Oversight of the Availability of Agricultural Credit: Hearing Before the Subcommittee on Forestry, Resource Conservation, and Research of the Committee on Agriculture, House of Representatives, One Hundred Fifth Congress, First Session, February 21, 1997, Lubbock, TX.

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Page 39 - You come to us and tell us that the great cities are in favor of the gold standard; we reply that the great cities rest upon our broad and fertile prairies. Burn down your cities and leave our farms, and your cities will spring up again as if by magic; but destroy our farms and the grass will grow in the streets of every city in the country.
Page 147 - In addition, there was less risk of losses associated with guaranteed loans than there was with direct loans. Specifically: • As of September 30, 1996, $3.6 billion, or about 34 percent of the total outstanding principal on direct loans ($10.5 billion), was owed by delinquent borrowers. This level of delinquency is an improvement from the $4.6 billion owed by delinquent borrowers, or about 41 percent of the total outstanding principal ($11.4 billion), at the end of fiscal year 1995. • Much of...
Page 33 - So, I think we have to look at that. I think we have to be very careful that we don't bankrupt these borrowers, and that we work with the banks that they are working with.
Page 96 - Congressmen of the committee, thank you for taking time from your busy schedule to meet us today.
Page 147 - VI of the Federal Agriculture Improvement and Reform (FAIR) Act of 1996 (PL 104-127, Apr. 4, 1996) made fundamental changes to the programs' loan-making, loan-servicing, and property management policies.
Page 34 - I tell you I've never seen that dossier in my life." "Fine, Mr. Rosen, if that's the way you want to play it. I'm afraid that, in that case, we're going to be spending a lot of time together in the next days and weeks. Would you like that?
Page 67 - Director has been required to develop a delinquency reduction plan, and has been given ambitious goals to meet in reducing the amount of delinquent dollars outstanding. We believe that the firm, fair, and empathetic approach being employed to address delinquencies will improve borrower success and reduce loan delinquencies and losses.
Page 162 - I trust that you will feel free to contact me if you have any questions or would like to discuss any of the above mentioned information.
Page 74 - We look forward to working with you to achieve the objectives of the loan programs and provide the assistance and service that family farmers so richly deserve.
Page 148 - ... Congress because the changes in title VI of the FAIR Act substantially addressed the problems that we have reported on in the past. While it is too early to gauge the impact of these legislative changes on the financial condition of the portfolio, we believe that, if properly implemented, they will go a long way to reducing the risk associated with the farm loan programs and to improving their operations. OTHER INFORMATION The Senate Committee on Agriculture, Nutrition, and Forestry and the House...

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