Countrywide's Alleged Misstatements 'Puffery': Atty

Law360, Los Angeles (August 8, 2011, 7:10 PM EDT) -- An attorney for the former CEO of Countrywide Financial Corp. told a California federal judge on Monday that his client was protected from an investor's fraud lawsuit because misstatements about the quality of Countrywide's mortgages and loans before it collapsed in 2007 were “puffery.”

“Countrywide did not say we sell high-quality credit mortgages,” Daniel P. Lefler, who represents Anthony Mozilo, told U.S. District Judge Mariana R. Pfaelzer. “The company flat out said [its] goal was to originate every loan where there's an appetite for them in...
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