* c i. * 4 * t
WASHINGTON Farmers
and ranchers nationwide will bene
fit from a package of borrowers’
rights incorporated in the agricul
tural credit bill passed by the
House Agriculture Committee ear
ly Thursday morning. According
to the National Farmers Union, the
package establishes a level playing
field for borrowers of both the fed
eral Farmers Home Administra
tion and the cooperative Farm Cre
dit System. Local lending institu
tions will' also benefit from a
stabilized farm credit atmosphere,
NFU said.
“This package is a major turning
point,” NFU President Cy Car
penter said. “Congress is begin
ning to recognize that the protec
tion of farm borrowers must be
part and parcel of any legislative
package to assist the Farm Credit
System. We are particularly
pleased that the House committee,
under the leadership of Chairman
Kika de la Garza (D-TX), has pro
vided those same protections for
borrowers of the Farmers Home
Administration.”
Carpenter urged fanners and
ranchers to contact members of
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Credit Bill Is Major Turning Point
-»V f
Congress during the next month to
voice support for the bill and press
for improvements. Congress
returns to Washington Sept. 8 after
a working month spent in home
districts.
Items in the bill that will have a
direct impact on borrowers
include:
* Debt restructuring if the cost
is less than the lenders’ potential
losses through foreclosure.
* Authorization of up to
$500,000 in matching funds for
any state offering a mandatory or
voluntary mediation program.
* The right to lease back a farm
home and ten acres for three to five
years after foreclosure or convey
ance. At the end of the lease per
iod, the farmer is given first right
of refusal to buy the homestead.
* Farmers’ access to all perti
nent documents, including
appraisals.
* Encouragement for the Far
mers Home Administration to use
its guaranteed loan programs.
* A five-year guarantee of “B”
stock owned by Farm Credit Sys
tem borrowers.
* Local Farm Credit System
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borrowcr/members ’ are given con
trol over loan servicing decisions.
The bill would also protect bor
rowers’ rights regarding property
acquired by creditors, eliminate
the Farm Credit Capital Corpora
tion and replace it with an entity to
administer federal bailout dollars,
and establish separate secondary
markets for short and long term
loans.
When the bill reaches the floor
of the House in September. NFU
will push for three improvements.
First, NFU supports a requirement
that at least three of the Presiden
tial appointees to a board oversee
ing the secondary loan markets be
working farmers. Second, the fam
ily farm organization says states
with mandatory mediation prog
rams should be eligible to receive
more matching funds than states
with voluntary mediation prog
rams receive. Any finally, NFU
stresses that borrowers’ rights
established under this bill should
be extended to farmers whose
loans are placed on the secondary
market.
Funding for these programs and
the Farm Credit System will be
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Uwinttr Farming, Saturday, August 15, 1967-A45
determined after the August
recess. NFU supports a program
allowing the federal government to
sell interest-bearing bonds. The
bond program would cost in the
millions of dollars, as opposed to a
direct Treasury appropriation that
could cost $6 billion as originally
requested by the Farm Credit Sys
tejp, NFU officials said. The fund
ing issues must be dealt with by the
Senate Agriculture Committee and
not left to the Appropriations
Committee, Carpenter said.
And Anally, he said, the Senate
Agriculture Committee should
provide for Farm Credit System
stockholders to vote on the struc-
Sweet Corn Variety trial
Meet In Lackawanna Co.
All vegetable growers - com
mercial and home garden - are
invited to attend a meeting at the
Roy Thompson farm on the
Newton-Ransom Boulevard at
6:30 p.m. on Thursday, August 20
to see the Lackawanna County
ture of the cooperative lender.
Carpenter expressed sincere
appreciation for the consensus
reached by eleven general farm
and commodity organizations.
That united approach allowed
committee members to focus on
borrowers’ needs, he said. The
consensus was reached by NFU,
the American Agriculture Move
ment, American Farm Bureau Fed
eration, American Soybean Asso
ciation, League of Rural Voters,
National Cattlemen’s Association,
National Com Growers. National
Cotton Council, National Farmers
Organization. National Pork Pro
ducers, and National Save the
Family Farm Coalition.
Cooperative Extension Service
sweet com variety trials.
The trial includes 30 different
varieties of sweet com, all high
sugar types, planted on May 7.
As each variety matured sample
ears were harvested and frozen for
this meeting of growers to inspect
and evaluate, according to Tom
Jurchak, Lackawanna County
Extension Agent for Penn State
University.