NBC was the first to report last week that JP Morgan Chase publicly acknowledged overcharging 4,000 military families for their mortgages. With that admission JP Morgan Chase CO also acknowledged improperly forclosing on some of the homes. The report came to light from a court case filed by Marine Captain Jonathan Rowles.
In a statement to NBC News Chase chief communications officer Kristin Lemkau had this to say: “We are deeply appreciative of those who fight to protect our country and Chase funds a number of programs that provide benefits to military personnel and veterans, and while any customer mistake is regrettable, we feel particularly badly about the mistakes we made here.”
Well if that aint lipstick on a pig than I don’t know what is! I almost don’t even know where to begin…almost.
First of all I don’t know about the people at Chase but where I come from (Denver, CO) I was taught that when you offer an apology you make that apology and don’t cloud it with garbage and excuses. Come on, Chase! Did you really need to spin in your own apology that you fund “a number of programs?” After all, you are publicly acknowledging that you made a ‘mistake.’ Just offer the public apology and let the chips fall where they may. You did blow the whistle on yourself and that should spare you some scrutiny.
I also don’t buy the idea that this is a “mistake.” Sorry. Maybe that is the cynic in me. However, Rep. Jeff Miller, R-Fla., chairman on the House Committee on Veteran Affairs seems to agree when he stated: “The Service Members Civil Relief Act has been in place for decades and I cannot believe that one of the nation’s largest financial institutions appears to be disregarding the protections offered by that law.” This smacks of ‘it’s easier to ask forgiveness than permission;’ or, Chase is simply too large to function in a manner while abiding by and ensuring the integrity the most basic laws in our country.
It is a despicable shame that thousands of our brave service members were forced into the distractions of financial affairs back home while protecting our country and freedoms. To add insult to injury these service members received collection calls and threats to take the home and report the families to credit agencies. Talk about putting people in harm’s way-literally.
As a result of NBC News report and the Rowles lawsuit Chase has begun mailing a total of about $2 million in refunds to families that were overcharged. Mrs. Lemkau also stated those who improperly lost their homes have gotten or will get their homes back.
Investigations are under way by the House Committee on Veteran Affairs and a federal prosecutor. This is a second black eye on Chase following the ‘robo signing’ scandal reported late last year. It might be important to note that Chase had over $2.14 TRILLION in total assets as of September, 2010. They are second only to Bank of America.
Did you know?
Did you know if you are a veteran and facing a Denver foreclosure or are attempting to complete a Denver short sale, there are different guidelines governing VA short sales. One nuance is the fact that the VA will give you a complete release in a short sale-meaning there won’t be any deficiency. However, the borrower will have to pay back the loss incurred by the VA to be eligible for another VA loan.
Thinking about a short sale? I can help you with your Aurora, CO short sale and never pay the bank another penny. Send me an e-mail at email@example.com . I will be happy to answer any questions you have or meet you for a no pressure, no obligation consultation in the privacy of your home.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 303-437-1239
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Thanks for reading this!
Joe Hildebrand is a real estate agent at RE/MAX Unlimited
Phone: (303) 671-3078 firstname.lastname@example.org
Joe Hildebrand specializes in short sales in Denver, Colorado. Denver Short Sales. Denver Short Sale Realtor. Centennial Short Sales. Centennial Short Sale Realtor. Castle Rock Short Sales. Castle Rock Short Sale Realtor. Parker Short Sales. Parker Short Sale Realtor. Highlands Ranch short sales. Highlands Ranch realtor. Littleton short sale.
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