H.R.2179 - Farmers Home Administration Guaranteed Loan Improvements Act of 1987100th Congress (1987-1988)
|Sponsor:||Rep. Thomas, Lindsay [D-GA-1] (Introduced 04/27/1987)|
|Committees:||House - Agriculture|
|Latest Action:||House - 09/28/1987 Unfavorable Executive Comment Received From USDA. (All Actions)|
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Summary: H.R.2179 — 100th Congress (1987-1988)All Information (Except Text)
Introduced in House (04/27/1987)
Farmers Home Administration Guaranteed Loan Improvements Act of 1987 - Amends the Consolidated Farm and Rural Development Act to permit leaders and subsequent loan holders to sell the guaranteed portion of certain Farmers Home Administration (FmHA) loans provided that: (1) all related fees due the Secretary of Agriculture are fully paid; and (2) the loan has been fully disbursed to the borrower.
Authorizes the issuing of pool certificates representing ownership of the guaranteed portion of such FmHA loans.
Directs the Secretary to: (1) provide for the central collection of registration information; (2) provide for specified seller-buyer disclosure; (3) regulate market makers in pool certificates; (4) require market makers to service all pools and provide the Secretary with payment and default information; and (5) report annually to the appropriate congressional committees regarding secondary market operations.