Farm Mortgage Marketing Corporation Act of 1987

Summary

Farm Mortgage Marketing Corporation Act of 1987 - Establishes the Farm Mortgage Marketing Corporation. Provides for a five-member Board of Directors. Authorizes the Corporation, with specified limitations, to buy farm mortgages from qualified agricultural lenders and dispose of such mortgages through security issues. Prohibits the Corporation from buying a mortgage unless: (1) the seller retains at least a ten-percent participation in the mortgage, or agrees to replace or repurchase the mortgage if the borrower defaults; and (2) at the time of purchase, the outstanding principal balance of such mortgage is less than 80 percent of the securing property's value, or the portion of the unpaid balance in excess of 80 percent is insured or guaranteed by a qualified insurer. Provides for an initial Treasury capitalization of $200,000,000. Sets forth Corporation authority. Authorizes appropriations beginning with FY 1987 for the purchase of Corporation stock.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 7 January 1987

   Introduced

   Introduced in House

   Source: IntroReferral

2. 7 January 1987

   Introduced

   Introduced in House

   Source: IntroReferral

3. 7 January 1987

   Referred

   Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

   Source: Committee

4. 7 January 1987

   Introduced

   Referred to House Committee on Agriculture.

   Source: IntroReferral

5. 5 February 1987

   Referred

   Referred to Subcommittee on Conservation Credit and Rural Development.

   Source: Committee

6. 30 April 1987

   Committee

   Subcommittee Hearings Held.

   Source: Committee

7. 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

• Introduced in House

  summary · EN · 7 January 1987

  Open at official source

Sponsors

• Rep. Lehman, Richard H. [D-CA-19] · D · Sponsor
• Rep. Bereuter, Doug [R-NE-1] · R · Sponsor
• Del. Fauntroy, Walter E. [D-DC-At Large] · D · Sponsor
• Rep. Wortley, George C. [R-NY-27] · R · Sponsor
• Rep. Torres, Esteban Edward [D-CA-34] · D · Sponsor
• Rep. Kleczka, Gerald D. [D-WI-4] · D · Sponsor
• Rep. Martinez, Matthew G. [D-CA-31] · D · Sponsor
• Rep. Jones, Ed [D-TN-8] · D · Sponsor
• Rep. Panetta, Leon [D-CA-16] · D · Cosponsor
• Rep. Tauke, Thomas Joseph [R-IA-2] · R · Cosponsor
• Sen. Roberts, Pat [R-KS] · R · Cosponsor
• Rep. Lightfoot, Jim [R-IA-3] · R · Cosponsor
• Sen. Craig, Larry E. [R-ID] · R · Cosponsor
• Rep. Hayes, Charles A. [D-IL-1] · D · Cosponsor
• Rep. Towns, Edolphus [D-NY-10] · D · Cosponsor
• Rep. Daniel, W. C. (Dan) [D-VA-5] · D · Cosponsor
• Rep. Henry, Paul B. [R-MI-5] · R · Cosponsor
• Del. Sunia, Foto I. F. [D-AS-At Large] · D · Cosponsor
• Rep. Penny, Timothy J. [D-MN-1] · D · Cosponsor
• Rep. Nielson, Howard C. [R-UT-3] · R · Cosponsor
• · hsag00 · Standing
• · hsba00 · Standing

Related records

• related to ← Agricultural Credit Act of 1987