Servicemembers Civil Relief Act, which provides active duty soldiers, who purchased a home prior to the start of their active duty, a 6 percent cap on their mortgage interest rate and any other fees while they are on active duty and for a year after they are discharged.
Chase is working on making things "whole as soon as possible," vowing to return $2.4 million to servicemembers and their families and has taken care of 12 of the 18 foreclosures.
But as committee members pointed out, the $2.4 million settlement is miniscule compared with the funds at JPMorgan Chase's disposal.
"Morgan Chase got $25 billion in TARP funds, so for them to settle for a mere pittance of $2 million based upon not even providing economic damages to these people
Click on the following for more details: JPMorgan Testifes Before Congress, Apologizes For Foreclosures and Hiking Interest Rates on Soldiers - ABC News
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