Last month JP Morgan discovered and admitted to overcharging 4,000 military families on their mortgages as well as wrongfully foreclosing on 14 homes. Since that discovery it has come to light that actually 4,500 families were overcharged and 18 families wrongfully foreclosed on, and numbers could keep growing as JP Morgan Chase continues to investigate.
Stephanie Mudick, executive vice president of JP Morgan’s office of consumer practices apologized to the families and the House Committee on Veteran’s Affairs saying ”We failed to comply with aspects of the law. We deeply regret that service members have been overcharged and in some cases faced foreclosure because of these errors.”
JP Morgan promised to not only refund the more than $2 million to the 4,500 military families with 7.25% interest. As far as the 18 homes either foreclosed on or that are in foreclosure, Chase has cancelled or reached a settlement on 12 accounts and is still working on the other 6.