United States · Bill · HR
H.R. 2340 (100th)
FmHA Amendments of 1987
Introduced
8 May 1987
Last action
6 October 1987 · Committee
Status
See H.R.3030.
Sponsors
Sen. Dorgan, Byron L. [D-ND], Rep. Marlenee, Ron [R-MT-2], Rep. Penny, Timothy J. [D-MN-1], Sen. Johnson, Tim [D-SD], Sen. Jeffords, James M. [I-VT], Rep. McDade, Joseph M. [R-PA-10], Rep. Stallings, Richard H. [D-ID-2], Rep. Sikorski, Gerry E. [D-MN-6], Rep. Sabo, Martin Olav [D-MN-5], Del. Fauntroy, Walter E. [D-DC-At Large], Rep. Glickman, Dan [D-KS-4], Rep. Kastenmeier, Robert W. [D-WI-2], Rep. Gephardt, Richard A. [D-MO-3], Rep. Espy, Mike [D-MS-2], Rep. Lancaster, H. Martin [D-NC-3], Rep. Evans, Lane [D-IL-17], Rep. Thomas, Lindsay [D-GA-1], Rep. Jontz, Jim [D-IN-5], Rep. Nagle, Dave R, [D-IA-3], Rep. Jones, Walter B. [D-NC-1], Rep. Watkins, Wes [R-OK-3], Rep. Murphy, Austin J. [D-PA-20], Rep. Eckart, Dennis E. [D-OH-11], Rep. Morrison, Bruce A. [D-CT-3], Sen. Boxer, Barbara [D-CA], Rep. Chapman, Jim [D-TX-1], Rep. Bilbray, James H. [D-NV-1], Rep. Coleman, Ronald D. [D-TX-16], Rep. Wolpe, Howard E. [D-MI-3], Rep. Towns, Edolphus [D-NY-10], Rep. Foglietta, Thomas M. [D-PA-1], Rep. Edwards, Mickey [R-OK-5]
Subjects
Agriculture
Source updated
28 August 2025
Summary
FmHA Amendments of 1987 - Amends the Consolidated Farm and Rural Development Act to require the Secretary of Agriculture to restructure, rather than foreclose, a delinquent Farmers Home Administration (FmHA) loan if foreclosure costs would exceed restructuring costs. Requires the Secretary, if the estimated liquidation value of the securing property exceeds 70 percent of the loan value, to provide independent support for such estimate. Requires the Secretary to pay losses incurred when a guaranteed lender restructures a loan as provided for by this Act. Requires the Secretary to continue to release living and operating expenses to a borrower until FmHA takes title and possession of the land and determines that such borrower is ineligible for leaseback of the property. Provides that emergency loans made to family farmers shall be refinanced at the same interest rates as FmHA real estate or operating loans made for the same purpose. Revises farmland disposition provisions to establish the following order of priority: (1) sale or lease with purchase option to previous owners of such land; (2) sale or lease with purchase option to previous operators of such land; and (3) sale or lease with purchase option to family-farm sized operators. Revises homestead protection provisions to: (1) include out buildings in homestead property; and (2) extend authority beyond the current December 23, 1988, cut-off date. Requires the Secretary to provide all FmHA borrowers with written descriptions of available loan service programs. Suspends collection activities until the Secretary has issued final loan restructuring regulations. Expresses the sense of the Congress that: (1) the Secretary should ensure through FmHA that farmland held in inventory which is suitable for use by eligible persons be properly classified and offered for sale to eligible buyers; and (2) such land should be classified as suitable unless the Secretary demonstrates that it is unlikely that it could be profitably farmed.
This text is taken from the official record. PoliticalRepo does not editorialize.
Timeline
8 May 1987
Introduced
Referred to House Committee on Agriculture.
Source: IntroReferral
8 May 1987
Introduced
Introduced in House
Source: IntroReferral
8 May 1987
Introduced
Introduced in House
Source: IntroReferral
14 May 1987
Referred
Referred to Subcommittee on Conservation Credit and Rural Development.
Source: Committee
6 October 1987
Committee
See H.R.3030.
Source: Committee
Votes
No vote records are attached yet.
Versions
No version snapshots stored. Document URLs remain at the source.
Documents
1 official file
Leesvertaling
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Introduced in House
summary · EN · 8 May 1987
Sponsors
- Sen. Dorgan, Byron L. [D-ND] · D · Sponsor
- Rep. Marlenee, Ron [R-MT-2] · R · Sponsor
- Rep. Penny, Timothy J. [D-MN-1] · D · Sponsor
- Sen. Johnson, Tim [D-SD] · D · Sponsor
- Sen. Jeffords, James M. [I-VT] · R · Sponsor
- Rep. McDade, Joseph M. [R-PA-10] · R · Sponsor
- Rep. Stallings, Richard H. [D-ID-2] · D · Sponsor
- Rep. Sikorski, Gerry E. [D-MN-6] · D · Sponsor
- Rep. Sabo, Martin Olav [D-MN-5] · D · Sponsor
- Del. Fauntroy, Walter E. [D-DC-At Large] · D · Sponsor
- Rep. Glickman, Dan [D-KS-4] · D · Sponsor
- Rep. Kastenmeier, Robert W. [D-WI-2] · D · Sponsor
- Rep. Gephardt, Richard A. [D-MO-3] · D · Sponsor
- Rep. Espy, Mike [D-MS-2] · D · Sponsor
- Rep. Lancaster, H. Martin [D-NC-3] · D · Sponsor
- Rep. Evans, Lane [D-IL-17] · D · Sponsor
- Rep. Thomas, Lindsay [D-GA-1] · D · Sponsor
- Rep. Jontz, Jim [D-IN-5] · D · Sponsor
- Rep. Nagle, Dave R, [D-IA-3] · D · Sponsor
- Rep. Jones, Walter B. [D-NC-1] · D · Cosponsor
- Rep. Watkins, Wes [R-OK-3] · D · Cosponsor
- Rep. Murphy, Austin J. [D-PA-20] · D · Cosponsor
- Rep. Eckart, Dennis E. [D-OH-11] · D · Cosponsor
- Rep. Morrison, Bruce A. [D-CT-3] · D · Cosponsor
- Sen. Boxer, Barbara [D-CA] · D · Cosponsor
- Rep. Chapman, Jim [D-TX-1] · D · Cosponsor
- Rep. Bilbray, James H. [D-NV-1] · D · Cosponsor
- Rep. Coleman, Ronald D. [D-TX-16] · D · Cosponsor
- Rep. Wolpe, Howard E. [D-MI-3] · D · Cosponsor
- Rep. Towns, Edolphus [D-NY-10] · D · Cosponsor
- Rep. Foglietta, Thomas M. [D-PA-1] · D · Cosponsor
- Rep. Edwards, Mickey [R-OK-5] · R · Cosponsor
- · hsag00 · Standing
Related records
- related to ← Agricultural Credit Act of 1987
Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/100th-congress/house-bill/2340
- Open data entity: https://api.congress.gov/v3/bill/100/hr/2340
- us · 100-hr-2340 · source updated 28 August 2025