JPMorgan Chase Wrongly Forecloses On Military Families (VIDEO)

JPMorgan Chase has admitted to overcharging military families on their mortgages, and illegally foreclosing on 14 families, NBC News reports.

NBC's report (see video below) focuses on one military family's five-year battle with the mortgage giant, who overcharged them by as much as $900 a month. While Marine Captain Jonathan Rowles was away on active duty, his wife Julia got calls demanding $15,000 they didn't owe. "It's been a nightmare, it's been my living nightmare," Julia Rowles told NBC News.

To protect them from financial stress, the Servicemembers Civil Relief Act ensures soldiers on active duty have their mortgage interest rates dropped to 6 percent and shield them from foreclosure. Rowles, who is currently in Beaufort, South Carolina, said she hadn't missed a single mortgage payment, but had calculated payments with the 6 percent interest rate she and her husband were entitled to. Chase instead charged the Rowles family, and thousands of others, up to 10 percent.

Chase admitted that 14 military families lost their homes thanks to the mistake, and 4,000 active service members have been wrongly overcharged. In a statement, JP Morgan Chase said they would be refunding around $2 million to families who had overpaid. The families who have been thrown out of their own homes will be allowed to move back.

Watch the NBC News report below.

Comments

[MANITO MACHINE may]

03:53 PM on 03/06/2011

After 8 years of court battles, we proved that Chase bank foreclosed without due process service, without being the lender or mortgage holder at the time, and they were convicted by the Illinois Appeals court of conversion of private property when they trashed over 1.5 million in business and personal property. We still have a long fight to get our house back from the current residents and file suit with the Il. Attorney General's office for criminal trespass, theft, conversion, il-legal search and seizure without proper cause and any other criminal proceedings we can file. I hope this goes all the way to James Dimon and he has to answer for the charges.
See our blog for the paperwork, pictures and the courts opinion.
http://mmentco.blogspot.com/feeds/5396277093296459768/comments/default

[marijam]

07:06 AM on 01/20/2011

I think this is a perfect example of how mindless American businesses have become in pursuit of the all-mighty dollar. America has lost its moral foundation but it isn't because of the reasons Pat Robertson et al like to use.

[ritgar]

07:01 PM on 01/19/2011

So glad I saw this. Was about to use Chase for another business mortgage (had 4 Chase Washington Mutual previously) - I'm going elsewhere!

[Torrey Shannon]

05:40 PM on 01/19/2011

http://www.huffingtonpost.com/torrey-shannon/jp-morganchase-accidental_b_810785.html

When it comes to foreclosures happening within the military community, there is no excuse for JP Morgan-Chase to not understand the longstanding protections given to military members through laws of the SCRA. The fact is, the SCRA has roots going back to the Civil War.

[finertyManuel]

12:31 AM on 01/20/2011

Most of the extremely wealthy families who founded companies such as JP Morgan Chase also have roots in the early 18th century. (see my note below).

Here's a few others, just a glimpse:

"...quotes from Imperial Cruise by James Bradley:

...FDR was heir to the huge Delano opium fortune...

Franklin's grandfather Warren Delano had for years skulked around the Pearl River Delta dealing drugs.... The profits were enormous, and at his death Delano left his daughter Sara a fortune that she lavished on her only son.

...Many of New England's great families made their fortunes dealing drugs in China. The Cabot family of Boston endowed Harvard with opium money, while Yale's famous Skull and Bones society was funded by the biggest American opium dealers of them all - the Russell family. The most famous landmark on the Columbia University campus is the Low Memorial Library, which honors Abiel Low, a New York boy who made it big in the Pearl River Delta and bankrolled the first cable across the Atlantic. Princeton University's first big benefactor, John Green, sold opium in the Pearl River Delta with Warren Delano.

...John Murray Forbes's opium profits financed the career of transcendentalist Ralph Waldo Emerson and bankrolled the Bell Telephone Company. Thomas Perkins founded America's first commercial railroad.... "

source: [http://www.pentaxforums.com/forums/political-religious-discussion/93107-opium-fortunes.html#ixzz1BY8J4VzE]

[David Lies]

03:32 PM on 01/19/2011

Well, if this does not sum up just how irresponsible and incompetent the banks are, I don't know what does. The entire economic crisis that exists today is due largely to the greed of the banking industry. Now that they have made a mess of our economy, they have continued to act irresponsibly in fixing the problem. DO NOT TRUST YOUR BANK! They are so sinister that they have even promoted propaganda campaigns to make homeowners wary of attorneys that are dedicated to fixing this mess. I am aware of thousands of homeowners that have SAVED their homes by hiring the right mortgage mitigation attorneys. I have a personal experience with Martorana Legal Services and they were awesome in helping me and my family save our home. They were able to stop my foreclosure and get my loan permanently modified so that I now have a realistic loan that I can afford. I stongly recommend hiring the firm if you are trying to save your home. They can be reached at 1-877 396-5932 and www.martoranalegalservices.com.

[TWOMANY]

11:40 AM on 01/19/2011

Maybe one of our brothers or sisters will treat JP Morgan to a personalized fly-by and deposit 2,000-lb bunker-buster for ALL AMERICANS...

Gee, now wouldn't that add a new twist to the argument of WHERE's THE NOTE...?

Hopefully, our military leaders will see the necessity to protect our nation from the ENEMY WITHIN - WALL STREET - CHASE - BANK of AMERIKA - WELLS FARGO - CITIMORTGAGE - GOLDMAN - AIG - FED RESERVE and several others...

How long - what will it take?

Maybe another TUNISIA is lurking...?

just thoughts...

[Apathy Man]

09:50 AM on 01/19/2011

Just how many of these little mistakes are the banks going to be allowed to make with out anyone being punished? it seems like the made most of their bonuses by cheating the public one way or another.

[Darlie Brewster]

08:46 AM on 01/19/2011

SUE! No class action, everyone sue as individuals! Class actions give the company a break.

[GardenerNorCal]

08:35 AM on 01/19/2011

I think this justifies a complete independent audit of Chase. If they are making mistakes of this type what other mistakes are they making?

[jobscabin]

08:31 AM on 01/19/2011

Sad story about the Rowles family and a 5 year struggle to keep a bank giant from taking their home. The Rowles' Congressman, Mr Joe Wilson R-SC, has been impotent in trying to help. He is way too busy with his Self Adulation Club to help a military family in his district.

[GardenerNorCal]

08:30 AM on 01/19/2011

"Chase admitted that 14 military families lost their homes thanks to the mistake, and 4,000 active service members have been wrongly overcharged. In a statement, JP Morgan Chase said they would be refunding around $2 million to families who had overpaid. The families who have been thrown out of their own homes will be allowed to move back."

I think they are also entitled to punitive damages. This wasn't a mistake it was intentional.

[Bobzmcishl]

03:11 PM on 01/19/2011

Agree. JP Morgan should pay triple damages to the families. Don't know how much lower my opinion of banks can go.

[deadfed]

08:27 AM on 01/19/2011

On my blog is a link to the fraudsters at MERS where you type in any address and find out who is claiming to be the servicer and investor on your note...kind of surprising...

"LOOK UP THE ALLEGED SERVICER AND INVESTOR ON ANY PROPERTY…"

http://deadfed.com/
(right hand side of blog, look for MERS logo)

[cats530]

11:55 AM on 01/19/2011

MERS website is not always accurate.

[nixrox04]

08:22 AM on 01/19/2011

And our politicians always look the other way with one hand out behind their back.

[floodmfx]

07:46 AM on 01/19/2011

JPM does not care about this country. They have no sense of corporate responsibility.
They are cancerous leeches.

[EvolveorPerish]

03:46 PM on 01/19/2011

That's being way to nice.

How does Mr. Dimon sleep at night?

[finertyManuel]

06:24 AM on 01/19/2011

"J. P. Morgan had started before the war, as the son of a banker who began selling stocks for the railroads for good commissions. During the Civil War he bought five thousand rifles for $3.50 each from an army arsenal, and sold them to a general in the field for $22 each. The rifles were defective and would shoot off the thumbs of the soldiers using them. A congressional committee noted this in the small print of an obscure report, but a federal judge upheld the deal as the fulfillment of a valid legal contract.
Morgan had escaped military service in the Civil War by paying $300 to a substitute. So did John D. Rockefeller, Andrew Carnegie, Philip Armour, Jay Gould, and James Mellon. Mellon's father had written to him that "a man may be a patriot without risking his own life or sacrificing his health. There are plenty of lives less valuable." "
-- Howard Zinn, A People's History of the United States, Chapter 11: Robber Barons And Rebels
[http://www.historyisaweapon.com/defcon1/zinnbaron11.html]

[cats530]

11:56 AM on 01/19/2011

Interesting factoid. Fanned & faved.