H.R. 2435 (100th): Agricultural Mortgage Marketing Act of 1987

Introduced:
May 14, 1987 (100th Congress, 1987–1988)
Status:
Died (Referred to Committee)
Sponsor
Richard Stallings
Representative for Idaho's 2nd congressional district
Party
Democrat
Related Bills
H.R. 3030 (Related)
Agricultural Credit Act of 1987

Signed by the President
Jan 06, 1988

 
Status

This bill was introduced on May 14, 1987, in a previous session of Congress, but was not enacted.

Progress
Introduced May 14, 1987
Referred to Committee May 14, 1987
 
Full Title

A bill to amend the Farm Credit Act of 1971 to provide a secondary market for agricultural mortgages, and for other purposes.

Summary

No summaries available.

Cosponsors
48 cosponsors (31D, 17R) (show)
Committees

House Agriculture

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Citation

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


5/14/1987--Introduced.
Agricultural Mortgage Marketing Act of 1987 - Amends the Farm Credit Act of 1971 to establish as a federally-chartered institution of the Farm Credit System (System) the Federal Agricultural Mortgage Corporation (Corporation). States that the Corporation shall not be liable for the debts of any other System institutions.
Directs the Corporation to provide a secondary agricultural mortgage market by:
(1) developing uniform underwriting, security appraisal, and repayment standards;
(2) determining the eligibility of agricultural mortgage marketing facilities to contract with the Corporation for credit enhancement of specific mortgage pools; and
(3) providing credit enhancement to assure repayment of principal and interest on pools of qualified agricultural mortgage loans.
Sets forth provisions relating to:
(1) the Board of Directors;
(2) operating powers;
(3) stock;
(4) agricultural mortgage marketing facility certification (including revocation);
(5) credit enhancement of qualified agricultural mortgage loans;
(6) the required ten-percent contribution reserve (including distributions of any earnings on such reserve and loss allocation);
(7) standards for qualified agricultural mortgage loans;
(8) credit enhancement (including fees and limitations on liability);
(9) Corporation regulation (including an annual report); and
(10) exemption from Federal and State securities laws under specified conditions (including authorized investments).

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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