The pending settlement includes the following terms:
- A total of $27 million will be paid to approximately 6,000 active-duty service members who were overcharged on their mortgages, and will also be used to lower interest rates on their mortgages and to return homes that were improperly foreclosed on.
- Approximately $6 million in payments have already been made to service members who were overcharged on their mortgages.
- Approximately $6.4 million will be paid to service members who may have undergone 'wrongful foreclosure practices.'
- Another $8 million will be paid in legal fees to the service members' attorneys
- JPMorgan will be required to reduce interest rates on all deployed service members' mortgages for one year to 4%
- All houses that were improperly foreclosed upon, but remain unsold, are to be returned. �
- For those houses already sold, JPMorgan will pay the service members the fair market value of the property.
- JPMorgan will forgive any outstanding mortgage balances for those service members who were improperly foreclosed upon.
- Any remaining unused funds will be donated to the charity of choice selected by the U.S. military.
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