FISCAL YEAR 2007 UPDATE.  The credit crunch has hit communities of color hardest, particularly lower-income communities of color.  The mortgage industry as a whole originated 39.3% less loans to Latinos this fiscal year, and 34.1% less loans to African Americans.  The most dramatic decrease has been among lower-income African American borrowers, who received 72.4% less loans this year than last year.  These changes, combined with the disproportionate loss of wealth in communities of color due to foreclosures, are likely to widen the homeownership gap even further.