JPMorgan Chase & Co. yesterday announced new programs geared toward military customers and veterans, and apologized for overcharging active-duty service members on mortgages, and improperly foreclosing on more than a dozen.
The steps include a program making certain military personnel eligible for reduced-rate mortgages; enhancing a mortgage modification program for those who are having trouble making payments; and a pledge not to foreclose on any active personnel while they’re deployed.
JPMorgan Chase chairman and chief executive Jamie Dimon said those programs and other initiatives “are a start, but in no way a finish’’ to address the bank’s recent missteps involving military clients. The bank admitted the mistakes last month, including breaking a law that limits fees and interest charged to active-duty service members.
