H.R. 497 (100th): Farm Mortgage Marketing Corporation Act of 1987

Introduced:
Jan 07, 1987 (100th Congress, 1987–1988)
Status:
Died (Referred to Committee)
Sponsor
Richard Lehman
Representative for California's 18th congressional district
Party
Democrat
Related Bills
H.R. 5132 (99th) was a previous version of this bill.

Referred to Committee
Last Action: Jun 26, 1986

H.R. 3030 (Related)
Agricultural Credit Act of 1987

Signed by the President
Jan 06, 1988

 
Status

This bill was introduced on January 7, 1987, in a previous session of Congress, but was not enacted.

Progress
Introduced Jan 07, 1987
Referred to Committee Jan 07, 1987
 
Full Title

A bill to increase the amount of capital available to financial institutions and other agricultural lenders for loans to farmers by providing a secondary market for farm mortgages through the establishment of a federally chartered corporation, and for other purposes.

Summary

No summaries available.

Cosponsors
18 cosponsors (10D, 8R) (show)
Committees

House Agriculture

House Financial Services

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.


1/7/1987--Introduced.
Farm Mortgage Marketing Corporation Act of 1987 - Establishes the Farm Mortgage Marketing Corporation. Provides for a five-member Board of Directors. Authorizes the Corporation, with specified limitations, to buy farm mortgages from qualified agricultural lenders and dispose of such mortgages through security issues.
Prohibits the Corporation from buying a mortgage unless:
(1) the seller retains at least a ten-percent participation in the mortgage, or agrees to replace or repurchase the mortgage if the borrower defaults; and
(2) at the time of purchase, the outstanding principal balance of such mortgage is less than 80 percent of the securing property's value, or the portion of the unpaid balance in excess of 80 percent is insured or guaranteed by a qualified insurer.
Provides for an initial Treasury capitalization of $200,000,000.
Sets forth Corporation authority.
Authorizes appropriations beginning with FY 1987 for the purchase of Corporation stock.

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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