Jesse Jackson Says President's Plan to Prevent Foreclosures Doesn't Go Far Enough

The nation’s housing crisis has been called the biggest immediate threat facing the U.S. economy today. Amidst growing unease, President Bush announced a plan last week to freeze interest rates for some homeowners facing foreclosure. But critics say the plan”s strict guidelines will leave out the most vulnerable. The Center For Responsible Lending says Bush”s plan will only help about seven percent of sub-prime borrowers—or about 145,000 families.

A subprime loan offers borrowers a mortgage—but at a disproportionately high rate they often can"t afford. The subprime market has fueled a record one million foreclosures this year, with an estimated two million expected in 2008.

A growing coalition of housing and civil rights advocates are calling for federal intervention to protect homeowners from foreclosures. Today, those calls are coming to the hub of the lenders and investors behind them. Demonstrators will gather in the heart of Wall Street for a march dubbed “Save Our Homes—Fight Home Foreclosures, Defend Our Economic Rights.”

The Reverend Jesse Jackson and the Rainbow-Push Coalition have helped organize today’s march. Rev. Jackson joins me now in the firehouse studio, just blocks from where he"ll lead the rally at noon today.

Rev. Jesse Jackson, civil rights leader. He is the founder of the Rainbow/PUSH coalition, a progressive organization fighting for social change.

Related Links

• Rainbow/PUSH

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