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Agriculture Secretary John Block, predicting another round of severe credit problems for farmers in coming months, said recently that the Farmers Home Administration will be unable to accept new borrowers.
He said the Agriculture Department farm lending agency instead will try to lend a hand for the 1986 crop by guaranteeing commercial farm loans, an option that has failed to gain acceptance in the past.
As a result of the credit crunch earlier this year, Farmers Home made a record $3 billion in operating loans, often to farmers who could no longer get credit from commercial sources.
“We’re going to have another round of severe credit problems in agriculture” beginning this fall and extending into next spring, Block said in a news conference telephoned to journalists in farm areas. He said he has briefed President Reagan, the Cabinet, representatives of key government agencies and the Congress to apprise them of the ongoing farm problems, caused by low prices, sagging land values and weak exports.
He said Farmers Home is too overburdened to take on new farm bor
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