Foreclosed Asset Reserve and Management Act of 1985 - Amends the Farm Credit Act of 1971 to provide for Farm Credit System purchases of foreclosed farmland through an asset reserve and management agent corporation.
Provides that such farmland: (1) shall be managed by the bank or association holding the lien on the property; and (2) shall be sold by the agent upon such managing bank's request.
Introduced in House
Introduced in House
Referred to House Committee on Agriculture.
Executive Comment Requested from USDA, Farm Credit Admin.
Referred to Subcommittee on Conservation Credit and Rural Development.
Unfavorable Executive Comment Received From Farm Credit Admin.
See H.R. 3792.
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