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JP Morgan Intends To Repay $2 Million To Soldiers Families

Mortgage News > JP Morgan Intends To Repay $2 Million To Soldiers Families
Date: 01/20/2011    JP Morgan Intends To Repay $2 Million To Soldiers Families

JP Morgan Chase agreed to pay back roughly $2 million to military families due to an oversight in their accounts. The Service Members Civil Relief Act states that lenders will not allow rates to exceed 6% and foreclosures will be placed on hold for “active duty personnel”; JP Morgan had allowed both infractions to occur.

Captain Jonathan Rowles of the U.S. Marines brought the oversight to Chase’s attention after suing the institution for over charging his family on their loan.

JP Morgan admits fault in overcharging military families on their loans as well as charging improper fees, effecting nearly 4,000 families, as well as unlawfully foreclosing on 14 homes.

The lending mogul insists the 14 families who lost their homes will have them returned

Chase released a statement saying “We made mistakes here and we are fixing them. There is no finer group of people than the men and women in the armed services who fight to protect our country every day. We are deeply appreciative of those who fight to protect our country… and while any customer mistake is regrettable, we feel particularly badly about the mistakes we made here.