Banks To Pay $311 million For Violating SCRA By Illegally Foreclosing On 2,413 Service Members

http://mfi-miami.com/2015/10/banks-to-pay-scra-violations/

The U.S, Department of Justice announced last week that SCRA violations by five major servicers now totals $311 million. The funds are also available to 2,413 members of the military who’s rights were violated under the SCRA. Five major banks violated the Servicemembers Civil Relief Act or SCRA when they illegally foreclosed on properties owned by service members who were deployed overseas from 2006 through 2012.

JPMorgan Chase, Wells Fargo, Citigroup, Bank of America, and GMAC Mortgage have agreed to compensate individuals who suffered from foreclosures in violation of the SCRA. The five mortgage servicers agreed to the compensation as part of in the 2012 national mortgage settlement.