Sub-prime lending, foreclosures, and a broken mortgage modification process have devastated Prince William families and neighborhoods. More than 20,000 Prince William County, Manassas, and Manassas Park residents have lost their homes to foreclosure, while remaining residents have lost significant equity from declining real estate values. Foreclosed properties have often been resold to absentee investors or remain abandoned, destabilizing neighborhoods with crime, blight, and declining homeownership rates. 5,000-7,000 Prince William families are currently in immediate danger of foreclosure & 47.4% of Prince William families are currently underwater on their mortgage (the 26th highest jurisdiction in the United States).
VOICE's $300-500 million Reinvestment Proposal is linked to the total value of the subprime loans that went into foreclosure in the Prince William area that were originated by GE (through WMC Mortgage, $220-300 million), Bank of America (through Countrywide, $100-200 million), and JP Morgan Chase (through Long Beach Mortgage, BearStearns, & Washington Mutual, $100-200 million).