It is really too bad these banks are out of control. Doesn't look like it will get better for awhile.

No one who joins the military should be asked to put their lives on the line for people who are going to treat them like this.

I wish we could send a few of these idiots (bankers) to Afghanistan.

"The liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it comes stronger than their democratic state itself. That, in its essence, is fascism - ownership of government by an individual, by a group," Franklin D. Roosevelt

Why didn't you post the rest of the story, also on MSNBC, logic? Have you ever had a job? If you have, have you ever made a mistake in that job?

updated 1/17/2011 8:11:45 AM ET 2011-01-17T13:11:45

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.

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,...

The timelime of overcharges vs. admitting the same, is shameful! I'm sure Chase claims all the CRA credit they can demand with these programs. The dollar amounts involved in the programs truly are a drop in the bucket for this huge bank!

I'm a retired Compliance Examiner with the FDIC. I know for a fact that banks take great glee in CRA (Community Reinvestment Act) when they want credit for things they should have done anyway.

I've also read that the NACA is boycotting and suing Chase for mortgage fraud nationwide. The suit is scheduled to go to federal court in February 2011.

It would seem that Chase is being outed. To take advantage of people in such a fashion, especially those who serve and protect our country is criminal. I only hope that the actual punishment is of sufficient magnitude to make Chase and other banks take notice.

I guess reading and complying with the 'Soldiers and Sailors Relief Act' (on the books for a long time now) is to complicated for BofA.

Paster - you give the bank too much credit. They only "found" and "fixed" the problem after a law suit was started. They seriously hurt many families and they did nothing to fix the problems for years. Sorry - it's too little, too late.

Patser...the link was there for those who were interested in reading the entire story...as you did.

It changes nothing.

Folks, Do you know if the mortgage messup was created by Wash Mutual or Bear Stearns loans, companies that Chase purchased? I don't. I do know, however, that when one company buys another, the buyer gets the warts and all. Often, junk like this takes a while to surface.

How do I know? I've worked through about 5 banking mergers and have learned first hand that predecessor companies mess up ALL THE TIME. And yes, it's the buyer's responsibility to fix it...which Chase is doing.

Patser: "How do I know? I've worked through about 5 banking mergers and have learned first hand that predecessor companies mess up ALL THE TIME.'

Accidentally...AND on purpose.

That said, if the entire economic meltdown was the result of an accident and/or mistake, then the entire financial sector must have an IQ of 0.
And I think it is fair to say that is not the case.

That said, IMO, to categorize the actions of the banks/lenders/finance community as "accidents" or "mistakes", made millions upon millions of times, is nothing short of absurd...even for you to suggest Patser.

Enough said.

No one will even dent the armor, will they?

I'd feel a lot worse for this guy if he and his lawyers haven't filed suit to keep the bank from refunding the overcharges to the 4,000 other soldiers.

The bank is clearly in the wrong though. However, I'm hesitant to attribute anything to malice that can be explained by incompetence. There seems to be a couple of problems with their procedures.

1) It took several months for their customer-no-service to change the rate.
2) The quarterly verification of who is on active duty seems to be a paperwork nightmare. If the updates aren't entered on time (and they weren't) then the interest rate was reset to the old rate.
3) The bank has horrible customer service and doesn't empower the agents to actually fix a problem like this. It just gets forwarded around to other pencil pushers.
4) The third problem is magnified by their collection agency acting on the bad info in their system.

Overall, most of these banks just seem to be bad companies. Not bad as in purposely evil, just totally incompetent combined with the arrogance of assuming their data is always right. That is reason enough to avoid doing business with them if at all possible.

One has to look at the cumulative actions of the entire financial sector over the last ten years or so...or even the last five.

IMO, it is not coincidence that everything they are cited for in terms of what is considered to be wrong doing by those outside the loop is invariably an action that added considerable millions if not more to their coffers, while it bleeds the overall economy dry.

These companies have a tremendous amount of capital at their disposal...as well as some of the most brilliant financial players, business managers, analysts, statisticians, etc at their disposal....not to mention a good number of politicians in their pockets.

If they are nailed on something, the fine is a mere tiny drop in the bucket compared to the profit that is made. It is simply the cost of doing business. They apologize..the gullible fall for it...and they proceed with business as usual.

Remember, these are the entities that profited to the tune of trillions on the destruction of the global economy, manipulated a taxpayer bailout, and are now wealthier beyond imagining, while most everyone else struggles to pay their every day expenses.

Don't be fooled into thinking that they made yet another mistake that just so happened to make them yet another bundle.

The only reason they are admitting it now is because they finally got caught.

And very possibly the appointment of Holly Petraeus, wife of Gen. Petraeus to head up the Consumer Financial Protection Bureau may have played a very important part as well in JPMorgan Chase all of a sudden magically seeing the light on screwing over active duty troops.