USA Today has a story about effect of adjustable rate mortgages across middle America. There are many more articles like this…Let’s all be aware that the ARM and subprime lending problems are nationwide.

For 45 years, Robert and Lorraine Brown have lived in their ranch-style home in Florissant, Mo. When they refinanced their home two years ago to pay off some bills, Robert, now 78, was working as a deliveryman. But his employer went out of business last April. Now he and Lorraine, 72, a retired nurse, are both seeking work. The rate on their mortgage has jumped from 7% to 10.5%.

Already, in West Virginia, Alabama, Michigan, Missouri and Tennessee, about one in five homeowners with a high-interest (subprime) ARM was at least 30 days late at the end of last year, according to the Mortgage Bankers Association. After 90 days, the foreclosure clock starts ticking. Most of those foreclosures are related to job losses in auto and garment factories; higher mortgage payments were often the last straw.

In the Atlanta area, credit counselors for The Impact Group say 85% of their calls are now related to ARM or interest-only loans.

In Liburn, GA, Susan Cambero is going to lose her house. She got into trouble after she took out an equity line of credit on her home to pay off her car and other bills.

“Within the last year, I would say 60% to 70% of calls to our hotlines are issues related to ARM (adjustable-rate mortgage) loans,” says Chris Krehmeyer, executive director of Beyond Housing, a non-profit group that offers homeownership support services in St. Louis. “That’s significantly higher than in years past, because the ARMs are coming home to roost.”