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JPMorgan Apologizes to Veterans for Overcharges
CNBC ^ | 2/15/2011 | Staff

Posted on 02/15/2011 6:05:05 PM PST by FromLori

JPMorgan Chase on Tuesday announced new programs geared toward military customers and veterans, and apologized for overcharging thousands of active-duty service members on mortgages and improperly foreclosing on more than a dozen.

The steps include a program making certain military personnel eligible for reduced-rate mortgages; enhancing a mortgage modification program for personnel who are having trouble making payments; and a pledge not to foreclose on any active personnel while they're deployed.

JPMorgan Chase [JPM Loading... () ] Chairman and CEO Jamie Dimon said those programs and other initiatives "are a start, but in no way a finish" to the bank's recent missteps involving military clients.

"This company has a great history of honoring military and veterans, and the mistakes we made on military foreclosures are a painful aberration on that track record," Dimon said in a news release. "We deeply apologize to our military customers and their families for these mistakes. We cannot undo them, but we can take accountability for them, fix them and learn from them."

The New York-based company admitted the mistakes last month, including breaking a law that limits fees and interest charged to active-duty service members. Service members on active duty can't be charged more than 6 percent for most debts that they incur before they are deployed. Their homes can't be foreclosed on until after they return from active duty.

On Feb. 1, the head of a new government office charged with protecting military personnel from financial tricks and traps wrote CEOs of the 25 biggest mortgage banks. In the letters, Holly Petraeus said the CEOs needed to make sure their employees understand military legal protections. Petraeus heads the Office of Servicemember Affairs within the government's new Consumer Financial Protection Bureau.

Her letter came after the violations involving mortgage rates and foreclosures were reported

(Excerpt) Read more at ...

TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: banks; chase; jpmorgan; service
Scummy Jamie Demon banker to illegal aliens, backer of obama
1 posted on 02/15/2011 6:05:06 PM PST by FromLori
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To: FromLori
Foreclosing on active duty servicemen is against the law and these skanky assholes should be held criminally liable.
2 posted on 02/15/2011 6:08:58 PM PST by hinckley buzzard
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To: FromLori
Oh NO!...Not the dreaded J.P.Morgue!
3 posted on 02/15/2011 6:13:55 PM PST by M-cubed
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To: FromLori

You beat me to it! When I closed my Chase account last year I was asked why I was closing it and I simply let them know my disdain for Dimon, Obama’s butt buddy!

4 posted on 02/15/2011 6:17:48 PM PST by rj45mis
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To: FromLori

Sorry I don’t have any time for them. Why didn’t Obama hold these Wall St bankers fully accountable instead of giving them a pass on their years of ill-gotten gains all at our expense? Then he gives many of them a job in our US Treasury so they can corrupt it.

They own Obama and he has obviously been taking very good care of them while they shaft our military. How many Wall St bankers have ever served in our military? Instead they sit around and count their millions in bonuses.

An apology by JP Morgan isn’t good enough. They should face major punitive fines that should be redistributed to help young military families.

5 posted on 02/15/2011 6:19:52 PM PST by apoliticalone (US conservatism does not equal multi-national corporatism)
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To: FromLori
Jamie Dimon should be decorating a lamppost.

6 posted on 02/15/2011 6:29:40 PM PST by SnuffaBolshevik
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To: apoliticalone

The new Mafia Cupola X 1000
7 posted on 02/15/2011 6:31:25 PM PST by mewykwistmas ("If the Egyptians are hungry, let them eat ethanol")
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To: mewykwistmas

LOL - That’s a photo of an extraordinarily harmful but powerful group that controls many in Congress to their gain, but to the detriment of the USA.

What do these people actually do that any red blooded American would consider as worthy of the money they get paid. They make deals but produce nothing but indebtedness to taxpayers. Yeah some might say they should get all the money they can steal and grab, which is about how they get it. Manipulating markets is their specialty and when it blows up in their face their cronies in government put the tab on us to make them financially whole.

They call Wall St the heart of capitalism but in reality it is about a club that shares most of the spoils but only among their own club. The Federal Reserve is their special buddy who hands them free money obligated by US taxpayers.

8 posted on 02/15/2011 6:45:56 PM PST by apoliticalone (US conservatism does not equal multi-national corporatism)
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To: FromLori
If they have overcharged servicemen you can bet other mortgage customers have been treated the same or worse.I will never deal with Chase again - check out the Chase Mortgage complaint web sites - you'll be up all night reading horror story after horror story.Bernie Madoff is a piker compared to this crowd.
9 posted on 02/15/2011 6:57:52 PM PST by Apercu ("Obama is graffiti on the wall of American History")
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To: rj45mis

Butt Buddy = Dung Puncher

10 posted on 02/15/2011 7:51:10 PM PST by GGpaX4DumpedTea (I am a tea party descendant - steeped in the Constitutional legacy handed down by the Founders)
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