They're Bad, They're Countrywide
"Puffery," that's what Countrywide Home Loans, Inc. calls its advertisement claiming that they want to assist their customers in modifying their unaffordable mortgages. Most people are probably more familiar with puffery's synonym that begins with "bull" and ends with "shit".
Per this article at msnbc.com, Countrywide used the defense of puffery to a lawsuit by couple lost their house despite being strung along for months by Countrywide as they went through the loan modification process. The couple claimed Countrywide's advertisement was a promise to negotiate a modification in good faith. By claiming the puffery defense, Countrywide is in essence saying, "Yeah, I know we said it, but we were just kidding. We didn't think anybody would take us seriously."
Just yesterday, I blogged on the subject that loan modifications are not nearly as available as the lenders claim, and when they are available, they rarely make sense for the borrowers.
As a service to my 2 or 3 readers, I am embedding a link to a video to help you recognize puffery when you see it. Go buy the dvd so the Krofft people don't sick Witcheepoo on me.
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