No. 2 Bank (JPMorgan Chase) Overcharged Troops On Mortgages - MSNBC

[WillyT]

No. 2 bank overcharged troops on mortgages
NBC News exclusive: JPMorgan Chase also improperly foreclosed on homes
By Lisa Myers and Sarah Heidarpour - NBC News
updated 1/17/2011 8:12:27 AM ET

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One of the nation's biggest banks — JP Morgan Chase — admits it has overcharged several thousand military families for their mortgages, including families of troops fighting in Afghanistan. The bank also tells NBC News that it improperly foreclosed on more than a dozen military families.

The admissions are an outgrowth of a lawsuit filed by Marine Capt. Jonathan Rowles. Rowles is the backseat pilot of an F/A 18 Delta fighter jet and has served the nation as a Marine for five years. He and his wife, Julia, say they’ve been battling Chase almost that long.

The dispute apparently caused the bank to review its handling of all mortgages involving active-duty military personnel. Under a law known as the Servicemembers Civil Relief Act (SCRA), active-duty troops generally get their mortgage interest rates lowered to 6 percent and are protected from foreclosure. Chase now appears to have repeatedly violated that law, which is designed to protect troops and their families from financial stress while they’re in harm's way.

A Chase official told NBC News that some 4,000 troops may have been overcharged. What’s more, the bank discovered it improperly foreclosed on the homes of 14 military families.

“We are deeply appreciative of those who fight to protect our country and Chase funds a number of programs that provide benefits to military personnel and veterans, and while any customer mistake is regrettable, we feel particularly badly about the mistakes we made here,” Chase chief communications officer Kristin Lemkau said in a statement to NBC News.

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More: http://www.msnbc.msn.com/id/41043127/ns/business-real_estate/

:kick:

[dixiegrrrrl]

1. I pray for the day that bank crumbles under its evil karma.

edited for lack of caffeine.

[bluedigger]

2. It's time to shut these criminal organizations down.

They add nothing to society.