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?
Pretty bad.
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.
From MSNBC.com:
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
The only way that Countrywide could be considered responsible is in the way you describe above – responsible for a large portion of the mortgage crisis. Sadly, their marketing seems slightly less irresponsible than their operations and business practices.
This does bring up an interesting point – when I see less-than-ethical marketing, I tend to assume that the company is less-than-ethical in their other business practices as well. Sadly, I don’t necessarily make the converse assumption when I see responsible marketing – although I do tend to give those companies the benefit of the doubt.
Why use a Your Local Finance mortgage broker? When you commit to a mortgage, you want to be sure you’re getting the best deal. But with so many banks and non-bank lenders offering home loan products, the task of choosing which product best suits your needs becomes a difficult one.
————————–
Dx
i love this blog.. thanks for sharing..