Consolidated Farm Service Agency: Update on the Farm Loan Portfolio (Fact
Sheet, 07/14/95, GAO/RCED-95-223FS).
Pursuant to a congressional request, GAO provided information on the
Department of Agriculture's direct and guaranteed farm loan programs,
focusing on: (1) the levels of outstanding debt on active loans and
amounts owed by delinquent borrowers as of March 31, 1995; (2) losses on
farm loans from fiscal year (FY) 1989 through March 31, 1995; and (3)
new loans to borrowers who were delinquent or whose past defaults
resulted in losses.
GAO found that: (1) as of March 31, 1995, the Consolidated Farm Service
Agency's (CFSA) outstanding principal for active farm loans totalled
$11.9 billion in the direct loan program and $5.9 billion in the
guaranteed loan program; (2) 47 percent of the outstanding principal in
the direct loan program and 4 percent of the outstanding principal in
the guaranteed program was held by delinquent borrowers; (3) farm
ownership loans accounted for $4.7 billion in outstanding principal owed
and emergency disaster assistance loans accounted for $3.2 billion in
outstanding principal; (4) 34 percent of borrowers who owed less than
$200,000 were delinquent, while 93 percent of borrowers who owed over $1
million were delinquent; (5) CFSA incurred $12.4 billion in losses on
direct loans and $300 million in losses on guaranteed loans from FY 1989
through March 31, 1995; (6) the highest losses within the direct loan
program occurred with emergency disaster assistance loans; (7) CFSA made
about $234 million in new direct loans and $214 million in new
guaranteed loans to borrowers after it had incurred losses on their
previous farm loans; and (8) CFSA made an additional $130 million in
loans from FY 1989 to March 31, 1995 under a policy allowing delinquent
borrowers to obtain new loans for operating expenses.
--------------------------- Indexing Terms -----------------------------
REPORTNUM: RCED-95-223FS
TITLE: Consolidated Farm Service Agency: Update on the Farm Loan
Portfolio
DATE: 07/14/95
SUBJECT: Loan defaults
Direct loans
Government guaranteed loans
Delinquent loans
Farm credit
Losses
Loan repayments
Risk management
Farm income stabilization programs
IDENTIFIER: FmHA Direct Farm Loan Program
FmHA Guaranteed Farm Loan Program
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Cover
================================================================ COVER
Fact Sheet for the Committee on Agriculture, Nutrition, and Forestry,
U.S. Senate
July 1995
CONSOLIDATED FARM SERVICE AGENCY -
UPDATE ON THE FARM LOAN PORTFOLIO
GAO/RCED-95-223FS
Farm Loan Portfolio
Abbreviations
=============================================================== ABBREV
CFSA - Consolidated Farm Service Agency
GAO - General Accounting Office
USDA - U.S. Department of Agriculture
Letter
=============================================================== LETTER
B-261638
July 14, 1995
The Honorable Richard G. Lugar
Chairman
The Honorable Patrick J. Leahy
Ranking Minority Member
Committee on Agriculture, Nutrition,
and Forestry
United States Senate
This report responds to your April 7, 1995, request for selected
information on the U.S. Department of Agriculture's (USDA) direct
and guaranteed farm loan programs.\1 In particular, we are providing
information on the (1) levels of outstanding debt on active loans and
amounts owed by delinquent borrowers as of March 31, 1995; (2) losses
on farm loans from fiscal year 1989 through March 31, 1995; and (3)
new loans to borrowers who are delinquent and to borrowers whose past
defaults resulted in losses. The information contained in this
report updates information that we have reported previously. It does
not address the many management and policy issues associated with the
federal farm loan program. We have addressed these issues in a
number of previous reports and testimonies, the most recent of which
were issued earlier this year.\2
In summary, we found the following:
--------------------
\1 Historically, farm loans were administered within USDA by the
Farmers Home Administration. In October 1994, this responsibility
was transferred to the newly created Consolidated Farm Service
Agency.
\2 High-Risk Series: Farm Loan Programs (GAO/HR-95-9, Feb. 1995);
Farm Loans: Actions Needed to Safeguard Taxpayers' Interests
(GAO/T-RCED-95-147, Mar. 31, 1995); Farm Loans: Actions Needed to
Safeguard Taxpayers' Interests (GAO/T-RCED-95-194, May 18, 1995).
OUTSTANDING DEBT AND AMOUNTS
OWED BY DELINQUENT BORROWERS
---------------------------------------------------------- Letter :0.1
As of March 31, 1995, the Consolidated Farm Service Agency's (CFSA)
outstanding principal for active direct and guaranteed farm
loans to the nation's farmers totaled $17.8 billion--$11.9
billion in the direct loan program and $5.9 billion in the
guaranteed loan program.
Of the $11.9 billion in outstanding principal in the direct loan
program, $5.6 billion, or about 47 percent,\3
was held by delinquent borrowers, that is, borrowers who were past
due on their loan payments.\4 Of the $5.9 billion in outstanding
principal in the guaranteed loan program, $211 million, or about 4
percent, was held by delinquent borrowers.
Since the direct loan portfolio has more problem debt than the
guaranteed loan portfolio, we focused on it and found the following:
Farm ownership loans, made for purposes such as buying and
improving farm land, accounted for the most outstanding
principal owed--$4.7 billion. Emergency disaster assistance
loans, made to farmers whose operations have been substantially
damaged by adverse weather or other natural disasters, accounted
for $3.2 billion. Operating loans ($2.8 billion), economic
emergency loans\5 ($1.2 billion), and other direct loans ($148
million) made up the balance of the outstanding principal.
While the two types of emergency loans had the highest
percentage of amounts owed by delinquent borrowers--both over 50
percent--a substantial portion of the farm ownership and
operating loans was also held by delinquent borrowers--31 and 45
percent, respectively.
Most outstanding direct loan principal was owed by borrowers who
owed less than $200,000--$7.4 billion was held by borrowers in
this category. On the other hand, $562 million in outstanding
principal was held by active borrowers whose direct loan
principal was $1 million or more. In terms of the percentage
owed by delinquent borrowers, the rate was about 34 percent for
those who owed less than $200,000 and 93 percent for those who
owed $1 million and over.
--------------------
\3 Because of the timing of payments, the percentage owed by
delinquent borrowers fluctuates significantly during the year. Most
loans have payments due on January 1. Loans are not considered
delinquent until payments are 30 days late--that is, not made by
January 31, for most loans. The percentage of delinquency is lowest
on December 31 and highest on January 31.
\4 If a borrower was delinquent on any farm loan, the principal on
all farm loans held by the borrower was totaled to calculate the
amount owed by the delinquent borrower.
\5 Economic emergency loans were made from 1978 through 1984 to allow
farmers to continue operations during a time when there was a serious
lack of agricultural credit or when the costs of production exceeded
the prices farmers received for their products.
FARM LOAN LOSSES
---------------------------------------------------------- Letter :0.2
From fiscal year 1989 through the first half of fiscal year 1995,
$12.4 billion in principal and interest was lost by reducing or
forgiving the delinquent debt of direct loan borrowers, and
about $300 million in losses was incurred on guaranteed loans.
Within the direct loan program, the highest losses occurred with
the emergency disaster assistance loans-- $5.9 billion--followed
by operating loans--$2.5 billion, economic emergency loans--$2.3
billion, farm ownership loans--$1.6 billion, and other direct
loans--$124 million.
The largest proportion of the direct loan losses--34
percent--occurred with borrowers for whom CFSA lost between
$200,000 and $499,999. Borrowers for whom CFSA lost less than
$200,000 accounted for 31 percent of the direct loan losses.
Borrowers for whom CFSA lost between $500,000 and $999,999
accounted for 21 percent of the direct loan losses, and
borrowers for whom CFSA lost $1 million or more accounted for 15
percent of the direct loan losses.
NEW LOANS TO DELINQUENT
BORROWERS
---------------------------------------------------------- Letter :0.3
From fiscal year 1989 through the first 6 months of fiscal year
1995, CFSA made about $448 million in new direct loans ($234
million) and new guaranteed loans ($214 million) to borrowers
after it had incurred losses on their previous farm loans. As
of March 31, 1995, about 42 percent of the direct loan borrowers
were delinquent.
CFSA made an additional $130 million in loans from fiscal year 1989
through the first 6 months of fiscal year 1995 under a
congressionally directed policy that allows delinquent borrowers
to obtain new direct loans for operating expenses. As of March
31, 1995, about 53 percent of these borrowers were delinquent.
Section 1 of this report contains information on CFSA's total
outstanding principal and the amounts owed by delinquent borrowers.
Section 2 presents information on the agency's losses from fiscal
year 1989 through the first 6 months of fiscal year 1995. Section 3
contains information on loans to delinquent borrowers for the same
period. In addition, as you requested, appendixes I through IV
provide analyses of various information presented in sections 1
through 3 on a state-by-state basis.
---------------------------------------------------------- Letter :0.4
To prepare this report, we analyzed information from computerized
databases in CFSA's St. Louis Finance Office. We did not verify the
accuracy of the information contained in the agency's databases. Our
work was performed from April through June 1995 in accordance with
generally accepted government auditing standards.
We requested comments on a draft of this report from CFSA. In a
meeting to discuss CFSA's comments, the Acting Deputy Administrator
for Farm Credit Programs and Farm Credit Program staff raised a
number of questions regarding how we presented some of our data and
the scope of our data. We made changes to address their concerns and
provided the following clarifications:
The numbers reported in this report differ from the numbers that
CFSA routinely reports. This report lists information on the
outstanding principal on active loans and excludes information
on inactive loans, for example, loans that are involved in
bankruptcy or foreclosure proceedings. CFSA reports principal
and interest on all loans.
This report lists information on the outstanding principal owed by
delinquent borrowers on all loans held by those borrowers
whether or not they are delinquent on all loans. CFSA reports
information on the delinquent loans and on past due principal
and interest payments.
This report does not take into account the recovery value of
security, nor does it reflect any future recovery value that may
be realized by the sale or conveyance of real estate, chattels,
and other types of security involved with losses due to debt
write-downs and write-offs.
This report lists losses for a period beginning with fiscal year
1989. CFSA's predecessor agency had been prevented by judicial
decisions in 1984 and 1987 from foreclosing on delinquent
borrowers. As a result, the losses since 1989 are probably
higher than they would have been had the losses been spread out
over the previous years when the foreclosure authority did not
exist.
As arranged with your offices, we are sending copies of this report
to the appropriate Senate and House Committees; interested Members of
Congress; the Secretary of Agriculture; the Administrator of CFSA;
the Director, Office of Management and Budget; and other interested
parties. We will also make copies available to others upon request.
Please contact me at (202) 512-5138 if you or your staff have any
questions. Major contributors to this report are listed in appendix
V.
John W. Harman
Director, Food and
Agriculture Issues
OUTSTANDING DEBT AND AMOUNT OWED
BY DELINQUENT BORROWERS
============================================================ Chapter 1
This section presents information on the Consolidated Farm Service
Agency's (CFSA) outstanding debt on active direct and guaranteed farm
loans and the amount owed by delinquent borrowers.\1 The amount of
debt held by borrowers who were delinquent in repaying direct and
guaranteed farm loans continues to be a significant portion of CFSA's
outstanding debt and totaled $5.8 billion, as of March 31, 1995.
--------------------
\1 This report provides information on borrowers in CFSA's portfolio,
which the agency classifies as being active borrowers. We excluded
information on inactive borrowers, such as those involved in
bankruptcy or foreclosure proceedings. Additionally, information in
this report covers the outstanding principal on all loans held by
borrowers who are delinquent on any farm loan. Information in this
report also does not take into account the recovery value of security
on the delinquent borrowers' debt, nor does it reflect any future
recovery value that may be realized by the sale or conveyance of real
estate, chattels, or other types of security involved with losses due
to debt write-downs and write-offs.
TOTAL OUTSTANDING PRINCIPAL AND
AMOUNT OWED BY DELINQUENT
BORROWERS
---------------------------------------------------------- Chapter 1:1
As of March 31, 1995, the outstanding principal on CFSA's active farm
loans was about $17.8 billion, of which 32.6 percent, or $5.8
billion, was held by delinquent borrowers. As table 1.1 shows, most
of the agency's delinquent borrowers are in the direct loan program,
where about 47 percent of the outstanding principal is owed by
delinquent borrowers.\2 In contrast, the guaranteed loan program has
less than 4 percent of outstanding principal owed by delinquent
borrowers.
Table 1.1
Outstanding Principal and Amount Owed by
Delinquent Borrowers, by Loan Program,
as of March 31, 1995
(Dollars in billions)
Number Number
of of Percentage
borrow borrow Percentage of
Loan program Amount ers Amount ers of debt borrowers
------------------------ ------ ------ ------ ------ ---------- ----------
Direct $11.9 126,52 $5.6 38,838 46.8 30.7
2
Guaranteed 5.9 37,381 0.2 1,555 3.6 4.2
Total $17.8 163,90 $5.8 < b>40,3 32.6 24.6
3\b 93\b
--------------------------------------------------------------------------------
Note: See appendix I for a state-by-state analysis of the
information in this table.
\a Percentages are based on whole numbers.
\b The total may include some borrowers who are counted twice because
they have both direct and guaranteed loans.
Source: GAO's analysis of CFSA Finance Office records.
--------------------
\2 Because of the timing of payments, the percentage owed by
delinquent borrowers fluctuates significantly during the year. Most
loans have payments due on January 1. Loans are not considered
delinquent until payments are 30 days late--that is, not made by
January 31, for most loans. The percentage of delinquency is lowest
on December 31 and highest on January 31.
DIRECT LOANS
---------------------------------------------------------- Chapter 1:2
Outstanding principal on active loans in the direct loan portfolio
totaled about $11.9 billion on March 31, 1995. The direct loan
portfolio comprises various types of outstanding loans, including
operating, farm ownership, emergency disaster, and economic emergency
loans. CFSA makes direct operating loans of up to $200,000 for such
purposes as buying feed, seed, fertilizer, livestock, and farm
equipment; paying family living expenses; and refinancing existing
debt. CFSA makes direct farm ownership loans of up to $200,000 for
purposes such as buying and improving farmland; constructing,
repairing, and improving farm buildings; and refinancing existing
debt. CFSA makes emergency disaster loans of up to $500,000 per
disaster to farmers whose operations have been substantially damaged
by adverse weather or by other natural disasters. CFSA made economic
emergency loans from 1978 through 1984 to allow farmers to continue
operations during a time when agricultural credit was seriously
lacking or when the costs of production exceeded the prices that
farmers received for their products.
Although all types of direct loans have a considerable percentage of
outstanding principal owed by delinquent borrowers, some direct loans
have a higher percentage than others. As shown in table 1.2, as of
March 31, 1995, farm ownership loans accounted for $4.7 billion in
outstanding principal, of which, 30.7 percent was owed by delinquent
borrowers. Emergency disaster loans accounted for $3.2 billion in
outstanding principal, of which, 63.6 percent was owed by delinquent
borrowers.
Table 1.2
Amount and Percentage of Outstanding
Direct Loans Owed by Delinquent
Borrowers, by Loan Type, as of March 31,
1995
(Dollars in billions)
Number Number
of of Percentage
borrow borrow Percentage of
Type of direct loan Amount ers Amount ers of debt borrowers
------------------------ ------ ------ ------ ------ ---------- ----------
Operating $2.8 54,062 $1.2 20,524 45.1 38.0
Farm ownership 4.7 70,251 1.4 17,213 30.7 24.5
Economic emergency 1.2 15,597 0.6 6,511 54.3 41.7
Emergency disaster 3.2 43,671 2.0 16,554 63.6 37.9
Other\b 0.1 7,441 0.1 2,045 36.5 27.5
Total\c $11.9 191,02 $5.4\e 62,847 45.2 32.9
2\d \d
--------------------------------------------------------------------------------
Note: See appendix I for a state-by-state breakdown of the
information in this table.
\a Percentages are based on whole numbers.
\b Other direct loans include soil and water, and recreation loans.
\c Items may not add because of rounding.
\d The total includes some borrowers who are counted more than once
because they have more than one type of loan.
\e The total amount owed by delinquent borrowers differs from the
total in table 1.1, which covers all loans owed by delinquent
borrowers, including some loans for which the borrower is current on
payments.
Source: GAO's analysis of CFSA Finance Office records.
The percentage of principal owed by delinquent borrowers varies
significantly within incremental ranges of debt owed. As table 1.3
shows, of the $7.4 billion owed by borrowers with less than $200,000
in outstanding principal, 33.7 percent was held by delinquent
borrowers. In contrast, of the $600 million owed by borrowers owing
$1 million or more in principal, 93.3 percent was owed by delinquent
borrowers.
Table 1.3
Amount and Percentage of Outstanding
Direct Loans Owed by Delinquent
Borrowers, in Incremental Ranges of
Debt, as of March 31, 1995
(Dollars in billions)
Number Number
of of Percentage
Incremental ranges of borrow borrow Percentage of
debt Amount ers Amount ers of debt borrowers
------------------------ ------ ------ ------ ------ ---------- ----------
Less than $200,000 $7.4 113,41 $2.5 30,824 33.7 27.2
1
$200,000-$499,999 3.3 11,758 2.0 6,887 60.5 58.6
$500,000-$999,999 0.7 1,085 0.6 881 81.7 81.2
$1 million and greater 0.6 268 0.5 246 93.3 91.8
Total $11.9\ 126,52 $5.6 38,838 46.8 30.7
b 2
--------------------------------------------------------------------------------
\a Percentages are based on whole numbers.
\b Item does not add because of rounding.
Source: GAO's analysis of CFSA Finance Office records.
GUARANTEED LOANS
---------------------------------------------------------- Chapter 1:3
If farmers are unable to obtain credit from commercial sources
because their security or ability to meet repayment terms is somewhat
marginal, they can obtain credit from commercial lenders through
CFSA's guaranteed farm loan program. CFSA provides guarantees for
operating loans, up to $400,000, and for farm ownership purposes, up
to $300,000. In years past, CFSA also guaranteed other types of
loans, such as economic emergency and emergency livestock loans.
In fiscal year 1984, CFSA's predecessor agency--the Farmers Home
Administration--began shifting emphasis from direct to guaranteed
loans in order to encourage private farm lending, reduce budget
outlays, and devote more effort to servicing its increasingly
delinquent direct loan portfolio.
Guaranteed loans have performed better than direct loans. As table
1.4 shows, of the almost $5.9 billion in outstanding guaranteed loan
principal as of March 31, 1995, only 3.6 percent was held by
delinquent borrowers.
Table 1.4
Amount and Percentage of Outstanding
Principal Owed by Delinquent Guaranteed
Loan Borrowers, by Loan Type, as of
March 31, 1995
(Dollars in millions)
Number Number
of of Percentage
borrow borrow Percentage of
Type of guaranteed loan Amount ers Amount ers of debt borrowers
------------------------ ------ ------ ------ ------ ---------- ----------
Operating $3,370 27,778 $125.1 1,209 3.7 4.4
.6
Farm ownership 2,458. 17,052 82.4 562 3.4 3.3
9
Other\b 22.1 218 3.8 26 17.4 11.9
Total $5,851 45,048 $211.3 1,797\ 3.6 4.0
.7\c \d d
--------------------------------------------------------------------------------
Note: See appendix I for a state-by-state breakdown of the
information in this table.
\a Percentages are based on whole numbers.
\b Other guaranteed loans are economic emergency and emergency
livestock loans.
\c Item does not add because of rounding.
\d The total includes some borrowers who are counted more than once
because they have more than one type of loan. Table 1.1 shows the
discrete guaranteed loan borrowers.
Source: GAO's analysis of CFSA Finance Office records.
Table 1.5 shows that a significant portion, over $2.9 billion, of
outstanding guaranteed loan principal, as of March 31, 1995, was held
by borrowers who owed between $200,000 and $499,999. Another $2.4
billion was held by borrowers who owed less than $200,000 in
outstanding principal.
Table 1.5
Amount and Percentage of Outstanding
Principal Owed by Delinquent Guaranteed
Loan Borrowers, in Incremental Ranges of
Debt, as of March 31, 1995
(Dollars in millions)
Number Number
of of Percentage
Incremental ranges of borrow borrow Percentage of
debt Amount ers Amount ers of debt borrowers
------------------------ ------ ------ ------ ------ ---------- ----------
Less than $200,000 $2,450 26,476 $101.1 1,202 4.1 4.5
.4
$200,000-$499,999 2,939. 10,136 91.8 323 3.1 3.2
9
$500,000-$999,999 459.2 767 18.5 30 4.0 3.9
$1 million and greater 2.2 2 0 0 0 0
Total $5,851 37,381 $211.3 1,555 3.6 4.2
.7 \b
--------------------------------------------------------------------------------
\a Percentages are based on whole numbers.
\b Item does not add because of rounding.
Source: GAO's analysis of CFSA Finance Office records.
PERFORMANCE ON LOANS MADE IN
RECENT YEARS
---------------------------------------------------------- Chapter 1:4
Significant delinquencies have occurred on loans made in recent
years, again, particularly in the direct loan portfolio. Table 1.6
shows an outstanding principal in the direct loan program of about
$753 million for loans made during fiscal years 1989-93, of which,
39.5 percent was owed by borrowers who were delinquent in repaying
those specific loans as of March 31, 1995. As shown earlier in table
1.1, the percentage owed by delinquent borrowers in the total active
direct loan portfolio was 46.8 percent.
Table 1.6
Outstanding Principal and Amount Owed on
Loans Made During Fiscal Years 1989-93
for Which Borrowers Are Delinquent, as
of March 31, 1995
(Dollars in millions)
Number Number
of of Percentage
borrow borrow Percentage of
Loan program Amount ers Amount ers of debt borrowers
------------------------ ------ ------ ------ ------ ---------- ----------
Direct $ 17,449 $297.3 5,934 39.5 34.0
753.0
Guaranteed 2,908. 21,365 129.2 960 4.4 4.5
7
Total $3,661 38,814 $426.5 6,894\ 11.6 17.8
.7 \b b
--------------------------------------------------------------------------------
\a Percentages are based on whole numbers.
\b The total may include some borrowers who are counted twice because
they have both direct and guaranteed loans.
Source: GAO's analysis of CFSA Finance Office records.
FARM LOAN LOSSES
============================================================ Chapter 2
This section discusses losses that CFSA has incurred on farm loans.
CFSA's losses in the direct and guaranteed loan programs were about
$12.7 billion in principal and interest from fiscal year 1989 through
the first 6 months of fiscal year 1995.
DIRECT AND GUARANTEED LOAN
LOSSES
---------------------------------------------------------- Chapter 2:1
When borrowers experience trouble with repaying their loans, CFSA's
direct loan policies provide various types of loan servicing or
relief assistance that result in losses. This assistance includes
two debt-relief options mandated by the Agricultural Credit Act of
1987 (P.L. 100-233, Jan. 6, 1988), namely, (1) reducing borrowers'
debts so that the borrowers can maintain viable farming
operations--referred to as restructuring with write-down and (2)
satisfying debts entirely by allowing borrowers to pay an adjusted
amount based on the value of collateral security that is less than
the outstanding debt--referred to as net recovery value buy-out with
write-off.\1 CFSA also has a third option when one of these two
approaches does not resolve a borrower's delinquency, namely, debt
settling with borrowers who are generally no longer farming by
writing off part or all of their unpaid loans.
CFSA also incurs losses as a result of guaranteeing farm loans.
Specifically, if a borrower defaults, CFSA agrees to reimburse a
commercial lender for up to 90 percent of the lost principal, accrued
interest, and liquidation costs.
As table 2.1 shows, CFSA incurred losses of about $12.7 billion in
principal and interest from fiscal year 1989 through the first 6
months of fiscal year 1995--about $12.4 billion on direct loans and
about $300 million on guaranteed loans. According to CFSA officials,
some losses in recent years involve loans that were made many years
ago.
Table 2.1
CFSA's Direct and Guaranteed Loan
Losses, by Loan Program, Fiscal Year
1989 Through the First 6 Months of
Fiscal Year 1995
(Dollars in billions)
Amount of
debt Number of
Loan program/loan-servicing action relief borrowers
------------------------------------ ---------- ----------
Direct
Restructured with write-down $1.6 10,279
Net recovery value buy-out with 2.3 11,118
write-off
Debt settled with write-off 8.5 47,731
============================================================
Subtotal $12.4 69,128
Guaranteed (payments on loss claims) 0.3 4,049
============================================================
Total $12.7 73,177\a
------------------------------------------------------------
Note: See appendix II for a state-by-state analysis of the
information in this table.
\a The total may include some borrowers who are counted more than
once because they received more than one type of loan-servicing
action.
Source: GAO's analysis of CFSA Finance Office records.
--------------------
\1 Prior to the passage of this act, judicial decisions in 1984 and
1987 prevented CFSA's predecessor agency from foreclosing on
delinquent borrowers. As a result, the losses since 1989 are
probably higher than they would have been had the losses been spread
out over the previous years when the foreclosure authority did not
exist.
DIRECT LOAN LOSSES
---------------------------------------------------------- Chapter 2:2
Considerable losses have occurred within the direct loan portfolio.
About $8.5 billion, or 69 percent, of the $12.4 billion in direct
loan losses occurred under the debt-settlement process. Table 2.2
provides information on the amount of losses experienced annually as
a result of each type of loan-servicing action.
Table 2.2
CFSA's Direct Loan Losses, by Type of
Loan Servicing, Fiscal Year 1989 Through
the First 6 Months of Fiscal Year 1995
(Dollars in billions)
Number Number Number Number
of of of of
borrow borrow borrow borrow
Fiscal Year Amount ers Amount ers Amount ers Amount ers
---------------- ------ ------ ------ ------ ------ ------ ------ ------
1989 $0.8 4,601 $0.9 4,382 $1.7 11,916 $3.4 20,899
1990 0.4 2,484 0.6 2,787 1.8 11,715 2.8 16,986
1991 0.1 644 0.3 1,204 1.4 7,257 1.7 9,105
1992 0.1 344 0.2 706 1.4 6,614 1.6 7,664
1993 0.2 1,847 0.2 1,243 1.1 5,527 1.5 8,617
1994 0.1 841 0.1 662 0.9 4,061 1.1 5,564
1995\a \b 140 \b 134 0.3 1,310 0.3 1,584
================================================================================
Total $1.6\c 10,279 $2.3 11,118 $8.5\c 47,731 $12.4 69,128
\d \d \d
--------------------------------------------------------------------------------
Note: Amounts differ slightly from previously published GAO figures
for direct loan losses as a result of database adjustments.
\a First 6 months of fiscal year 1995.
\b Less than $50 million.
\c Items do not add because of rounding.
\d The total does not add. Rather, the total represents discrete
direct loan borrowers over the 7-year period--i.e., if loan servicing
occurred in more than 1 year, the borrower is counted only once in
the total.
Source: GAO's analysis of CFSA Finance Office records.
Losses have occurred with all types of direct loans. Table 2.3 shows
that emergency disaster loan losses accounted for $5.9 billion, or
47.3 percent, of total direct loan losses from fiscal year 1989
through the first 6 months of fiscal year 1995. Also, nearly 35
percent of the direct loan borrowers for which losses occurred had
operating loans.
Table 2.3
CFSA's Direct Loan Losses, by Loan Type,
Fiscal Year 1989 Through the First 6
Months of Fiscal Year 1995
(Dollars in billions)
Percentage
of direct Percentage
loan of total
Type of direct loan Amount losses Number borrowers
-------------------- ------ ---------- ------ ----------
Operating $2.5 20.1 39,980 34.5
Farm ownership 1.6 13.1 19,868 17.2
Economic emergency 2.3 18.5 18,026 15.6
Emergency disaster 5.9 47.3 34,598 29.9
Other\a 0.1 1.0 3,249 2.8
============================================================
Total $12.4 100.0 115,72 100.0
1\b
------------------------------------------------------------
Note: See appendix II for a state-by-state analysis of the
information in this table.
\a Other direct loans include soil and water and recreation loans.
\b The total includes borrowers who are counted more than once
because they had more than one type of direct loan for which losses
were incurred.
Source: GAO's analysis of CFSA Finance Office records.
Table 2.4 presents the direct loan losses by various incremental
ranges. CFSA lost less than $200,000 per borrower for almost 73
percent of the borrowers for which losses occurred.
Table 2.4
CFSA's Direct Loan Losses, in
Incremental Ranges of Losses, Fiscal
Year 1989 Through the First 6 Months of
Fiscal Year 1995
(Dollars in billions)
Percentage
of direct Percentage
Incremental ranges loan of total
of losses Amount losses Number borrowers
-------------------- ------ ---------- ------ ----------
Less than $200,000 $3.8 30.5 50,333 72.8
$200,000-$499,999 4.2 34.1 13,906 20.1
$500,000-$999,999 2.6 20.8 3,838 5.6
$1 million or 1.8 14.6 1,051 1.5
greater
============================================================
Total $12.4 100.0 69,128 100.0
------------------------------------------------------------
Source: GAO's analysis of CFSA Finance Office records.
Table 2.5 presents CFSA's direct loan losses in incremental ranges by
type of loan-servicing action.
Table 2.5
CFSA's Direct Loan Losses, in
Incremental Ranges of Losses, by Type of
Loan Servicing, Fiscal Year 1989 Through
the First 6 Months of Fiscal Year 1995
(Dollars in billions)
Number Number Number
of of of
borrow borrow borrow
Incremental ranges of losses Amount ers Amount ers Amount ers
-------------------------------- ------ ------ ------ ------ ------ ------
Less than $200,000 $0.7 7,908 $0.7 7,558 $2.4 34,867
$200,000-$499,999 0.6 1,954 0.8 2,694 2.9 9,258
$500,000-$999,999 0.2 335 0.4 659 1.9 2,844
$1 million and greater 0.1 82 0.4 207 1.3 762
================================================================================
Total $1.6 10,279 $2.3 11,118 $8.5 47,731
--------------------------------------------------------------------------------
Source: GAO's analysis of CFSA Finance Office records.
GUARANTEED LOAN LOSS PAYMENTS
---------------------------------------------------------- Chapter 2:3
In addition to losses in the direct loan portfolio, losses occur when
borrowers default on farm loans that CFSA has guaranteed. As shown
earlier in table 2.1, guaranteed loss payments of about $300 million
were made to commercial lenders from fiscal year 1989 through the
first 6 months of fiscal year 1995. Table 2.6 presents an analysis
of guaranteed loan loss payments by year.
Table 2.6
CFSA's Guaranteed Loan Loss Payments, by
Year, Fiscal Year 1989 Through the First
6 Months of Fiscal Year 1995
(Dollars in millions)
Number
of
loan borrow
losses year Amount ers
------ ------------------------------------- ------ ------
1989 $58.2 613
1990 42.7 595
1991 47.6 698
1992 52.7 730
1993 55.7 782
1994 48.6 602
1995\a 16.2 219
============================================================
Total $321.6 4,049\
\b c
------------------------------------------------------------
Note: Amounts differ slightly from previously published GAO figures
for guaranteed loan losses as a result of database adjustments.
\a First 6 months of fiscal year 1995.
\b Item does not add because of rounding.
\c The total does not add. Rather, the total represents discrete
guaranteed loan borrowers over the 7-year period--i.e., if guaranteed
loan losses occurred in more than 1 year, the borrower is counted
only once.
Source: GAO's analysis of CFSA Finance Office records.
The greatest percentage of losses in the guaranteed loan program
occurred with operating loans, which, as table 2.7 shows, accounted
for 70.6 percent of loss payments from fiscal year 1989 through the
first 6 months of fiscal year 1995.
Table 2.7
CFSA's Guaranteed Loan Loss Payments, by
Loan Type, Fiscal Year 1989 Through the
First 6 Months of Fiscal Year 1995
(Dollars in millions)
Percentage
of
guaranteed Percentage
Type of guaranteed loan of total
loan loss Amount losses Number borrowers
-------------------- ------ ---------- ------ ----------
Operating $227.0 70.6 3,440 79.1
Farm ownership 51.4 16.0 636 14.6
Economic emergency 37.6 11.7 247 5.7
Emergency disaster 0.5 0.2 1 0
Emergency livestock 5.0 1.6 27 0.6
============================================================
Total $321.6 100.0\a 4,351\ 100.0
\a b
------------------------------------------------------------
Note: See appendix II for a state-by-state analysis of the
information in this table.
\a Items do not add because of rounding.
\b The total includes some borrowers who are counted more than once
because losses occurred on more than one type of guaranteed loan.
Source: GAO's analysis of CFSA Finance Office records.
Table 2.8 shows that as with the direct loan program, CFSA lost less
than $200,000 per borrower for most of the borrowers for which losses
occurred.
Table 2.8
CFSA's Guaranteed Loan Loss Payments, in
Incremental Ranges of Losses, Fiscal
Year 1989 Through the First 6 Months of
Fiscal Year 1995
(Dollars in millions)
Percentage
of
guaranteed Percentage
Incremental ranges loan of total
of losses Amount losses Number borrowers
-------------------- ------ ---------- ------ ----------
Less than $200,000 $223.1 69.4 3,726 92.0
$200,000-$499,999 84.9 26.4 302 7.5
$500,000-$999,999 12.6 3.9 20 0.5
$1 million and 1.1 0.3 1 0
greater
============================================================
Total $321.6 100.0 4,049 100.0
\a
------------------------------------------------------------
\a Item does not add because of rounding.
Source: GAO's analysis of CFSA Finance Office records.
LOSSES ON RECENT LOANS
---------------------------------------------------------- Chapter 2:4
The data shown previously in this section discussed losses that
occurred within CFSA's farm loan portfolio from fiscal year 1989
through the first 6 months of fiscal year 1995. These losses applied
to all loans in CFSA's portfolio, some of which had been made many
years ago. However, losses are also occurring on loans made
recently. As shown in table 2.9, 1,873 borrowers who received direct
loans during fiscal years 1989-93 subsequently benefitted from $62.7
million in write-downs and write-offs on those new loans, and new
guaranteed loans to 1,709 borrowers resulted in loss payments of
$108.9 million to be made to commercial lenders.
Table 2.9
CFSA's Direct and Guaranteed Loan Losses
on Loans Made During Fiscal Years 1989-
93, as of March 31, 1995
(Dollars in millions)
Amount of
debt Number of
Loan program/loan-servicing action relief borrowers
------------------------------------ ---------- ----------
Direct
Restructured with write-down $11.3 319
Net recovery value buy-out with 21.1 566
write-off
Debt settled with write-off 30.3 988
============================================================
Subtotal $62.7 1,873
Guaranteed (payments on loss claims) 108.9 1,709
============================================================
Total $171.6 3,582\a
------------------------------------------------------------
\a The total may include some borrowers who were counted more than
once because they received more than one type of loan-servicing
action.
Source: GAO's analysis of CFSA Finance Office records.
NEW LOANS TO DELINQUENT BORROWERS
============================================================ Chapter 3
This section discusses CFSA's (1) new direct and guaranteed loans to
borrowers for which losses were previously experienced and (2)
additional loans to borrowers who were delinquent when they received
new loans. From fiscal year 1989 through the first 6 months of
fiscal year 1995, CFSA made $448 million in new direct and guaranteed
loans to borrowers who received debt relief on prior direct and
guaranteed loans. Additionally, during this period, CFSA made $130
million in new direct loans, under a congressionally directed policy,
to borrowers who were delinquent when they received new loans.
BORROWERS WHO RECEIVED
ADDITIONAL DIRECT AND
GUARANTEED LOANS AFTER DEBT
RELIEF
---------------------------------------------------------- Chapter 3:1
Borrowers who received debt relief under the debt-servicing
provisions of the Agricultural Credit Act of 1987 are not barred from
obtaining additional direct or guaranteed farm loans. Additionally,
borrowers who have received debt settlements may also receive new
direct and guaranteed loans. Furthermore, borrowers who defaulted on
previous guaranteed loans that resulted in losses can also obtain
additional guaranteed loans. As shown in table 3.1, about 3,379
borrowers received new direct and guaranteed loans during fiscal year
1989 through the first 6 months of fiscal year 1995 after losses were
incurred on their prior delinquent loans.
Table 3.1
Amount of New Direct and Guaranteed
Loans Made From Fiscal Year 1989 Through
the First 6 Months of Fiscal Year 1995
to Borrowers Who Previously Received
Debt Relief
(Dollars in millions)
Number Number Number
of Amount of Amount of Amount
borrow of new borrow of new borrow of new
Type of debt relief ers loans ers loans ers loans
-------------------------------- ------ ------ ------ ------ ------ ------
Restructured with write-down 2,012 $201.1 512 $88.6 2,524 $289.7
Net recovery value buy-out with 58 7.4 146 34.2 204 41.6
write-off
Debt settled with write-off 244 26.0 314 69.4 558 95.4
Payments on loss claims \a \a 93 21.4 93 21.4
================================================================================
Total 2,314 $234.5 1,065 $213.6 3,379\ $448.1
b
--------------------------------------------------------------------------------
Note: See appendix III for a state-by-state analysis of the
information in this table.
\a Not calculated.
\b The total includes some borrowers who received multiple direct and
guaranteed loans after CFSA experienced losses for those borrowers.
Source: GAO's analysis of CFSA Finance Office records.
Furthermore, many borrowers who obtained direct and guaranteed loans
after having received debt relief were delinquent as of March 31,
1995. Of the borrowers who received these loans and who were still
CFSA clients, 41.8 percent of the direct loan borrowers and 1.5
percent of the guaranteed loan borrowers were delinquent.
CONTINUATION LOANS
---------------------------------------------------------- Chapter 3:2
Under the continuation policy, borrowers can obtain new direct
operating loans while they are delinquent on their existing direct
loan debt. The purposes of the policy, which was established in
1982, were to continue lending money to financially stressed
borrowers until economic conditions improved and to slow the number
of liquidation cases. Following our disclosure that many unsound
loans were being made, CFSA's predecessor agency rescinded the policy
in 1985. However, the Congress directed the agency to reinstate the
continuation policy in 1987 (P.L. 100-71, July 11, 1987). As table
3.2 shows, the agency made continuation loans totaling $130.3 million
to 2,084 delinquent borrowers during fiscal years 1989 through the
first 6 months of fiscal year 1995.
Table 3.2
Amount of New Direct Operating Loans
Made, by Year, From Fiscal Year 1989
Through the First 6 Months of Fiscal
Year 1995 to Borrowers Who Were
Delinquent
(Dollars in millions)
Amount of
new direct
operating Number of
Fiscal year loans borrowers
-------------------------------- ------------ ------------
1989 $ 8.9 236
1990 16.5 358
1991 32.4 651
1992 41.1 797
1993 16.7 328
1994 10.4 201
1995\a 4.4 77
============================================================
Total $130.3\b 2,084\c
------------------------------------------------------------
Note: See appendix IV for a state-by-state analysis of this
information.
\a First 6 months of fiscal year 1995.
\b Item does not add because of rounding.
\c The total does not add. Rather, the total represents discrete
borrowers over the 7-year period--i.e., if a borrower received a loan
in more than 1 year, the borrower is counted only once.
Source: GAO's analysis of CFSA Finance Office records.
Of the 2,084 borrowers who received loans while they were delinquent,
from fiscal year 1989 through the first 6 months of fiscal year 1995,
787 subsequently had their delinquent debts serviced through one of
the three debt-servicing mechanisms.\1 Furthermore, as of March 31,
1995, 1,624 of the borrowers were still in the portfolio--of those,
53.4 percent were delinquent.
--------------------
\1 This figure includes some borrowers who remained CFSA clients
after they were restructured.
OUTSTANDING DIRECT AND GUARANTEED
LOANS OWED BY DELINQUENT BORROWERS
=========================================================== Appendix I
Table I.1
Amount and Percentage of Outstanding
Direct Loans Owed by Delinquent
Borrowers, by State, as of March 31,
1995
(Dollars in millions)
Number Number Percen
of of tage Percentag
borrow borrow of e of
State Amount ers Amount ers debt borrowers
----------------------------- ------ ------ ------ ------ ------ ---------
Alabama $111.2 2,386 $ 32.5 391 29.2 16.4
Alaska 0.2 4 0 0 0 0
Arizona 130.8 563 104.8 304 80.1 54.0
Arkansas 356.2 4,817 158.1 1,261 44.4 26.2
California 512.2 2,010 346.8 780 67.7 38.8
Colorado 133.1 1,198 47.1 319 35.3 26.6
Connecticut 16.1 143 9.9 69 61.3 48.3
Delaware 9.3 113 2.0 22 21.1 19.5
Florida 177.9 1,407 115.4 533 64.9 37.9
Georgia 271.9 2,458 150.2 890 55.2 36.2
Hawaii 39.2 288 20.0 111 51.1 38.5
Idaho 235.8 2,251 102.5 639 43.5 28.4
Illinois 350.3 4,515 85.0 769 24.3 17.0
Indiana 256.8 2,420 88.8 627 34.6 25.9
Iowa 573.5 6,957 200.3 1,790 34.9 25.7
Kansas 318.5 4,392 100.3 1,004 31.5 22.9
Kentucky 294.3 4,484 78.6 745 26.7 16.6
Louisiana 340.8 3,545 250.8 1,999 73.6 56.4
Maine 96.1 849 39.7 269 41.4 31.7
Maryland 41.5 370 13.2 101 31.8 27.3
Massachusetts 40.6 358 19.4 120 47.9 33.5
Michigan 277.8 2,437 127.1 765 45.7 31.4
Minnesota 460.8 4,830 206.7 1,670 44.9 34.6
Mississippi 500.7 5,546 359.3 2,201 71.8 39.7
Missouri 392.3 4,939 145.3 1,304 37.0 26.4
Montana 297.6 2,091 133.4 617 44.8 29.5
Nebraska 408.2 4,497 156.5 1,179 38.3 26.2
Nevada 23.8 199 9.9 66 41.8 33.2
New Hampshire 11.5 113 1.3 10 11.1 8.8
New Jersey 57.9 421 37.8 214 65.3 50.8
New Mexico 78.0 863 33.1 229 42.5 26.5
New York 348.8 3,144 182.1 1,218 52.2 38.7
North Carolina 211.8 2,996 97.1 833 45.9 27.8
North Dakota 511.0 4,712 217.6 1,531 42.6 32.5
Ohio 203.5 1,771 92.9 598 45.7 33.8
Oklahoma 498.7 5,960 261.8 1,933 52.5 32.4
Oregon 146.6 1,150 55.2 297 37.7 25.8
Pennsylvania 228.7 2,016 57.7 393 25.2 19.5
Rhode Island 5.4 37 2.6 13 48.4 35.1
South Carolina 171.9 1,747 107.4 659 62.5 37.7
South Dakota 525.2 6,183 230.3 1,863 43.9 30.1
Tennessee 261.5 3,775 108.2 878 41.4 23.3
Texas 918.1 8,694 568.8 3,866 62.0 44.5
Utah 88.0 1,261 22.4 180 25.5 14.3
Vermont 49.0 466 11.7 87 23.8 18.7
Virginia 142.6 1,628 80.6 591 56.5 36.3
Washington 160.0 1,198 60.5 300 37.8 25.0
West Virginia 62.1 1,035 22.0 240 35.4 23.2
Wisconsin 403.9 4,093 147.0 1,228 36.4 30.0
Wyoming 52.9 488 17.7 109 33.4 22.3
Other\b 139.9 2,704 70.6 1,023 50.5 37.8
--------------------------------------------------------------------------------
\a Percentages are based on whole numbers.
\b Includes Puerto Rico, the U.S. Virgin Islands, and the Western
Pacific Island Territories.
Source: GAO's analysis of CFSA Finance Office records.
Table I.2
Amount and Percentage of Outstanding
Guaranteed Loans Owed by Delinquent
Borrowers, by State, as of March 31,
1995
(Dollars in millions)
Number Number Percen
of of tage Percentag
borrow borrow of e of
State Amount ers Amount ers debt borrowers
----------------------------- ------ ------ ------ ------ ------ ---------
Alabama $ 40.0 266 $ 0.3 6 0.9 2.3
Alaska 0 0 0 0 0 0
Arizona 5.4 27 0.7 2 13.2 7.4
Arkansas 135.6 827 1.9 18 1.4 2.2
California 68.5 401 2.7 18 4.0 4.5
Colorado 111.4 555 4.3 27 3.8 4.9
Connecticut 9.7 53 0 0 0 0
Delaware 12.0 73 0.1 1 0.6 1.4
Florida 44.0 249 2.5 12 5.6 4.8
Georgia 161.7 815 2.3 24 1.4 2.9
Hawaii 0.6 3 0 0 0 0
Idaho 76.1 430 3.5 15 4.6 3.5
Illinois 273.9 1,848 6.7 57 2.4 3.1
Indiana 119.0 709 4.3 20 3.6 2.8
Iowa 541.0 4,224 13.5 119 2.5 2.8
Kansas 233.7 1,669 10.7 98 4.6 5.9
Kentucky 104.5 856 1.4 11 1.3 1.3
Louisiana 254.1 1,726 7.0 67 2.7 3.9
Maine 8.5 57 1.1 5 12.7 8.8
Maryland 24.6 168 0.1 1 0.4 0.6
Massachusetts 20.7 92 1.6 7 7.9 7.6
Michigan 199.6 1,040 5.6 40 2.8 3.8
Minnesota 352.7 2,272 13.9 134 3.9 5.9
Mississippi 161.4 809 3.3 21 2.1 2.6
Missouri 174.1 1,155 3.0 24 1.7 2.1
Montana 94.0 564 3.7 24 4.0 4.3
Nebraska 329.6 2,127 13.6 87 4.1 4.1
Nevada 6.5 35 0.4 2 5.7 5.7
New Hampshire 4.2 25 0.2 1 5.2 4.0
New Jersey 8.7 47 1.5 6 17.4 12.8
New Mexico 46.7 217 1.7 13 3.7 6.0
New York 106.9 587 3.3 25 3.1 4.3
North Carolina 120.9 815 1.0 6 0.9 0.7
North Dakota 168.4 1,140 11.7 91 6.9 8.0
Ohio 69.4 478 2.6 20 3.7 4.2
Oklahoma 235.1 1,295 22.9 120 9.7 9.3
Oregon 28.6 170 1.9 10 6.7 5.9
Pennsylvania 96.6 521 3.9 26 4.0 5.0
Rhode Island 0.5 3 0 0 0 0
South Carolina 41.4 268 0.8 6 1.8 2.2
South Dakota 219.5 1,792 6.3 58 2.8 3.2
Tennessee 74.8 542 1.9 17 2.6 3.1
Texas 399.4 2,437 16.5 112 4.1 4.6
Utah 28.9 177 1.4 10 5.0 5.6
Vermont 62.3 428 7.3 54 11.7 12.6
Virginia 33.3 185 0.7 5 2.0 2.7
Washington 69.1 406 1.9 17 2.8 4.2
West Virginia 36.9 217 1.1 7 2.9 3.2
Wisconsin 377.1 2,201 12.0 91 3.2 4.1
Wyoming 49.4 306 2.5 20 5.1 6.5
Other\b 10.4 74 0 0 0 0
--------------------------------------------------------------------------------
\a Percentages are based on whole numbers.
\b Includes Puerto Rico, the U.S. Virgin Islands, and the Western
Pacific Island Territories.
Source: GAO's analysis of CFSA Finance Office records.
Table I.3
Amount and Percentage of Outstanding
Direct Loans Owed by Delinquent
Borrowers, by Loan Type, by State, as of
March 31, 1995
(Dollars in millions)
Number Number Percen
of of tage Percentag
borrow Amount borrow of e of
State Amount ers\b \c ers\b debt borrowers
----------------------------- ------ ------ ------ ------ ------ ---------
Alabama
Operating $ 15.9 741 $ 5.9 170 37.3 22.9
Farm ownership 57.0 1,369 11.1 178 19.4 13.0
Economic emergency 5.2 93 2.8 36 54.2 38.7
Emergency disaster 31.9 818 11.3 190 35.5 23.2
Other 1.2 124 0.2 20 17.9 16.1
Total $111.2 3,145 b>$31. 594 28.2 18.9
< 3
Alaska
Operating $0 0 $0 0 0 0
Farm ownership 0.2 4 0 0 0 0
Economic emergency 0 0 0 0 0 0
Emergency disaster 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total $0.2 4 $0 0 0 0
Arizona
Operating $ 12.6 188 $ 8.4 122 66.6 64.9
Farm ownership 31.6 291 18.6 134 58.9 46.0
Economic emergency 11.4 86 8.2 58 71.7 67.4
Emergency disaster 72.6 200 65.4 136 90.2 68.0
Other 2.6 49 2.1 31 82.1 63.3
Total $130.8 814 $102.7 481 78.6 59.1
Arkansas
Operating $ 76.7 2,002 $ 33.9 669 44.2 33.4
Farm ownership 132.2 2,606 38.8 557 29.3 21.4
Economic emergency 38.0 607 16.4 201 43.3 33.1
Emergency disaster 102.5 1,600 61.3 587 59.8 36.7
Other 6.8 607 2.3 145 33.6 23.9
Total $356.2 7,422 $152.7 2,159 42.9 29.1
California
Operating $ 66.0 900 $ 28.4 357 43.0 39.7
Farm ownership 99.2 860 30.1 237 30.4 27.6
Economic emergency 56.7 345 37.8 199 66.7 57.7
Emergency disaster 283.2 583 243.0 290 85.8 49.7
Other 7.0 158 3.3 57 47.5 36.1
Total $512.2 2,846 $342.7 1,140 66.9 40.1
Colorado
Operating $ 24.0 411 $ 9.0 138 37.8 33.6
Farm ownership 65.7 791 16.4 180 24.9 22.8
Economic emergency 15.0 150 9.3 74 61.7 49.3
Emergency disaster 27.3 242 10.3 82 37.7 33.9
Other 1.2 37 0.7 12 55.4 32.4
Total $133.1 1,631 $45.6 486 34.2 29.8
Connecticut
Operating $ 4.2 73 $2.5 38 59.4 52.1
Farm ownership 8.5 98 4.7 45 55.1 45.9
Economic emergency 1.6 22 1.0 12 62.6 54.5
Emergency disaster 1.4 25 0.8 16 59.7 64.0
Other 0.3 9 0.2 5 82.8 55.6
Total $16.1 227 $9.3 116 57.9 51.1
Delaware
Operating $0.9 27 $0.2 6 20.6 22.2
Farm ownership 6.2 85 1.0 13 16.4 15.3
Economic emergency 0.9 15 0.2 3 19.5 20.0
Emergency disaster 1.3 17 0.4 5 31.3 29.4
Other 0 1 0 0 0 0
Total $9.3 145 $1.8 27 19.1 18.6
Florida
Operating $ 24.8 603 $ 14.4 253 58.0 42.0
Farm ownership 44.3 672 17.0 206 38.3 30.7
Economic emergency 19.0 198 14.8 129 77.9 65.2
Emergency disaster 87.5 555 67.6 294 77.3 53.0
Other 2.3 58 1.0 22 43.4 37.9
Total $177.9 2,086 $114.7 904 64.5 43.3
Georgia
Operating $ 31.8 823 $ 14.4 353 45.3 42.9
Farm ownership 81.1 1,141 28.9 313 35.6 27.4
Economic emergency 20.3 245 13.1 121 64.4 49.4
Emergency disaster 134.9 1,218 90.1 543 66.8 44.6
Other 3.9 112 1.8 43 46.6 38.4
Total $271.9 3,539 $148.3 1,373 54.5 38.8
Hawaii
Operating $ 7.3 148 $ 3.6 73 49.3 49.3
Farm ownership 24.9 183 12.3 68 49.2 37.2
Economic emergency 1.6 8 1.3 5 83.5 62.5
Emergency disaster 5.4 57 2.0 20 37.9 35.1
Other 0.1 7 0 1 16.9 14.3
Total $39.2 403 $19.2 167 48.9 41.4
Idaho
Operating $ 49.7 815 $20.7 294 41.6 36.1
Farm ownership 109.0 1,469 32.7 352 30.0 24.0
Economic emergency 34.3 400 21.1 185 61.5 46.3
Emergency disaster 33.1 328 20.8 133 63.0 40.5
Other 9.8 324 3.1 87 31.4 26.9
Total $235.8 3,336 $98.3 1,051 41.7 31.5
Illinois
Operating $ 50.4 1,389 $14.0 328 27.8 23.6
Farm ownership 193.3 2,655 31.4 358 16.3 13.5
Economic emergency 41.1 557 15.1 156 36.7 28.0
Emergency disaster 64.1 1,996 19.2 413 30.0 20.7
Other 1.4 112 0.2 14 13.1 12.5
Total $350.3 6,709 $80.0 1,269 22.8 18.9
Indiana
Operating $ 36.7 775 $14.7 275 40.0 35.5
Farm ownership 135.1 1,569 30.9 302 22.9 19.2
Economic emergency 48.0 509 23.4 184 48.9 36.1
Emergency disaster 35.0 604 15.2 195 43.5 32.3
Other 2.0 73 0.4 16 22.3 21.9
Total $256.8 3,530 $84.7 972 33.0 27.5
Iowa
Operating $139.6 3,057 $ 54.9 991 39.3 32.4
Farm ownership 285.0 3,445 82.8 832 29.1 24.2
Economic emergency 56.8 809 22.4 279 39.4 34.5
Emergency disaster 90.1 2,840 29.0 692 32.2 24.4
Other 2.0 202 0.6 50 31.2 24.8
Total $573.5 10,353 $189.8 2,844 33.1 27.5
Kansas
Operating $ 77.3 1,454 $26.5 444 34.2 30.5
Farm ownership 172.8 3,052 39.4 550 22.8 18.0
Economic emergency 26.1 387 11.4 131 43.6 33.9
Emergency disaster 39.0 1,036 16.5 296 42.4 28.6
Other 3.3 180 0.8 34 23.5 18.9
Total $318.5 6,109 $94.5 1,455 29.7 23.8
Kentucky
Operating $ 50.9 2,014 $15.6 420 30.7 20.9
Farm ownership 169.2 2,890 33.6 415 19.8 14.4
Economic emergency 33.9 595 12.3 134 36.2 22.5
Emergency disaster 37.7 1,312 12.6 284 33.5 21.6
Other 2.7 507 0.5 68 17.0 13.4
Total $294.3 7,318 $74.5 1,321 25.3 18.1
Louisiana
Operating $130.2 2,381 $91.3 1,492 70.2 62.7
Farm ownership 59.9 897 31.6 366 52.7 40.8
Economic emergency 17.3 265 13.8 183 79.6 69.1
Emergency disaster 132.2 1,364 110.7 908 83.7 66.6
Other 1.3 74 0.6 34 45.2 45.9
Total $340.8 4,981 $248.0 2,983 72.8 59.9
Maine
Operating $37.9 598 $14.0 190 36.8 31.8
Farm ownership 36.7 569 11.7 148 31.9 26.0
Economic emergency 3.4 84 1.7 28 50.7 33.3
Emergency disaster 17.1 165 10.0 68 58.7 41.2
Other 0.9 30 0.6 6 62.1 20.0
Total $96.1 1,446 $38.0 440 39.6 30.4
Maryland
Operating $ 8.3 151 $ 2.6 47 31.8 31.1
Farm ownership 20.4 242 5.5 59 27.2 24.4
Economic emergency 6.8 82 2.9 27 42.7 32.9
Emergency disaster 5.4 88 2.0 31 36.2 35.2
Other 0.6 11 0.5 5 79.1 45.5
Total $41.5 574 $13.5 169 32.6 29.4
Massachusetts
Operating $11.3 215 $ 5.0 81 44.2 37.7
Farm ownership 19.5 196 7.4 62 37.8 31.6
Economic emergency 2.5 26 1.8 14 73.6 53.8
Emergency disaster 5.8 72 3.4 24 59.2 33.3
Other 1.6 38 0.6 9 35.6 23.7
Total $40.6 547 $18.2 190 44.7 34.7
Michigan
Operating $ 65.8 1,155 $ 30.9 442 47.0 38.3
Farm ownership 96.7 1,318 29.8 331 30.8 25.1
Economic emergency 28.0 398 12.9 145 45.9 36.4
Emergency disaster 82.3 1,050 45.7 369 55.5 35.1
Other 5.1 199 1.8 53 35.9 26.6
Total $277.8 4,120 $121.1 1,340 43.6 32.5
Minnesota
Operating $140.8 2,278 $ 62.2 943 44.2 41.4
Farm ownership 177.1 2,612 60.7 778 34.3 29.8
Economic emergency 44.1 745 21.3 295 48.2 39.6
Emergency disaster 94.9 1,821 51.9 660 54.7 36.2
Other 3.9 252 1.3 73 33.3 29.0
Total $460.8 7,708 $197.4 2,749 42.8 35.7
Mississippi
Operating $ 98.8 2,294 $ 71.0 1,189 71.9 51.8
Farm ownership 102.1 2,460 45.5 765 44.6 31.1
Economic emergency 14.8 217 9.6 121 65.3 55.8
Emergency disaster 280.9 2,602 226.6 1,294 80.7 49.7
Other 4.1 243 2.5 109 59.7 44.9
Total $500.7 7,816 $355.2 3,478 70.9 44.5
Missouri
Operating $ 53.9 1,490 $ 22.8 504 42.4 33.8
Farm ownership 215.9 3,471 60.8 789 28.2 22.7
Economic emergency 32.3 610 13.8 202 42.8 33.1
Emergency disaster 83.3 2,089 39.8 688 47.8 32.9
Other 7.0 820 1.8 192 25.5 23.4
Total $392.3 8,480 $139.1 2,375 35.5 28.0
Montana
Operating $ 45.7 673 $ 24.4 295 53.4 43.8
Farm ownership 100.3 1,093 30.4 271 30.3 24.8
Economic emergency 30.5 272 14.4 108 47.4 39.7
Emergency disaster 116.9 1,163 55.5 381 47.4 32.8
Other 4.2 155 1.5 44 34.9 28.4
Total $297.6 3,356 $126.1 1,099 42.4 32.7
Nebraska
Operating $ 52.1 1,127 $ 20.4 391 39.2 34.7
Farm ownership 199.9 2,762 55.6 600 27.8 21.7
Economic emergency 77.7 910 38.1 341 49.0 37.5
Emergency disaster 66.8 1,190 31.5 382 47.2 32.1
Other 11.8 392 4.5 119 37.9 30.4
Total $408.2 6,381 $150.0 1,833 36.8 28.7
Nevada
Operating $ 4.3 83 $1.8 32 42.0 38.6
Farm ownership 8.2 96 2.4 30 29.5 31.3
Economic emergency 4.7 43 3.0 18 63.6 41.9
Emergency disaster 2.6 25 1.1 8 43.9 32.0
Other 3.9 60 1.2 18 30.4 30.0
Total $23.8 307 $9.6 106 40.2 34.5
New Hampshire
Operating $ 4.7 76 $0.4 7 9.2 9.2
Farm ownership 5.6 72 0.6 6 11.5 8.3
Economic emergency 0.4 4 0.3 2 68.4 50.0
Emergency disaster 0.3 3 0 0 0 0
Other 0.4 12 0 0 0 0
Total $11.5 167 $1.4 15 12.0 9.0
New Jersey
Operating $13.2 221 $ 9.3 140 70.4 63.3
Farm ownership 20.7 252 10.4 107 50.3 42.5
Economic emergency 1.4 19 0.8 11 55.8 57.9
Emergency disaster 21.8 178 14.7 112 67.5 62.9
Other 0.8 26 0.4 11 44.6 42.3
Total $57.9 696 $35.6 381 61.4 54.7
New Mexico
Operating $16.9 352 $ 8.6 128 51.1 36.4
Farm ownership 41.1 534 13.2 119 32.2 22.3
Economic emergency 8.3 65 5.0 32 60.1 49.2
Emergency disaster 10.7 120 5.6 39 51.8 32.5
Other 1.0 40 0.1 8 14.5 20.0
Total $78.0 1,111 $32.5 326 41.7 29.3
New York
Operating $ 96.9 1,498 $ 40.6 642 42.0 42.9
Farm ownership 106.4 1,670 41.9 538 39.4 32.2
Economic emergency 34.0 616 23.7 316 69.6 51.3
Emergency disaster 105.8 1,232 66.2 546 62.6 44.3
Other 5.8 220 2.0 72 34.7 32.7
Total $348.8 5,236 $174.4 2,114 50.0 40.4
North Carolina
Operating $ 29.5 855 $15.1 346 51.1 40.5
Farm ownership 96.0 1,948 27.8 404 28.9 20.7
Economic emergency 34.0 495 20.1 218 59.2 44.0
Emergency disaster 48.8 861 29.5 352 60.6 40.9
Other 3.5 184 1.1 47 29.7 25.5
Total $211.8 4,343 $93.5 1,367 44.2 31.5
North Dakota
Operating $140.7 2,257 $ 62.3 908 44.3 40.2
Farm ownership 194.6 2,900 55.7 735 28.6 25.3
Economic emergency 30.5 569 15.8 237 51.8 41.7
Emergency disaster 143.2 2,067 73.2 756 51.1 36.6
Other 2.1 88 0.7 33 35.6 37.5
Total $511.0 7,881 $207.7 2,669 40.6 33.9
Ohio
Operating $ 38.8 822 $21.5 361 55.4 43.9
Farm ownership 104.8 1,091 32.5 300 31.0 27.5
Economic emergency 23.8 217 16.0 124 67.2 57.1
Emergency disaster 34.0 587 20.1 242 59.2 41.2
Other 2.2 105 0.8 37 37.0 35.2
Total $203.5 2,822 $90.9 1,064 44.7 37.7
Oklahoma
Operating $133.0 2,711 $ 67.4 1,010 50.7 37.3
Farm ownership 192.1 3,459 70.8 973 36.9 28.1
Economic emergency 54.2 643 35.0 326 64.5 50.7
Emergency disaster 113.3 1,294 77.1 621 68.0 48.0
Other 6.0 341 2.6 124 43.8 36.4
Total $498.7 8,448 $252.9 3,054 50.7 36.2
Oregon
Operating $ 28.5 425 $10.7 142 37.6 33.4
Farm ownership 64.2 687 12.8 132 20.0 19.2
Economic emergency 16.5 177 9.6 76 58.1 42.9
Emergency disaster 30.5 242 18.6 80 60.9 33.1
Other 6.9 190 1.1 31 15.9 16.3
Total $146.6 1,721 $52.8 461 36.0 26.8
Pennsylvania
Operating $104.6 1,537 $20.0 284 19.1 18.5
Farm ownership 86.6 936 18.2 174 21.0 18.6
Economic emergency 20.2 315 8.3 90 40.9 28.6
Emergency disaster 15.7 372 7.6 76 48.4 20.4
Other 1.6 156 0.4 28 23.6 17.9
Total $228.7 3,316 $54.5 652 23.8 19.7
Rhode Island
Operating $1.9 22 $1.1 9 58.8 40.9
Farm ownership 2.7 26 1.0 6 35.4 23.1
Economic emergency 0 2 0 0 0 0
Emergency disaster 0.6 10 0.5 5 81.3 50.0
Other 0.2 4 0.1 1 32.7 25.0
Total $5.4 64 $2.6 21 48.4 32.8
South Carolina
Operating $ 26.6 627 $15.6 321 58.9 51.2
Farm ownership 53.4 990 21.9 292 41.1 29.5
Economic emergency 10.2 128 6.6 71 64.3 55.5
Emergency disaster 80.4 871 60.0 393 74.6 45.1
Other 1.3 39 0.5 11 39.8 28.2
Total $171.9 2,655 $104.7 1,088 60.9 41.0
South Dakota
Operating $ 80.2 1,926 $ 31.8 659 39.7 34.2
Farm ownership 218.2 3,695 67.8 995 31.1 26.9
Economic emergency 56.5 1,104 31.8 488 56.2 44.2
Emergency disaster 165.8 3,282 85.7 1,119 51.7 34.1
Other 4.5 177 1.5 47 33.0 26.6
Total $525.2 10,184 $218.5 3,308 41.6 32.5
Tennessee
Operating $ 47.8 1,481 $ 21.9 452 45.9 30.5
Farm ownership 114.7 2,227 31.5 415 27.5 18.6
Economic emergency 39.7 493 17.3 154 43.5 31.2
Emergency disaster 58.0 976 32.6 324 56.2 33.2
Other 1.2 83 0.2 14 17.6 16.9
Total $261.5 5,260 $103.5 1,359 39.6 25.8
Texas
Operating $335.7 4,981 $186.9 2,541 55.7 51.0
Farm ownership 248.0 3,773 106.7 1,212 43.0 32.1
Economic emergency 46.6 530 39.1 380 83.8 71.7
Emergency disaster 279.6 2,948 222.1 1,735 79.5 58.9
Other 8.2 396 4.7 176 57.7 44.4
Total $918.1 12,628 $559.5 6,044 60.9 47.9
Utah
Operating $31.4 823 $ 6.1 96 19.5 11.7
Farm ownership 41.0 539 8.7 85 21.1 15.8
Economic emergency 6.9 101 2.2 29 32.6 28.7
Emergency disaster 6.5 174 2.6 38 40.0 21.8
Other 2.2 84 0.3 15 12.1 17.9
Total $88.0 1,721 $19.9 263 22.6 15.3
Vermont
Operating $14.2 251 $ 3.5 57 24.4 22.7
Farm ownership 31.2 371 6.3 63 20.1 17.0
Economic emergency 2.4 53 0.8 17 34.6 32.1
Emergency disaster 0.4 20 0.1 6 20.0 30.0
Other 0.8 65 0.1 6 12.4 9.2
Total $49.0 760 $10.8 149 22.0 19.6
Virginia
Operating $ 25.2 660 $13.4 307 53.2 46.5
Farm ownership 51.5 880 18.5 228 36.0 25.9
Economic emergency 14.1 207 9.1 104 64.7 50.2
Emergency disaster 51.4 739 36.6 361 71.3 48.8
Other 0.4 15 0.2 5 55.1 33.3
Total $142.6 2,501 $77.9 1,005 54.7 40.2
Washington
Operating $ 30.1 425 $11.0 138 36.4 32.5
Farm ownership 71.5 748 18.7 157 26.2 21.0
Economic emergency 33.4 291 15.3 102 45.6 35.1
Emergency disaster 21.7 194 12.8 55 58.9 28.4
Other 3.3 94 1.2 22 37.6 23.4
Total $160.0 1,752 $59.0 474 36.8 27.1
West Virginia
Operating $17.8 574 $ 6.6 164 37.0 28.6
Farm ownership 33.9 665 8.8 117 25.9 17.6
Economic emergency 5.7 55 2.6 18 45.1 32.7
Emergency disaster 4.1 56 2.2 19 54.7 33.9
Other 0.7 42 0.1 7 18.3 16.7
Total $62.1 1,392 $20.2 325 32.6 23.3
Wisconsin
Operating $180.3 2,645 $ 56.7 819 31.4 31.0
Farm ownership 143.6 2,082 45.3 561 31.5 26.9
Economic emergency 37.8 699 17.9 248 47.2 35.5
Emergency disaster 39.9 1,072 16.9 282 42.3 26.3
Other 2.3 168 0.9 47 37.5 28.0
Total $403.9 6,666 $137.6 1,957 34.1 29.4
Wyoming
Operating $15.6 236 $ 4.9 61 31.5 25.8
Farm ownership 25.3 290 6.4 62 25.4 21.4
Economic emergency 2.5 39 1.6 15 64.7 38.5
Emergency disaster 8.8 92 3.7 21 42.4 22.8
Other 0.7 16 0.3 4 50.7 25.0
Total $52.9 673 $17.0 163 32.2 24.2
Other\d
Operating $ 19.9 792 $10.7 395 53.9 49.9
Farm ownership 71.4 1,520 35.6 593 49.9 39.0
Economic emergency 10.0 97 8.0 64 79.8 66.0
Emergency disaster 37.2 1,221 11.4 383 30.5 31.4
Other 1.3 62 0.7 32 57.8 51.6
Total $139.9 3,692 $66.5 1,467 47.5 39.7
--------------------------------------------------------------------------------
Note: Other direct loans are soil and water and recreation loans.
\a Percentages are based on whole numbers.
\b The total number of borrowers for each state includes some
borrowers who are counted more than once because they have more than
one type of direct loan. Table I.1 shows the discrete direct loan
borrowers per state.
\c The total amount owed by delinquent borrowers for each state
differs from the total in table I.1, which covers all loans owed by
delinquent borrowers, including some loans for which the borrower is
current on payments.
\d Includes Puerto Rico, the U.S. Virgin Islands, and the Western
Pacific Island Territories.
Source: GAO's analysis of CFSA Finance Office records.
Table I.4
Amount and Percentage of Outstanding
Guaranteed Loans Owed by Delinquent
Borrowers, by Loan Type, by State, as of
March 31, 1995
(Dollars in millions)
Number Number Percen
of of tage Percentag
borrow borrow of e of
State Amount ers\b Amount ers\b debt borrowers
----------------------------- ------ ------ ------ ------ ------ ---------
Alabama
Operating $ 8.7 85 $0.1 4 1.6 4.7
Farm ownership 31.2 195 0.2 1 0.5 0.5
Other 0.1 2 \c 1 36.0 50.0
Total $40.0 282 $0.3 6 0.9 2.1
Alaska
Operating $0 0 $0 0 0 0
Farm ownership 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total $0 0 $0 0 0 0
Arizona
Operating $3.8 19 $0.3 2 7.9 10.5
Farm ownership 1.6 10 0.4 2 25.6 20.0
Other 0 0 0 0 0 0
Total $5.4 29 $0.7 4 13.2 13.8
Arkansas
Operating $ 57.7 456 $0.4 9 0.6 2.0
Farm ownership 77.8 467 1.6 10 2.0 2.1
Other 0.1 2 0 0 0 0
Total $135.6 925 $1.9 19 1.4 2.1
California
Operating $41.0 265 $2.1 15 5.1 5.7
Farm ownership 27.4 169 0.6 3 2.3 1.8
Other 0.1 1 0 0 0 0
Total $68.5 435 $2.7 18 4.0 4.1
Colorado
Operating $ 60.6 410 $2.1 20 3.5 4.9
Farm ownership 50.6 289 2.1 10 4.2 3.5
Other 0.2 4 0 0 0 0
Total $111.4 703 $4.3 30 3.8 4.3
Connecticut
Operating $4.2 38 $0 0 0 0
Farm ownership 5.5 30 0 0 0 0
Other 0 0 0 0 0 0
Total $9.7 68 $0 0 0 0
Delaware
Operating $ 3.1 44 $0 0 0 0
Farm ownership 9.0 58 0.1 1 0.8 1.7
Other 0 0 0 0 0 0
Total $12.0 102 $0.1 1 0.6 1.0
Florida
Operating $20.6 175 $1.2 11 6.0 6.3
Farm ownership 23.4 148 1.2 6 5.3 4.1
Other 0 0 0 0 0 0
Total $44.0 323 $2.5 17 5.6 5.3
Georgia
Operating $ 97.5 678 $1.7 21 1.7 3.1
Farm ownership 64.2 360 0.7 6 1.0 1.7
Other 0 0 0 0 0 0
Total $161.7 1,038 $2.3 27 1.4 2.6
Hawaii
Operating $0.3 2 $0 0 0 0
Farm ownership 0 0 0 0 0 0
Other 0.3 1 0 0 0 0
Total $0.6 3 $0 0 0 0
Idaho
Operating $54.0 328 $2.3 14 4.2 4.3
Farm ownership 22.1 151 1.2 5 5.5 3.3
Other 0 1 0 0 0 0
Total $76.1 480 $3.5 19 4.6 4.0
Illinois
Operating $153.7 1,343 $3.6 44 2.4 3.3
Farm ownership 119.4 855 2.9 24 2.5 2.8
Other 0.9 6 0.1 1 10.6 16.7
Total $273.9 2,204 $6.7 69 2.4 3.1
Indiana
Operating $ 72.7 574 $2.4 17 3.3 3.0
Farm ownership 45.4 305 1.7 8 3.8 2.6
Other 0.9 11 0.1 1 13.1 9.1
Total $119.0 890 $4.3 26 3.6 2.9
Iowa
Operating $348.8 3,374 $ 9.2 102 2.6 3.0
Farm ownership 191.0 1,520 4.2 31 2.2 2.0
Other 1.2 17 0.1 1 7.2 5.9
Total $541.0 4,911 $13.5 134 2.5 2.7
Kansas
Operating $141.3 1,262 $ 7.2 82 5.1 6.5
Farm ownership 91.5 785 3.5 31 3.8 3.9
Other 0.9 10 0 0 0 0
Total $233.7 2,057 $10.7 113 4.6 5.5
Kentucky
Operating $ 46.6 589 $1.1 10 2.3 1.7
Farm ownership 57.7 534 0.3 4 0.6 0.7
Other 0.2 4 0 0 0 0
Total $104.5 1,127 $1.4 14 1.3 1.2
Louisiana
Operating $197.1 1,555 $3.8 48 1.9 3.1
Farm ownership 55.6 366 1.8 16 3.3 4.4
Other 1.4 8 1.3 6 95.7 75.0
Total $254.1 1,929 $7.0 70 2.7 3.6
Maine
Operating $4.6 39 $0.5 3 10.9 7.7
Farm ownership 3.9 27 0.6 3 14.7 11.1
Other 0 0 0 0 0 0
Total $8.5 66 $1.1 6 12.7 9.1
Maryland
Operating $ 9.5 110 $0 0 0 0
Farm ownership 15.0 88 0 0 0 0
Other 0.1 1 0.1 1 100.0 100.0
Total $24.6 199 $0.1 1 0.4 0.5
Massachusetts
Operating $ 7.4 55 $0.6 4 7.9 7.3
Farm ownership 13.2 65 1.0 5 7.8 7.7
Other 0 0 0 0 0 0
Total $20.7 120 $1.6 9 7.9 7.5
Michigan
Operating $107.4 789 $2.5 24 2.3 3.0
Farm ownership 91.2 578 2.9 22 3.2 3.8
Other 1.0 9 0.2 1 18.2 11.1
Total $199.6 1,376 $5.6 47 2.8 3.4
Minnesota
Operating $220.8 1,747 $ 8.7 104 3.9 6.0
Farm ownership 131.5 1,005 5.2 45 3.9 4.5
Other 0.4 5 0 0 0 0
Total $352.7 2,757 $13.9 149 3.9 5.4
Mississippi
Operating $ 75.9 416 $1.8 15 2.4 3.6
Farm ownership 85.3 445 1.5 10 1.8 2.2
Other 0.3 1 0 0 0 0
Total $161.4 862 $3.3 25 2.1 2.9
Missouri
Operating $ 83.9 817 $1.5 19 1.8 2.3
Farm ownership 89.9 684 1.5 13 1.7 1.9
Other 0.4 5 0 0 0 0
Total $174.1 1,506 $3.0 32 1.7 2.1
Montana
Operating $48.3 378 $2.7 22 5.6 5.8
Farm ownership 44.7 275 1.0 5 2.3 1.8
Other 1.0 6 0 0 0 0
Total $94.0 659 $3.7 27 4.0 4.1
Nebraska
Operating $207.6 1,648 $ 9.8 76 4.7 4.6
Farm ownership 120.1 864 3.5 19 2.9 2.2
Other 2.0 17 0.3 2 16.4 11.8
Total $329.6 2,529 $13.6 97 4.1 3.8
Nevada
Operating $4.7 30 $0.4 2 7.8 6.7
Farm ownership 1.8 10 0 0 0 0
Other 0 0 0 0 0 0
Total $6.5 40 $0.4 2 5.7 5.0
New Hampshire
Operating $1.3 15 $0 0 0 0
Farm ownership 2.9 22 0.2 1 7.4 4.5
Other 0 0 0 0 0 0
Total $4.2 37 $0.2 1 5.2 2.7
New Jersey
Operating $4.8 40 $0.9 6 17.7 15.0
Farm ownership 3.9 22 0.7 5 16.9 22.7
Other 0 0 0 0 0 0
Total $8.7 62 $1.5 11 17.4 17.7
New Mexico
Operating $19.3 157 $0.9 9 4.8 5.7
Farm ownership 27.3 145 0.7 4 2.5 2.8
Other 0.1 1 0.1 1 100.0 100.0
Total $46.7 303 $1.7 14 3.7 4.6
New York
Operating $ 57.3 441 $1.3 17 2.2 3.9
Farm ownership 49.0 321 1.9 14 3.9 4.4
Other 0.6 7 0.2 1 25.7 14.3
Total $106.9 769 $3.3 32 3.1 4.2
North Carolina
Operating $ 35.9 451 $0.3 3 0.9 0.7
Farm ownership 84.9 566 0.7 5 0.8 0.9
Other 0 0 0 0 0 0
Total $120.9 1,017 $1.0 8 0.9 0.8
North Dakota
Operating $ 79.3 735 $ 5.6 70 7.1 9.5
Farm ownership 88.6 652 6.1 37 6.9 5.7
Other 0.6 6 0 0 0 0
Total $168.4 1,393 $11.7 107 6.9 7.7
Ohio
Operating $31.5 323 $1.4 13 4.5 4.0
Farm ownership 37.3 253 1.0 7 2.8 2.8
Other 0.6 9 0.1 1 20.6 11.1
Total $69.4 585 $2.6 21 3.7 3.6
Oklahoma
Operating $130.8 858 $14.4 97 11.0 11.3
Farm ownership 102.8 715 8.0 47 7.8 6.6
Other 1.5 13 0.5 3 29.1 23.1
Total $235.1 1,586 $22.9 147 9.7 9.3
Oregon
Operating $17.9 117 $1.5 9 8.3 7.7
Farm ownership 10.2 68 0.4 2 4.2 2.9
Other 0.5 3 0 0 0 0
Total $28.6 188 $1.9 11 6.7 5.9
Pennsylvania
Operating $36.7 313 $1.6 14 4.4 4.5
Farm ownership 59.9 360 2.3 15 3.8 4.2
Other 0 0 0 0 0 0
Total $96.6 673 $3.9 29 4.0 4.3
Rhode Island
Operating $0.3 1 $0 0 0 0
Farm ownership 0.2 2 0 0 0 0
Other 0 0 0 0 0 0
Total $0.5 3 $0 0 0 0
South Carolina
Operating $22.8 224 $0.5 5 2.3 2.2
Farm ownership 18.5 125 0.2 3 1.2 2.4
Other 0 0 0 0 0 0
Total $41.4 349 $0.8 8 1.8 2.3
South Dakota
Operating $151.7 1,481 $5.0 52 3.3 3.5
Farm ownership 65.8 577 1.3 9 1.9 1.6
Other 2.0 22 \c 1 1.8 4.5
Total $219.5 2,080 $6.3 62 2.8 3.0
Tennessee
Operating $48.4 413 $0.7 10 1.4 2.4
Farm ownership 25.8 224 1.0 8 4.0 3.6
Other 0.6 7 0.3 2 42.6 28.6
Total $74.8 644 $1.9 20 2.6 3.1
Texas
Operating $317.5 2,163 $11.3 100 3.6 4.6
Farm ownership 81.5 499 5.2 25 6.4 5.0
Other 0.4 6 0 0 0 0
Total $399.4 2,668 $16.5 125 4.1 4.7
Utah
Operating $11.6 92 $0.6 5 5.4 5.4
Farm ownership 17.3 123 0.8 6 4.7 4.9
Other 0 0 0 0 0 0
Total $28.9 215 $1.4 11 5.0 5.1
Vermont
Operating $32.9 337 $3.0 34 9.0 10.1
Farm ownership 29.5 202 4.3 28 14.7 13.9
Other 0 0 0 0 0 0
Total $62.3 539 $7.3 62 11.7 11.5
Virginia
Operating $14.3 123 $0.4 4 3.0 3.3
Farm ownership 18.8 109 0.1 1 0.5 0.9
Other 0.1 1 0.1 1 100.0 100.0
Total $33.3 233 $0.7 6 2.0 2.6
Washington
Operating $42.0 300 $1.6 17 3.9 5.7
Farm ownership 27.0 164 0.3 1 1.0 0.6
Other 0 2 0 0 0 0
Total $69.1 466 $1.9 18 2.8 3.9
West Virginia
Operating $14.9 158 $0.9 6 6.3 3.8
Farm ownership 22.0 151 0.1 4 0.5 2.6
Other 0 1 0 0 0 0
Total $36.9 310 $1.1 10 2.9 3.2
Wisconsin
Operating $179.6 1,543 $ 4.9 51 2.7 3.3
Farm ownership 194.1 1,311 6.8 56 3.5 4.3
Other 3.4 28 0.3 2 8.5 7.1
Total $377.1 2,882 $12.0 109 3.2 3.8
Wyoming
Operating $36.2 239 $2.2 19 6.1 7.9
Farm ownership 13.1 104 0.3 4 2.4 3.8
Other 0 1 0 0 0 0
Total $49.4 344 $2.5 23 5.1 6.7
Other\d
Operating $ 2.3 28 $0 0 0 0
Farm ownership 8.1 54 0 0 0 0
Other 0 0 0 0 0 0
Total $10.4 82 $0 0 0 0
--------------------------------------------------------------------------------
Note: Other guaranteed loans are economic emergency and emergency
livestock loans.
\a Percentages are based on whole numbers.
\b The total number of borrowers for each state includes some
borrowers who are counted more than once because they have more than
one type of guaranteed loan. Table I.2 shows the discrete guaranteed
loan borrowers per state.
\c Less than $50,000.
\d Includes Puerto Rico, the U.S. Virgin Islands, and the Western
Pacific Island Territories.
Source: GAO's analysis of CFSA Finance Office records.
DIRECT LOAN LOSSES AND GUARANTEED
LOAN LOSS PAYMENTS
========================================================== Appendix II
Table II.1
Direct Loan Losses, by State, Fiscal
Year 1989 Through the First 6 Months of
Fiscal Year 1995
(Dollars in millions)
Number Number Number
of of of
borrow borrow borrow
State Amount ers Amount ers Amount ers
-------------------------------- ------ ------ ------ ------ ------ ------
Alabama $17.8 129 $41.6 222 $116.0 719
Alaska 0 0 0 0 0.2 2
Arizona 18.7 40 13.3 20 77.4 228
Arkansas 57.3 319 128.6 537 311.9 1,626
California 24.8 90 35.9 88 322.3 749
Colorado 16.2 85 22.5 114 97.1 579
Connecticut 0.5 2 0.6 1 3.3 22
Delaware 0.4 1 0.7 2 3.4 24
Florida 11.5 75 34.0 69 189.1 952
Georgia 51.2 207 162.0 504 840.0 2,860
Hawaii 0.1 1 \a 1 0.2 10
Idaho 44.3 275 59.8 266 157.1 720
Illinois 43.9 338 36.4 297 158.1 1,256
Indiana 67.9 432 68.1 345 296.7 1,418
Iowa 42.7 378 35.9 249 250.0 2,024
Kansas 21.8 245 20.6 163 120.9 1,097
Kentucky 31.2 303 33.0 200 153.2 1,205
Louisiana 71.7 432 227.9 1,188 591.6 2,825
Maine 8.7 55 20.2 80 38.3 314
Maryland 0.7 13 2.6 24 23.4 199
Massachusetts 0.3 3 0 0 4.2 32
Michigan 68.1 374 74.6 322 178.4 956
Minnesota 91.5 751 131.0 766 343.5 2,191
Mississippi 86.2 378 226.2 796 573.3 2,532
Missouri 67.4 553 105.4 661 262.7 1,879
Montana 49.5 207 41.8 172 105.1 497
Nebraska 29.2 220 32.7 183 170.8 1,107
Nevada 2.0 16 0.5 3 10.4 52
New Hampshire \a 1 0.5 2 0.4 5
New Jersey \a 1 0.3 2 8.5 87
New Mexico 4.2 32 4.5 36 50.6 240
New York 18.9 129 18.2 101 96.0 851
North Carolina 22.4 136 39.1 211 227.3 1,468
North Dakota 116.3 841 128.1 711 218.8 1,399
Ohio 13.0 78 30.2 158 223.6 1,042
Oklahoma 129.8 666 106.4 554 301.0 1,763
Oregon 16.0 95 19.9 73 66.5 336
Pennsylvania 8.0 58 8.3 45 46.2 377
Rhode Island 0 0 0.2 1 0.6 4
South Carolina 25.1 115 43.6 164 144.3 747
South Dakota 64.4 507 49.4 284 237.8 1,575
Tennessee 27.3 177 39.2 215 289.1 1,859
Texas 107.9 597 124.8 454 792.2 4,223
Utah 3.4 31 3.1 16 15.7 121
Vermont \a 1 0.4 3 2.8 30
Virginia 12.7 77 15.6 100 83.1 638
Washington 10.2 65 10.5 43 74.2 375
West Virginia 2.8 25 0.8 10 8.5 156
Wisconsin 68.3 614 89.0 591 200.6 1,801
Wyoming 16.0 91 12.4 60 34.9 194
Other\b 1.7 20 1.3 11 13.7 365
--------------------------------------------------------------------------------
\a Less than $50,000.
\b Includes Puerto Rico, the U.S. Virgin Islands, and the Western
Pacific Island Territories.
Source: GAO's analysis of CFSA Finance Office records.
Table II.2
Guaranteed Loan Loss Payments, by State,
Fiscal Year 1989 Through the First 6
Months of Fiscal Year 1995
(Dollars in millions)
Amount of
loan loss Number of
State payments borrowers
-------------------------------- ------------ ------------
Alabama $ 0.8 18
Alaska 0 0
Arizona 0.8 5
Arkansas 8.5 156
California 1.3 17
Colorado 4.9 53
Connecticut 0.5 4
Delaware 0 0
Florida 7.3 39
Georgia 5.4 88
Hawaii 0 0
Idaho 4.0 40
Illinois 8.4 157
Indiana 4.1 53
Iowa 20.7 348
Kansas 9.2 148
Kentucky 5.4 92
Louisiana 41.9 641
Maine 0.2 3
Maryland 0.9 10
Massachusetts 0.1 2
Michigan 12.5 137
Minnesota 16.6 241
Mississippi 14.3 167
Missouri 4.2 91
Montana 6.1 51
Nebraska 6.7 110
Nevada 0 0
New Hampshire 0.2 2
New Jersey 0.1 2
New Mexico 4.8 37
New York 2.5 30
North Carolina 1.5 28
North Dakota 9.7 152
Ohio 3.3 43
Oklahoma 33.3 312
Oregon 3.7 29
Pennsylvania 1.9 20
Rhode Island 0 0
South Carolina 3.1 42
South Dakota 4.6 76
Tennessee 5.2 71
Texas 30.9 384
Utah 1.3 14
Vermont 0.5 17
Virginia 0.5 11
Washington 3.0 30
West Virginia 1.1 18
Wisconsin 21.7 316
Wyoming 2.7 35
Other\a 1.2 11
------------------------------------------------------------
\a Includes Puerto Rico, the U.S. Virgin Islands, and the Western
Pacific Island Territories.
Source: GAO's analysis of CFSA Finance Office records.
Table II.3
Direct Loan Losses, by Loan Type, by
State, Fiscal Year 1989 Through the
First 6 Months of Fiscal Year 1995
(Dollar in millions)
Percentage
Percentage of total
of total borrowers
Amount direct loan Number with
State \a losses\b \c losses\a
------------------------------------ ------ ------------ ------ ------------
Alabama
Operating $ 35.1 20.0 641 35.2
Farm ownership 16.9 9.7 274 15.0
Economic emergency 15.3 8.7 142 7.8
Emergency disaster 107.4 61.2 736 40.4
Other 0.8 0.4 28 1.5
================================================================================
Total $175.4 100.0 1,821 100.0
Alaska
Operating $0.1 70.7 1 50.0
Farm ownership 0 0 0 0
Economic emergency 0 0 0 0
Emergency disaster 0.1 29.3 1 50.0
Other 0 0 0 0
================================================================================
Total $0.2 100.0 2 100.0
Arizona
Operating $ 11.7 10.7 154 35.4
Farm ownership 6.9 6.3 67 15.4
Economic emergency 16.7 15.2 75 17.2
Emergency disaster 72.5 66.3 117 26.9
Other 1.6 1.5 22 5.1
================================================================================
Total $109.4 100.0 435 100.0
Arkansas
Operating $ 93.9 18.9 1,475 34.0
Farm ownership 48.6 9.8 644 14.9
Economic emergency 55.3 11.1 510 11.8
Emergency disaster 294.9 59.2 1,518 35.0
Other 5.1 1.0 188 4.3
================================================================================
Total $497.8 100.0 4,335 100.0
California
Operating $ 42.2 11.0 478 34.2
Farm ownership 23.8 6.2 199 14.2
Economic emergency 86.5 22.6 351 25.1
Emergency disaster 220.4 57.6 255 18.2
Other 10.0 2.6 116 8.3
================================================================================
Total $383.0 100.0 1,399 100.0
Colorado
Operating $ 23.7 17.5 368 32.7
Farm ownership 24.1 17.7 218 19.4
Economic emergency 52.0 38.3 314 27.9
Emergency disaster 34.4 25.4 193 17.1
Other 1.5 1.1 33 2.9
================================================================================
Total $135.7 100.0 1,126 100.0
Connecticut
Operating $1.5 33.5 18 42.9
Farm ownership 0.8 19.0 13 31.0
Economic emergency 1.5 34.1 6 14.3
Emergency disaster 0.2 5.3 4 9.5
Other 0.4 8.0 1 2.4
================================================================================
Total $4.5 100.0 42 100.0
Delaware
Operating $0.8 17.4 13 29.5
Farm ownership 1.2 27.4 13 29.5
Economic emergency 1.7 39.0 8 18.2
Emergency disaster 0.7 16.1 9 20.5
Other \d 0.4 1 2.3
================================================================================
Total $4.5 100.0 44 100.0
Florida
Operating $ 38.0 16.2 651 37.9
Farm ownership 15.7 6.7 185 10.8
Economic emergency 51.9 22.1 289 16.8
Emergency disaster 126.7 54.0 540 31.4
Other 2.3 1.0 53 3.1
================================================================================
Total $234.6 100.0 1,718 100.0
Georgia
Operating $ 88.8 8.4 1,608 29.3
Farm ownership 43.0 4.1 517 9.4
Economic emergency 95.2 9.0 581 10.6
Emergency disaster 814.2 77.3 2,601 47.4
Other 12.0 1.1 183 3.3
================================================================================
Total $234.6 100.0 5,490 100.0
Hawaii
Operating $0.3 95.9 11 91.7
Farm ownership \d 4.1 1 8.3
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Other 0 0 0 0
================================================================================
Total $0.3 100.0 12 100.0
Idaho
Operating $ 43.1 16.5 635 28.9
Farm ownership 56.3 21.6 559 5.5
Economic emergency 88.8 34.0 555 25.3
Emergency disaster 64.7 24.8 273 12.4
Other 8.3 3.2 172 7.8
================================================================================
Total $261.2 100.0 2,194 100.0
Illinois
Operating $ 44.5 18.7 921 28.2
Farm ownership 57.7 24.2 705 21.6
Economic emergency 65.3 27.4 574 17.6
Emergency disaster 69.4 29.1 1003 30.7
Other 1.5 0.6 67 2.0
================================================================================
Total $238.4 100.0 3,270 100.0
Indiana
Operating $ 73.3 16.9 1,132 31.2
Farm ownership 80.0 18.5 778 21.5
Economic emergency 149.8 34.6 839 23.1
Emergency disaster 127.9 29.6 826 22.8
Other 1.7 0.4 50 1.4
================================================================================
Total $432.6 100.0 3,625 100.0
Iowa
Operating $ 83.0 25.3 1,496 35.5
Farm ownership 63.1 19.2 726 17.2
Economic emergency 107.3 32.6 903 21.5
Emergency disaster 74.1 22.6 1,030 24.5
Other 1.1 0.3 54 1.3
================================================================================
Total $328.6 100.0 4,209 100.0
Kansas
Operating $ 27.0 16.5 623 27.8
Farm ownership 44.1 27.0 635 28.3
Economic emergency 42.1 25.8 364 16.2
Emergency disaster 49.1 30.1 588 26.2
Other 1.0 0.6 32 1.4
================================================================================
Total $163.2 100.0 2,242 100.0
Kentucky
Operating $ 53.2 24.5 1,141 35.3
Farm ownership 34.3 15.8 565 17.5
Economic emergency 45.9 21.1 480 14.8
Emergency disaster 82.4 37.9 922 28.5
Other 1.5 0.7 125 3.9
================================================================================
Total $217.4 100.0 3,233 100.0
Louisiana
Operating $255.6 28.7 3.326 46.2
Farm ownership 68.6 7.7 688 9.6
Economic emergency 73.8 8.3 615 8.6
Emergency disaster 489.3 54.9 2,484 34.5
Other 3.9 0.4 79 1.1
================================================================================
Total $891.2 100.0 7,192 100.0
Maine
Operating $24.7 36.8 368 54.5
Farm ownership 4.6 6.8 87 12.9
Economic emergency 5.5 8.2 71 10.5
Emergency disaster 32.0 47.6 135 20.0
Other 0.4 0.6 14 2.1
================================================================================
Total $67.2 100.0 675 100.0
Maryland
Operating $ 5.3 20.0 143 36.8
Farm ownership 4.9 18.4 66 17.1
Economic emergency 9.2 34.3 71 18.4
Emergency disaster 7.2 26.9 103 26.7
Other 0.1 0.4 4 1.0
================================================================================
Total $26.7 100.0 386 100.0
Massachusetts
Operating $1.2 27.0 27 52.9
Farm ownership 1.0 22.5 11 21.6
Economic emergency 1.9 41.6 8 15.7
Emergency disaster 0.4 8.9 5 9.8
Other 0 0 0 0
================================================================================
Total $4.5 100.0 51 100.0
Michigan
Operating $ 78.2 24.4 1,053 32.7
Farm ownership 49.5 15.4 598 18.6
Economic emergency 77.6 24.2 601 18.7
Emergency disaster 110.4 34.4 817 25.4
Other 5.4 1.7 148 4.6
================================================================================
Total $321.1 100.0 3,217 100.0
Minnesota
Operating $125.4 22.2 2,067 32.6
Farm ownership 120.3 21.3 1,387 21.9
Economic emergency 128.3 22.7 1,225 19.3
Emergency disaster 187.0 33.0 1,503 23.7
Other 4.8 0.8 155 2.4
================================================================================
Total $565.9 100.0 6,337 100.0
Mississippi
Operating $152.8 17.3 2,301 37.7
Farm ownership 58.6 6.6 772 12.7
Economic emergency 47.7 5.4 381 6.2
Emergency disaster 622.2 70.2 2,524 41.4
Other 4.5 0.5 123 2.0
================================================================================
Total $885.7 100.0 6,101 100.0
Missouri
Operating $ 81.9 18.8 1,628 27.1
Farm ownership 92.4 21.2 1,286 21.4
Economic emergency 70.5 16.2 792 13.2
Emergency disaster 184.9 42.5 1,932 32.1
Other 5.8 1.3 378 6.3
================================================================================
Total $435.5 100.0 6,016 100.0
Montana
Operating $ 30.8 15.7 374 26.3
Farm ownership 27.6 14.0 249 17.5
Economic emergency 35.3 18.0 220 15.5
Emergency disaster 100.1 50.9 528 37.1
Other 2.6 1.3 52 3.7
================================================================================
Total $196.4 100.0 1,423 100.0
Nebraska
Operating $ 20.7 8.9 439 18.1
Farm ownership 41.3 17.7 530 21.8
Economic emergency 92.6 39.8 695 28.6
Emergency disaster 71.9 30.9 625 25.7
Other 6.2 2.7 140 5.8
================================================================================
Total $232.7 100.0 2,429 100.0
Nevada
Operating $ 1.8 14.1 31 28.7
Farm ownership 1.9 14.4 19 17.6
Economic emergency 5.2 39.9 30 27.8
Emergency disaster 2.4 18.5 7 6.5
Other 1.7 13.1 21 19.4
================================================================================
Total $12.9 100.0 108 100.0
New Hampshire
Operating $0.5 64.8 8 61.5
Farm ownership 0.3 32.8 3 23.1
Economic emergency \d 1.9 1 7.7
Emergency disaster 0 0 0 0
Other \d 0.6 1 7.7
================================================================================
Total $0.8 100.0 13 100.0
New Jersey
Operating $2.5 28.6 65 44.8
Farm ownership 1.5 17.5 18 12.4
Economic emergency 0.2 2.0 8 5.5
Emergency disaster 4.3 49.5 45 31.0
Other 0.2 2.4 9 6.2
================================================================================
Total $8.8 100.0 145 100.0
New Mexico
Operating $11.9 20.1 191 41.9
Farm ownership 6.1 10.3 71 15.6
Economic emergency 14.3 24.0 86 18.9
Emergency disaster 26.1 44.1 97 21.3
Other 0.9 1.5 11 2.4
================================================================================
Total $59.3 100.0 456 100.0
New York
Operating $ 29.6 22.3 622 35.2
Farm ownership 18.1 13.6 286 16.2
Economic emergency 38.1 28.7 397 22.5
Emergency disaster 45.2 34.0 407 23.0
Other 2.0 1.5 55 3.1
================================================================================
Total $133.0 100.0 1,767 100.0
North Carolina
Operating $ 46.4 16.1 1,007 32.7
Farm ownership 31.3 10.8 444 14.4
Economic emergency 77.2 26.7 552 17.9
Emergency disaster 131.8 45.6 1,012 32.8
Other 2.2 0.8 69 2.2
================================================================================
Total $288.8 100.0 3,084 100.0
North Dakota
Operating $ 99.9 21.6 1,619 31.7
Farm ownership 106.0 22.9 1,155 22.6
Economic emergency 60.2 13.0 670 13.1
Emergency disaster 194.4 42.0 1,598 31.3
Other 2.6 0.6 59 1.2
================================================================================
Total $463.1 100.0 5,101 100.0
Ohio
Operating $ 55.0 20.6 837 36.8
Farm ownership 46.6 17.5 414 18.2
Economic emergency 49.5 18.5 308 13.5
Emergency disaster 114.2 42.8 663 29.1
Other 1.5 0.6 53 2.3
================================================================================
Total $266.8 100.0 2,275 100.0
Oklahoma
Operating $111.4 20.7 1,609 33.4
Farm ownership 80.5 15.0 1,040 21.6
Economic emergency 121.8 22.7 836 17.4
Emergency disaster 218.0 40.6 1,180 24.5
Other 5.5 1.0 152 3.2
================================================================================
Total $537.2 100.0 4,817 100.0
Oregon
Operating $ 17.0 16.6 228 28.8
Farm ownership 17.8 17.4 175 22.1
Economic emergency 31.3 30.6 195 24.6
Emergency disaster 30.1 29.4 128 16.2
Other 6.2 6.1 66 8.3
================================================================================
Total $102.5 100.0 792 100.0
Pennsylvania
Operating $19.0 30.4 363 44.3
Farm ownership 12.0 19.2 140 17.1
Economic emergency 21.5 34.3 185 22.6
Emergency disaster 9.8 15.7 103 12.6
Other 0.3 0.4 29 3.5
================================================================================
Total $62.5 100.0 820 100.0
Rhode Island
Operating $0.2 20.5 4 50.0
Farm ownership 0.1 11.9 2 25.0
Economic emergency 0.5 63.6 1 12.5
Emergency disaster \d 4.0 1 12.5
Other 0 0 0 0
================================================================================
Total $0.8 100.0 8 100.0
South Carolina
Operating $ 32.9 15.5 577 32.7
Farm ownership 23.5 11.1 291 16.5
Economic emergency 19.1 9.0 157 8.9
Emergency disaster 136.4 64.0 724 41.1
Other 1.1 0.5 13 0.7
================================================================================
Total $213.0 100.0 1,762 100.0
South Dakota
Operating $ 57.9 16.5 1,120 25.5
Farm ownership 44.4 12.6 787 17.9
Economic emergency 77.5 22.0 855 19.5
Emergency disaster 169.4 48.2 1,556 35.5
Other 2.4 0.7 67 1.5
================================================================================
Total $351.5 100.0 4,385 100.0
Tennessee
Operating $ 84.2 23.7 1,435 37.1
Farm ownership 44.9 12.6 666 17.2
Economic emergency 87.2 24.5 644 16.7
Emergency disaster 138.8 39.0 1,097 28.4
Other 0.6 0.2 24 0.6
================================================================================
Total $355.6 100.0 3,866 100.0
Texas
Operating $ 29.9 3,824 44.8
306.3
Farm ownership 51.4 5.0 618 7.2
Economic emergency 95.7 9.3 754 8.8
Emergency disaster 563.7 55.0 3,145 36.8
Other 7.8 0.8 200 2.3
================================================================================
Total $1,024 100.0 8,541 100.0
.9
Utah
Operating $ 6.3 28.6 100 39.2
Farm ownership 5.8 26.4 74 29.0
Economic emergency 5.6 25.2 53 20.8
Emergency disaster 3.9 17.9 19 7.5
Other 0.4 1.9 9 3.5
================================================================================
Total $22.1 100.0 255 100.0
Vermont
Operating $1.3 39.7 27 52.9
Farm ownership 1.1 34.6 17 33.3
Economic emergency 0.7 22.7 4 7.8
Emergency disaster 0 0 1 2.0
Other 0.1 3.0 2 3.9
================================================================================
Total $3.2 100.0 51 100.0
Virginia
Operating $ 22.2 20.0 477 35.0
Farm ownership 10.5 9.5 162 11.9
Economic emergency 21.2 19.1 184 13.5
Emergency disaster 56.9 51.1 527 38.7
Other 0.5 0.4 13 1.0
================================================================================
Total $111.5 100.0 1,363 100.0
Washington
Operating $18.4 19.4 259 36.0
Farm ownership 16.2 17.0 149 20.7
Economic emergency 34.6 36.5 201 27.9
Emergency disaster 24.7 26.1 92 12.8
Other 0.9 1.0 19 2.6
================================================================================
Total $94.9 100.0 720 100.0
West Virginia
Operating $ 5.1 41.8 147 57.2
Farm ownership 2.8 23.3 72 28.0
Economic emergency 3.1 25.6 19 7.4
Emergency disaster 1.0 7.9 9 3.5
Other 0.2 1.4 10 3.9
================================================================================
Total $12.2 100.0 257 100.0
Wisconsin
Operating $112.7 31.5 1,901 37.8
Farm ownership 96.3 26.9 1,224 24.3
Economic emergency 101.8 28.4 1,106 22.0
Emergency disaster 45.1 12.6 695 13.8
Other 2.0 0.6 102 2.0
================================================================================
Total $357.9 100.0 5,028 100.0
Wyoming
Operating $14.7 23.3 188 34.5
Farm ownership 17.0 26.9 143 26.2
Economic emergency 10.5 16.6 88 16.1
Emergency disaster 20.4 32.2 107 19.6
Other 0.7 1.1 19 3.5
================================================================================
Total $63.3 100.0 545 100.0
Other\e
Operating $ 7.0 41.7 250 46.5
Farm ownership 5.1 30.7 125 23.2
Economic emergency 1.6 9.7 22 4.1
Emergency disaster 1.6 9.8 113 21.0
Other 1.3 8.2 28 5.2
================================================================================
Total $16.8 100.0 538 100.0
--------------------------------------------------------------------------------
Note: Other direct loans are soil and water and recreation loans.
\a State totals may not add because of rounding.
\b Percentages are based on whole numbers.
\c The total number of borrowers for each state includes some
borrowers who are counted more than once because they received more
than one type of direct loan.
\d Less than $50,000.
\e Includes Puerto Rico, the U.S. Virgin Islands, and the Western
Pacific Island Territories.
Source: GAO's analysis of CFSA Finance Office records.
Table II.4
Guaranteed Loan Loss Payments, by Loan
Type, by State, Fiscal Years 1989
Through the First 6 Months of Fiscal
Year 1995
(Dollar in millions)
Percentage
Percentage of total
of total borrowers
Amount direct loan Number with
State \a losses\b \c losses\a
------------------------------------ ------ ------------ ------ ------------
Alabama
Operating $0.7 82.5 16 88.9
Farm ownership 0.1 17.5 2 11.1
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $0.8 100.0 18 100.0
Alaska
Operating $0 0 0 0
Farm ownership 0 0 0 0
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $0 0 0 0
Arizona
Operating $0.4 50.6 2 40.0
Farm ownership 0.3 41.1 2 40.0
Economic emergency 0.1 8.3 1 20.0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $0.8 100.0 5 100.0
Arkansas
Operating $7.1 83.7 131 84.0
Farm ownership 1.3 15.1 22 14.1
Economic emergency 0.1 1.1 3 1.9
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $8.5 100.0 156 100.0
California
Operating $1.3 97.3 16 94.1
Farm ownership \d 2.7 1 5.9
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $1.3 100.0 17 100.0
Colorado
Operating $3.0 60.4 36 67.9
Farm ownership 1.6 32.0 14 26.4
Economic emergency 0.3 6.7 2 3.8
Emergency disaster 0 0 0 0
Emergency livestock \d 0.9 1 1.9
================================================================================
Total $4.9 100.0 53 100.0
Connecticut
Operating $0.2 32.3 2 50.0
Farm ownership 0.4 67.7 2 50.0
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $0.5 100.0 4 100.0
Delaware
Operating $0 0 0 0
Farm ownership 0 0 0 0
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $0 0 0 0
Florida
Operating $1.5 20.6 20 51.3
Farm ownership 0.9 12.2 7 17.9
Economic emergency 2.4 32.9 7 17.9
Emergency disaster 0.5 7.3 1 2.6
Emergency livestock 2.0 27.1 4 10.3
================================================================================
Total $7.3 100.0 39 100.0
Georgia
Operating $4.7 87.3 76 86.4
Farm ownership 0.7 12.7 12 13.6
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $5.4 100.0 88 100.0
Hawaii
Operating $0 0 0 0
Farm ownership 0 0 0 0
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $0 0 0 0
Idaho
Operating $2.6 65.3 28 70.0
Farm ownership 1.2 29.8 9 22.5
Economic emergency 0.2 4.9 3 7.5
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $4.0 100.0 40 100.0
Illinois
Operating $5.6 67.1 120 76.4
Farm ownership 1.7 20.8 27 17.2
Economic emergency 1.0 12.2 10 6.4
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $8.4 100.0 157 100.0
Indiana
Operating $2.7 66.9 42 79.2
Farm ownership 0.3 6.6 4 7.5
Economic emergency 1.1 26.5 7 13.2
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $4.1 100.0 53 100.0
Iowa
Operating $15.9 76.8 296 85.1
Farm ownership 2.0 9.5 29 8.3
Economic emergency 2.8 13.6 22 6.3
Emergency disaster 0 0 0 0
Emergency livestock \d 0.1 1 0.3
================================================================================
Total $20.7 100.0 348 100.0
Kansas
Operating $7.6 82.6 120 81.1
Farm ownership 0.7 7.3 17 11.5
Economic emergency 0.9 9.9 9 6.1
Emergency disaster 0 0 0 0
Emergency livestock \d 0.2 2 1.4
================================================================================
Total $9.2 100.0 148 100.0
Kentucky
Operating $4.2 77.9 70 76.1
Farm ownership 1.1 20.9 21 22.8
Economic emergency 0.1 1.2 1 1.1
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $5.4 100.0 92 100.0
Louisiana
Operating $30.3 72.4 566 88.3
Farm ownership 5.2 12.4 46 7.2
Economic emergency 6.4 15.2 29 4.5
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $41.9 100.0 641 100.0
Maine
Operating $0.1 37.9 2 66.7
Farm ownership 0.1 62.1 1 33.3
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $0.2 100.0 3 100.0
Maryland
Operating $0.7 71.1 9 90.0
Farm ownership 0.3 28.9 1 10.0
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $0.9 100.0 10 100.0
Massachusetts
Operating $0.1 100.0 2 100.0
Farm ownership 0 0 0 0
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $0.1 100.0 2 100.0
Michigan
Operating $ 9.9 78.9 108 78.8
Farm ownership 2.2 17.5 24 17.5
Economic emergency 0.4 3.6 5 3.6
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $12.5 100.0 137 100.0
Minnesota
Operating $11.3 67.7 195 80.9
Farm ownership 2.4 14.5 25 10.4
Economic emergency 2.9 17.5 20 8.3
Emergency disaster 0 0 0 0
Emergency livestock \d 0.3 1 0.4
================================================================================
Total $16.6 100.0 241 100.0
Mississippi
Operating $11.2 78.3 135 80.8
Farm ownership 3.1 21.7 32 19.2
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $14.3 100.0 167 100.0
Missouri
Operating $2.9 68.9 66 72.5
Farm ownership 1.2 28.1 24 26.4
Economic emergency 0.1 3.0 1 1.1
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $4.2 100.0 91 100.0
Montana
Operating $4.3 71.2 41 80.4
Farm ownership 0.6 9.1 4 7.8
Economic emergency 1.2 18.9 5 9.8
Emergency disaster 0 0 0 0
Emergency livestock \d 0.8 1 2.0
================================================================================
Total $6.1 100.0 51 100.0
Nebraska
Operating $4.4 64.8 88 80.0
Farm ownership 0.6 9.4 12 10.9
Economic emergency 1.6 24.2 9 8.2
Emergency disaster 0 0 0 0
Emergency livestock 0.1 1.6 1 0.9
================================================================================
Total $6.7 100.0 110 100.0
Nevada
Operating $0 0 0 0
Farm ownership 0 0 0 0
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $0 0 0 0
New Hampshire
Operating \d 12.4 1 50.0
Farm ownership 0.1 87.6 1 50.0
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $0.2 100.0 2 100.0
New Jersey
Operating \d 98.5 1 50.0
Farm ownership \d 1.5 1 50.0
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $0.1 100.0 2 100.0
New Mexico
Operating $3.4 70.3 27 73.0
Farm ownership 0.5 11.2 6 16.2
Economic emergency 0.4 7.3 2 5.4
Emergency disaster 0 0 0 0
Emergency livestock 0.5 11.2 2 5.4
================================================================================
Total $4.8 100.0 37 100.0
New York
Operating $0.8 32.3 14 46.7
Farm ownership 0.7 28.5 8 26.7
Economic emergency 0.9 37.2 6 20.0
Emergency disaster 0 0 0 0
Emergency livestock \d 2.0 2 6.7
================================================================================
Total $2.5 100.0 30 100.0
North Carolina
Operating $1.3 83.9 23 82.1
Farm ownership 0.1 6.2 2 7.1
Economic emergency 0.2 9.9 3 10.7
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $1.5 100.0 28 100.0
North Dakota
Operating $6.3 65.1 106 69.7
Farm ownership 1.9 20.0 36 23.7
Economic emergency 0.9 9.6 7 4.6
Emergency disaster 0 0 0 0
Emergency livestock 0.5 5.3 3 2.0
================================================================================
Total $9.7 100.0 152 100.0
Ohio
Operating $1.9 57.1 31 72.1
Farm ownership 0.5 14.2 5 11.6
Economic emergency 1.0 28.7 7 16.3
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $3.3 100.0 43 100.0
Oklahoma
Operating $25.0 75.1 243 77.9
Farm ownership 4.6 13.7 46 14.7
Economic emergency 2.7 8.2 17 5.4
Emergency disaster 0 0 0 0
Emergency livestock 1.0 3.0 6 1.9
================================================================================
Total $33.3 100.0 312 100.0
Oregon
Operating $2.7 73.3 24 82.8
Farm ownership 0.2 6.2 3 10.3
Economic emergency 0.8 20.5 2 6.9
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $3.7 100.0 29 100.0
Pennsylvania
Operating $0.9 44.7 12 60.0
Farm ownership 1.0 51.0 7 35.0
Economic emergency 0.1 4.3 1 5.0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $1.9 100.0 20 100.0
Rhode Island
Operating $0 0 0 0
Farm ownership 0 0 0 0
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $0 0 0 0
South Carolina
Operating $2.6 84.7 37 88.1
Farm ownership 0.5 15.3 5 11.9
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $3.1 100.0 42 100.0
South Dakota
Operating $3.4 73.3 62 81.6
Farm ownership 0.7 16.0 9 11.8
Economic emergency 0.5 10.2 4 5.3
Emergency disaster 0 0 0 0
Emergency livestock \d 0.5 1 1.3
================================================================================
Total $4.6 100.0 76 100.0
Tennessee
Operating $3.6 69.6 56 78.9
Farm ownership 0.4 8.3 10 14.1
Economic emergency 1.1 22.1 5 7.0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $5.2 100.0 71 100.0
Texas
Operating $26.0 84.1 336 87.5
Farm ownership 2.3 7.5 29 7.6
Economic emergency 1.9 6.1 17 4.4
Emergency disaster 0 0 0 0
Emergency livestock 0.7 2.2 2 0.5
================================================================================
Total $30.9 100.0 384 100.0
Utah
Operating $0.4 29.4 7 50.0
Farm ownership 0.2 18.6 4 28.6
Economic emergency 0.7 52.0 3 21.4
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $1.3 100.0 14 100.0
Vermont
Operating $0.2 42.8 9 52.9
Farm ownership 0.3 57.2 8 47.1
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $0.5 100.0 17 100.0
Virginia
Operating $0.3 70.4 8 72.7
Farm ownership 0.1 29.6 3 27.3
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $0.5 100.0 11 100.0
Washington
Operating $2.0 65.7 25 83.3
Farm ownership 0.6 20.7 4 13.3
Economic emergency 0.4 13.6 1 3.3
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $3.0 100.0 30 100.0
West Virginia
Operating $0.9 83.6 15 83.3
Farm ownership 0.2 16.4 3 16.7
Economic emergency 0 0 0 0
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $1.1 100.0 18 100.0
Wisconsin
Operating $ 9.4 43.4 177 56.0
Farm ownership 8.0 36.6 103 32.6
Economic emergency 4.3 20.0 36 11.4
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $21.7 100.0 316 100.0
Wyoming
Operating $2.3 84.6 31 88.6
Farm ownership 0.2 9.1 3 8.6
Economic emergency 0.2 6.3 1 2.9
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $2.7 100.0 35 100.0
Other\e
Operating $1.0 86.6 8 72.7
Farm ownership 0.1 12.2 2 18.2
Economic emergency \a 1.2 1 9.1
Emergency disaster 0 0 0 0
Emergency livestock 0 0 0 0
================================================================================
Total $1.2 100.0 11 100.0
--------------------------------------------------------------------------------
\a State totals may not add because of rounding.
\b Percentages are based on whole numbers.
\c The total number of borrowers for each state include some
borrowers who are counted more than once because they received more
than one type of guaranteed loan.
\d Less than $50,000.
\e Includes Puerto Rico, the U.S. Virgin Islands, and the Western
Pacific Island Territories.
Source: GAO's analysis of CFSA Finance Office records.
NEW DIRECT AND GUARANTEED LOANS TO
PREVIOUSLY DELINQUENT BORROWERS
WHO RECEIVED DEBT RELIEF
========================================================= Appendix III
Table III.1
Amount of New Direct and Guaranteed
Loans Made From Fiscal Year 1989 Through
the First 6 Months of Fiscal Year 1995
to Borrowers Who Previously Received
Debt Relief, by State
(Dollars in millions)
Number Amount Number Amount Number Amount
of of new of of new of of new
borrow loans\ borrow loans\ borrow loans\
State and action on prior debt ers\a b ers\a b ers\a b
-------------------------------- ------ ------ ------ ------ ------ ------
Alabama
Restructured with debt write- 30 $3.5 4 $0.5 34 $4.1
down
Net recovery value buy-out with 1 \c 0 0 1 \c
write-off
Debt settlement with write-off 2 0.1 0 0 2 0.1
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 33 $3.7 4 $0.5 37 $4.2
Alaska
Restructured with debt write- 0 $0 0 $0 0 $0
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 0 0 0 0 0 0
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 0 $0 0 $0 0 $0
Arizona
Restructured with debt write- 2 $0.2 0 $0 2 $0.2
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 0 0 0 0 0 0
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 2 $0.2 0 $0 2 $0.2
Arkansas
Restructured with debt write- 54 $6.0 11 $1.8 65 $7.8
down
Net recovery value buy-out with 2 0.3 1 0.1 3 0.4
write-off
Debt settlement with write-off 5 0.2 3 0.8 8 1.0
Guaranteed loan loss payments \d \d 1 0.6 1 0.6
================================================================================
Total 61 $6.5 16 $3.3 77 $9.8
California
Restructured with debt write- 6 $0.4 1 $0.2 7 $0.6
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 0 0 0 0 0 0
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 6 $0.4 1 $0.2 7 $0.6
Colorado
Restructured with debt write- 20 $1.7 3 $0.8 23 $2.5
down
Net recovery value buy-out with 0 0 2 0.2 2 0.2
write-off
Debt settlement with write-off 3 0.2 2 0.4 5 0.6
Guaranteed loan loss payments \d \d 2 0.2 2 0.2
================================================================================
Total 23 $1.9 9 $1.6 32 $3.5
Connecticut
Restructured with debt write- 0 $0 0 $0 0 $0
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 0 0 0 0 0 0
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 0 $0 0 $0 0 $0
Delaware
Restructured with debt write- 0 $0 0 $0 0 $0
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 0 0 0 0 0 0
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 0 $0 0 $0 0 $0
Florida
Restructured with debt write- 4 $0.3 0 $0 4 $0.3
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 0 0 1 0.1 1 0.1
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 4 $0.3 1 $0.1 5 $0.4
Georgia
Restructured with debt write- 29 $4.0 16 $4.2 45 $ 8.2
down
Net recovery value buy-out with 1 0.1 4 2.2 5 2.3
write-off
Debt settlement with write-off 9 2.4 16 2.5 25 4.9
Guaranteed loan loss payments \d \d 2 0.6 2 0.6
================================================================================
Total 39 $6.5 38 $9.5 77 $16.0
Hawaii
Restructured with debt write- 0 $0 0 $0 0 $0
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 0 0 0 0 0 0
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 0 $0 0 $0 0 $0
Idaho
Restructured with debt write- 58 $7.3 5 $1.3 63 $ 8.7
down
Net recovery value buy-out with 1 0.1 3 0.4 4 0.5
write-off
Debt settlement with write-off 3 0.4 2 0.5 5 0.8
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 62 $7.7 10 $2.3 72 $10.0
Illinois
Restructured with debt write- 83 $6.6 25 $2.8 108 $ 9.4
down
Net recovery value buy-out with 1 \c 3 0.8 4 0.8
write-off
Debt settlement with write-off 13 1.0 11 1.9 24 2.8
Guaranteed loan loss payments \d \d 1 0.2 1 0.2
================================================================================
Total 97 $7.6 40 $5.6 137 $13.2
Indiana
Restructured with debt write- 70 $12.0 17 $2.4 87 $14.4
down
Net recovery value buy-out with 1 0.3 1 0.2 2 0.5
write-off
Debt settlement with write-off 5 0.4 7 4.6 12 5.0
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 76 $12.7 25 $7.3 101 $19.9
Iowa
Restructured with debt write- 108 $7.8 19 $2.4 127 $10.2
down
Net recovery value buy-out with 2 0.1 5 0.9 7 0.9
write-off
Debt settlement with write-off 13 0.6 20 3.8 33 4.4
Guaranteed loan loss payments \d \d 8 1.3 8 1.3
================================================================================
Total 123 $8.5 52 $8.3 175 $16.7
Kansas
Restructured with debt write- 33 $2.6 17 $3.2 50 $5.8
down
Net recovery value buy-out with 0 0 3 0.5 3 0.5
write-off
Debt settlement with write-off 7 1.0 9 1.7 16 2.6
Guaranteed loan loss payments \d \d 2 0.4 2 0.4
================================================================================
Total 40 $3.6 31 $5.8 71 $9.3
Kentucky
Restructured with debt write- 45 $3.3 18 $1.5 63 $4.7
down
Net recovery value buy-out with 0 0 2 0.2 2 0.2
write-off
Debt settlement with write-off 8 0.3 6 1.2 14 1.6
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 53 $3.6 26 $2.9 79 $6.5
Louisiana
Restructured with debt write- 138 $15.8 98 $24.3 236 $40.1
down
Net recovery value buy-out with 24 3.3 51 13.0 75 16.3
write-off
Debt settlement with write-off 51 6.4 95 24.1 146 30.6
Guaranteed loan loss payments \d \d 39 8.9 39 8.9
================================================================================
Total 213 $25.5 283 $70.4 496 $95.9
Maine
Restructured with debt write- 22 $2.7 0 $0 22 $2.7
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 3 0.6 0 0 3 0.6
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 25 $3.3 0 $0 25 $3.3
Maryland
Restructured with debt write- 1 \c 0 $0 1 \c
down
Net recovery value buy-out with 0 0 1 0.2 1 0.2
write-off
Debt settlement with write-off 1 \c 1 0.2 2 0.2
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 2 $0.1 2 $0.4 4 $0.4
Massachusetts
Restructured with debt write- 0 $0 0 $0 0 $0
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 0 0 0 0 0 0
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 0 $0 0 $0 0 $0
Michigan
Restructured with debt write- 75 $10.0 22 $ 4.9 97 $14.9
down
Net recovery value buy-out with 1 0.1 22 5.8 23 5.9
write-off
Debt settlement with write-off 5 0.4 7 1.8 12 2.2
Guaranteed loan loss payments \d \d 5 1.8 5 1.8
================================================================================
Total 81 $10.5 56 $14.2 137 $24.8
Minnesota
Restructured with debt write- 127 $10.6 40 $5.4 167 $16.0
down
Net recovery value buy-out with 2 0.2 0 0 2 0.2
write-off
Debt settlement with write-off 2 0.1 19 3.0 21 3.1
Guaranteed loan loss payments \d \d 9 1.6 9 1.6
================================================================================
Total 131 $10.9 68 $9.9 199 $20.8
Mississippi
Restructured with debt write- 97 $14.4 16 $4.6 113 $19.0
down
Net recovery value buy-out with 1 0.8 0 0 1 0.8
write-off
Debt settlement with write-off 11 2.5 10 3.7 21 6.2
Guaranteed loan loss payments \d \d 3 0.4 3 0.4
================================================================================
Total 109 $17.7 29 $8.8 138 $26.5
Missouri
Restructured with debt write- 72 $3.5 28 $2.3 100 $5.7
down
Net recovery value buy-out with 4 0.3 0 0 4 0.3
write-off
Debt settlement with write-off 2 0.1 3 0.5 5 0.6
Guaranteed loan loss payments \d \d 1 0.1 1 0.1
================================================================================
Total 78 $3.8 32 $2.9 110 $6.7
Montana
Restructured with debt write- 29 $3.6 4 $0.6 33 $4.2
down
Net recovery value buy-out with 1 \c 3 0.5 4 0.5
write-off
Debt settlement with write-off 3 0.4 3 0.5 6 0.9
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 33 $4.0 10 $1.7 43 $5.7
Nebraska
Restructured with debt write- 29 $2.2 7 $1.3 36 $3.5
down
Net recovery value buy-out with 0 0 2 0.3 2 0.3
write-off
Debt settlement with write-off 8 0.6 7 1.2 15 1.8
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 37 $2.9 16 $2.8 53 $5.6
Nevada
Restructured with debt write- 5 $0.5 0 $0 5 $0.5
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 0 0 0 0 0 0
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 5 $0.5 0 $0 5 $0.5
New Hampshire
Restructured with debt write- 0 $0 0 $0 0 $0
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 0 0 0 0 0 0
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 0 $0 0 $0 0 $0
New Jersey
Restructured with debt write- 0 $0 0 $0 0 $0
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 0 0 0 0 0 0
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 0 $0 0 $0 0 $0
New Mexico
Restructured with debt write- 9 $1.1 0 $0 9 $1.1
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 0 0 1 0 1 0.2
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 9 $1.1 1 $0.2 10 $1.4
New York
Restructured with debt write- 32 $3.2 0 $0 32 $3.2
down
Net recovery value buy-out with 1 0.1 0 0 1 0.1
write-off
Debt settlement with write-off 4 0.4 0 0 4 0.4
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 37 $3.7 0 $0 37 $3.7
North Carolina
Restructured with debt write- 30 $2.3 2 $0.1 32 $2.4
down
Net recovery value buy-out with 1 0.1 9 2.2 10 2.2
write-off
Debt settlement with write-off 3 0.1 8 1.6 11 1.7
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 34 $2.5 19 $3.9 53 $6.3
North Dakota
Restructured with debt write- 140 $ 9.7 27 $4.7 167 $14.5
down
Net recovery value buy-out with 1 0.1 0 0 1 0.1
write-off
Debt settlement with write-off 4 0.5 8 1.6 12 2.1
Guaranteed loan loss payments \d \d 2 0.1 2 0.1
================================================================================
Total 145 $10.4 37 $6.4 182 $16.8
Ohio
Restructured with debt write- 13 $1.3 7 $1.3 20 $2.5
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 2 0.3 2 0.2 4 0.5
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 15 $1.5 9 $1.5 24 $3.0
Oklahoma
Restructured with debt write- 103 $11.9 20 $ 4.2 123 $16.1
down
Net recovery value buy-out with 3 0.3 7 1.7 10 2.1
write-off
Debt settlement with write-off 4 0.3 9 2.2 13 2.5
Guaranteed loan loss payments \d \d 8 2.1 8 2.1
================================================================================
Total 110 $12.6 44 $10.2 154 $22.8
Oregon
Restructured with debt write- 20 $3.1 1 $0.1 21 $3.2
down
Net recovery value buy-out with 1 \c 0 0 1 \c
write-off
Debt settlement with write-off 0 0 0 0 0 0
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 21 $3.1 1 $0.1 22 $3.2
Pennsylvania
Restructured with debt write- 13 $1.5 1 $0.4 14 $1.9
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 1 \c 1 0.2 2 0.2
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 14 $1.6 2 $0.6 16 $2.1
Rhode Island
Restructured with debt write- 0 $0 0 $0 0 $0
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 0 0 0 0 0 0
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 0 $0 0 $0 0 $0
South Carolina
Restructured with debt write- 35 $4.9 6 $0.7 41 $5.6
down
Net recovery value buy-out with 0 0 2 0.1 2 0.1
write-off
Debt settlement with write-off 5 0.5 1 0.1 6 0.6
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 40 $5.5 9 $0.9 49 $6.4
South Dakota
Restructured with debt write- 59 $3.3 39 $4.0 98 $ 7.3
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 24 1.1 18 2.4 42 3.5
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 83 $4.4 57 $6.4 140 $10.8
Tennessee
Restructured with debt write- 18 $1.8 8 $1.2 26 $3.0
down
Net recovery value buy-out with 1 0.1 12 2.4 13 2.5
write-off
Debt settlement with write-off 2 0.3 10 1.8 12 2.1
Guaranteed loan loss payments \d \d 1 0.1 1 0.1
================================================================================
Total 21 $2.1 31 $5.5 52 $7.6
Texas
Restructured with debt write- 254 $28.1 25 $4.3 279 $32.4
down
Net recovery value buy-out with 3 0.5 0 0 3 0.5
write-off
Debt settlement with write-off 22 3.7 21 3.7 43 7.4
Guaranteed loan loss payments \d \d 5 1.3 5 1.3
================================================================================
Total 279 $32.4 51 $9.3 330 $41.6
Utah
Restructured with debt write- 4 $0.3 0 $0 4 $0.3
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 2 0.1 0 0 2 0.1
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 6 $0.4 0 $0 6 $0.4
Vermont
Restructured with debt write- 0 $0 0 $0 0 $0
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 0 0 0 0 0 0
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 0 $0 0 $0 0 $0
Virginia
Restructured with debt write- 18 $1.9 0 $0 18 $1.9
down
Net recovery value buy-out with 1 0.1 0 0 1 0.1
write-off
Debt settlement with write-off 3 0.1 0 0 3 0.1
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 22 $2.2 0 $0 22 $2.2
Washington
Restructured with debt write- 13 $1.1 1 $0.1 14 $1.2
down
Net recovery value buy-out with 0 0 1 0.1 1 0.1
write-off
Debt settlement with write-off 0 0 0 0 0 0
Guaranteed loan loss payments \d \d 1 0.2 1 0.2
================================================================================
Total 13 $1.1 3 $0.4 16 $1.5
West Virginia
Restructured with debt write- 4 $0.7 1 $0.1 5 $0.8
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 0 0 0 0 0 0
Guaranteed loan loss payments \d \d 2 0.6 2 0.6
================================================================================
Total 4 $0.7 3 $0.6 7 $1.4
Wisconsin
Restructured with debt write- 83 $4.0 16 $2.1 99 $ 6.2
down
Net recovery value buy-out with 3 0.2 11 2.3 14 2.5
write-off
Debt settlement with write-off 12 0.7 12 2.8 24 3.6
Guaranteed loan loss payments \d \d 1 0.8 1 0.8
================================================================================
Total 98 $5.0 40 $8.2 138 $13.1
Wyoming
Restructured with debt write- 23 $1.4 7 $0.8 30 $2.2
down
Net recovery value buy-out with 1 0.2 1 0.1 2 0.3
write-off
Debt settlement with write-off 1 0.1 1 \c 2 0.1
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 25 $1.7 9 $0.9 34 $2.6
Other\e
Restructured with debt write- 4 $0.2 0 $0 4 $0.2
down
Net recovery value buy-out with 0 0 0 0 0 0
write-off
Debt settlement with write-off 1 \c 0 0 \c 0
Guaranteed loan loss payments \d \d 0 0 0 0
================================================================================
Total 5 $0.2 0 $0 5 $0.2
--------------------------------------------------------------------------------
\a The total number of borrowers for each state includes some
borrowers who are counted more than once because they received more
than one type of loan.
\b State totals may not add because of rounding.
\c Less than $50,000.
\d Not calculated.
\e Includes Puerto Rico, the U.S. Virgin Islands, and the Western
Pacific Island Territories.
Source: GAO's analysis of CFSA Finance Office records.
NEW DIRECT LOANS TO DELINQUENT
BORROWERS
========================================================== Appendix IV
Table IV.1
Amount of New Direct Operating Loans
Made From Fiscal Year 1989 Through the
First 6 Months of Fiscal Year 1995 to
Borrowers Who Were Delinquent, by State
(Dollars in millions)
Amount of
new direct
operating Number of
State loans borrowers
-------------------------------- ------------ ------------
Alabama $ 1.6 23
Alaska 0 0
Arizona 0 0
Arkansas 9.6 112
California 0.5 12
Colorado 0.8 9
Connecticut 0.1 1
Delaware 0.2 4
Florida 0.7 9
Georgia 1.3 15
Hawaii 0 0
Idaho 2.8 39
Illinois 6.1 131
Indiana 1.7 35
Iowa 6.8 141
Kansas 2.5 52
Kentucky 0.9 23
Louisiana 7.0 84
Maine 0.7 13
Maryland 0 0
Massachusetts 0 0
Michigan 2.4 45
Minnesota 5.4 88
Mississippi 10.2 117
Missouri 3.1 68
Montana 7.4 117
Nebraska 3.8 45
Nevada 0.3 4
New Hampshire 0 0
New Jersey \a 1
New Mexico 1.1 11
New York 0.1 1
North Carolina 4.5 60
North Dakota 9.8 175
Ohio 0.8 16
Oklahoma 1.8 39
Oregon 2.2 27
Pennsylvania 0.1 5
Rhode Island 0 0
South Carolina 0.7 13
South Dakota 1.2 39
Tennessee 1.0 17
Texas 27.9 421
Utah \a 1
Vermont 0.1 3
Virginia 1.6 28
Washington 0.7 10
West Virginia \a 2
Wisconsin 0.4 22
Wyoming 0.4 6
Other\b 0 0
------------------------------------------------------------
\a Less than $50,000.
\b Includes Puerto Rico, the U.S. Virgin Islands, and the Western
Pacific Island Territories.
Source: GAO's analysis of CFSA Finance Office records.
MAJOR CONTRIBUTORS TO THIS REPORT
=========================================================== Appendix V
RESOURCES, COMMUNITY, AND ECONOMIC
DEVELOPMENT DIVISION, WASHINGTON,
D.C.
Robert A. Robinson, Associate Director
DALLAS REGIONAL OFFICE
Linda J. Libician, Assistant Director
Andy C. Clinton, Evaluator
KANSAS CITY REGIONAL OFFICE
Robert C. Sommer, Computer Analyst