Details about this story

• Source: Des Moines Register
• Date: February 24, 2008
• URL: Read the story
• Bylines: Paula Lavigne
• Topics: Mortgages
• Data Types: Federal Data
• Description/Excerpt: Rural Iowa is poised to be hit much harder by the nation's foreclosure crisis, as a greater portion of borrowers in small communities struggle to make ends meet, according to a Des Moines Register analysis of lending data. The Register's analysis found that the impact could be more acute in rural areas, where borrowers have been more likely than their urban counterparts to receive higher-interest loans. The Register found that communities with the highest percentage of high-interest loans are scattered across the state: Greene County in central Iowa has the highest proportion of high-interest loans in the state, based on lending data from 2004 to 2006. More than half of the homeowners who took out mortgages in those three years - about 400 - have high-interest loans.
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