GAO finds servicers largely avoid military mortgage reviews

07/18/2012 3:38 PM | Anonymous
Regulators reviewed only half of mortgage servicers for compliance with national military lending law between 2007 and 2011, according to the Government Accountability Office.

In 2011, two mortgage servicers under investigation from the Justice Department revealed 165 improper foreclosures conducted without a proper court order as required by the Servicemember Civil Relief Act.

Six of 10 other servicers responded to House of Representatives letters shortly after, revealing another 148 improper foreclosures, according to the GAO report.

Banks were found to have charged more than 15,000 servicemembers fees and interest rates higher than the SCRA allowed. JPMorgan Chase refunded roughly 10,000 of them through a settlement last year.

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