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.

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Timeline

1. 6 January 1987

   Introduced

   Read twice and referred to the Committee on Agriculture.

   Source: IntroReferral

2. 6 January 1987

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 11 February 1987

   Referred

   Referred to Subcommittee on Agricultural Credit.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 6 January 1987

  Open at official source

Sponsors

• Sen. Cranston, Alan [D-CA] · D · Sponsor
• · ssaf00 · Standing

Related records

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