U.S. armed service members will receive $123.4 million as a first round of payments, in conjunction with the $25 billion nationwide mortgage settlement reached in February 2012. The U.S. Justice Department announced that 666 service members and their co-borrowers will receive $88 million from JPMorgan Chase & Co, Wells Fargo & Co, Citigroup Inc and Ally Financial Inc, under a federal law that protects service members from foreclosures.
Lenders have been accused of violating the Servicemembers Civil Relief Act that prohibits non-judicial foreclosures against service members who are on or have recently left active duty, and took out their mortgages before their service started. The foreclosures at issue took place between January 1, 2006 and April 4, 2012.
Acting Associate Attorney General Stuart Delery had this to say, “Service members should never have to worry about losing their home to an illegal foreclosure while they are serving our country.”
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http://www.reuters.com/article/2015/02/09/us-foreclosures-military-idUSKBN0LD2KQ20150209
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