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.
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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.
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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.
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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