Skip to comments.JPMorgan Apologizes to Veterans for Overcharges
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 cnbc.com ...
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!
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.
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.
Butt Buddy = Dung Puncher