JPMorgan Settlement Over Military Families’ Mortgages Approved

U.S. District Judge Margaret B. Seymour in Columbia, South Carolina found that the accord, which provides $27 million in cash to military personnel overcharged on mortgages as well as other benefits, was a fair resolution of suits over the problem loans. Service members who suffered from the overcharges think the settlement is phenomenal, said Jonathon Rowles, a Marine fighter pilot who sued JPMorgan over the handling of his loan. They recognized they made mistakes and they took the steps to fix them and compensate people for their damages, Rowles said in an interview after the hearing. Im pleased with the way it turned out. JPMorgan officials acknowledged earlier this year that one of the banks units made errors in handling mortgages covered by the Servicemembers Civil Relief Act.
For the original version including any supplementary images or video, visit http://www.bloomberg.com/news/2011-05-06/jpmorgan-s-settlement-of-military-mortgage-suits-wins-approval.html

J.P. Morgan Chase to pay $27 million to settle lawsuit over military mortgages

Bragg/Pope Air Force Base (Fayetteville), North Carolina Camp Lejeune (Jacksonville), North Carolina Ft. Campbell (Clarksville, TN), Kentucky These Homeownership Centers will be staffed with employees specifically trained in SCRA, military issues and Chase special military programs. Jobs, Education and Training JPMorgan Chase will form an alliance along with other major corporate employers,which will commit to hire 100,000 military personnel and veterans in total over the next ten years. They willannounce full details of the job offers in the coming weeks.As a further measure, Chase will require all of its vendors to disclose its military hiring practices and will make VA loan refinance contract decisions in part based on how strong those programs are. Through collaboration with Syracuse University, JPMorgan Chase will now offer a Technology Education certificate exclusively for veterans to prepare them for technology careers. All military who have served on active duty since 9/11/01 will be eligible to apply for the free program.
For the original version including any supplementary images or video, visit http://www.mybanktracker.com/news/2011/02/15/jpmorgan-chase-reveals-programs-military-mortgage-blunder/

Veterans Mortgage Assistance to Become Home Owners: Get 100% Finance from Military Mortgage Specialist

In the suit, Marine Corps Capt. Jonathon Rowles charged that the bank refused to lower the interest rate on his mortgage, as required under a federal law, after he was activated for duty. When Rowles refused to pay the higher rate, the bank called his home up to three times a day and threatened to foreclose, according to the suit, which was filed in July. The Servicemembers Civil Relief Act (SCRA) prohibits lenders from charging active-duty members of the military more than 6percent interest on their mortgages. It also prevents banks from foreclosing on their homes during service and for nine months afterward. Under the terms of the settlement, the bank will give $12million to the estimated 6,000 service members covered by the suit.
For the original version including any supplementary images or video, visit http://articles.washingtonpost.com/2011-04-22/business/35261944_1_service-members-saxon-mortgage-services-class-action-suit

JPMorgan Chase Reveals New Programs After Military Mortgage Blunder

Jonathan Rowles, who charged that the bank failed to reduce the interest rate on his mortgage. Read: Chase Bank Apologizes for Military Mortgage Mistakes A federal investigation revealed that JPMorgan had overcharged nearly 6,000 active military personnel while 18 military homes were foreclosed upon. Under the settlement agreement filed April 21 in U.S. District Court in Beaufort, S.C., and awaiting court approval, JPMorgan will pay $12 million to approximately 6,000 service members while another $15 million will be allocated for individual damages. JPMorgan has already made $6 million in payments to affected military service members and the bank will set aside another estimated $6.4 million for additional payments to borrowers who may have been subjected to wrongful foreclosures. Additionally, JPMorgan will pay $8 million for legal fees and costs incurred by affected military personnel involved in the class action lawsuit. We are sorry and regret the mistakes our firm made on mortgages for members of the military, and wed like to thank Capt. and Mrs.
For the original version including any supplementary images or video, visit http://www.mybanktracker.com/news/2011/04/26/jpmorgan-chase-military-mortgage-lawsuit-reaches-settlemen/

JPMorgan Chase Military Mortgage Lawsuit Reaches Settlement

Perks of VA Mortgage Refinance There are several pluses to getting a VA mortgage or refinance, one of which is a low down payment or no money down at all. Veteran refinance mortgage rates are considerably lower than those of other mortgage refinancers. Whereas a non-VA refinance may have an interest rate of 6.5%, a VA refinance could be as low as 2.5%. Another advantage of VA mortgages is that a veterans credit score does not necessarily lower his chances of approval. VA participating lenders want to help veterans get into good, long-lasting homes, so credit rating does not hold as much weight for them. Institutions to Apply to for VA Mortgages Almost every bank and credit union in the country provides VA mortgages and refinances. Most have a Military Mortgage Specialist who understands the unique needs of veterans and can guide them through the process with as little stress as possible. These experts work with VA-approved financers, such as Military United Mortgage Co., to get veterans the best terms and interest rates out there.
For the original version including any supplementary images or video, visit http://www.sbwire.com/press-releases/veterans-mortgage-assistance-to-become-home-owners-get-100-finance-from-military-mortgage-specialist-245327.htm

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BlackRock launches new retirement income indexes

and Canada Defined Contribution Group, said the CoRI Indexes are similar to target date funds . Each index is pegged for the year in which the individual turns 65. Specifically, the CoRI Indexes track the estimated cost of $1 in future, inflation-adjusted lifetime income. Its further constructed to converge with the median price of an annuity at age 65. Castille said that the start age of 55 was chosen because an individual has one-quarter of his working life remaining and therefore, has time to make corrections and reach his objectives.
Read the rest here: BlackRock launches new retirement income indexes

Increase Your Retirement Income

Now, lets do the same math on one of my favorite REITsRealty Income Corp (NYSE:O). [Disclosures: Sizemore Capital is long O.] I chose Realty Income for a very specific set of reasons. First, in 2003, its dividend yieldat 3.5%was close enough to the 10-year Treasury yield to make these two viable competitors for the would-be income investors portfolio. Secondly, as a low-risk, triple-net retail REIT, Realty Income is a prime example of a stock that has come to be viewed as a bond substitute by income investors. So, how did Realty Income stack up? The math here is a little more detailed, but Ill do my best to keep it simple. A million-dollar portfolio invested in Realty Income at the beginning of 2003 would have bought you 29,516 shares paying $1.17 per share in annualized dividends. That works out to $34,534 in income in the first yearor about $5,500 less than the 10-year Treasury. But this is where it gets fun. Unlike the bond, Realty Income actually raised its payout every year. By 2013, those 29,516 shares were paying out $2.18 per share in annual dividends. That works out to $64,345 in annual incomeor $24,345 more than the interest from the bond.
Read the rest here: Forget Yield — Dividend Growth Is The Metric That Matters For Retirement Income

Forget Yield — Dividend Growth Is The Metric That Matters For Retirement Income

The first phase of this “income for life” model focuses on guaranteed income. In a high-interest-rate environment, a ladder of certificates of deposit with staggered maturities would work well. But in today’s low-interest-rate climate, a five-year immediate-payout annuity gives you more bang for the buck. Phase two focuses on conservative income-generating investments, such as a bond ladder or a deferred annuity, that can be converted to an income annuity in years six through ten. Each subsequent phase allocates a little less money and directs it toward reverse mortgage solutions assets that are slightly riskier.
Read the rest here: Increase Your Retirement Income