Chase statement about home loans to military families

Below is a statement to NBC News from a JP Morgan Chase & Co. representative in response to a report about foreclosing on the homes of military families:

We made mistakes here and we are fixing them. There is no finer group of people than the men and women in the armed services who fight to protect our country every day. We are deeply appreciative of those who fight to protect our country and Chase funds a number of programs that provide benefits to military personnel and veterans — and while any customer mistake is regrettable, we feel particularly badly about the mistakes we made here. Starting several months ago, we commenced a review of our servicing of home loans to military personnel to ensure that we are addressing any and all problems. Beginning this week, we will be mailing a total of approximately $2 million in refunds to those who may have paid more than required. We now have a dedicated team in place devoted to servicing home loans for military personnel — the members of our military deserve nothing less. We welcome the opportunity to talk to Captain Rowles and others who would like to discuss their accounts.

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We feel like we try to do a lot for military families and veterans, so it’s particularly painful to have made mistakes with them in our core business.

VETERANS/MILITARY
Programs and Services Chase Offers
• ChaseMilitary.com – a website designed specifically for members and families of the U.S. armed forces

• Military Mortgage Program – specialized consultants, unique services such as $0 down payment loan, first-time homebuyer programs, 1% cash back
     o Low to Moderate Income Subsidy Program helps eligible homebuyers in designated areas
     o Mortgage Revenue Bond Partnership provides affordable mortgage rates and low down payment options
     o Community Empower Program specifically helps Military members buying their first home
     o Local Housing Assistance Programs provide down payment or closing cost assistance
     o 1% Cash Back on military mortgages, annually for the life of the program, when signed up for automatic mortgage payments from a Chase checking account

Organizations Chase Supports
• Wounded Warrior Project – Chase has donated $250,000 to Wounded Warrior Project, which raises awareness for, and offers assistance to, injured service members.

• Military Warriors Support Foundation (MWSF) – Since February 2010, Chase has donated six 100% mortgage-free homes to wounded veterans and their families across the U.S. through the Military Warriors Support Foundation. MWSF provides homes for wounded service members and their families, educational opportunities, job placement and training, and life skills programs.

• Morale, Welfare & Recreation Programs (MWR Programs) – Chase has contributed nearly $4 million toward MWR programs, which improve the quality of life for soldiers, veterans and their families through recreation and social activities. Chase’s contributions include recreational and day care centers, fitness facilities, movie theatres, sporting events such as golf and bowling, and music programs like the Army Concert Series on bases across the U.S.

— Kristin Lemkau, chief communication officer for JP Morgan Chase & Co.