Federal Farm Mortgage Corporation: Hearing Before the Committee on Agriculture, House of Representatives, Seventy-third Congress, Second Session on H.R. 6670, January 10, 1934 |
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Page 8
From May 1 to December 31 , inclusive , we received 497,207 applications , for slightly over $ 2,000,000,000 , and during the same period , 50 percent of these applications had either been closed or approved .
From May 1 to December 31 , inclusive , we received 497,207 applications , for slightly over $ 2,000,000,000 , and during the same period , 50 percent of these applications had either been closed or approved .
Page 10
The condition of the bond market was such that these 4 - percent bonds could not be sold for par . We felt convinced that the creditor would want to discount the principal of these bonds more than in our judgment , the facts warranted .
The condition of the bond market was such that these 4 - percent bonds could not be sold for par . We felt convinced that the creditor would want to discount the principal of these bonds more than in our judgment , the facts warranted .
Page 11
On that basis , 40 percent of the $ 2,000 ,000,000 would be $ 800,000,000 . These figures which we are considering here were based on the best possible estimate we could make . We thought they should be made high enough to permit the ...
On that basis , 40 percent of the $ 2,000 ,000,000 would be $ 800,000,000 . These figures which we are considering here were based on the best possible estimate we could make . We thought they should be made high enough to permit the ...
Page 12
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 value of the farm property ; and , the law also said normal value .
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 value of the farm property ; and , the law also said normal value .
Page 13
Now , if I can carry this illustration through , let us suppose that we have found that the normal value of a farm is $ 8,000 and that we are permitted to make a land - bank loan of 50 percent ; that would be $ 4,000 ; and a ...
Now , if I can carry this illustration through , let us suppose that we have found that the normal value of a farm is $ 8,000 and that we are permitted to make a land - bank loan of 50 percent ; that would be $ 4,000 ; and a ...
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Common terms and phrases
able actually additional agricultural amended amount application approved approximately authorized believe bill BOILEAU bonds borrowers capital carry cash CHAIRMAN changed closed Commissioner's loans committee course Credit Act creditor deal debt desire determine difference difficulty directors District Emergency exchange extent Farm Credit Administration farm loan Farm Mortgage Act Farm Mortgage Corporation farmer Federal Farm Mortgage Federal land bank figures Finance FULMER funds further giving GLOVER Goss Government Governor MYERS guaranteed handle held HOPE Hovey income indebtedness interest issued January joint-stock land banks KLEBERG Land Bank Commissioner limitations Loan Act meet months necessary needs normal obtained officers operations paid passed percent period position possible present principal production provisions purchase question receive reduced reference refinancing scaling Secretary sell situation thereof thing tion Treasury understand United Wichita
Bibliographic information
| Title | Federal Farm Mortgage Corporation: Hearing Before the Committee on Agriculture, House of Representatives, Seventy-third Congress, Second Session on H.R. 6670, January 10, 1934 |
| Author | United States. Congress. House. Committee on Agriculture |
| Publisher | U.S. Government Printing Office, 1934 |
| Original from | University of Minnesota |
| Digitized | 15 Aug 2014 |
| Length | 27 pages |
| Export Citation | BiBTeX EndNote RefMan |