10,000 foreclosures per day

That's right, there are 10,000 foreclosures occurring every day in the U.S. Meanwhile food and gas prices escalate, making it harder for most to pay rent, let alone a mortgage. In spite of the unprecedented stress and suffering caused from this crisis, especially for children, it seems that the U.S. government is most concerned with spending possibly hundreds of billions bailing out Bear Stearns, Indy, Freddie, Fannie and any other Big Mac capitalist wanting a hand-out. These financial giants created the crisis. Communities of color and poor, working class white families were targeted with sub-prime loans that, at best, used misleading loan terms. The result, mortgage payments that more than tripled over time.

The devastation to whole communities is occurring from the East Coast to the West. But ...

So is the fight back!

The Michigan Moratorium Now Coalition to Stop Foreclosures and Evictions created a grassroots campaign which birthed a Senate Bill up for vote in the Michigan State Senate calling for a 2-year moratorium on foreclosures and evictions. They're building for a mass march on the State Capitol this September to persuade the powers that be to do the right thing.

And, in Los Angeles a grouping of neighborhood block clubs is working with the largest service employees union local in the U.S., along with anti-war organizations and sympathetic politicians pushing for a similar moratorium on foreclosures and evictions in the state of California. You can find out more about these campaigns by going to moratorium-mi.org and iacenterla.org.

-- the above is from the good folks at Leftbooks.com.

I hope communities all over the country rise up and fight this madness. In effect, these giant banks and mortgage companies are stealing houses from hard-working citizens. Do they get punished for their irresponsible lending practices? No, they get bailed out! This is unconscionable! We need legislation to stop the foreclosures now, rewrite the loans, and punish the real "evil-doers" -- the ones profiting off the backs of the lower classes.