Tuesday, June 14, 2011

Chase Dumps Chief Of Beleaguered Mortgage Unit Over Illegal Foreclosure Practices That Screwed Over U.S. Servicemembers

Bloomberg reports:
  • JPMorgan Chase & Co., the second- largest U.S. bank, ousted mortgage chief David Lowman after it overcharged active-duty military personnel on loans and improperly foreclosed on other borrowers.


  • JPMorgan has been taking steps this year to repair its mortgage unit, which posted at least $3.3 billion in losses during the first quarter.


  • [Chase CEO Jamie] Dimon said the military foreclosures were the worst mistake the bank has ever made. “We deeply apologize to the military, the veterans, anyone who’s ever served this country and we’re trying to go way beyond” what is needed to correct the errors, he said at the company’s May 17 annual shareholder meeting. “We’re sorry.”

For more, see JPMorgan Ousts Mortgage Chief Lowman After Foreclosure Lapses.