PRESS RELEASE - Veterans Call on Congress to Investigate Troop Mortgages in Light of Over-Charges By JP Morgan Chase

 ·  VoteVets.org, Press Release

Washington, DC - The largest progressive veterans organization in America, VoteVets.org, today called on the House Committee on Financial Services and Senate Committee on Banking, Housing, and Urban Development to investigate how J.P. Morgan Chase was allowed to overcharge troops for their home mortgages, foreclose on some troops, and whether the problem exists with other banks.  The full text of the group's letter to the Chairs and Ranking Members of the Committees is below.

"Troops are risking their lives for America, and the law protects them from this kind of nonsense while they are in harm's way.  That the law was violated by JP Morgan Chase, and not caught until they were sued over it demands an investigation," said Ashwin Madia, Iraq War Veteran, and Interim Chairman of VoteVets.org.  "We simply don't know if JP Morgan Chase is the only bank to violate the law.  They only got caught because one Marine chose to sue.  How many other banks could be getting away with the same thing?  We need to know, and take care of the troops who may have been harmed."

According to NBC News, which conducted its own investigative story, more than 4000 troops were overcharged for their mortgages by JP Morgan Chase, while 14 more were foreclosed on improperly.  Under the Servicemembers Civil Relief Act (SCRA), active-duty troops generally get their mortgage interest rates lowered to 6 percent and are protected from foreclosure.  JP Morgan Chase had been charging troops interest rates of over 9 and 10 percent.

The NBC News report can be found here:  http://www.msnbc.msn.com/id/41043127/ns/business-real_estate/

Founded in 2006,  and backed by over 100,00 members, the mission of VoteVets.org is to use public issue campaigns and direct outreach to lawmakers to ensure that troops abroad have what they need to complete their missions, and receive the care they deserve when they get home.  VoteVets.org also recognizes veterans as a vital part of the fabric of our country and will work to protect veterans' interests in their day-to-day lives.   VoteVets.org is committed to the destruction of terror networks around the world - with force when necessary - to protect America.  While non-partisan, the group is the largest progressive organization of veterans in America.

 

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