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S 427 100th Congress Senate Agriculture and Food Agricultural credit Agricultural economics Agriculture and Rural Affairs Economics and Public Finance Farms Federally-guaranteed loans Government trust funds Mortgage loans Revolving funds Secondary mortgage market

Farm Mortgage Guarantee Act of 1987

Introduced: February 2, 1987 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 18, 1987
Referred to Subcommittee on Agricultural Credit.
Feb 2, 1987
Read twice and referred to the Committee on Agriculture.
Feb 2, 1987
Introduced in Senate
 Plain-English summary Congressional Research Service

Farm Mortgage Guarantee Act of 1987 - 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: (1) the Farm Mortgage Revolving Fund; and (2) the Farm Real Estate Insurance Fund. Authorizes appropriations for such Insurance Fund.

Terminates loan guarantee authority under this Act as of December 31, 1991.

What's happening now February 18, 1987

Referred to Subcommittee on Agricultural Credit.

 Committees of jurisdiction 2