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Dec. 4 (Bloomberg) -- Civil rights leaders including Jesse Jackson, founder of the Rainbow PUSH coalition, plan to hold rallies in New York City's Wall Street district and at least six other cities to call for a corporate response to the ``crisis'' of surging home foreclosures.
Jackson's plans show how the increase in delinquencies on subprime mortgages, some of which were the product of what Federal Reserve officials said were ``lax'' lending practices, is capturing political attention. Democratic Senator Hillary Clinton, a candidate for her party's presidential nomination, this week called for a 90-day moratorium on foreclosures.
The gloomy assessments of the housing market were made Monday at a conference sponsored by the Office of Thrift Supervision, where Treasury Secretary Henry Paulson said an agreement is imminent to temporarily freeze interest rates on thousands of mortgages at risk of default
However, Democrats and Republicans continue to debate the issue even as Fannie and Freddie's profits plunge and their stock prices crash.
With $361 billion in subprime loans made to borrowers with weak credit resetting at higher interest rates next year, foreclosures will peak in the third quarter of next year and won't drop back to more normal levels until 2011, said a Banc of America Securities report out last month.