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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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MSNBC | No. 2 bank overcharged troops on mortgages

MSNBC | No. 2 bank overcharged troops on mortgages


By Lisa Myers and Sarah Heidarpour
NBC News NBC News
updated 1/17/2011 8:12:27 AM ET 2011-01-17T13:12:27

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One of the nation’s biggest banks — JP Morgan Chase — admits it has overcharged several thousand military families for their mortgages, including families of troops fighting in Afghanistan. The bank also tells NBC News that it improperly foreclosed on more than a dozen military families.

The admissions are an outgrowth of a lawsuit filed by Marine Capt. Jonathan Rowles. Rowles is the backseat pilot of an F/A 18 Delta fighter jet and has served the nation as a Marine for five years. He and his wife, Julia, say they’ve been battling Chase almost that long.


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