One of the most devastating consequences of today's economic turmoil is the large-scale loss of nearly a generation of wealth among Latino homeowners. With a new foreclosure occurring every 13 seconds, we face the turning point of a catastrophe that demands immediate action and long-term solutions. Many of these foreclosures are driven by a perfect storm of job loss and toxic mortgages sold to families despite the fact that they qualified for a standard prime loan. Stories about Wall Street bailouts, auto dealers shutting down, and other troubles of the Great Recession have saturated the news media. We are even already hearing about stories of recovery. These are premature. While the dust may be settling for big banks, Americans are stuck in cycles of debt, and foreclosure rates remain at record levels; 400,000 Latino families will lose their home to foreclosure this year alone.

Maintaining the status quo is unacceptable. Weak oversight and limited accountability brought on this disaster. NCLR is keeping a sharp eye on banking reform, and we are com