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) the Farm Real Estate Insurance Fund.
Terminates loan guarantee authority under this Act as of December 31, 1991.
Unfavorable Executive Comment Received From USDA.
Introduced in Senate
Read twice and referred to the Committee on Agriculture.
Referred to Subcommittee on Agricultural Credit.
Committee on Agriculture requested executive comment from Agriculture Department.
Committee on Agriculture received executive comment from Agriculture Department. Unfavorable.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line