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Congressman Benishek: “Veterans Deserve Exemplary Treatment From JP Morgan Chase” - New Member Of Veterans’ Committee, Benishek Concerned About Past Bank Mishandling

Feb 14, 2011 Issues: Economy, Veterans

WASHINGTON, DC: Congressman Dan Benishek (MI-01) today made the following statement in reaction to JP Morgan Chase’s new military and veteran programs:

“I commend JP Morgan Chase for launching new programs aimed at our military service people and our veterans.  As a member of the Committee on Veterans’ Affairs, I recently learned of serious gaps in the bank’s basic customer relations with our military servicemembers.  Our servicemembersand veterans have served our nation with honor and they deserve exemplary treatment.  I hope Chase will carefully track how it serves veteran customers and I hope our Committee will continue to press JP Morgan Chase until it can report with 100% conviction that the bank is doing the right thing in every case.”

Some of the new Chase programs aimed at veterans and servicemembers include:

Reduced Servicemembers Civil Relief Act (SCRA) Pricing

“Effective 4/1/11, subject to any required approvals, Chase will put in place a rebate or similar program for SCRA-protected military personnel, which will lower eligible borrowers’ effective mortgage interest rate to 4% while on active duty and for a year thereafter.  That maximum rate is 2% lower than the 6% rate currently required by SCRA.

Military Modification Program

“Beginning 4/1/11, Chase will introduce an enhanced modification program for all members of the military who have served on active duty as far back as 9/11/01.  The program will be offered to those who are delinquent or having trouble making their mortgage payments.  Subject to the required regulatory and investor approvals, the program will go beyond the government's Home Affordable Modification Program (HAMP) requirements.  In addition, in cases when we modify any Chase-owned or Chase-serviced primary residential mortgage, if there is a second mortgage on the same property that is also owned by Chase, we will modify the interest rate on the second to 1%.

Home Ownership Assistance

“Chase will not foreclose on any currently deployed active military personnel.  This change goes beyond current SCRA requirements, which protects military borrowers against foreclosure only if they took out their loans prior to going on active duty. 

“Chase believes we now have the systems and controls in place to avoid wrongful foreclosure proceedings on any military covered by SCRA.  In cases where we have mistakenly foreclosed on military borrowers who should have been covered by SCRA, in addition to rescinding the sale, we will forgive all their remaining mortgage debt.  Going forward, if we ever have a wrongful foreclosure sale on an SCRA covered customer, we will forgive all of their remaining mortgage debt, as well. 

Chase will donate 1,000 homes to military and veterans over the next five years through our non-profit partners.  By the end of 2011, Chase will open five new Chase Homeownership Centers in cities near the following large military bases. 

·Ft. Hood (Killeen), Texas

·Naval Station Norfolk (Norfolk), Virginia

·Ft. Bragg/Pope Air Force Base (Fayetteville), North Carolina

·Camp Lejeune (Jacksonville), North Carolina

·Ft. Campbell (Clarksville, TN), Kentucky

“In 2011, Chase will host 10 borrower outreach events near large military bases.  Chase will staff all of its Homeownership Centers with employees specifically trained in SCRA, military issues and Chase special military programs.   

For more information, call:

Mortgage questions:  877-469-0110
Credit Card questions: 888-520-3863
All other consumer product questions:  800-242-7399
Or visit: www.chasemilitary.com