by Moe Bedard
The lawsuit said Countrywide misled customers by offering low “teaser” rates or no closing costs to induce borrowers into loans they couldn’t afford and without disclosing the risk, leading to rising delinquencies and foreclosures.
“(Countrywide’s) practices also have caused a decrease in home values and deterioration of neighborhoods throughout the country and including Tennessee,” the lawsuit [...]
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by Moe Bedard
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.”
“It’s breathtaking,” attorney Mary Frances Stewart of Concord, N.H., said of Countrywide’s response to the lawsuit she and co-counsel Krista Atwater filed in Merrimack County Superior Court. In its response, “Countrywide is saying, ‘We don’t have any obligation or even necessarily the intention of actually modifying these loans,’ and yet they’re representing that they do.”
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