JP Morgan Chase introduces new plan for military members

February 15, 2011 8:36:55 PM PST
On Tuesday, JP Morgan Chase announced a new plan to prevent the overcharging of thousands of active-duty military members on mortgages.

The bank was forced to apologize last week when it was learned Chase violated laws protecting active military personnel from foreclosure.

The bank pledged to offer rebates to those overcharged and to reduce interest rates to 4 percent for eligible borrowers.

It also promised to strengthen modification programs for distressed military homeowners.