A bill to amend the Consolidated Farm and Rural Development Act to require the Secretary of Agriculture to guarantee certain outstanding agricultural loans which are modified by private lenders, and for other purposes.

Summary

Amends the Consolidated Farm and Rural Development Act to require the Secretary of Agriculture to guarantee certain lending institution-held farm loans. Provides, with regard to such program, for: (1) Federal guarantees of 90 percent of between 80 and 90 percent of the original obligation, with such ten to 20 percent debt obligation transferred to the Federal Government in exchange for the guarantee; (2) extended loans of up to 20 years; (3) county committee applicant certification; (4) lender interest rates not in excess of three percent plus the existing local Federal Reserve bank discount rate; (5) limited additional borrower debt; (6) discretionary three-year principal or interest deferrals owed to the Secretary; and (7) individual debt limits. Directs the Secretary to conduct a feasibility study for a Federal program to reduce farmland foreclosure sales through multiparty agreements with lenders and borrowers to transfer or adjust the terms of such loans.

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1 official file

• Introduced in Senate

  summary · EN · 14 June 1984

  Open at official source

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