Chase Appears At Congressional Hearing, Apologizes For Screwing Over 4,000+ Active Duty Servicemembers In Foreclosure, Admits Finding More Problems

The Wall Street Journal reports:

• A J.P. Morgan Chase & Co. executive, at a U.S. House hearing Wednesday, apologized for wrongly foreclosing on military families and overcharging thousands for mortgages, as lawmakers weigh whether new legislation is needed to help prevent military personnel from losing their homes and getting hit with high interest rates.

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• Chase initially found it overcharged at least 4,000 military personnel in active service and took the homes of 14. [...] In January, after conducting an internal audit, Chase acknowledged its mortgage errors. However, Chase's testimony Wednesday shows the firm has now found more problems--it said it overcharged 4,500 active-duty military members and wrongly foreclosed on 18.

For more, see J.P. Morgan Apologizes for Military Foreclosures (requires paid subscription; if no subscription, GO HERE, then click appropriate link for the story).