Mortgages for the Military
Hood (Killeen), Texas Naval Station Norfolk (Norfolk), Virginia Ft. Bragg/Pope Air Force Base (Fayetteville), North Carolina Camp Lejeune (Jacksonville), North Carolina Ft. Campbell (Clarksville, TN), Kentucky These Homeownership Centers will be staffed with employees specifically trained in SCRA, military issues and Chase special military programs. Jobs, Education and Training JPMorgan Chase will form an alliance along with other major corporate employers,which will commit to hire 100,000 military personnel and veterans in total over the next ten years. They willannounce full details of the job offers in the coming weeks.As a further measure, Chase will require all of its vendors to disclose its military hiring practices and will make contract decisions in part based on how strong those programs are. Through collaboration with Syracuse University, JPMorgan Chase will now offer a Technology Education certificate exclusively for veterans to prepare them for technology careers.
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Houses Returned The lender has agreed to return houses that have been improperly foreclosed upon and not yet sold and to pay fair market value for those already auctioned off, according to the filing. It also will forgive any remaining mortgage debt of military borrowers who were protected by the law and mistakenly foreclosed upon. Finally, the company agreed to pay $8 million in legal fees for Rowles and other affected military personal who sued over the mishandled mortgages, according to court filings. Seymour approved both the settlement and the legal-fee request after a two-hour hearing yesterday.
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JPMorgan Chase scolded for military mortgage mistakes
He pointed out that Chase seemed to have no problem creating a veteran home loan 63-page document “to calculate interest to the exact penny,” but then claimed to not be able to understand a military order. “Are you going to stick to this that you couldn’t read this? That is a standard military order… that any 17-year-old kid can read,” he said.
For the original version including any supplementary images or video, visit http://www.cnn.com/2011/POLITICS/02/10/congress.military.mortgages/index.html
JPMorgan Settlement Over Military Families’ Mortgages Approved
With a 5% down payment, these fees drop to 1.5% and 1.75%, respectively. Even though the VA allows you to finance the fee amount over the lifetime of the loan, these fees offset many of the benefits of VA loans. What to do If you’re a veteran or currently serving in the military, consider all your options. It may be that a VA loan gives you the best combination of flexibility and savings. On the other hand, a motivated mortgage broker or bank loan officer might find you other programs that have better features. Depending on your particular situation, you may qualify for better rates and terms from other loan programs, such as those that Fannie Mae (NYSE: FNM ) and Freddie Mac (NYSE: FRE ) offer. In addition, your state may have first-time homebuyer programs that provide similar benefits.
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