JPMorgan Overcharged Military Families, Improperly Foreclosed

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By: Jon Prior

JPMorgan Chase (JPM: 44.91 +1.03%) overcharged roughly 4,000 troops on their mortgage and improperly foreclosed on 14 of the families, a spokesperson for the bank said Monday.

Under the Servicemembers Civil Relief Act last amended in 2003, lenders can be required to lower mortgage rates for active-duty military personnel to 6% and cannot pursue a foreclosure, but according to the report, Chase was slow to make the change for many of the families, charging Marine Capt. Jonathan Rowles as much as 10% and hounding him with debt collection calls for as much as $15,000 in arrears, according to NBC news.

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