Laurie
Haslet,#2Consumer Comment
Fri, March 20, 2009
IT WAS IN THE NEWS - they called the Loan Modifications commercials "PUFFERY" I read the news report on MSNBC back in January http://www.msnbc.msn.com/id/28645505/ I added the link to the news article - if ROR removes it just go to MSNBC and search on Commercial Puffery Excerpt from article 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.
Laurie
Haslet,#3Consumer Comment
Fri, March 20, 2009
IT WAS IN THE NEWS - they called the Loan Modifications commercials "PUFFERY" I read the news report on MSNBC back in January http://www.msnbc.msn.com/id/28645505/ I added the link to the news article - if ROR removes it just go to MSNBC and search on Commercial Puffery Excerpt from article 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.
Laurie
Haslet,#4Consumer Comment
Fri, March 20, 2009
IT WAS IN THE NEWS - they called the Loan Modifications commercials "PUFFERY" I read the news report on MSNBC back in January http://www.msnbc.msn.com/id/28645505/ I added the link to the news article - if ROR removes it just go to MSNBC and search on Commercial Puffery Excerpt from article 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.
Jennifer
Great Mills,#5Consumer Comment
Fri, March 20, 2009
I was basically tricked into my Neg-Am loan. My representative told me that I was getting an interest only loan. My principal balance never was supposed to go up and my payments would be at a ridiculous low amount. I thought this was perfect because I didnt plan on staying in the house for more than 5 years, and figured my house would continue to appreciate (we all know what happened with that). I didn't realize that I was in a neg-am loan until I really took a look at my statement. I had increased the principal on my house by over $15,000. This while my home price was now decreasing. Now I am upside down on my house. I have not tried to work with Countrywide to fix this because I am waiting for Bank of America to take over so they can help me get into a more stable loan. Right now I am paying the higher payment options in order to at least keep the principal balance at the level it is at, or even try to lower it. My advice is to wait for Bank of America to try to help. There are other organizations you can call but I don't have their information. If I find it, I will post the information.