Homeownership is one of the best ways for African-American families to build wealth and lay a solid foundation for the future. In the last few years, many of our own have been able to buy a piece of the American dream, thanks to a booming real estate market and an increase in subprime mortgage loans, loans that are generally utilized by those who have a less than stellar credit history.

At first, these loans seemed like a dream come true; those who previously thought they couldn’t buy a home were now struggle to sustain the high-interest loans they originally believed were the answers to their prayers.

According to data reported by The National Urban League, African-American homeownership climbed to nearly 50 percent in 2004, the highest number ever.

However, in 2006, African-American homeownership slipped to just over 47 percent, largely because of foreclosures of homes purchased with high-interest, subprime loans.

Additionally, along with millions of other Americans who had adjustable rate mortgages, their interest rates have nearly doubled, creating a national housing crisis.

Subprime lending has always had its opponents, who say these lending companies intentionally loan to borrowers who could never meet the terms of their loans, leading to default. Activists have for years tried to curtail the spread of high interest personal loan companies in Black communities and subprime auto lenders have been also been on the hot seat in recent years. It’s the subprime mortgage lenders, however, who are destroying Black wealth. A recent study shows that more than 2 million homeowners who purchased homes with a subprime mortgage loan between 1998 and 2006 will lose their homes to foreclosure. Ten percent of them will be African-American.

Many critics of the subprime industry say Blacks are intentionally directed towards these types of loans. A 2005 Chicago Reporter investigation revealed that even African-Americans earning more than $90,000 a year chose subprime lenders 40 percent of the time. This suggests that even those who may qualify for a traditional loan. The result? More of our families—Black families, hardworking families—are falling prey to loans that were never any good.

These predatory lending practices are chipping at the hard-earned wealth our people are building. If the subprime lending industry is not regulated quickly, the wealth gap between whites and Blacks will only grow and the economic development of the Black community will be set back several decades.

Many national civil rights groups have called for a moratorium on subprime home foreclosures while the lending practices are investigated thoroughly. The federal government must step in and quickly regulate the subprime mortgage industry.

A special task force charged with investigating why Blacks are being steered toward these loans should also be established. Without immediate action, the foreclosures resulting from these subprime loans will seriously deplete the resources of the African-American community. We cannot afford to let this happen.

(Judge Greg Mathis is national vice president of RainbowPUSH and a national board member of the Southern Christian Leadership Conference.)