JP Morgan and Chase will pay $26 Military Foreclosure Claims

Bank Settles Military Foreclosure Claims

April 22, 2011
Stars and Stripes|by Bill Murphy Jr.
Banking giant JPMorgan Chase and Co., which admitted earlier this year that it had improperly overcharged thousands of military families on their mortgages and foreclosed on the homes of servicemembers in Iraq and Afghanistan, will pay $26 million to settle the class action lawsuit that brought the activity to light.

Marine Capt. Jonathan Rowles and his wife, Julia, filed the suit, which accused Chase of ignoring the protections they were due under a federal law known as the Servicemembers Civil Relief Act.

“We are sorry and regret the mistakes our firm made on mortgages for members of the military, and we’d like to thank Capt. and Mrs. Rowles for helping us address them,” Chase's chief administrative officer, Frank Bisignano, said in a statement announcing the deal. “We hold ourselves accountable and responsible for these mistakes, and fixing them is just the beginning of a new way forward with the military and veteran community as we make serving them a core part of how we operate our business every day."

“My family and I thank Chase for resolving this matter,” Capt. Rowles said in the same statement.

“It is our hope that this settlement will result in greater attention by the entire financial services industry to the nation’s laws that protect our military families."
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Bank Settles Military Foreclosure Claims