Interesting Article on Countrywide

[Massguru]

Curious to what some of you think when you read this article about Countrywide's "new" It's Your Choice Mortgage Campaign. I love marketing departments. They always come up with a way to make something special out of something ordinary. I think this was my favorite quote ""Our new It's Your Choice initiative further distinguishes Countrywide when it comes to home loans," said Hanson."

When you look at the article and see they are making a BIG ta do about letting their borrowers know about no-cost loans (have you seen the tv advertising they are hitting this hard), combo, discount pts etc. Basically, the press release says they will let know you these options exist. Oh, they also did a survey and found out that "one size doesn't fit all", meaning that not everyone should have the same kind of mortgage. Does the word "DUH?" come to mind for any of you?

So, I'm wondering...what did they do before if they were not telling people about these very standard options. I'm pretty sure this doesn't "distiguish" them from any other lender, except it sounds like now they have caught up to what other professionals are doing...explaining the loan to the borrower instead of reading one of their scripts. Here's the article

http://money.cnn.com/news/newsfeeds/articles/prnewswire/LAM05623072007-1.htm

What do you all think about these BOGUS marketing programs?

[OregonLO]

They are trying to make themselves out to be the front runners on the market and continuously adapting to the conditions. Yes, us mortgage professionals laugh at it and we know that we all can do that but most normal people wouldn't and might be interested in calling them for this reason. Great marketing on their part. I wish I had millions to throw at advertising ;) haha

[Matthew-HTDI]

Normally, I would give the American Consumer the benefit of the doubt when it comes to the ablility to see beyond the "fluff" and read between the lines when it comes to finances and advertising... just plain common sense. But the mojority are so easily swayed as long as it's a familiar brand or name, and the advertising is convincing... they don't question anything! It's sad. I just saw an interesting documentary called "Maxed Out" a decent film if you want to feel smart... (the same reason I would watch Jerry Springer)

[Massguru]

Matt,
I completely agree with you and it's easy to agree with a guy that agrees with me on my posts, ha! I'm so tired of people saying that people are smart enough to know it's just advertising etc etc and you make a strong point about branch recognition, it goes a loooooong way. Bottom line, it's not that people are not smart enough, they are just too trusting of what they read and hear and DON'T QUESTION it! -Don

[Loangenius]

It's no wonder. Have you seen there latest posting for profits? They are DOWN 33% and not just on sub-prime their HELOC's and prime portfolio's are taking a hit too.

[carlel]

latelly they countrywide has bigger problems, they nearly filled for bankruptcy, then the fed rescued them.. maybe they'll learn something this time!