Marketing is about persuasion, so occasionally marketers stretch the truth.
But how bad is a company when it mocks it’s own advertising in a court of law?
Countrywide Home Loans is no stranger to litigation and is considered by some to be among those lenders most responsible for the mortgage crisis.
Maybe it should come as no surprise when then they call their own advertising “mere commercial puffery.”
Loan modifications have been marketed throughout the industry as homeowners sold irresponsible adjustable rate mortgages scramble to find a way to avoid foreclosure and pay their ballooning mortgage payments. Countrywide’s current modification offers say “We can help you,” while they pursue foreclosures against customers seeking just that.
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.
For that, Countrywide Home Loans, you deserve a spot in the Responsible Marketing Hall of Shame.
What do you think of Countrywide’s marketing practices?
Image: Minnesota Public Radio