Bank officer ousted after loan fiasco

In April, JPMorgan agreed to pay $56 million and to reduce mortgage rates for all deployed soldiers to settle claims it overcharged military personnel on their mortgages and seized homes of 27 active-duty military personnel who were protected by the Servicemembers Civil Relief Act.

Chief executive Jamie Dimon said the military foreclosures were the worst mistake the bank has ever made.

“We deeply apologize to the military, the veterans, anyone who’s ever served this country, and we’re trying to go way beyond’’ what is needed to correct the errors, he said last month.

The bank also has committed to hiring 100,000 veterans over 10 years, reduced the interest rate for active-duty soldiers to 4 percent from 6 percent for one year, agreed to forgive loan balances for anyone wrongfully foreclosed on, and created a special loan-modification program for veterans.