Joe Raedle
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Getty Images
A new report by the U.S. Conference of Mayors forecasts more home foreclosures in 2008, which will lead to billions of dollars in lost economic activity.
But the subprime mortgage crisis is hitting some parts of the country harder than others — and many cities are suffering.
Mayors have set priorities to get constituents to contact lenders, halt neighborhood deterioration that comes from vacant homes, and urge the mortgage industry to restructure loans.
Detroit Mayor Kwame Kilpatrick talks about the economic fallout of the subprime mortgage crisis with Renee Montagne.
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