J.P. Morgan Acknowledges Wrongful Military Foreclosures

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

Reggie Middleton with Max Keiser on the Keiser Report Discussing Banks, Fraudclosure and Derivative Exposure

http://www.zerohedge.com/article/reggie-middleton-max-keiser-keiser-report-discussing-banks-fraudclosure-and-derivative-expos


Reggie Middleton with the rather animated Max Keiser (the guy actually had a Lloyd Blankfein action figure for waterboarding) on the Keiser Report Discussing Banks, Oligarchs, Fraudclosure & Derivative Exposure. Also included - how Britain is avoiding confrontation with suicide bankers who took down the financial system "for kicks".

Scroll on past the video after you watch it and check out the charts.
Their not hard to understand and are a real eye opener.


On Zero Interest Rates (ZIRP) and How It Is Literally Starving JP Morgan
Even as the Fed tries to reduce the cost of debt capital to damn near zero, bad things are still happening to those this exercise was meant to save. Why??? Because the responsible world wants capital to have a cost, for if it does, it enforces discipline upon those who use it – whether they acknowledge that cost or not (here’s to you Wall Street).

William K. Black: Foreclose on the foreclosure fraudsters

http://www.huffingtonpost.com/william-k-black/foreclose-on-the-foreclos_b_772434.html

Damn this was explosive. A total must read!
I don't know about using the FDIC though, it seems to me that they have their hand in this cookie jar to, as well as the SEC.
I trust none of the supposed regulating institutions at this point.
They didn't bother to do their jobs before or chose to disregard what those jobs actually were, why should they be trusted now to fulfill those duties?

Note that the Justice Department is not investigating foreclosure fraud. HUD Secretary Donovan's statement shows why:

"We will not tolerate business as usual in the mortgage market," he said. "Where there have been mistakes made or errors, we will hold those entities, those institutions, accountable to stop those processes, review them and fix them as quickly as possible."

Note the language: "mistakes", "errors", "processes" (following the initial use of "paperwork"). No mention of "fraud", "felony", "criminal investigations", or "prosecutions" for the tens of thousands of felonies that representatives of the entities foreclosing on homes have admitted that they committed. Note that Donovan does not even demand that the felons remedy the harm caused by their past fraudulent foreclosures. Donovan wants them to "fix" "processes" -- not repair the harm their frauds caused to their victims.





President Obama, Attorney General Eric Holder, Donovan, and Barr cannot even bring themselves to use the "f" word -- fraud. They substitute euphemisms designed to trivialize elite criminality. The administration officials do not call for Bank of America to be the subject of a criminal investigation. They do not demand that Fannie, Freddie, Ambac, the FHFA, and Pimco file criminal referrals about Countrywide's frauds. They do not demand that Fannie, Freddie, and the Fed refuse to purchase or take as collateral any mortgage instrument from Bank of America. No one at the Harvard Club in New York moves to kick Bank of America's officers out of their club! The financial media treats Bank of America as if it were a legitimate bank rather than a "vector" spreading the mortgage fraud epidemic throughout much of the Western world.