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Chase Tries to Fix Military Mishap
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Chase Tries to Fix Military Mishap
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Chase Tries to Fix Military Mishap

February 16, 2011 (Shirley Allen)
mortgage-chase-logo-image
As we previously reported here on January 18th, JP Morgan Chase admitted that it had made mistakes and had improperly overcharged and foreclosed on active duty military families in violation of the Servicemembers Civil Relief Act (SCRA). In an attempt to right their wrong and to show support to our military members, Chase announced that it is launching new programs to help military members, their families and veterans stay in their homes.

The new military programs will include reduced mortgage rates for members covered under the SCRA and enhanced mortgage modifications for active duty military personnel.

A Chase executive, at a U.S. House hearing last Wednesday, apologized for wrongly foreclosing on military families and overcharging thousands for mortgages, as lawmakers weigh whether new legislation is needed to help prevent military personnel from losing their homes and getting hit with high interest rates.

“We failed to comply with aspects of the law,” Stephanie Mudick, executive vice president of J.P. Morgan’s office of consumer practices, told the House Committee on Veterans’ Affairs.

She said the company is embarrassed over the matter, and apologized for the bank’s errors.

Chase also said it would not foreclose on any active military personnels’ homes. If a wrongful foreclosure does occur, the bank would forgive all of that military member’s remaining mortgage debt, the company said. Also, within the next five years, the bank says it plans to donate 1,000 homes to military personnel and veterans.

“This company has a great history of honoring military and veterans, and the mistakes we made on military foreclosures are a painful aberration on that track record,” says Chairman and Chief Executive Jamie Dimon.

A U.S. Marine Corps captain had filed a lawsuit alleging he was overcharged by Chase in violation of the SCRA, which caps interest rates and stops foreclosures for active-duty service members. In January, after conducting an internal audit, Chase acknowledged its mortgage errors.

Chase’s testimony last Wednesday shows the firm has now found more problems, reporting it overcharged 4,500 active-duty military members and wrongly foreclosed on 18.

Lawmakers at the hearing were also concerned that the problem could be rampant, with other banks overcharging military personnel and threatening to take their homes just as the federal government is trying to combat the nation’s foreclosure crisis.

Tags: jpmorgan chase, scra, active duty military members, mortgage modifications, reduced mortgage rates, foreclose, interest rates

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
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Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
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February 16, 2011 (Shirley Allen)
mortgage-chase-logo-image
As we previously reported here on January 18th, JP Morgan Chase admitted that it had made mistakes and had improperly overcharged and foreclosed on active duty military families in violation of the Servicemembers Civil Relief Act (SCRA). In an attempt to right their wrong and to show support to our military members, Chase announced that it is launching new programs to help military members, their families and veterans stay in their homes.

The new military programs will include reduced mortgage rates for members covered under the SCRA and enhanced mortgage modifications for active duty military personnel.

A Chase executive, at a U.S. House hearing last Wednesday, apologized for wrongly foreclosing on military families and overcharging thousands for mortgages, as lawmakers weigh whether new legislation is needed to help prevent military personnel from losing their homes and getting hit with high interest rates.

“We failed to comply with aspects of the law,” Stephanie Mudick, executive vice president of J.P. Morgan’s office of consumer practices, told the House Committee on Veterans’ Affairs.

She said the company is embarrassed over the matter, and apologized for the bank’s errors.

Chase also said it would not foreclose on any active military personnels’ homes. If a wrongful foreclosure does occur, the bank would forgive all of that military member’s remaining mortgage debt, the company said. Also, within the next five years, the bank says it plans to donate 1,000 homes to military personnel and veterans.

“This company has a great history of honoring military and veterans, and the mistakes we made on military foreclosures are a painful aberration on that track record,” says Chairman and Chief Executive Jamie Dimon.

A U.S. Marine Corps captain had filed a lawsuit alleging he was overcharged by Chase in violation of the SCRA, which caps interest rates and stops foreclosures for active-duty service members. In January, after conducting an internal audit, Chase acknowledged its mortgage errors.

Chase’s testimony last Wednesday shows the firm has now found more problems, reporting it overcharged 4,500 active-duty military members and wrongly foreclosed on 18.

Lawmakers at the hearing were also concerned that the problem could be rampant, with other banks overcharging military personnel and threatening to take their homes just as the federal government is trying to combat the nation’s foreclosure crisis.

Tags: jpmorgan chase, scra, active duty military members, mortgage modifications, reduced mortgage rates, foreclose, interest rates

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

February 16, 2011 (Shirley Allen)
mortgage-chase-logo-image
As we previously reported here on January 18th, JP Morgan Chase admitted that it had made mistakes and had improperly overcharged and foreclosed on active duty military families in violation of the Servicemembers Civil Relief Act (SCRA). In an attempt to right their wrong and to show support to our military members, Chase announced that it is launching new programs to help military members, their families and veterans stay in their homes.

The new military programs will include reduced mortgage rates for members covered under the SCRA and enhanced mortgage modifications for active duty military personnel.

A Chase executive, at a U.S. House hearing last Wednesday, apologized for wrongly foreclosing on military families and overcharging thousands for mortgages, as lawmakers weigh whether new legislation is needed to help prevent military personnel from losing their homes and getting hit with high interest rates.

“We failed to comply with aspects of the law,” Stephanie Mudick, executive vice president of J.P. Morgan’s office of consumer practices, told the House Committee on Veterans’ Affairs.

She said the company is embarrassed over the matter, and apologized for the bank’s errors.

Chase also said it would not foreclose on any active military personnels’ homes. If a wrongful foreclosure does occur, the bank would forgive all of that military member’s remaining mortgage debt, the company said. Also, within the next five years, the bank says it plans to donate 1,000 homes to military personnel and veterans.

“This company has a great history of honoring military and veterans, and the mistakes we made on military foreclosures are a painful aberration on that track record,” says Chairman and Chief Executive Jamie Dimon.

A U.S. Marine Corps captain had filed a lawsuit alleging he was overcharged by Chase in violation of the SCRA, which caps interest rates and stops foreclosures for active-duty service members. In January, after conducting an internal audit, Chase acknowledged its mortgage errors.

Chase’s testimony last Wednesday shows the firm has now found more problems, reporting it overcharged 4,500 active-duty military members and wrongly foreclosed on 18.

Lawmakers at the hearing were also concerned that the problem could be rampant, with other banks overcharging military personnel and threatening to take their homes just as the federal government is trying to combat the nation’s foreclosure crisis.

Tags: jpmorgan chase, scra, active duty military members, mortgage modifications, reduced mortgage rates, foreclose, interest rates

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS