A bill to direct the Secretary of Agriculture to provide Federal assistance payments on behalf of eligible farm borrowers who enter into debt restructuring agreements in amounts that will enable viable farming enterprises to remain in operation.
Farm Debt Restructuring Act of 1987 - Directs the Secretary of Agriculture to make assistance payments on behalf of eligible farmers who enter into qualified debt restructuring agreements.
Bases eligibility upon: (1) farm ownership; (2) farm loan indebtedness; (3) farm income and sales; and (4) gross farm income.
Requires: (1) a qualified debt restructuring agreement to provide for specified principal and interest reductions, and no loan origination fees or points; and (2) the parties to consider loan extensions of at least five years.
Sets maximum annual payment amounts.
Provides for a three-year period of assistance. Requires borrowers to fully reimburse the Secretary over five years, beginning five years (with a two-year postponement if necessary) after the first assistance payment has been made.
Amends the Food Security Act of 1985 to prohibit debt restructuring assistance under this Act to borrowers who produce commodities on erodible land or on converted wetlands.
Became Public Law No: 100-233.
Introduced in House
Introduced in House
Referred to House Committee on Agriculture.
Executive Comment Requested from USDA.
Referred to Subcommittee on Conservation Credit and Rural Development.
See H.R.3030.
Unfavorable Executive Comment Received From USDA.
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