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Countrywide admits to faking interest in modifications

By Cathy Moran

Defending a lawsuit claiming it engaged in fraud and misrepresentation when it strung borrowers along with the promise of a loan modification, Countrywide asserted that its ads promising help with loan modification was just puffery.

It’s a startling admission from a mortgage lender already in the glare for its lending practices.  But, hey, we can give them points for honesty:   in my experience,  the lender community has no real commitment to loan modifications unless the promise gets the feds out of its face and the spotlight directed elsewhere.

Personally, I’m pulling out the consent judgment against Countrywide and figuring out what they’ve agreed to in court, and counting the days til we get   legislation providing for modifications of loans from every lender.

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About Cathy Moran

I'm a veteran bankruptcy lawyer and consumer advocate in California's Silicon Valley. I write, teach, and speak in the hopes of expanding understanding of how bankruptcy can make life better in a family's future.

Bankruptcy Basics

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You’ve arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said “try”).

Here, I allow myself to tell stories and express strong opinions. We dig deeper into how to consider bankruptcy and navigate a bankruptcy case.

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Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

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