Word: repay
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...really feel like a failure," says Charles Boehmke, 44, who is clinging to his Minnesota farm after losing his animals and machinery because he could not repay a $136,000 loan. One of his neighbors, David Honsey, 40, filed for bankruptcy and said it made him feel like going into the barn and "doing something you shouldn't do there." He has since rejected thoughts of suicide, deciding "there is a higher power than the Federal Deposit Insurance Corporation. But I think they'll find a few farmers in the barn rafters before this is over." (Actually, there are signs...
...week with a verbal explosion touched off by--who else?--the Administration's self-appointed sayer-out-loud of the politically unthinkable: Budget Director David Stockman. At a Senate Budget Committee hearing, he was asked what relief the Administration was willing to extend to farmers who are unable to repay their loans. His reply: "For the life of me, I cannot figure out why the taxpayers of this country have the responsibility to go in and refinance bad debt that was willingly incurred by consenting adults who went out and bought farmland when the price was going up and thought...
Then the bottom fell out. Beginning in 1981, worldwide recession abruptly slashed demand for U.S. farm products. By then the value of agricultural land had been bid so high that many farms could no longer earn enough from crop sales, even at Government-supported prices, to repay the loans. Land values began to tumble, making the loans secured by the land look shakier still. Interest rates fell, but not as fast as prices; rates remained high enough to increase the burden on farmers...
...plan, loan rates would be set each year at 75% of the average market price for the previous three years. Thus farmers would be protected only against a sudden and exceptionally sharp price drop. And protected only temporarily at that, because the Administration bill would also force them to repay the loans in a year or so and sell the crops for whatever they could...
...District Attorney's office has filed suit against at least two former Harvard students for failing to repay federally insured student loans, federal authorities announced yesterday...