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View Full Version : JP Morgan Chase overcharges military mortgages



jediab
02-10-2011, 09:52 AM
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.


http://www.militaryhub.com/article.cfm?id=291

I just saw this story on Fox & Friends this morning. Not sure if it's old news, but I sure as hell will not do business with Chase ever again if I can help it.


Edit: Mods please move this thread if it isn't appropriate to be in the Veterans section. - Thanks!

Wei Wu Wei
02-10-2011, 11:38 AM
A bank trying to cheat the hard-working people they claim to serve? Well I never....

MountainMan
02-10-2011, 11:25 PM
A bank, RUN BY LIBERAL DEMOCRATS, trying to cheat the hard-working people they claim to serve? Well I never....:rolleyes: Fixed for accuracy.


Dimon is a Democrat and worked in President Obama's adopted hometown of Chicago. After Obama took office and JPMorgan Chase repaid its bailout money more quickly than most, he became influential in the White House[19] although Dimon is not shy about disagreeing with the President.[20] Dimon was one of three CEO's found by the Associated Press—along with Lloyd Blankfein and Vikram Pandit—to have had liberal access to United States Secretary of the Treasury Timothy Geithner in the seven months after the financial crisis in fall 2008.[21]

Wikipedia Link (http://en.wikipedia.org/wiki/Jamie_Dimon#Relations_with_the_Obama_Administratio n)

A bank run by liberal democrats screwing the military...who would have figured that?

lacarnut
02-11-2011, 01:32 AM
[QUOTE=Mau10man;373911
Wikipedia Link (http://en.wikipedia.org/wiki/Jamie_Dimon#Relations_with_the_Obama_Administratio n)

A bank run by liberal democrats screwing the military...who would have figured that?[/QUOTE]

Jamie Dimon CEO of JP Morgan is under investigation by the US Commodities Future Trading Commission for manipulating the silver market by making phantom trades. I hope they nail his ass.

Novaheart
02-11-2011, 01:58 AM
A bank run by liberal democrats screwing the military...who would have figured that?

Chase has had a policy for military that was actually more generous than the Relief Act required. Chase has never been good or timely about fixing problems though.