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

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 25,058.12 -6.38 -0.03%
Nasdaq 7,820.20 -5.10 -0.07%
S&P 500 2,801.83 -2.66 -0.09%
Treasuries 2.90 0.05 1.69%
Data as of 3:12pm ET
Company Price Change % Change
General Electric Co 13.12 -0.61 -4.44%
Bank of America Corp... 30.13 0.46 1.55%
Microsoft Corp 106.27 1.87 1.79%
Advanced Micro Devic... 16.50 -0.21 -1.26%
Ford Motor Co 10.56 -0.26 -2.40%
Data as of Jul 20
Sponsors

Sections

John Schnatter is Papa John. He's tied to Papa John's advertising as cheese is to pizza, but he resigned as chairman for using a racial slur. More

Europe is hoping crunch talks with the United States next week will head off the threat of car tariffs and a transatlantic trade war. More

Top UK security officials say they can only provide "limited assurance" that telecom equipment provided by Huawei poses no threat to national security. More