Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

JPMorgan admits military mortgage mistakes

By Aaron Smith, staff writer


NEW YORK (CNNMoney) -- JPMorgan Chase & Co. admits that it overcharged 4,000 members of the U.S. military on their mortgages and accidently foreclosed on 14 homes, mistakes that it is working to resolve.

JPMorgan (JPM, Fortune 500) said it is mailing $2 million in refunds to the overcharged military personnel. The bank also said it has resolved 13 of the accidental foreclosures and is working to resolve the last.

"We made mistakes here and we are fixing them," said the bank, in a prepared statement.

"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 fell particularly bad about the mistakes we made here," said the bank.

The New York-based bank reported on Jan. 14 that it made a profit of $4.8 billion, or $1.12 per share, in the latest quarter, beating Wall Street estimates. To top of page

Index Last Change % Change
Dow 23,358.24 -100.12 -0.43%
Nasdaq 6,782.79 -10.50 -0.15%
S&P 500 2,578.85 -6.79 -0.26%
Treasuries 2.35 -0.01 -0.30%
Data as of 7:20am ET
Company Price Change % Change
Intel Corp 44.63 -1.02 -2.23%
General Electric Co 18.21 -0.04 -0.22%
Advanced Micro Devic... 11.38 0.13 1.16%
Bank of America Corp... 26.62 -0.14 -0.52%
Comcast Corp 36.16 -0.91 -2.45%
Data as of Nov 17
Sponsors

Sections