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No. 2 bank overcharged troops on mortgages (JP Morgan Chase)

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UrbScotty Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-17-11 05:59 PM
Original message
No. 2 bank overcharged troops on mortgages (JP Morgan Chase)
Source: MSNBC

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 theyve 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 theyre in harm's way.

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



Read more: http://today.msnbc.msn.com/id/41043127/ns/business-real_estate/
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MsLeopard Donating Member (717 posts) Send PM | Profile | Ignore Mon Jan-17-11 06:14 PM
Response to Original message
1. Off to the Greatest Page
Proud to be the 5th rec - kick for the truth getting out.
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mbperrin Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-17-11 06:30 PM
Response to Original message
2. Oh, no! A bank fucking over troops for dollars!
Whoda thunk?

These banks are on my list.
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UrbScotty Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-18-11 02:37 PM
Response to Reply #2
8. I know - that hasn't happened since 2011!
Edited on Tue Jan-18-11 02:37 PM by UrbScotty
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mbperrin Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-18-11 04:39 PM
Response to Reply #8
9. Right!
Right!
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sakabatou Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-17-11 07:10 PM
Response to Original message
3. Greed. It's evil.
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anamandujano Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-17-11 07:16 PM
Response to Original message
4. Chase fought for 5 years before admitting it?
Did it take them that long to review their files or do they sense they are about to be outed?
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defendandprotect Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-17-11 07:24 PM
Response to Original message
5. Thank you .... of course ... it's all merely innocent mistake -- !!!
:sarcasm: just in case


:eyes:
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HankyDubs Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-17-11 10:42 PM
Response to Original message
6. sipport are troops
whurz may yella ribben, maw?
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Kurovski Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-17-11 11:36 PM
Response to Original message
7. I still remember an interview seen on CNBC with James Dimon
CEO of Chase. He said "I always want to do the right thing." I paraphrase, amd can't find my notes on that ridiculous interview.
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