Agricultural Mortgage Marketing Act of 1987

Summary

Agricultural Mortgage Marketing Act of 1987 - Amends the Farm Credit Act of 1971 to establish as a federally-chartered institution of the Farm Credit System (System) the Federal Agricultural Mortgage Corporation (Corporation). States that the Corporation shall not be liable for the debts of any other System institutions. Directs the Corporation to provide a secondary agricultural mortgage market by: (1) developing uniform underwriting, security appraisal, and repayment standards; (2) determining the eligibility of agricultural mortgage marketing facilities to contract with the Corporation for credit enhancement of specific mortgage pools; and (3) providing credit enhancement to assure the repayment of principal and interest. Sets forth provisions relating to: (1) the Board of Directors; (2) operating powers; (3) stock; (4) agricultural mortgage marketing facility certification (including revocation); (5) credit enhancement of qualified agricultural mortgage loans; (6) the required ten-percent contribution reserve (including distributions of any earnings on such reserve and loss allocation); (7) standards for qualified agricultural mortgage loans; (8) credit enhancement (including fees and limitations on liability); (9) Corporation regulation (including an annual report); and (10) exemption from Federal and State securities laws under specified conditions (including authorized investments).

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1 official file

• Introduced in Senate

  summary · EN · 8 May 1987

  Open at official source

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