Preventing Abuse of Fmha´s Loan Programs
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Excerpt from Preventing Abuse of Fmha´s Loan Programs: Hearing Before the Subcommittee on Agricultural Credit of the Committee on Agriculture, Nutrition, and Forestry, United States Senate, One Hundred Third Congress, Second Session on Preventing Abuse of Fmha´s Loan Programs, February 3, 1994 The subcommittee met, pursuant to notice, at 10:10 a.m., room SR-332, Russell Senate Office Building, Hon. Kent Conrad, Chairman of the subcommittee, presiding. Present or submitting a statement: Senators Conrad, Leahy, Lugar, Daschle, Kerrey, and Grassley. Statement of Hon. Kent Conrad, a U. S. Senator from North Dakota Senator Conrad. This hearing before the Subcommittee on Agricultural Credit of the Committee on Agriculture, Nutrition, and Forestry will come to order. This hearing is on the subject of preventing abuse in FmHA loan programs. I first want to thank the Administrator, Mr. Dunn, for agreeing to appear at this hearing in a very short time frame. I want to commend Mr. Dunn for being prepared for a hearing on a subject of this complexity and this magnitude in such short order, and I very much appreciate the detailed documentation that you have provided to the committee. I want to welcome everyone else who is here. I called this hearing because of the Washington Post story that appeared last Friday on abuse of FmHA´s loan programs by borrowers with millions of dollars in assets. I must say I was angered by the examples of abuse in that story, and I want to publicly commend the Washington Post, and the writer of that story, for what I think, is a public service in bringing to light the names of some of the people, and specific examples of abuse. First, I want to establish at this hearing why we arc not collecting on these loans. Under the law, a borrower who is delinquent on his FmHA loan must be forced into foreclosure unless that borrower meets two clear conditions: number one, the borrower must be delinquent due to circumstances beyond his or her control; and, two, the borrower must have acted in good faith. The plain interpretation is that a multi-millionaire who refuses to pay his or her loan is not delinquent due to circumstances beyond their control and is clearly not acting in good faith. Therefore, under the law, the FmHA should be foreclosing on millionaires and others who will not repay. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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