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 “mere commercial puffery.”
Saying the modification offers are “only Countrywide’s vague advertisements,” 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.
Our friend Super Fly translates:
“Mere commercial puffery” … “We’re just outright liars and evil like every other bank out there. We lie to you and we certainly lie to the government so we can get loans that we describe as temp financing but really we’re insolvent and hopefully if we get in deep enough the government wouldn’t dare let us fail. This strategy is so good, I’m pleased to see the auto industry taking a page from the play book too.”