More than 2 million American families face possible home foreclosure as a result of the subprime crisis, which greatly threatens the health of our economy. At the same time, the five largest Wall Street firms will pay a record $38 billion in bonuses this year, $2 billion more than 2006. Working America is calling for the top mortgage companies to use their power in the mortgage market to immediately halt foreclosures of subprime loans for one year to allow orderly restructuring and refinancing to occur.

The complexity and scale of the mortgage meltdown requires immediate action from America’s largest financial institutions, but mortgage originators and lending institutions have failed to step forward. As of September, only 1 percent of all subprime loans have been restructured, more than six months after the crisis developed. These companies are the largest residential lenders and large subprime servicers, and could prevent millions of foreclosures by following our recommendations. Act today.