Senators want TARP banks to help farmers
Senators Russ Feingold of Wisconsin and Kristin Gillibrand of New York are offering an amendment to the Helping Families Save their Homes Act currently being debated in theSenate. The bill would require banks which receive Temporary Asset Relief Program (TARP) funds to offer home owners the option to restructure their loans before forcing foreclosure. The amendment would push those banks to offer the same option to farmers and ranchers.
Feingold says, "If the government is going to help lending institutions with bailouts, those institutions should be doing what they can to help keep all Americans in their homes and this amendment makes sure this includes farmers and ranchers."
Theprovision mirrors the existing requirements to have foreclosure as the last resort under farm loans provided directly from the USDA Farm Service Agency or through the Farm Credit System.