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JPMorgan Chase agreed to settle charges that it improperly foreclosed on military families’ homes and overcharged military personnel on mortgages by agreeing to pay $60.4 million in a class action lawsuit settlement.
Plaintiff U.S. Marie Corps Capt. Jonathan Rowles sued JPMorgan Chase last year in a class action lawsuit that alleged Chase overcharged him and other military customers who took out mortgage loans with the bank, violating the protections they are given under the federal Servicemembers Civil Relief Act. That law was enacted in 1942 to shield deployed military personnel from financial stress.
“We are sorry and regret the mistakes our firm made on mortgages for members of the military, and we’d like to thank Capt. and Mrs. Rowles for helping us address them,” said Chase’s Chief Administrative Officer Frank Bisignano in a statement.
Chase said it has already paid $6 million to borrowers who were overcharged and returned 10 homes to families protected by the law that were found to have been taken improperly in foreclosure actions. Under the class action settlement, the bank will also pay $6.4 million in additional benefits to soldiers who may have been subjected to wrongful foreclosures.
Under the terms of the JPMorgan Chase military mortgage settlement, Chase will pay $12 million to plaintiffs in the case, pay another $27 million 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. It will also set aside $15 million for additional damages on a case-by-case basis as determined by a special master.
The case is Rowles v. Chase Home Finance LLC, 10-1756-MBS, U.S. District Court, District of South Carolina (Beaufort Division).
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2 thoughts onJPMorgan Chase Settles Military Mortgage Class Action Lawsuit
JP morgan says the SCRA is for people who joined the pr went active after they have purchased there home, so screw the peole who were already active when they purchased, I would think aslong s you were active one would fall in this category. I ahve been fighting with tem for over a year now, they are not doing what they said they would, taking peoples house is just a game to them
JPMorgan Chase Settles Military Mortgage Class Action Lawsuit
done and tired and seems to be boreed.