S.2589 - Farm Mortgage Guarantee Act of 198699th Congress (1985-1986)
|Sponsor:||Sen. Abdnor, James [R-SD] (Introduced 06/24/1986)|
|Committees:||Senate - Agriculture, Nutrition, and Forestry|
|Latest Action:||Senate - 10/14/1986 Committee on Agriculture received executive comment from Agriculture Department. Unfavorable. (All Actions)|
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Summary: S.2589 — 99th Congress (1985-1986)All Information (Except Text)
Introduced in Senate (06/24/1986)
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.