Federal Farm Mortgage Corporation: Hearing Before ..., 73-2 on H.R. 6670, January 10, 19341934 - 27 pages |
From inside the book
Page 10
... creditor would want to discount the principal of these bonds more than in our judgment , the facts warranted . There- fore , we have borrowed on the bonds and have paid cash , believing that we would get a better refinancing program for ...
... creditor would want to discount the principal of these bonds more than in our judgment , the facts warranted . There- fore , we have borrowed on the bonds and have paid cash , believing that we would get a better refinancing program for ...
Page 12
... creditor as much as could be paid and still leave the farmer so he was not swamped . You will recall that the loans were to be made in such amounts that the total of the first and second mortgages would not exceed 75 percent of the ...
... creditor as much as could be paid and still leave the farmer so he was not swamped . You will recall that the loans were to be made in such amounts that the total of the first and second mortgages would not exceed 75 percent of the ...
Page 13
... creditor , to allow him to go ahead under a new program , which just as sure as could be would result eventually in bankruptcy and doing the job over . In other words , we felt that we wanted to carry out the whole program of refunding ...
... creditor , to allow him to go ahead under a new program , which just as sure as could be would result eventually in bankruptcy and doing the job over . In other words , we felt that we wanted to carry out the whole program of refunding ...
Page 16
... creditor who must make the biggest con- cession . The local unsecured creditor has to take most of it because the ... creditors , that is , other creditors that they must 16 FEDERAL FARM MORTGAGE CORPORATION.
... creditor who must make the biggest con- cession . The local unsecured creditor has to take most of it because the ... creditors , that is , other creditors that they must 16 FEDERAL FARM MORTGAGE CORPORATION.
Page 17
... creditors , that is , other creditors that they must sacrifice a part of their indebtedness . We feel that about all we can do , under the authority granted us in the law , is to make as sympathetic an inter- pretation of the law as we ...
... creditors , that is , other creditors that they must sacrifice a part of their indebtedness . We feel that about all we can do , under the authority granted us in the law , is to make as sympathetic an inter- pretation of the law as we ...
Other editions - View all
Common terms and phrases
1933 1 Springfield amended U.S.C. application approved authorized Bank Commissioner loans Bank Commissioner's loans bill board of directors BOILEAU bonds for mortgages bonds issued borrowers capital cash CHAIRMAN creditor District Emergency Farm Mortgage end thereof equal face value Farm Credit Act Farm Credit Administration Farm Loan Act farm loan bonds Farm Mortgage Act Farm Mortgage Corporation farmer Federal Farm Loan Federal Farm Mortgage Federal land bank FULMER GILCHRIST GLOVER Goss Government Governor MYERS guaranteed hereby HOPE HOVEY income indebtedness interest rate intermediate credit banks joint-stock land banks KLEBERG land bank bonds Land Bank Commissioner Land Bank Commissioner's land-bank loans loans closed Loans outstanding Dec MARVIN JONES Mortgage Corporation bonds mortgage loans necessary Number Amount paid paid-in surplus poration principal provisions purpose question Reconstruction Finance Corporation refinancing revolving fund scaling Secretary section 32 taxation tion title 12 TOBEY Treasury unconditionally guaranteed United Wichita bank
Popular passages
Page 3 - States and such guaranty shall be expressed on the face thereof, and such bonds shall be lawful investments, and may be accepted as security, for all fiduciary, trust, and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof.
Page 3 - Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under such Act, as amended, are extended to include any purchases of such notes and obligations.
Page 3 - The Secretary of the Treasury is authorized and directed to purchase any notes and other obligations to be issued hereunder and for such purpose he is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act...
Page 3 - All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obligations shall be treated as public debt transactions of the United States.
Page 2 - The Corporation shall be entitled to the free use of the United States mails in the same manner as the executive departments of the Government.
Page 2 - ... laws applicable to the employment and compensation of officers and employees of the United States...
Page 3 - Such obligations shall be in such forms and denominations, shall have such maturities, shall bear such rates of interest, shall be subject to such terms and conditions, and shall be issued in such manner and sold at such prices as may be prescribed by the Commodity Credit Corporation, with the approval of the Secretary of the Treasury.
Page 5 - States, said subscription to be subject to call in whole or in part by the board of directors of said land bank upon thirty days...
Page 4 - The Corporation, including its franchise, its capital, reserves, and surplus, and its income, shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority, except that any real property of the Corporation shall be subject to State, Territorial, county, municipal or local taxation to the same extent according to its value as other real property is taxed.
Page 4 - Federal land banks, or to joint stock land banks, and farm loan bonds issued under the provisions of this Act, shall be deemed and held to be instrumentalities of the Government of the United States, and as such they and the income derived therefrom shall be exempt from Federal, State, municipal, and local taxation.