Farm Mortgage Guarantee Act of 1987

Summary

Farm Mortgage Guarantee Act of 1987 - Amends the Consolidated Farm and Rural Development Act to authorize the Secretary of Agriculture to purchase or repurchase specified farm real estate loans. Directs the Secretary to guarantee such loans on terms that will assure them of an adequate secondary market. Authorizes the Secretary to similarly guarantee farm real estate loans held by the Farmers Home Administration (FmHA) or other qualifying institution. Authorizes the Secretary to offer for sale such guaranteed FmHA-held loans. Establishes: (1) the Farm Mortgage Revolving Fund; and (2) the Farm Real Estate Insurance Fund. Authorizes appropriations for such Insurance Fund. Terminates loan guarantee authority under this Act as of December 31, 1991.

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

Timeline

1. 2 February 1987

   Introduced

   Read twice and referred to the Committee on Agriculture.

   Source: IntroReferral

2. 2 February 1987

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 18 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 · 2 February 1987

  Open at official source

Sponsors

• Rep. Grassley, Chuck [R-IA-3] · R · Sponsor
• · ssaf00 · Standing

Related records

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