The Patriot Files Forums  

Go Back   The Patriot Files Forums > Active Duty > Active Duty Concerns

Post New Thread  Reply
Thread Tools Display Modes
Old 01-19-2011, 05:57 AM
Senior Member

Join Date: May 2002
Location: Ozarks
Posts: 4,632
Send a message via Yahoo to BLUEHAWK
Cool Bank mortgage apology

Bank apologizes for overcharging troops for mortgages

By Jeff Schogol Stars and Stripes
Published: January 18, 2011

WASHINGTON — JPMorgan Chase & Co. is repaying more than $2 million to about 4,000 military families who were overcharged for their mortgages.

The Servicemembers Civil Relief Act caps servicemembers’ interest payments at 6 percent while they are on active duty, according to Military One Source.

NBC News first reported on Monday that the bank had overcharged the families in violation of the SCRA. The bank also improperly foreclosed on the properties of 14 of the families. SCRA mandates that banks cannot arbitrarily foreclose on property owned by active-duty military personnel or those in the first nine months after leaving active duty.

JPMorgan Chase said those 14 properties have been or will be returned to the owners.

Marine Capt. Jonathan Rowles filed a lawsuit against JPMorgan Chase, claiming it charged him 9 percent interest on his mortgage and then continued to insist he owed the higher interest rate even after the bank re-set his rate at 6 percent, according to NBC. So far, Rowles has been refunded part of his money, a bank official told Stars and Stripes on Tuesday.

The refunds come after a review that the bank launched several months ago into home loans to troops, according to a statement from JPMorgan Chase. The bank now has a team dedicated to military families’ loans.

“We made mistakes here and we are fixing them,” the statement said. “There is no finer group of people than the men and women in the armed services who fight to protect our country every day.”

The Defense Department’s director of the Office of Legal Policy said it appears that JPMorgan Chase has recognized its mistakes and is trying to fix them. “Anyone in the military who thinks he or she has a problem with Chase should go see a local legal assistance attorney,” Army Col. Shawn Shumake said in an e-mail.

Military families who have questions about their JPMorgan Chase loan can call 1-877-469-0110.

Missouri State Coordinator
sendpm.gif Reply With Quote
Sponsored Links

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Similar Threads
Thread Thread Starter Forum Replies Last Post
No. 2 Bank Overcharged Troops on Mortgages - National Mortgage Professional Magazine The Patriot General 0 01-18-2011 05:24 AM
The Coming Mortgage Class War darrels joy Political Debate 8 11-16-2008 06:52 AM
Mortgage Prospects Dim for Illegal Immigrants darrels joy Political Debate 0 10-22-2008 09:01 AM
ACORN, Obama, and the Mortgage Mess darrels joy Political Debate 5 10-01-2008 09:35 AM
Mortgage lenders court illegal aliens David General Posts 2 07-09-2005 06:22 AM

All times are GMT -7. The time now is 02:34 AM.

Powered by vBulletin, Jelsoft Enterprises Ltd.