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$360,000 for Non-Profit Mortgage Counselors & Streamlining the Mortgage Modification Process for Prince William Homeowners – 2011 & 2012

Since launching our Foreclosure & Subprime Lending Accountability Campaign in April 2011, VOICE has:

  • Met and organized with more than 800 homeowners struggling to secure loan modifications, connecting them with non-profit housing counselors to resolve their issues and securing almost 200 modifications.
  • Mapped all the foreclosures in the Prince William area and identified financial institutions that made the sub-prime loans that caused the foreclosures.
  • Secured loan modification reforms by Bank of America & JP Morgan Chase in Prince William, including: 1) a single point of contact for counselors/homeowners; 2) foreclosures stopped when families are negotiating modifications; 3) consistent accountability process when there are disagreements between counselors and servicers; 4) agreed timeline for loan modification decisions (3-4 months) to insure homeowners get prompt decisions about loan modification applications. Bank of America is now recognized by housing counselors as one of the most effective and transparent servicers in their work with homeowners.
  • Secured $363,000 – from Bank of America, JP Morgan Chase, and General Electric –to fund 5 new, non-profit housing counselors, more than doubling housing counseling capacity in Prince William area.
  • Helped secure $7 Million from the National Mortgage Settlement to the VA Housing Trust Fund for housing counselors and affordable housing investment by organizing with NOVA General Assembly members and publishing an Op-Ed in Richmond Times Dispatch.
  • Released research report in September 2011 documenting rampant robo-signing & potential mortgage fraud in Prince William.
  • Secured commitments from Bank of America & JP Morgan Chase to provide up to $60 million in principal write down for underwater homeowners and help for up to 1,000 homeowners under the Attorneys’ General National Mortgage Settlement
  • Secured pledges from GE Capital/WMC Mortgage, Bank of America/Countrywide, and JP Morgan-Chase/Bear Stearns/Long Beach to negotiate and reach an agreement on VOICE’s $300--$500 million reinvestment proposal to rebuild homeownership rates and blighted neighborhoods, to refinance underwater mortgages, and to address the affordable housing crisis in Prince William County, Manassas, and Manassas Park by October 2012.  The agreement will be announced on October 1, 2012 at VOICE’s public Action with 700 VOICE leaders and Senator Warner present.
Item Date: 
Saturday, October 1, 2011