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October 22, 2014

Rural areas seek piece of subprime-loan settlement

  • Subprime loans were distributed in the rural U.S. at even higher rates on average than in metropolitan counties.
  • By HOPE YEN
    Associated Press

    Long seen as having devastated Sun Belt cities, the subprime mortgage crisis unleashed turmoil on Ohio and other rural areas. Now federal officials are pledging regulatory attention and financial help.

    Subprime loans were distributed in the rural U.S. at even higher rates on average than in metropolitan counties. Much of it was concentrated in Appalachia and other areas stretching from Ohio, West Virginia and Kentucky to Mississippi, Louisiana, Texas and the Great Plains, according to government data provided to The Associated Press by researchers at the U.S. Department of Agriculture and Middlebury College.


     
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