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.”

Simply breathtaking. You would think Countrywide would make amends on the one loan this lawsuit centered around, if only to avoid the horrible PR exposure. But apparently no -- the Countrywide/Bank of America machine is just too mortified of giving any ground on loan modifications. Even to increase staff sufficent to demand would be armageddon for them, as they cannot afford to increase their fixed costs right now. It is already death by 1000 cuts for them, as we predicted when the merger was first announced.

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