refinanced at a fixed rate, our A.R.M. adjusted increasing our monthly payment by $400! Is it any wonder so many people suddenly found their ‘affordable’ mortgage payment unattainable!
Report Post »last frontier
Posted on February 9, 2012 at 3:36pmDon’t quit! because if your not a liberal or a minority these safety nets will not apply to you, they will tell you get get off your lazyass and go get a job. They know somebody has to pull the welfare kart around.
Report Post »jagr1850
Posted on February 9, 2012 at 1:05pmthe village idiots were gambling when using the easy mortgage money to buy homes and bet they would go up in value for no known reason…….do not bail them out , they were gambling not buying houses…wtf
Report Post »doomytram
Posted on February 9, 2012 at 1:27pmSo I pay my mortgage on time, but if I say I’m going to vote for Obama (which I wouldn’t do) would I get two thousand dollars? I this is a Chicago shakedown.and this is the reparations that Sharpton and Jackson called for in an Obama 1st term. The problem with this is that they will give a small reparation, say $2000 to those non black foreclosure victims. However, those black victims of foreclosure will somehow get the $20,000 in reparations. This is what it is about….nobody was tricked into buying the house…. The Fat Cat banks were duped into paying for the slave reparations. The banks will pass the $25 billion down to the middle class no foreclosure victims. Up is down and the victims are those that didn’t pay their mortgages.
Report Post »omgfolks
Posted on February 9, 2012 at 12:51pmYou have got to be kidding me. Well I can see the banks got over, the lawyers got fat checks, and as usual the viticms get screwed. There is not punishement in this settlement, it is just the banks paying off those who can make it go away. If this were a citizen as appossed to a corp. the citizen would be in jail for life( just ask Bernie) BUT since it has to do with corp/banks they buy off what SHOULD BE A COMPLETE AND TOTAL REFUND AND THEN ASSESS DAMAGES. That is how this should have played out. But alas we are of no concern, only those fat cats who just got fatter matter. $2000. for the loss of a home, WOW! What a disgrace…. Who got protected here???? Certainly not those that mattered. This is an utter SHAM and a REALISTIC REASON as to why THE PEOPLE DO NOT TRUST. The double standard NEEDS TO END. PUT THESE CEO’s and MANAGERS IN JAIL. Punk AZZ Desicion made on this so called settlement.
Report Post »BSdetector
Posted on February 9, 2012 at 2:45pmThe ceos and managers that held a gun to peoples heads and forced them to buy a house they couldn’t afford?
Or do you mean Baaawnee Fwank and his cronies who enacted laws telling banks to give mortgages to people who couldn’t afford them…. OR ELSE.
Sorry bud, a fool and his money are soon parted. Good thing we have Oloser and his crowd preying on the fools while blaming others. You should vote for them all again. And again. Aaaand again.
Report Post »Don’t worry, I know you will…
the3Ds
Posted on February 9, 2012 at 12:50pm“About $3 billion will help homeowners refinance at 5.25 percent”
News flash…when you’re $200K+ underwater on your home, refinacing from 7% to 5.25% isn’t going to make a difference.
Report Post »MTNative
Posted on February 9, 2012 at 4:01pmIt makes a difference if you plan on keeping the house. It won’t help those who are trying to flip it. On a $200k loan at 7.5% you have a monthly payment of $1710, at 5.25% this is reduced to $1417. For the honest people who aren’t just going to walk away this is a little bit of relief. It certainly won’t help those who are still trying to flip that condo they bought.
Report Post »ajentoranje
Posted on February 10, 2012 at 11:13amThese are for loans after 2008…. no one has a loan for 7%. Rates have been under 4.5% since 2008.
Report Post »the3Ds
Posted on February 9, 2012 at 12:48pmThe people who were actually “victims” won’t be helped. And the housing crisis won‘t be solved by aiding the miniscule numbers of homeowner’s who were part of this “robosigning” process.
Those who flipped houses, those who took out home equity loans on a home that they could afford and now have a house they are about to lose, those who bought homes they couldn’t afford are the ones who are being told that they are “victims”.
The Obama administration will host a news conference to announce that they are going to “stick it to the evil banks” “while saving the poor (witless) homeowners” when in fact, the only people who are going to be punished are those of us who do business at the banks because they are only going to pass on their fines to the consumers.
Report Post »Joe_
Posted on February 9, 2012 at 12:47pmOkay, now they have a lottery on who gets the help. I’m sure the money will flow to the blue states. I’d like to know, when the housing market recovers and home values begin to climb again, who gets the equity on the sale?
So when my neighborhood goes to crap……and my home loses value, can I request to have my loan re-written for the loss??
Report Post »2smart
Posted on February 9, 2012 at 12:44pmIt’s just another page in the continuing saga of “As the United States Turns Socialist”. Watch as the arrogant politicians devise and scheme interesting and sometimes downright sleezy ways of furthering there political careers. Sit and be mesmerized while liberal millionaires preach how there secrataries are taxed more than the millionaire and the masses should be paying more willingly. Stiffen on the edges of your seat as you witness a large group claiming to represent the masses shouting a litany of revolving complaints with no pattern or intelligence, demanding that the corporate world coddle them with very rewarding solutions. How much are you willing to pay or lose before you stand up and shout “Enough” and work to unseat the liberal left politicians?
Report Post »desertspeaks
Posted on February 9, 2012 at 12:41pmSo lets see what happened here, the DOJ just forgave FRAUD on the parts of the mortgage mills which created the liar loans, the banks, the appraisers and many of the borrowers.
Report Post »Who commits the bigger fraud? the banks? the mortgage mills? the appraisers, the borrowers OR THE DOJ?
omgfolks
Posted on February 9, 2012 at 12:58pmTHe Department of IN-Justice does not go after real crooks like the banks, they are afraid of them, they lay down to what ever they say… The way the money is earmarked nothing will happen. It will absorbed up in fees and in salaries, bonuses and business travel expenses, does anyone actually think the Department of Justice HAD JUSTICE IN MIND when the accepted this??? All this represent is a sham pay off. 17 billion going to lower the gap on the Mortgage who do you think is going to get that money???THE BANKS, so if you take out what they will get back, your left with just over 8 billion to work with. OUT OF A 500 BIILLION PROBLEM. Damn near 1%, how strange is that?
Report Post »MCDAVE
Posted on February 9, 2012 at 7:27pmNot many people understand that banks sold and resold these high risk loans each bank taking a percentage of presumed future profits,had AIG insure them as triple A Credit risks; packaged them up into mortgage investment opportunities.. Then Unloaded them on unsuspecting investors all over the world Who were looking for a low risk investment in US mortgages…This Theft BY the banks of the assumed future profits is what really caused the housing collapse
Report Post »lukerw
Posted on February 9, 2012 at 12:38pmSo… the Feds threaten Banks, in order to make them Create the Loans, with Freddy & Fanny… then the States sue the Banks!
Gangster Politics!
Report Post »charjan
Posted on February 9, 2012 at 12:35pm“Zero” was in the unique position three years ago to fix the housing crisis. He chose to bail out the rich companies instead. Had the initial bank bailout money been given to allow upside down mortgages to be modified to the present values, housing today would not be a problem. There would be employment for carpenters, etc as the housing market would be robust. He missed his unique opportunity to do the citizens of this country a real benefit. He had everything in his power to do so, but he’s NO friend of the average citizen. He is all about keeping support from the money sources.
Report Post »This present plan he is proposing is worthless. It is a ruse to gain political favor for reelection. A $2000 check will do little for the underwater homeowner. Nor will a $20000 dollar mortgage readjustment do any good. The loss of home value is vastly larger than twenty thousand leaving the homeowner remaining upside down. How much will that reduce the monthly mortgage pmts? What does this do for the person who is still making their mortgage payments for property values far less than the amount they are pay off? Where is “fair” in this? Suck it up! To those that have been given much, much is required….”
RodT82721
Posted on February 9, 2012 at 12:12pmWell another big victory for Barry! Another big plan to buy a few votes from victims.
He is going to make the banks pay someone some money! We don’t know who yet, but you can be sure this newest ‘help’ will cost people that didn’t screw anyone out of anything the money that finally reaches one of those home buyers that were fooled (pulled kicking and screaming I’m sure) into signing onto the dotted line, for a mortgage they knew they could never pay off, for a home that was priced at the peak of the market!
It seems that this windfall is just for borrowers that are 6 months current on payments. That means still employed and still paying on the mortgage. Their bad decisions will have to be paid by Bank customers now, that’s the Barry’s way. It’s like that little fee Barry attached to any new home mortgages to let home owners pay for all that payroll tax he’s giving to his voters.
But all those Fannie & Freddie mortgages are not part of the deal! They are government property now, and Barry isn’t about to lower anyone’s principle for one of his mortgages. That would be money out of his travel fund.
Report Post »13th Imam
Posted on February 9, 2012 at 12:08pmHow much will go to THE TRIAL LAWYERS? What will be the bloodsuckers cut?? Then how much will be donated to BARRY”S Screw America Four More Years reelection tour??
Report Post »Gan Gan
Posted on February 9, 2012 at 11:58amThis is just another way for marxist obama to redistribute the wealth. Obama is out to get everything you have including your IRA, 401K and your private property. Open your eyes and you will see.
Report Post »BlackCrow
Posted on February 9, 2012 at 11:48amThe next shoe? The one you are not hearing about? What is going to happen in the next year or so in the commercial real estate market is going to make the bloodbath in the residential market look like a shaving nick.
Commercial loans typically are five year notes, twenty percent down, interest only with a balloon payment at the end of five years. Now the peak of the market was 2007 with a subsequent loss of between 30 and 50 % of value.
So? Well when those loans come up for re-finance this year the owners will have to come up with large down payments to cover the devaluation of those properties or they will not be able to re-finance. The occupancy rates on these office buildings and strip malls are low, rents are low and cash flows are in a lot of cases negative. The result will be many of the developers will simply go bankrupt and let the banks take the properties back.
The banks will be stuck with billions of non-performing commercial properties on their books and unlike Fanny and Freddie there is no government agency to backstop that paper. The banks WILL fail, the FDIC will have to cover depositors with newly printed money. Bank runs, deflation in some sectors, hyperinflation in others, and a government run by community organizers attempting to manage the meltdown in the middle of an election.
Need an excuse to declare a dictatorship?
Report Post »13th Imam
Posted on February 9, 2012 at 12:15pmCountry folk that know how to survive will live. The soft City folk will eat each other first, then try to take the country folk out. They will fail because the Country folk are well armed.
Report Post »paulsavage1
Posted on February 9, 2012 at 11:32amIn a mortgage abuse settlement this seems like a pretty key phrase, “Those who lost their homes to foreclosure are unlikely to get their homes back or benefit much financially from the settlement.”
So after great fanfare, the folks who lost everything 1st, got no help or sympathy then and now once again get shafted fully and completely. Sounds cookoo to me
Report Post »Ruler4You
Posted on February 9, 2012 at 11:46amNone of this c r a p is designed to help any one except the mortgage holders. If you are helped in the process, it was just an anecdotal occurrence. I’ve “been through it” and it helps no person. It only helps the mortgage institution or bank.
Report Post »3monkeysmomma
Posted on February 9, 2012 at 11:46amIn 2010, when I was losing my home, all I got from Obama’s HAMP program was the run-around. When we were unemployed, we didn’t make enough money, once we got jobs we made to much money, and they lost our paperwork almost everytime went sent it in but we weren‘t allowed to follow up for thirty days so they could tell us we had to fillout the big package of forms all over again because the one we sent it 30 days ago were out of date and couldn’t be reused!
IT WAS INFRURIATING!
I don’t hold out any hope this is going to do squat for me or my family. I just wonder what it will cost me.
Report Post »gpk
Posted on February 9, 2012 at 11:30amIt’s all smoke & mirrors. Keep your powder dry.
Report Post »2theADDLED
Posted on February 9, 2012 at 12:26pmAnd watch the banking fee’s rise.
Report Post »neverending
Posted on February 9, 2012 at 11:27amJust more bs – we not only have to pay for this disgusting stuff once but over and over again.
Report Post »doomytram
Posted on February 9, 2012 at 12:54pmLet me this get this straight only Obamites get the mortgage payout, and those citizens of the U.S.A that are struggling to pay their mortgages but do pay get nothing?
With Obama’s logic in mind, everyone should quit their jobs get welfare, food stamps, free cell phone, free heating bills assistence, free Obama money for being late of their mortgages, free snap stamps, free fat cat banker money, free voting cards with no ID. Free stamps, Free Internet, Free Radio, Free TV, Free Car, Free Job.
Am I about right, or haven’t I forgotten sumpin? Free Eric Holder attorney representation too.
Report Post »fidel1234
Posted on February 9, 2012 at 11:24amGood point,this is one reason why this country is in the toilet,I am sick of the incompetent,lazy,no accountability people who make bad decisions constantly get rewarded with my tax dollars,your right this is B.S. unfortunately us that play by the rules and pay taxes are a minority with not much say.
Report Post »Anonymous T. Irrelevant
Posted on February 9, 2012 at 12:01pmWe, who pay our bills, weren’t so stupid as to buy a house we could not afford, are sick of paying for the idiots who did and are now being bailed out, AGAIN. If we didn’t have to work, every day,
Report Post »This just sounds like more re-distribution of the wealth to those who didn’t earn it.
broker0101
Posted on February 9, 2012 at 11:19amLet’s engage our brains (such as they are in many cases here), shall we, and think this story through.
Report Post »1) The Federal government forces five US banks to pay $25 billion as “penance” for “greedy” business behavior.
2) The Federal government (Obama) takes full credit for doling out the largess to “Help Out The Little Guy”.
3) The five banks, who are beholden to their shareholders to create and increase profits, recoup that $25 billion by increasing fees and costs to their customers (i.e. The Little Guy).
4) Pawns of the Federal government (i.e. The Occupy Movement) shriek in protest that the Evil Banks are again engaging in “Greedy” business practices by raising fees on customers.
5) The Federal Government, with Indignant Rage, then insists that the five Greedy banks make MORE restitution to the Federal Government, so that it can benevolently pass on the largess to the victimized “Little Guy”.
6) Lather, Rinse, Repeat.
Steelhead
Posted on February 9, 2012 at 11:25amand the little guy is shrinking just like the bar of soap every time it gets used
Report Post »fidel1234
Posted on February 9, 2012 at 11:27amHow are we getting helped when the prime rate is next to nothing,but the banks still charge over 20 percent for interest,sounds like they helped the profit margins of the banks,then they can go out and leverage their assets 50 times more than they are worth and when they make bad decisions,us the taxpayer have to bail them out,this is B.S.
Report Post »broker0101
Posted on February 9, 2012 at 11:28amUntil the Banks (and everyone else, for that matter) tells the Federal Government to go Screw, it is we who are Screwed.
Report Post »broker0101
Posted on February 9, 2012 at 11:31amFIDEL (say no more), if you are paying a bank 20% interest (hell, if you’re paying a bank 8% interest), then you are a deadbeat fool. Which should have gone without saying.
Report Post »Gonzo
Posted on February 9, 2012 at 11:35amI’m glad you are so impressed with yourself Broker because not many others are. Perhaps you should spend more on your yuppie car, that will raise everyone’s opinion of you.
Report Post »broker0101
Posted on February 9, 2012 at 11:36amOh, and FIDEL, you ignoramus, the current “Prime Rate” is 3.25%, nowhere near zero. (The Fed Funds rate is basically zero)
Report Post »cessna152
Posted on February 9, 2012 at 11:53amFidel,
Report Post »Are you forced to use the banks? BTW, guess what caused to HIGH rates? You… yes you did with your support of progressive ideologies. It’s “spread the wealth” using the credit card companies. The government says the credit card companies need to give credit to the “poor” or else. So when they don’t pay, guess who does? Yes, you and me… the honest hard working morons.
AvengerK
Posted on February 9, 2012 at 6:20pmBROKER’S on the right track. Dodd/Frank puts the thumbscrews in the financials while still not addressing the the problem that got us here….dangerously low lending standards. Dodd/Frank allows the FHA (Federal Housing Authority) to loan with only 3.5% down. This is no where enough to maintain safe liqudity. But it does fit nicely into the liberal idiocy “affordable housing”. BROKER is right…the cost will be offset to the consumer. Am I saying no questionable practices take place at lenders sometimes? Of course not. But I’m saying the room for abuse has not been addressed by Obama and his democrat allies in congress. The bad paper is still on the books, it hasn’t left. The unqualified borrowers are still out there and this shake down (this is all this is) doesn’t fix anything.
Report Post »Mamma Bear
Posted on February 9, 2012 at 11:17amActually think this is disgusting. These homeowners are not victims. These “borrowers” were not Fannie or Freddie borrowers – so that means they did stated income loans (and lied) or had such bad credit that they didn’t qualify for the loans. I am not a big fan of these big box banks and the stupid moves they made getting in bed with the Obama adminstration, but in this case they are actully the victims. And in turn the American people will be the victim in the form of higher mortgage costs or not being able to get a mortgage all together. Bank of America has stopped purchasing a ton of mortgages and they are just the first to go. Everyone thinks that Fannie and Freddie need to be dismantled but what or who will be able to take it’s place. The monster has already grown to big and there is no way to take it down without serious effects. And what about Contract Law – they agreed to pay that price for the home and now it is worth less. How is this the bank’s fault? What about the poor folks that paid cash for their homes, should they get a refund check also. We have all lost our minds.
Report Post »seeker9
Posted on February 9, 2012 at 11:17amIf you want more of something, incentivize it. If you want less of something, tax it. Wonder where we are headed?
Report Post »cemerius
Posted on February 9, 2012 at 11:11amHmmm I have lost thousands in my home value but, I PAY my bills? Does this mean only the idiots that couldn’t afford their payments cause of variable rate loans get a FREE PASS? Or will I be seeing a check that will help me to renegotiate a lower interest rate? Once again this 53%’r feels like a loser……..
Report Post »Gonzo
Posted on February 9, 2012 at 11:13amThe only thing we get is next months mortgage bill…and that’s fine with me.
Report Post »west1890
Posted on February 9, 2012 at 11:32amGood luck- You, like me, get nothing but a warm, fuzzy glow knowing that people who borrowed more than they could afford to pay back will be getting a helping hand from Uncle Sam because they “were taken advantage of.” The nicest thing I can say is that it’s BS.
Report Post »hauschild
Posted on February 9, 2012 at 11:09amThis is all a sham when you stop to consider this entire mortgage meltdown was caused by progressive politicians “tinkering” with the market.
Report Post »Apple Bite
Posted on February 9, 2012 at 11:59amI don’t know about your home mortgage situations, but I know enough about my own and experienced first hand how ruthless Wells Fargo will be when you begin to struggle. I have a home that I was fully capable of affording while employed. When I lost my job through lay offs, Wells Fargo basically didn’t care what my situation was, they wanted their money. There was very little I could do to work things out. Finally after 13 months, I gave them the 1st Time Home Owners check to keep from losing the house. But now I’m forced by the IRS to stay in this house for 3 years or owe them $8,000.00 for the check I received.
I’m not giving them a red damn penny of that 8k.
I’m not asking for a hand out with this house, never have. In fact, all I wanted to do was work out a better situation, seeing as how I no longer make what I once did prior, so I could continue taking care of this place, which is worth a lot less than the mortgage itself. A 30 yr old house that was abused by a prior owner (a story in itself…) shouldn’t be worth more than 115k. But many homes on the market are and it’s practically out of greed that they cost so much. Don’t talk to me about interest in living here, this place was on the market for 18 months before my Ex demanded we bought it. Now with her out of my life, I‘m stuck dealing with it while she’s living it up who knows where.
But it’s my responsibility…
Report Post »hauschild
Posted on February 9, 2012 at 1:11pmYer preachin’ to the choir, and you’re deflecting responsibility. You signed a contract – it’s as simple as that.
I lost a job also, had my house appraisal drop from 360k to 225k, had to move out after 3 months because there was no way to afford the payments; and rented it, and am still renting it, and have moved clear across the country.
Why have I done such a silly thing like keeping my house? I have no idea, but letting it go was not an option. I‘d say I’m close to being even on it right now, but consider I have well over 100k (after tax dollars, mind you) invested (still paying on an a home equity loan). I can’t even get the house re-financed at a lower rate, because I am no longer living in it, not to mention I don’t own 20% of it after the collapse. If I would have stayed and fell behind in my payments, then I could have worked something out – something inherently wrong about that, isn’t there?
I think one lesson to be learned is that life isn’t fair and when you try to make it fair, you end up hurting people more. I think another lesson to be learned is that if you’re gonna be a dirt bag, you might as well aim seriously low, because you will be rewarded for it in some capacity.
Report Post »Gonzo
Posted on February 9, 2012 at 11:08am“California has more than 2 million “underwater” borrowers, whose homes are worth less than their mortgages.”
Report Post »If you get a car loan for a $40K vehicle and put 50K miles on it, it’s worth less than the loan value. Can we all renegotiate our car loans now?
broker0101
Posted on February 9, 2012 at 11:21amActually, you can. In fact, I just did with my wife’s BMW. Saved us a bundle. In your case, though, I‘m sure it’s better to just do nothing and complain.
Report Post »Gonzo
Posted on February 9, 2012 at 11:29amI don’t lease I buy and mine is paid for. BMW, do those come with turn signals? I’ve never seen them used.
Report Post »fidel1234
Posted on February 9, 2012 at 11:29amGuy’s crazy the only way you can negotiate a car down is through bankruptcy f–o–ol, don’t act you are smarter than anyone.
Report Post »13th Imam
Posted on February 9, 2012 at 2:25pmTelling your mother ,who financed your car, that you are not going to pay what you agreed to , doesn’t count as restructuring a loan.
Report Post »His_Way
Posted on February 10, 2012 at 2:07amBroker, I just wonder why you wife puts up with you.
Report Post »