February 4, 1994 |
Bad Loans in Farm Program Approach $4 Billion: Nearly 1,000 borrowers owe an average $2.3 million each in bad loans issued under a federal program to help struggling farmers, a Senate panel was told, and the government is unsure how much of that it can collect, the head of the Farmers Home Administration said. Other bad loans in lesser amounts bring the bad debt total closer to $4 billion for an agency that has had to write off $14.8 billion since 1984.
November 28, 1993 |
In rented meeting halls across the heartland, farmers and ranchers facing foreclosure embrace Roy Schwasinger's message with the hope usually reserved for the hereafter. Banks and their loans, he says, have been illegal since the 1930s, when the United States went off the gold standard and into debt. Since then, everything done with currency--taxes, loans, foreclosures--has been unlawful, he contends. "How can banking regulations exist when you don't even have banks?"
March 28, 1991 |
Agricultural lenders are tightly linking water availability to operating loans for the first time this planting season, making California farmers pass stiff water tests to get money to plant their crops. With state water deliveries to agriculture cut out entirely and federal deliveries trimmed 75%--reductions that are still in place regardless of recent rains--agricultural lenders are cutting back on their loan portfolios as farmers are forced to idle acreage.
August 12, 1990 |
The Midwestern farm crisis, which ravaged the nation's agricultural base and prompted an outpouring of sympathy from urban America and billions of dollars in aid from the federal government, is over. And the family farmer, one of the most romanticized figures in the modern psyche--an American ideal who seemed threatened with extinction during the depths of the crisis in the mid-1980s--has not only survived the ordeal but is once again prospering.
November 29, 1989 |
Some farmers are still gouging the government by collecting crop subsidies in excess of limits set by Congress, the Agriculture Department's inspection agency said Tuesday. In one case, the department's Office of Inspector General said, an individual collected about $2.8 million in subsidies, 56 times the $50,000 limit set by law.