Interesting admission from Countrywide regarding those claims of working to modify loans for homeowners. From MSNBC:
In marketing, advertising and testimony before Congress, Countrywide Home Loans has said repeatedly that it is working hard to modify the mortgages of financially strapped borrowers caught up in the subprime meltdown. But in a New Hampshire court, attorneys for the lending giant are singing a different tune, describing such assurances as â€œmere commercial puffery.â€
Saying the modification offers are â€œonly Countrywideâ€™s vague advertisements,â€ attorneys for the lender are asking the court to throw out a lawsuit alleging breach of good faith, fraud, negligence and misrepresentation, which was filed on behalf of a family that was refused a loan modification by the California-based company.
Candor is much need these days.