JP Morgan Chase Settles Military Homeowners Foreclosure Class Action

Hendren Redwine & Malone

I came across an interesting article about a recent settlement for military homeowners in a class action against JP Morgan Chase.

The case involved alleged violations of the Servicemembers’ Civil Relief Act. According to the article, Chase failed to interest rates on mortgages as required under the Act. Under the Act, interest rates were to be reduced to 6% by a certain date. To settle the case, Chase has set aside about $48 million. Chase has apparently also agreed to reduce mortgage interest for SCRA borrowers to 4%.

Click here for the full story.

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