Chase Bank apologizes over military foreclosure debacle

Recently, I ate up Chase Bank on the air over their involvement in illegally foreclosing on homes owned by deployed military personnel.

At the time, I was so irate that I lost my train of thought on air and had to step back to breathe before continuing. I appreciate through my whole being the wonderful brave men and women who wear the uniform of the U.S. military. They put their lives on the line day in and day out to preserve our nation and help the fight for freedom. So it’s understandable that I was upset because Chase (and other banks) repeatedly flouted the Service Members Civil Relief Act.

Chase had been basically mute and unapologetic on the issue. But all the while, the national media kept the spotlight on them and continued the pressure. Finally, CEO Jamie Dimon stood before the cameras and microphones and said, “We deeply apologize, I personally apologize. There are no excuses.”

One of the problems with corporate America is that when they mess up, they don’t fesss up! The corporate psyche says to ignore and deny and hope a problem goes away. But I say be a man (or a woman) and stand up and apologize.

Chase is offering restitution for those affected, and has made an ironclad pledge not to mess up anymore in this area. “[The bank] will return $2.4 million to the thousands of service member borrowers affected, adding 7.25% interest to the refunds owed,” according to MyBankTracker.com.

Mind you, Chase was not the only one flouting the law, it’s just that they had the most instances of mistreatment. So congrats to Dimon for standing up and taking the heat. Nobody expects any of us to be perfect. If you make a mistake, it’s necessary to say you’re sorry and say you’ll be do better. It’s a simple thing in life.

Finally, if you are serving our country, there are special rights you have concerning borrowing and loan obligations. We have a military guide that gives guidance to make sure your rights are protected.