Farm Credit System Emergency Management and Assistance Act of 1987

Farm Credit System Emergency Management and Assistance Act of 1987 - Title I: Farm Credit System Emergency Management Board - Establishes in the executive branch a Farm Credit System (FCS) Emergency Management Board in the interest of providing Federal assistance and management oversight to support the FCS while recommendations are being developed to assure the continued supply of agricultural credit at a reasonable cost. Directs the Board, within 18 months of its first meeting, to submit to the Congress its findings and recommendations, including legislative proposals, regarding the most efficient and effective organization of the FCS for delivering agricultural credit to farmers and ranchers. Requires, in addition, quarterly Board reports to the Congress and to the President on its activities and plans.

Enumerates powers and duties of the Board, including authorization to: (1) make loans to FCS institutions; (2) issue guarantees to protect the value of stock in such institutions; (3) supervise, manage, and establish policies for the FCS; and (4) require Board approval of various facets of FCS activities, including personnel matters, credit standards, and financial management procedures.

Authorizes the Comptroller General of the General Accounting Office to audit the activities and programs of both the Board and FCS institutions.

States that the Board shall not be subject to the Administrative Procedure Act.

Authorizes FY 1987 through 1989 appropriations to fund Board activities.

Title II: Debt Restructuring - Requires, as a condition for receiving title I funding, that an institution: (1) before instituting a foreclosure proceeding, determine both the cost of foreclosure and the cost of restructuring the pertinent loan, and reduce principal, interest, or both, or otherwise restructure the loan when foreclosure costs either equal or exceed restructuring costs; and (2) use at least half of such funds for this loan restructuring activity.

Requires FCS banks, as a condition of funding eligibility under titles I and II, to develop a separate specialist group to restructure problem loans on a case by case basis.

Prohibits an institution from requiring additional security from a borrower who is current in payments.

Sets out procedures to govern appeals of Board determinations as to whether or not to restructure a given loan.

Directs the Board, in allocating funds, to consider an institution's aggressiveness in restructuring loans.

Requires an institution to report quarterly to the Board, documenting its compliance with loan restructuring procedures.

Title III: Borrower Rights - Amends the Farm Credit Act of 1971 concerning borrower access to documents and information.

Prohibits requiring a borrower to provide additional collateral or financial information.

Creates a cause of action for borrowers against FCS institutions for borrower rights violations. Grants original jurisdiction to Federal district courts.

Title IV: Termination of Authority - Terminates the authority under titles I and II 12 months after submission of the Board's required report.