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Top Ten Points For Fair Lending in Iowa Study:
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Subprime lending has grown substantially in both urban and rural Iowa in
the last six years.
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Who are the top prime and subprime lenders in Iowa?
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More refinance loans than home purchase loans are being made by subprime
lenders.
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Although subprime lending in rural areas is growing, county mortgage records
illustrate that the subprime share of the mortgage market in rural counties
is still lower than urban counties.
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Small commercial banks account for a significant percentage of mortgage
lending in rural counties.
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A smaller percentage of loans from the more rural counties were sold to
the Government Sponsored Enterprises like Fannie Mae and Freddie Mac in
1999.
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Some small community banks have low loan to deposit ratios.
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Subprime lending is clustered in particular geographies that have higher
levels of minority residents.
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Minority borrowers have a higher share of the subprime market even when
controlled for income.
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Subprime lenders dominate mobile home lending.
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