JP Morgan Chase Unveils New Mortgage Program for Servicemembers

Feb 15, 2011

Moves to help military and veteran customers in wake of hearing last week

WASHINGTON, DC – Today, Congressman Mike Michaud praised JP Morgan Chase for taking action in response to last week’s House Veterans Affairs’ Committee hearing into their disclosure that they overcharged more than 4,500 active duty military personnel on their home loans and improperly foreclosed on 18 of them. These actions were in violation of the Servicemembers Civil Relief Act, which was created to provide a wide range of protections to servicemembers. JP Morgan Chase announced today it will significantly enhance its programs to help military and veteran customers, including lowering interest rates for eligible borrowers.

“Apologies are great, but actions speak loader than words,” said Michaud, who took the company to task during a February 9th hearing of the House Veterans Affairs’ Committee. “While it’s unfortunate that it took years to get this point, it’s good to see this company stepping up to do the right thing. My colleagues and I will be closely monitoring the implementation of this new program to make sure that it lives up to its promises.”

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