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S. 2589 (99th): Farm Mortgage Guarantee Act of 1986


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


6/24/1986--Introduced. 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.