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rowers but will guarantee loans serviced by other lenders.
“The circuits are just plain overloaded,” he said. “We cannot accept another deluge of borrowers. ”
The Farm Credit System, the cooperative farm lending entity that holds one-third of farm debt, has stepped in to aid its district in Spokane, Washington, and is reviewing a proposal to bolster sagging finances of its Omaha, Nebraska, district.
Block said the system has more than $6 billion of its own reserves to deal with the problems, but it is possible the federal government will be asked to aid the system in the future. The system would have to accept regulatory oversight to get government money, he said.
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