JPMorgan Chase Wrongly Forecloses On Military Families

JPMorgan Chase Wrongly Forecloses On Military Families
Posted: January 18, 2011

JPMorgan Chase has admitted to overcharging military families on their mortgages, and illegally foreclosing on 14 families, NBC News reports. NBC's report (see video below) focuses on one military family's five-year battle with the mortgage giant, who overcharged them by as much as $900 a month. While Marine Captain Jonathan Rowles was away on active duty, his wife Julia got calls demanding $15,000 they didn't owe. "It's been a nightmare, it's been my living nightmare," Julia Rowles told NBC News.

www.huffingtonpost.com...

Military Mortgage Overcharges by JP Morgan Chase
Posted: January 19, 2011

In 2010, in the throes of the largest real estate meltdown and mortgage crisis in America, the nation's second largest bank, JP Morgan Chase, admitted to overcharging interest rates on military mortgages, a move which may have exacerbated the housing crisis for thousands of servicemembers.
Despite the Servicemembers Civil Relief Act, which protects the finances and families of soldiers on active duty by capping interest rates to active duty military at 6%, JP Morgan Chase admitted to overcharging interest on several thousand military mortgages, including the homes of troops fighting in Afghanistan.

JP Morgan Chase also admitted to improperly foreclosing on more than a dozen military family homes. This may prove to be a breach of the Heroes Keep Their Homes Act of 2010 which allows, upon servicemember application, a stay of court proceedings to enforce and adjust a mortgage obligation when the servicemember's ability to pay his mortgage is affected by military service. Under the Heroes Keep Their Homes Act of 2010, the sale, foreclosure, or seizure of property due to a servicemember's breach of a mortgage obligation is invalidated, except in certain circumstances.

www.militaryhub.com...

Bank Overcharged Military Families On Mortgages : NPR

The banking giant JPMorgan Chase is admitting it made some very big mistakes. As first reported by NBC News, the firm says it overcharged more than 4,000 active-duty military personnel on their home loans and foreclosed in error on 14 of them.

www.npr.org...

JPMorgan Mails $2 Million to Military Families for Overcharges, Lost Homes

JPMorgan Chase & Co., the second- biggest U.S. bank by assets, said it is mailing $2 million in refunds to military families who were overcharged on mortgages or wrongfully lost their homes. “We made mistakes here and we are fixing them,” Kristin Lemkau, a spokeswoman for the New York-based bank, said today in a telephone interview. JPMorgan’s mortgage unit is refunding excessive interest and fees charged to 4,000 active-duty personnel and reimbursing or reversing foreclosures for 14 other families who lost homes while on active duty, she said.

www.npr.org...

The Rothschilds Exposed 1/3 shows how Morgan Chase is connected

reply to post by zorgon


hahahahahaha first jp morgan admitting it was wrong hahahahahaha 2 usualy 6% cos they are millitary hahahahahaha 3 he is paying back 2 million hahahahahaha,again firstly jpmorgan doesnt have to admit hes been ripping ppl ov for over a century and everyone knows this (if they dont well wat can i say) 2 again usualy 6% cos they are army THEY SHUD GET IT 0% grrrr ,wat IS it normaly for everybody else ,,,,were did he get the money in the first place to lend it to them gggggrrrrr 3 again 2 million like pulling change out of ya pocket for some poor kid begging GGGGGGGGRRRRRRR and worse still what a pr manager hes got he is going to look so honourable isnt he GGGGGGGRRRRRR

It is a damn shame that these crooks do this to the very people that protect their sorry asses. I know at times I question my decision to spill my blood for this country.

NFL officials are giving triple your money back to people who's seats were not ready during the Super Bowl and free tickets to next years....I would like to see that here at least. This is an outrage but not too surprising as profits come first. No one has Honor anymore.

reply to post by Skewed


Do NOT let other's lack of gratitude affect your principals. To me it was an honor to serve.

reply to post by Skewed

ya know wat ya getting a s+f of me for that i just hope your comrades in arms start to thinking your way cos i think we going to need yas back home that goes for all armies round the world peace out and may your god go with you

And all of our wind will matter not!
I'm sure the banks have done much more worse things and in full publik view.
They are still banks and will be, as long as they own us they can do as they please.
This is a very bad view i have i know, but unfortunately i am right.
Stop using the banks, stop using credit, starve the monster.

reply to post by g146541

they'r still doing it now, i have to laff over here in england the party thats in government now(dont realy change do they hahahaha)blame the last part that was in and yet its happening all over the world ,did they all have the same party lol wen are the sleeping ppl wake i think it will be wen the bailif is taking their tv away,,,,,,,no no eastenders is on ,,,,,,,wait let me just watch one more episode of coronation street. you know wat i mean . peace out and may your god go with you

reply to post by zorgon


J P Morgan Chase...you mean this J P Morgan Chase?

Dec. 2, 2010 /PRNewswire/ -- Irving H. Picard, the Trustee for the liquidation for Bernard L. Madoff Investment Securities LLC

"JP Morgan was willfully blind to the fraud, even after learning about numerous red flags surrounding Madoff," said David J. Sheehan, counsel for the Trustee and a partner at Baker & Hostetler LLP, the court-appointed counsel for the Trustee. "While many financial institutions enabled Madoff's fraud, JPMC was at the very center of that fraud, and thoroughly complicit in it. JPMC was BLMIS's primary banker for more than 20 years, and was responsible for knowing the business of its customers – in this case, a very large customer. Madoff would not have been able to commit this massive Ponzi scheme without this bank. JPMC should pay the price for its central role in enabling Madoff's fraud."

While JPMC may want to hide the full extent of its significant role in the Madoff fraud from the public, we intend to move to have the complaint made public as soon as possible," said Mr. Picard.

prnewswire



So they are at it again huh?
As if they have not done enough harm...
Wronging the ones that serve to keep them safe!?

with Chase!

The really "funny" part is that JP Morgan Chase was awarded the contract to provide credit cards to government/military personnel for purchasing and travel expenses. It's just one big circle...A military member goes TAD and charges expenses on his JP Morgan Chase travel card, while gone, his wife is told she needs to pay them $15,000....This helps pay for the service member's travel and provides a buffer in case he doesn't pay the bill. Simply brilliant on their part!

Originally posted by type0civ
reply to post by Skewed

 

Do NOT let other's lack of gratitude affect your principals. To me it was an honor to serve.

I try not to, but still at times it is hard not to second guess myself. I love this country, I just dont care much for the people running it.

Originally posted by stevegerrard
reply to post by Skewed

 

ya know wat ya getting a s+f of me for that i just hope your comrades in arms start to thinking your way cos i think we going to need yas back home that goes for all armies round the world peace out and may your god go with you

No worries, I took an oath and I still stand behind it, I am always on the peoples side. However, if ever in the situation where I could only save one person, a citizen or a banker, the banker can use their money to buy their ass out the situation, I am saving the citizen.

reply to post by zorgon


Glad they are having to repay the overcharges, and restore the military families homes.
S & F

Of course this is not the first time Chase has had to refund money to their customers. If you look
at this:

Tuesday, March 31, 2009
"Chase refunding annual rip-off fee for fixed-rate cards"

......."The bank was telling customers that in order to keep their low interest rate for life, they'd have to pay an annual fee of $120. They were also charging interest on this $120 fee! That's outrageous on both counts, considering that Chase had entered into a contract with customers when they locked in the original low fixed rate for life."

and further in:

"Now Chase has agreed to refund all the money they charged customers on this rip-off. Clark would like to hear Chase CEO Jamie Dimon say, "We messed up and we are sorry." But that's not in the DNA of a giant monster mega-bank."

Source:

www.clarkhoward.com...

reply to post by Feltrick


aaaaaagggggggggghhh gggggggggrrrrrrrrrr plz get me max keiser tell him the real terrorists in this world are doing it again when will it stop????????????????

rite guys and gals dont know were yall are but its 2am in england and ive got my illusion to wake up to tommorrow nite nite peace out and may your gods go with you

Wouldn't it be funny if the office JPMorgan Chase executives held their next meeting blew up?

I think it would. Maybe that's just me.

You folks who believe in karma need to get things rolling. The corporate bastards who control this planet are long overdue.

Unfortunately not only these people are being foreclosed on illegally, many many Americans have been foreclosed on illegally.

Private contractor (JP Morgan Chase) contracts with the military and pays self and employees preferably $100K or more a year as they provide resources to the soldiers who are paid $40K a year. As if that's not enough then a foreclosure on the asset the $40K salary paid for!

What a backwards system we have.

I wonder how deep this goes? Not only do they provide mortgages, but also the base Clubs Cards, Base Exchange cards, Military expense cards and the list goes on. They have done some shady stuff before to the troops before. Charging $19.00 to pay your bill on the phone (Targeted at troops overseas no dought), It’s not like you could pick-up your cell phone the battlefield and make a payment from your checking account, JP Morgan knew this. I’m sure there countless fraudulent schemes setup by JP Morgan to rip off the military service members. Funny thing is, some of this stopped when these investigations started, but not all of it.

JP Morgan has done so much financial harm to our military members; I’ve seen some people really stressed out over JP Morgan bilking them for something they never owed or just charged up mortgages with some made up reason or another; not to mention adding charges to the military Chase cards because you could not pay by the eastern standard time date. That’s right, pay this bill by this date, Eastern Standard Time, or get a boatload of penalties and a higher interest rate. ( WTF, anyone know where phone booth is in this desert, Why did they send me a bill here? ) This bank is so rife with corruption, some of these executives’ should do some jail time. They clearly knew they were breaking the law. Their contract with the military services needs be canceled. Not to mention the entire U.S. Military hates this bank. I speak from experience.

That 2 million is joke. JP Morgan has done far more harm than 2 million dollars worth.

reply to post by SJE98


Switch to USAA.
They treat members of the military and their families
very well.

Originally posted by SkewedHowever, if ever in the situation where I could only save one person, a citizen or a banker, the banker can use their money to buy their ass out the situation, I am saving the citizen.

Hear Hear

and thanks for your service