JPMorgan Chase Agrees to Pay Troops for Mortgage Interest Overcharging, give back homes

[The Straight Story]

JPMorgan Chase Agrees to Pay Troops for Mortgage Interest Overcharging

Americans serving their country in the armed forces are supposed to catch a break from banks when it comes to mortgage rates. But JPMorgan Chase somehow lost sight of this federal requirement, and not only overcharged thousands of military personnel and their families, but also foreclosed on some and kicked them out of their homes.

Bank officials have admitted their error, and begun mailing out $2 million in refund checks to active-duty personnel who were told to pay more than 6% interest on their home loans (the maximum allowed under the Servicemembers Civil Relief Act).

JPMorgan only realized its “mistake” after Captain Jonathan Rowles of the U.S. Marines sued the bank for improperly charging his family too much on their mortgage. The bank committed the same mistake with as many as 4,000 troops, including some fighting in Afghanistan, and improperly foreclosed on the homes of 14 military families.

Those who lost their homes will get them back, insist bank officials.

http://www.allgov.com/Top_Stories/ViewNews/JPMorgan_Chase_Agrees_to_Pay_Troops_for_Mortgage_Interest_Overcharging_110120

[hobbit709]

1. they should give them back free and clear.

[malaise]

2. It was not a mistake

It was policy. They broke the fucking law and should be punished.

[hobbit709]

3. It wasn't a mistake until they got caught.

Which is pretty much the way they do everything.

[upi402]

4. Yes

But the rule of law doesn't apply to the rich. Money flows one way, punishment the other - in the land of the free.

[malaise]

5. True

Ah well.

[tabatha]

6. Why does this company still exist?