Minorities Hit Hardest by Subprime Mortgage Crisis

Nearly 225,000 foreclosure filings were reported last month - a 94 percent spike over October 2006. And economists project the figures will only get worse in 2008 when two million homeowners potentially face foreclosure when their adjustable rake mortgages reset at higher rates.

African-American and Latino homeowners have been particularly hard hit. A recent study by ACORN found that upper income African-Americans and Latinos were more than three times as likely as upper income whites to have a high-cost loan.

The Rev. Jesse Jackson has announced plans to hold a march on Wall Street on December 10th to put pressure on corporations to address the needs of Americans who have been devastated by the foreclosure crisis.

Meanwhile, on Wednesday a coalition of grassroots organizations called on some of the nation's largest investment banks to donate their holiday bonuses to a foreclosure prevention fund that will help prevent a new wave of foreclosures. The campaign is focusing on Goldman Sachs, Merrill Lynch, Morgan Stanley, Lehman Brothers and Bear Stearns.

• Mark Winston Griffith, co-director of the Neighborhood Economic Development Advocacy Project, a community-based financial justice advocacy center.
• Lionel Ouellette, executive director of Changer, that organizes with home owners caught up in the subprime crisis.