Friday, February 18, 2011

House VA Committee Discusses SCRA Violations

This week, the House Veterans’ Affairs Committee held its first hearing of the new Congress by calling on J.P. Morgan Chase Bank to discuss mortgage-related violations of the Servicemembers Civil Relief Act (SCRA). Representatives of the bank admitted violations of improperly charging interest on some 4,500 active duty servicemembers’ mortgages beyond the 6% cap that is required under the law.  They also foreclosed on 18 servicemembers’ homes while they were deployed, now the topic of a federal lawsuit. Committee Chairman Jeff Miller (R-FL) warned the entire financial industry to understand and follow the requirements of the SCRA, and to undertake the same sort of review to ensure compliance.  He also asked DOD to review their educational programs to servicemembers and their families on the protections afforded them under the SCRA law.
For more on the hearing go to the House VA committee website at: Veterans.House.gov