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Subprime Fires Burn Inner City, Too

Subprime mortgage woes are not limited to suburban areas of Florida and Nevada. Reports say that every large metropolitan area in the U.S. is suffering its own subprime meltdown.

As financial firms including Countrywide, Washington Mutual and Wachovia Bank adapt to subprime-related losses -- whose spiral has even affected super-prime lenders like Thornburg Mortgage -- CNBC's Michelle Caruso-Cabrera notes that the Urban League of Philadelphia's help line has seen its call volume triple over the past 90 days -- nearly all related to mortgage problems.

Marc Morial, president and chief executive of the National Urban League, exhorted lawmakers to remember that "Mass foreclosures are not in [banks'] best interest, nor in the homeowners' best interest, nor the cities'."