Group Says Bank Did Not Help Virginia County Recover From Housing Crisis | WAMU 88.5 - American University Radio

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Group Says Bank Did Not Help Virginia County Recover From Housing Crisis

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A group of protesters say that J.P. Morgan did not invest federal funds in helping Prince William County recover from the housing crisis.
WAMU/Armando Trull
A group of protesters say that J.P. Morgan did not invest federal funds in helping Prince William County recover from the housing crisis.

Fifty interfaith leaders and foreclosure victims working as part of the group Virginians Organized for Interfaith Community Engagement (VOICE) protested outside the J.P. Morgan Chase office in the District today.

The group says the bank has refused to invest in a $30 million federal pilot program to help Prince William County recover from the housing crisis, which saw 20,000 foreclosures. The group says J.P. Morgan Chase, General Electric and Bank of America were responsible for the bulk of those foreclosures.

“In Prince William County, Bank of America and GE have agreed to a join us in reapplying equity back into our community. JP Morgan Chase has said they are uncomfortable with putting a viable equity plan and money back into our community. They stripped $300 million from the community but they refuse to put $10 million back into the community. We want justice," said Dr. Keith Savage, a reverend from Manassas.

JP Morgan Chase officials tell WAMU they offered the project a $5 million loan, but VOICE rejected it. Additionally, the bank says it has provided $25 million in relief to more than 250 homeowners in Northern Virginia.

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