A bill to create a secondary market for sound mortgages secured by farm real estate and guaranteed by the Farmers Home Administration, and for other purposes.
Farm Mortgage Guarantee Act of 1986 - 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 the: (1) Farm Mortgage Revolving Fund; and (2) Farm Real Estate Insurance Fund.
Terminates loan guarantee authority under this Act as of December 31, 1991.
Committee on Agriculture received executive comment from Agriculture Department. Unfavorable.
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.
Executive Comment Received From USDA.
Unfavorable Executive Comment Received From USDA.
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