DES MOINES, Iowa — Gov. Terry Branstad today declared an "economic emergency" in Iowa, triggering a law that enables troubled farmers to seek a one-year reprieve from foreclosures.
Under the moratorium, individual farmers who can stay current with interest payments but cannot come up with the principal may ask district judges to grant a one-year moratorium on their foreclosures. The law does not guarantee any moratoriums would be granted. Branstad, a Republican, headed President Reagan's Iowa campaign last year.