New York – The nation’s second-largest bank, JP Morgan Chase, has admitted to overcharging thousands of military families on the mortgages they have with the bank, and to illegally foreclosing on more than a dozen other servicemembers’ homes. This does include many men and women in uniform who are currently fighting in Afghanistan.

The admission comes about due to a lawsuit filed by Marine Captain Jonathan Rowles, who has been battling Chase over the last five years over this issue. This led the bank to review how it has handled mortgages which involve active-duty military personnel. A law known as the Servicemembers Civil Relief Act holds that banks must adhere to strict guidelines when issuing mortgages to anyone serving our nation in uniform – and foreclosures are strictly forbidden to any member of our military serving combat duty. Apparently, Chase violated this law over 4,000 times and violated the foreclosure part of the law by taking homes away from at least 14 families.

Chase has stated that this week will see them begin mailing over $2 million in refunds to those families who were overcharged. They will also be working to get the many families who lost their homes back into them. This is a big black mark for the bank, and JP Morgan Chase will be working hard in the near future to set things right with those who risk their lives to serve our country.

Source: NBC News