http://online.wsj.com/article/SB10001424052748704678004576090224257754378.html?mod=WSJ_hp_LEFTWhatsNewsCollection
Don't bother with the wsj story, what's there is already printed here.
But I did find more information about it on the Home and gardening page on MSNBC.
Is it just me or does it look like someone actually doesn't want to make JP's rip off of active duty service people common knowledge?
Heads up Military people, if JP did it so did the rest and you rightfully deserve some money back.
And the legality of what the Mortgage Investment banking scum has been overlooked by our governments (local and Federal) WHY?
This was no mistake! Just like none of the rest of the illegalities have been.
J.P. Morgan Chase & Co. wrongly foreclosed on 14 active-service military families and overcharged thousands more on their mortgages, an internal bank review has found.
The bank said about a year ago it launched the internal audit and found it made mistakes when accounting for active military service under the Servicemembers Civil Relief Act. That 2003 law says active-duty military families' interest rates on homes can be no more than 6%, and they aren't subject ...
http://today.msnbc.msn.com/id/41043127/ns/today-today_home_and_garden/
The dispute apparently caused the bank to review its handling of all mortgages involving active-duty military personnel. Under a law known as the Servicemembers Civil Relief Act (SCRA), active-duty troops generally get their mortgage interest rates lowered to 6 percent and are protected from foreclosure. Chase now appears to have repeatedly violated that law, which is designed to protect troops and their families from financial stress while they’re in harm's way.
A Chase official told NBC News that some 4,000 troops may have been overcharged. What’s more, the bank discovered it improperly foreclosed on the homes of 14 military families
She said that beginning this week Chase will be mailing a total of about $2 million in refunds to families that may have been overcharged. She says most of the families improperly foreclosed on have gotten or will get their homes back. A bank official described what happened here as “grim,” but emphasized the mistakes were inadvertent, not malicious
