Banks' latest victims - US Troops

[scooterbug44]

It's a day that ends in "y" so the giant banks have violated regulations, screwed over Americans, and made themselves money in the process.

Their target this time - active duty military personnel! Even though there is a law in place SPECIFICALLY to prevent this from happening!

These foreclosure proceedings need some MAJOR oversight and these banks need a severe kick in the arse!

The only reason this came to light is because a Marine filed suit against the bank after fighting them for years - and prompted a review that quickly showed they had done it to thousands of military families.

Does anyone else think a bunch of monkeys on PCP could do a better job than these banks that are supposedly so essential to our economy we had to bail them out? I'm thinking disbanding all of them is THE best thing we could do to ensure economic recovery!

No. 2 bank overcharged troops on mortgages - Business - Real estate - Mortgage Mess - msnbc.com

"One of the nation's biggest banks ? JP Morgan Chase ? admits it has overcharged several thousand military families for their mortgages, including families of troops fighting in Afghanistan. The bank also tells NBC News that it improperly foreclosed on more than a dozen military families.

The dispute apparently caused the bank to review its handling of all mortgages involving active-duty military personnel. Under a law known as the Servicemembers Civil Relief Act (SCRA), active-duty troops generally get their mortgage interest rates lowered to 6 percent and are protected from foreclosure. Chase now appears to have repeatedly violated that law, which is designed to protect troops and their families from financial stress while they?re in harm's way.

A Chase official told NBC News that some 4,000 troops may have been overcharged. What?s more, the bank discovered it improperly foreclosed on the homes of 14 military families."

 

[DuneAHH]

Too big to fail... yeah right. While consistently 'failing' to uphold/adhere to laws & ethics.

Jamie Dimon (JPMC) is aggressively pushing to get bigger. Fertile ground not just for national financial meltdown, but global also.

 

[scooterbug44]

Those banks getting bigger is one of the stupidest/most destructive ideas I've ever heard.

 

[Andy A]

Those banks getting bigger is one of the stupidest/most destructive ideas I've ever heard.

Its almost as bad as the federal government getting bigger, isn't it?

 

[UofL]

It has nothing to do with size. I sometimes think that Americans have too much freedom which allows assertive/aggressive/ambitious, etc. people to do whatever they want. If you can live in million dollar homes and only get a slap on the wrist, too many people think - why not.
I am grateful that our government does oversee/regulates what it does. Think about that awful egg issue a year or two ago. Large corporation. Cutting corners. CEO doesn't care. That's private business again. Not our government this time.
It's the people. Not the organization. Plenty of blame to go around.
Ellen

 

[scooterbug44]

Update - it took a month, a class action suit, and some massively bad PR, but Chase is trying to make it up to the military. Not sure if this was a settlement/judgment from the court case, but here it is:

Open Channel - JPMorgan Chase seeks to reverse overcharges for soldiers' mortgages

"JP Morgan Chase moved on Tuesday to make amends for its treatment of servicemen and women on mortgage loans over the last few years. After an investigative report by NBC News, Chase has admitted that it overcharged 4,500 troops and wrongly foreclosed on 18 of them.Today the bank said it will:

• Lower the mortgage interest rate for active duty military to 4 percent (2 points less than required by law).
• Start an enhanced modification program for anyone serving in the military after Sept. 11, 2001. Yes, over the past decade. This program will be for anyone delinquent or having problems paying the mortgage.
• Set up a special 24-hour hotline staffed by experts.
• Refuse to foreclose on any active-duty military 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 for veterans."

 

[DuneAHH]

Update - it took a month, a class action suit, and some massively bad PR, but Chase is trying to make it up to the military. Not sure if this was a settlement/judgment from the court case, but here it is:

Open Channel - JPMorgan Chase seeks to reverse overcharges for soldiers' mortgages

"JP Morgan Chase moved on Tuesday to make amends for its treatment of servicemen and women on mortgage loans over the last few years. After an investigative report by NBC News, Chase has admitted that it overcharged 4,500 troops and wrongly foreclosed on 18 of them.Today the bank said it will:

• Lower the mortgage interest rate for active duty military to 4 percent (2 points less than required by law).
• Start an enhanced modification program for anyone serving in the military after Sept. 11, 2001. Yes, over the past decade. This program will be for anyone delinquent or having problems paying the mortgage.
• Set up a special 24-hour hotline staffed by experts.
• Refuse to foreclose on any active-duty military 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 for veterans."

With all my heart I hope this works out beautifully for the vets and military families.

I just don't trust a single word that rolls off JPMC's forked tongue. Never saw a group as wiley at twisting and rewriting the English language.

They "SEEK" to reverse overcharges???? WTH is THAT??? How 'bout this: "All Overcharges WILL BE reversed within 5 calendar days".

The "enhanced mod program"? Enhancing to JPMC's bottom line no doubt. I witnessed first hand how they operate their mod program. At best, it's a back-end screw.

Donating "1,000 homes" (utilizing non-profit tax benefits)? Almost certainly swiped in foreclosures, and given their track-record, quite likely illegal foreclosures with no standing and ever-clouded titles.

The 24hr expert HOTline? Sometimes I took 8 passport-less 'trips' a day to Manila. And I was assuredly an expert in 24hr raging bonfire HOT!

My Best Heartfelt Wishes to the Vets & Military Families!

 

[scooterbug44]

I am rather skeptical myself - hence the comment that I didn't know if this was the settlement of the class action suit.

Them spinning the settlement terms for good PR seems more plausible than a massive bank who's been screwing over their customers doing something out of the goodness of their heart.

 

[Beauty hunter]

It's a day that ends in "y" so the giant banks have violated regulations, screwed over Americans, and made themselves money in the process.

Their target this time - active duty military personnel! Even though there is a law in place SPECIFICALLY to prevent this from happening!

These foreclosure proceedings need some MAJOR oversight and these banks need a severe kick in the arse!

The only reason this came to light is because a Marine filed suit against the bank after fighting them for years - and prompted a review that quickly showed they had done it to thousands of military families.

Does anyone else think a bunch of monkeys on PCP could do a better job than these banks that are supposedly so essential to our economy we had to bail them out? I'm thinking disbanding all of them is THE best thing we could do to ensure economic recovery!

No. 2 bank overcharged troops on mortgages - Business - Real estate - Mortgage Mess - msnbc.com

"One of the nation's biggest banks ? JP Morgan Chase ? admits it has overcharged several thousand military families for their mortgages, including families of troops fighting in Afghanistan. The bank also tells NBC News that it improperly foreclosed on more than a dozen military families.

The dispute apparently caused the bank to review its handling of all mortgages involving active-duty military personnel. Under a law known as the Servicemembers Civil Relief Act (SCRA), active-duty troops generally get their mortgage interest rates lowered to 6 percent and are protected from foreclosure. Chase now appears to have repeatedly violated that law, which is designed to protect troops and their families from financial stress while they?re in harm's way.

A Chase official told NBC News that some 4,000 troops may have been overcharged. What?s more, the bank discovered it improperly foreclosed on the homes of 14 military families."

Making a comment since you said you prefer them...
When I punched the like button, I meant that I liked the fact that the bank's mistreatment of our military was exposed. I'm sure YOU already knew that Ms. witty and entertaining