JPMorgan Chase Settles Military Mortgage-Overcharging Suit for $56 Million

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JPMorgan Chase Settles Military Mortgage-Overcharging Suit for $56 Million

JPMorgan Chase Settles Military Mortgage-Overcharging Suit for $56 Million

BLOOMBERG–

JPMorgan Chase & Co. (JPM), one of the lenders criticized over improper foreclosures on military families’ homes, agreed to pay $56 million to settle claims it overcharged service members on their mortgages.

JPMorgan will pay $27 million in cash to about 6,000 active-duty military personnel who were overcharged on their mortgages, cut interest rates on soldiers’ home loans and return homes that were wrongfully foreclosed upon, according to settlement terms filed in federal court in Beaufort, South Carolina.


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