Home Mortgage Giant Attempts to Make Amends with Military Customers
February 18, 2011
- JPMorgan Chase, recently announced that it will attempt to make amends for its documented poor treatment of military customers
ROCK ISLAND ARSENAL, Rock Island, Ill. -- JPMorgan Chase, recently announced that it will attempt to make amends for its documented poor treatment of military customers who used their bank to finance home loans, credit cards and use other financial services. During a recent Congressional testimony, JPMorgan Chase admitted to not following the tenets of the Service Members Civil Relief Act and overcharging more than 4,500 military families and actually foreclosing on 18 of them.
Because of their persistent problems in not following the interest reduction section of the Service Members Civil Relief Act, JPMorgan announced that they will do the following for its military customers:
- Lower the mortgage interest rate for active duty military to 4 percent (two points less than required by the Service Members Civil Relief Act).
- Start an enhanced modification program for anyone serving in the military after Sept. 11, 2011. That is correct, over almost the past decade. This program will be for anyone delinquent or having problems paying their mortgage.
- Set up a special 24-hour hotline staffed by specialists.
- Refuse to foreclose on any active duty personnel.
- Donate 1,000 homes to military families and veterans over the next five years in conjunction with its non-profit partners.
- Offer more jobs to veterans.
Soldiers and their dependent are reminded that these changes are for JPMorgan Chase customers only.
Any JPMorgan Chase borrower can call the following:
- Mortgage questions: (877) 469-0110
- Credit Card questions: (888) 520-3863
- All other Consumer product questions: (800) 242-7399