No one is immune from real estate foreclosers today whether it involves home owners or businesses. For farmers the issue is one in the same. To address that fact, a group of U.S. senators recently sent a letter to the Obama Administration urging a reduction in farm foreclosures.
U.S. Senators Russ Feingold (D-Wis.), Herb Kohl (D-Wis.), Kirsten Gillibrand (D-N.Y.) and Sherrod Brown (D-Ohio), along with 14 of their colleagues, wrote to USDA Secretary Tom Vilsack and Treasury Secretary Tim Geithner and outlined their concerns. In the letter, they called for additional requirements for banks and other financial institutions that have taken federal bailout funds to work with farmers with the goal of restructuring farm loans with the intent of helping the famers hold on to their homes and businesses.
According to Gillibrand, these conditions would mirror requirements that are already in place on farm loans supported by USDA's Farm Service Agency and the requirements being developed for home loans held by these same lenders that have taken bailout funds.
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Source: Sen. Kirsten Gillibrand