JOIN US IN DEMANDING INVESTIGATIONS INTO THE BANKS ON TROOP MORTGAGES
I am writing with great concern over recent news that JP Morgan Chase overcharged over 4000 active duty troops for their mortgages, and foreclosed on the homes of 14 others, in violation of the Servicemembers Civil Relief Act (SCRA). My group, VoteVets.org, asks you to hold immediate hearings on the issue, concerning not just JP Morgan, but other banks and their practices regarding SCRA compliance.
As you know, under the SCRA, active-duty troops generally get their mortgage interest rates lowered to 6 percent and are protected from foreclosure. JP Morgan Chase had been charging troops interest rates of over 9 and 10 percent, according to an investigative report by NBC News. NBC News was only alerted to the story when a Marine brought a law suit against the bank.
Troops are risking their lives for America, and the law protects them from this kind of nonsense while they are in harm’s way. That the law was violated by JP Morgan Chase, and not caught until they were sued over it demands an investigation. We simply don’t know if JP Morgan Chase is the only bank to violate the law. How many other banks could be getting away with the same thing? We need to know, and take care of the troops who may have been harmed.
The group I represent, VoteVets.org, was founded in 2006, and is backed by over 100,00 members. The mission of
VoteVets.org is to use public issue campaigns and direct outreach to lawmakers to ensure that troops abroad have what they need to complete their missions, and receive the care they deserve when they get home. VoteVets.org also recognizes veterans as a vital part of the fabric of our country and will work to protect veterans' interests in their day-to-day lives.
VoteVets.org, and all of its members, stand ready to be of assistance in this matter in any way we can.
J. Ashwin Madia
Iraq War Veteran
Interim Chairman, VoteVets.org.