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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.
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.
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.
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.
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.
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.
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
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.