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Includes principal matured, special principal payments, loans paid off prior to maturity, ? Not available.
1 Adjusted for comparability with 1957 by adding Production Credit Corporation figures as follows:
Stock owned by members (largely class B)..
Total net worth.
Number of loans repaid in full.
Total amount of repayments. Renewals:
196, 592,083 203, 059, 680 498
498 478, 986
480, 832 271, 725
270, 055 $1,328, 537, 935 $1, 426, 323, 966 249, 672
251, 193 $804, 206, 182 $862, 597, 325
497 481, 435
275, 603 $1,574, 353, 627
260,748 $960, 901, 215
151, 420 $1,091, 401,014
154, 343 $933, 611, 410 $1,005, 562, 926 112, 646
113, 623 $328,532, 653 $360,514, 189 3, 688
3, 456 $9, 487, 029 $8,466, 474
114, 142 $382, 864, 633
3, 177 $8,628, 471
· Less impairment of $52,435 to class B stock. 2 Owned by U. S. Government class A and class C. 3 Adjusted for comparability with 1956 and 1957. * Includes renewals.
FEDERAL FARM MORTGAGE CORPORATION
The Federal Farm Mortgage Corporation was created by the act of January 31, 1934, to finance Land Bank Commissioner loans and to assist the Federal land banks in their financing. It has been inactive, except for the liquidation of its loans and the program of the sale of its mineral reservations, since July 1, 1947, when its authority to make mortgage loans expired. At the present time, the Corporation has authority subject to the approval of the Secretary of the Treasury and limitations in appropriation acts, to issue and have outstanding at any one time federally guaranteed bonds in an aggregate amount not exceeding $2 billion, to make collateral loans to the Federal land banks, and to purchase their bonds.
The Corporation has no employees. Its executives are Farm Credit Administration officials and its loans and other assets were serviced by the Federal land banks under annual contracts, the last of which expired on June 30, 1955, the date of the banks' purchase of the Corporation's assets. Payments to the banks under these contracts were the principal administrative expense. For this reason no administrative expenses are requested for 1959.
CHANGES IN LANGUAGE The budget proposes a language change as follows (new language italicized; deleted matter enclosed in brackets):
“The Federal Farm Mortgage Corporation is authorized to make such expenditures, within available funds and in accordance with law, as may be necessary to liquidate its assets: Provided, That funds realized from the liquidation of assets which are determined by the Board of Directors to be in excess of the requirements for expenses of liquidation shall be [applied first to the retirement of the remaining Government investment in the capital stock of the Corporation and then to] declared as dividends which shall be paid into the general fund of the Treasury.
EXPLANATION OF LANGUAGE CHANGE This change deletes the reference to retirement of capital stock, all of which has been retired and authorizes the continued payment of dividends to the Treasury.
STATUS OF PROGRAM Purpose.-The Corporation was established by the act of January 31, 1934 (12 U. S. C. 1020), with the following authorities: To finance Land Bank' Commissioner loans, to purchase Federal land bank bonds, to make secured loans to Federal land banks, to exchange its bonds for Federal land bank bonds, and to obtain funds through the sale of its own bonds. The authority to make loans was repealed July 1, 1947, and since then the Corporation has restricted its operations to the liquidation of its assets.
Management.--The members of the Corporation's Board of Directors are: The Secretary of the Treasury (or an official designated by him), the Governor of the Farm Credit Administration, and a Farm Credit Administration official designated by the Governor. The Corporation utilizes the services and facilities of FCA and the Federal land banks to carry out its corporate functions.
Capital and borrowing authority: -The Corporation was capitalized at $200 million, all paid in by the United States Government. All of this capital has been repaid to the Treasury. The Corporation has authority, subject to the approval of the Secretary of the Treasury and limitations in appropriation acts, to issue and have outstanding at any one time federally guaranteed bonds in an aggregate amount not exceeding $2 billion, to make collateral loans to the Federal land banks, and to purchase their bonds. No unmatured bonds are outstanding,
Retained earnings and dividends.-The Corporation had unreserved retained earnings of $10.4 million as of June 30, 1957, after dividend payments aggregating $136.7 million. By the close of 1959 an estimated $4.7 million of additional dividends will have been paid.
Liquidation of assets.—This activity began July 1, 1947, when lending activities were terminated. As of June 30, 1955, the remaining assets except reserved mineral interests were sold in bulk to the Federal land banks in exchange for their notes which will be collected over a 10-year term. The mineral interests were transferred to the Department of the Interior on September 6, 1957, pursuant to Public Law 760, approved September 6, 1950. Summary of operations, Federal Farm Mortgage Corporation-Statement of sources
and application of funds
The Federal intermediate credit banks were created by the Agricultural Credits Act of 1923 (12 U. S. C. 1021, 1022). Pursuant to the Farm Credit Act of 1956 (70 Stat. 659), the production credit corporations, which were established in accordance with the Farm Credit Act of 1933 (12 U. S. C. 1131 et seq.), were merged with the Federal intermediate credit banks as of January 1, 1957. The act also provided for the transfer to the banks of all of the corporations' assets and liabilities, except their investments in production credit associations, which are transferred to the Farm Credit Administration. Provision is also made for the retirement of the banks' capital and for the eventual ownership by the production credit associations.
The banks serve as banks of discount for agriculture, discounting agricultural and livestock paper for local financing institutions, such as production credit associations, agricultural credit corporations, livestock loan companies and commercial banks, and making loans to them on the security of such paper, and provide the production credit associations with necessary supervision and services. Their lending operations are financed primarily by the sale of consolidated collateral trust debentures in the investment market. The Government assumes no liability for the debentures and other obligations of the Federal intermediate credit banks, either as to principal or interest. The Government's capital investment in the banks as of June 30, 1957, was $82,903,870.
Each bank operates under the direction of a district farm credit board. The banks are supervised by the Farm Credit Administration. Operating expenses, including interest costs, are paid from the banks' corporate assets.
As of January 1, 1958, the 12 banks had a total of 351 employees, all in the field. Administrative expenses: Limitation, 1958_
$3, 375, 000 Budget estimate, 1959.
1, 693, 000 Federal Intermediate Credit Banks (authorization for expenditures of corporate
funds)-Administrative expenses Limitation on expenses, 1958, and base for 1959.
$3, 375, 000 Budget estimate, 1959.
1, 693, 000 Change---