Farm Service Agency: Update on the Farm Loan Portfolio (Letter Report,
01/03/97, GAO/RCED-97-35).
Pursuant to a congressional request, GAO provided selected information
on the direct and guaranteed farm loan programs administered by the
Department of Agriculture's Farm Service Agency (FSA), focusing on the:
(1) levels of outstanding principal on active loans and amounts owed by
delinquent borrowers as of September 30, 1996, compared with similar
data as of September 30, 1995; and (2) losses on farm loans during
fiscal year (FY) 1996.
GAO found that: (1) as of September 30, 1996, the outstanding principal
for FSA's active direct and guaranteed farm loans totalled $16.9
billion, $10.5 billion in the direct loan program and $6.4 billion in
the guaranteed loan program; (2) of the $10.5 billion in outstanding
principal in the direct loan program, $3.6 billion, about 34 percent,
was held by delinquent borrowers; (3) this compares with 40 percent of
the $11.4 billion in outstanding principal for FY 1995; (4) for
borrowers who owed more than $1 million in outstanding principal, the
delinquency rate was considerably higher than for those who owed less
than $1 million; (5) in FY 1996, large borrowers held $357 million in
outstanding principal, of which $314 million, about 88 percent, was held
by delinquent borrowers; (6) by comparison, borrowers who owed less than
$1 million held $10.1 billion in outstanding principal, of which 33
percent was held by delinquent borrowers; (7) of the $6.4 billion in
outstanding principal in the guaranteed loan program, $280 million, or
about 4 percent, was held by delinquent borrowers; (8) by comparison,
$218 million, or about 4 percent of the $5.9 billion in outstanding
principal, was held by delinquent borrowers in FY 1995; (9) during FY
1996, $1.1 billion in principal and interest was lost by reducing or
forgiving the debt of delinquent direct loan borrowers, and about $42
million in losses was incurred on guaranteed loans.
--------------------------- Indexing Terms -----------------------------
REPORTNUM: RCED-97-35
TITLE: Farm Service Agency: Update on the Farm Loan Portfolio
DATE: 01/03/97
SUBJECT: Government guaranteed loans
Direct loans
Farm credit
Delinquent loans
Losses
Loan defaults
Loan repayments
Agricultural programs
Debt
IDENTIFIER: FmHA Direct Farm Loan Program
FmHA Guaranteed Farm Loan Program
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Cover
================================================================ COVER
Report to the Committee on Agriculture, Nutrition, and Forestry, U.S.
Senate
January 1997
FARM SERVICE AGENCY - UPDATE ON
THE FARM LOAN PORTFOLIO
GAO/RCED-97-35
Farm Loan Portfolio
(150337)
Abbreviations
=============================================================== ABBREV
FSA - Farm Service Agency
GAO - General Accounting Office
USDA - U.S. Department of Agriculture
Letter
=============================================================== LETTER
B-275588
January 3, 1997
The Honorable Richard G. Lugar
Chairman, Committee on Agriculture,
Nutrition, and Forestry
United States Senate
Dear Mr. Chairman:
This report responds to your October 22, 1996, request for selected
information on the direct and guaranteed farm loan programs
administered by the U.S. Department of Agriculture's (USDA) Farm
Service Agency (FSA).\1 In particular, we are providing information
on the (1) levels of outstanding principal on active loans and
amounts owed by delinquent borrowers as of September 30, 1996,
compared with similar data as of September 30, 1995, and (2) losses
on farm loans during fiscal year 1996. The information contained in
this report updates information that we have reported previously.\2
In summary, we found the following:
-- As of September 30, 1996, the outstanding principal for FSA's
active direct and guaranteed farm loans totaled $16.9
billion--$10.5 billion in the direct loan program and $6.4
billion in the guaranteed loan program.
-- Of the $10.5 billion in outstanding principal in the direct loan
program, $3.6 billion, about 34 percent,\3 was held by
delinquent borrowers, that is, borrowers who were past due on
their loan payments.\4 (See app. I.) This compares with 40
percent of the $11.4 billion in outstanding principal for fiscal
year 1995.
-- For borrowers who owed more than $1 million in outstanding
principal, the delinquency rate was considerably higher than for
those who owed less than $1 million. In fiscal year 1996, large
borrowers held $357 million in outstanding principal, of which
$314 million, about 88 percent, was held by delinquent
borrowers. By comparison, borrowers who owed less than $1
million held $10.1 billion in outstanding principal, of which 33
percent was held by delinquent borrowers.
-- Of the $6.4 billion in outstanding principal in the guaranteed
loan program, $280 million, or about 4 percent, was held by
delinquent borrowers. (See app. II.) By comparison, $218
million, or about 4 percent of the $5.9 billion in outstanding
principal, was held by delinquent borrowers in fiscal year 1995.
-- During fiscal year 1996, $1.1 billion in principal and interest
was lost by reducing or forgiving the debt of delinquent direct
loan borrowers, and about $42 million in losses was incurred on
guaranteed loans. (See app. III.)
--------------------
\1 Historically, farm loans were administered within USDA by the
Farmers Home Administration. In October 1994, this responsibility
was transferred to the newly created FSA.
\2 Consolidated Farm Service Agency: Update on the Farm Loan
Portfolio (GAO/RCED-95-223FS, July 14, 1995).
\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--for example, January 31.
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 that delinquent borrower was totaled to
calculate the amount owed.
SCOPE AND METHODOLOGY
------------------------------------------------------------ Letter :1
To prepare this report, we analyzed information from the computerized
databases in FSA's St. Louis Finance Office. We did not verify the
accuracy of the information contained in these databases. Our work
was performed from October through December 1996 in accordance with
generally accepted government auditing standards.
AGENCY COMMENTS
------------------------------------------------------------ Letter :2
We provided a copy of a draft of this report to USDA for its review
and comment. In a meeting to obtain USDA's comments, the Acting
Assistant Deputy Administrator for Farm Credit Programs and other FSA
staff generally agreed with the information presented in this report.
To add perspective to some of the data presented in the report, USDA
officials noted that the percent of outstanding principal held by
delinquent borrowers declined between fiscal years 1995 and 1996.
They also noted that the percent of outstanding interest held by
delinquent borrowers declined during that time. The officials added
that the percent of loan losses has declined from fiscal year 1995 to
fiscal year 1996.
In addition, at the suggestion of USDA, we compared the delinquency
rates for borrowers who owed more than $1 million and those who owed
less than $1 million.
---------------------------------------------------------- Letter :2.1
As arranged with your office, 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 the Farm
Service Agency; 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
IV.
Sincerely yours,
Robert A. Robinson
Director, Food and
Agriculture Issues
OUTSTANDING DIRECT LOANS OWED BY
DELINQUENT BORROWERS
=========================================================== Appendix I
This appendix presents information on outstanding direct loans owed
by delinquent borrowers, including the amount and percent, by state,
for fiscal years 1996 and 1995.
Table I.1
Amount and Percent of Outstanding Direct
Loans Owed by Delinquent Borrowers, by
State, as of September 30, 1996
(Dollars in millions)
Amount owed by Percent owed by
Outstanding principal delinquent borrowers delinquent borrowers
---------------------- ---------------------- ----------------------
Percent
Number of Number of of Percent of
State Amount borrowers Amount borrowers debt borrowers
----------------- ---------- ---------- ---------- ---------- ---------- ----------
Alabama $95.9 2,142 $16.0 210 16.6 9.8
Alaska 1.2 14 \a 1 0.4 7.1
Arizona 98.0 518 73.9 283 75.4 54.6
Arkansas 290.7 4,252 79.1 609 27.2 14.3
California 412.5 1,823 222.7 567 54.0 31.1
Colorado 122.9 1,081 41.3 233 33.6 21.6
Connecticut 12.4 130 4.2 29 34.1 22.3
Delaware 8.2 103 0.9 10 11.4 9.7
Florida 122.1 1,149 61.2 321 50.1 27.9
Georgia 215.8 2,057 75.7 427 35.1 20.8
Hawaii 41.2 320 13.2 79 31.9 24.7
Idaho 192.4 2,012 55.7 371 28.9 18.4
Illinois 313.4 4,103 39.7 317 12.7 7.7
Indiana 221.7 2,142 50.5 343 22.8 16.0
Iowa 510.4 6,290 76.3 643 14.9 10.2
Kansas 299.4 4,205 62.3 634 20.8 15.1
Kentucky 264.7 4,267 51.3 449 19.4 10.5
Louisiana 243.3 2,764 145.4 1,103 59.8 39.9
Maine 96.8 816 34.6 221 35.7 27.1
Maryland 35.7 345 9.8 76 27.3 22.0
Massachusetts 39.5 355 14.3 87 36.1 24.5
Michigan 244.2 2,196 69.4 394 28.4 17.9
Minnesota 435.1 4,599 120.6 926 27.7 20.1
Mississippi 425.0 4,983 254.8 1,527 59.9 30.6
MissourI 337.8 4,444 68.8 612 20.4 13.8
Montana 261.7 1,907 98.4 429 37.6 22.5
Nebraska 368.4 4,208 85.9 624 23.3 14.8
Nevada 16.6 164 5.3 40 32.1 24.4
New Hamphshire 11.1 112 1.0 7 9.1 6.3
New Jersey 56.7 398 29.4 165 51.9 41.5
New Mexico 70.8 794 22.6 175 32.0 22.0
New York 322.8 2,881 146.7 917 45.4 31.8
North Carolina 174.9 2,573 59.6 497 34.1 19.3
North Dakota 485.3 4,483 147.7 1,012 30.4 22.6
Ohio 166.1 1,538 57.7 374 34.7 24.3
Oklahoma 439.0 5,675 193.0 1,596 44.0 28.1
Oregon 125.4 1,007 37.3 215 29.8 21.4
Pennsylvania 213.6 1,881 43.4 289 20.3 15.4
Puerto Rico 148.5 2,849 56.2 721 37.8 25.3
Rhode Island 5.3 46 2.2 10 41.3 21.7
South Carolina 139.1 1,505 65.2 336 46.9 22.3
South Dakota 461.4 5,819 119.6 874 25.9 15.0
Tennessee 219.8 3,387 63.8 527 29.0 15.6
Texas 856.5 8,132 483.1 3,456 56.4 42.5
Utah 82.3 1,280 17.9 152 21.8 11.9
Vermont 43.1 418 8.2 63 19.1 15.1
Virgin Islands 2.2 23 0.3 2 12.2 8.7
Virginia 117.8 1,394 48.2 333 41.0 23.9
Washington 132.4 1,009 40.4 185 30.5 18.3
West Virginia 61.1 1,083 15.9 162 26.0 15.0
Western Pacific 1.8 21 0.3 1 15.3 4.8
Wisconsin 345.0 3,582 75.4 618 21.9 17.3
Wyoming 49.0 464 11.9 74 24.2 15.9
=========================================================================================
Totals $10,457.8 115,743 $3,578.1 24,326 34.2% 21.0
-----------------------------------------------------------------------------------------
Note: Totals may not add due to rounding.
\a Less than $50,000.
Table I.2
Amount and Percent of Outstanding Direct
Loans Owed by Delinquent Borrowers, by
State, as of September 30,1995
(Dollars in millions)
Amount owed by Percent owed by
Outstanding principal delinquent borrowers delinquent borrowers
---------------------- ---------------------- ----------------------
Percent
Number of Number of of Percent of
State Amount borrowers Amount borrowers debt borrowers
----------------- ---------- ---------- ---------- ---------- ---------- ----------
Alabama $106.6 2,310 $22.6 240 21.2 10.4
Alaska 0.5 9 \a 1 1.0 11.1
Arizona 123.8 536 98.2 277 79.3 51.7
Arkansas 326.7 4,523 114.3 792 35.0 17.5
California 488.6 1,923 311.8 634 63.8 33.0
Colorado 127.3 1,148 45.2 252 35.5 22.0
Connecticut 14.7 140 6.3 41 43.2 29.3
Delaware 8.8 108 1.1 14 12.2 13.0
Florida 162.6 1,273 98.1 420 60.4 33.0
Georgia 252.1 2,295 112.5 587 44.6 25.6
Hawaii 39.6 297 18.7 95 47.1 32.0
Idaho 219.1 2,125 82.2 476 37.5 22.4
Illinois 341.3 4,397 59.9 493 17.6 11.2
Indiana 244.5 2,320 62.5 432 25.6 18.6
Iowa 556.3 6,739 160.8 1,364 28.9 20.2
Kansas 309.1 4,288 76.0 729 24.6 17.0
Kentucky 284.8 4,377 58.0 467 20.4 10.7
Louisiana 302.8 3,241 202.4 1,541 66.9 47.5
Maine 96.5 829 40.6 233 42.1 28.1
Maryland 39.6 362 12.2 91 30.9 25.1
Massachusetts 38.7 345 16.5 92 42.6 26.7
Michigan 264.2 2,328 88.5 493 33.5 21.2
Minnesota 450.9 4,727 184.3 1,425 40.9 30.1
Mississippi 482.7 5,304 325.2 1,702 67.4 32.1
Missouri 368.9 4,746 110.2 1,007 29.9 21.2
Montana 284.8 2,017 109.7 466 38.5 23.1
Nebraska 393.1 4,382 127.3 891 32.4 20.3
Nevada 18.7 174 6.2 45 33.0 25.9
New Hampshire 11.2 110 1.2 11 11.2 10.0
New Jersey 56.9 410 28.8 163 50.6 39.8
New Mexico 75.6 840 27.9 186 36.9 22.1
New York 325.8 2,966 156.8 949 48.1 32.0
North Carolina 191.9 2,778 67.3 513 35.1 18.5
North Dakota 496.7 4,577 177.5 1,196 35.7 26.1
Ohio 189.2 1,679 72.6 454 38.4 27.0
Oklahoma 466.8 5,755 225.8 1,606 48.4 27.9
Oregon 134.7 1,073 45.2 231 33.6 21.5
Pennsylvania 218.2 1,947 49.7 326 22.8 16.7
Puerto Rico 148.0 2,853 53.9 702 36.4 24.6
Rhode Island 4.9 35 1.9 9 38.4 25.7
South Carolina 162.1 1,668 89.9 484 55.4 29.0
South Dakota 507.0 6,032 206.6 1,586 40.7 26.3
Tennessee 247.4 3,618 87.1 636 35.2 17.6
Texas 890.5 8,376 505.3 3,304 56.8 39.4
Utah 83.8 1,234 17.3 133 20.7 10.8
Vermont 46.0 443 9.6 68 20.8 15.3
Virgin Islands 2.3 22 0.8 4 35.5 18.2
Virginia 135.6 1,553 68.6 460 50.6 29.6
Washington 147.8 1,124 44.5 200 30.1 17.8
West Virginia 60.1 1,005 18.6 186 30.9 18.5
Western Pacific 1.8 22 0.8 11 43.7 50.0
Wisconsin 376.3 3,873 107.7 894 28.6 23.1
Wyoming 51.9 476 10.9 64 20.9 13.4
=========================================================================================
Totals $11,379.7 121,732 $4,627.5 29,676 40.7 24.4
-----------------------------------------------------------------------------------------
Note: Totals may not add due to rounding.
\a Less than $50,000.
Table I.3
Change in Amount and Percent of
Outstanding Direct Loans Owed by
Delinquent Borrowers, by State,
September 30, 1995, to September 30,
1996.
(Dollars in millions)
Change in amount owed by
Change in outstanding principal delinquent borrowers
-------------------------------- --------------------------------
Number Number
Percen of Percen Percen of Percen
t borrower t t borrower t
State Amount change s change Amount change s change
--------------------- ------ ------ -------- ------ ------ ------ -------- ------
Alabama ($10.7 (10.1) (168) (7.3) ($6.6) (29.4) (30) (12.5)
) %
Alaska 0.7 147.2 5 55.6 0 0 0 0
Arizona (25.8) (20.9) (18) (3.4) (24.3) (24.7) 6 2.2
Arkansas (36.0) (11.0) (271) (6.0) (35.2) (30.8) (183) (23.1)
California (76.1) (15.6) (100) (5.2) (89.1) (28.6) (67) (10.6)
Colorado (4.4) (3.5) (67) (5.8) (3.9) (8.6) (19) (7.5)
Connecticut (2.3) (15.7) (10) (7.1) (2.1) (33.4) (12) (29.3)
Delaware (0.6) (7.1) (5) (4.6) (0.1) (13.0) (4) (28.6)
Florida (40.4) (24.9) (124) (9.7) (37.0) (37.7) (99) (23.6)
Georgia (36.3) (14.4) (238) (10.4) (36.9) (32.8) (160) (27.3)
Hawaii 1.6 4.0 23 7.7 (5.5) (29.5) (16) (16.8)
Idaho (26.7) (12.2) (113) (5.3) (26.5) (32.2) (105) (22.1)
Illinois (27.8) (8.2) (294) (6.7) (20.2) (33.7) (176) (35.7)
Indiana (22.9) (9.4) (178) (7.7) (12.0) (19.2) (89) (20.6)
Iowa (45.9) (8.2) (449) (6.7) (84.5) (52.5) (721) (52.9)
Kansas (9.7) (3.1) (83) (1.9) (13.7) (18.0) (95) (13.0)
Kentucky (20.1) (7.1) (110) (2.5) (6.8) (11.7) (18) (3.9)
Louisiana (59.5) (19.6) (477) (14.7) (57.0) (28.2) (438) (28.4)
Maine 0.2 0.2 (13) (1.6) (6.0) (14.9) (12) (5.2)
Maryland (3.9) (9.8) (17) (4.7) (2.5) (20.3) (15) (16.5)
Massachusetts 0.8 2.1 10 2.9 (2.2) (13.6) (5) (5.4)
Michigan (20.0) (7.6) (132) (5.7) (19.1) (21.6) (99) (20.1)
Minnesota (15.8) (3.5) (128) (2.7) (63.6) (34.5) (499) (35.0)
Mississippi (57.7) (11.9) (321) (6.1) (70.4) (21.7) (175) (10.3)
Missouri (31.1) (8.4) (302) (6.4) (41.5) (37.6) (395) (39.2)
Montana (23.1) (8.1) (110) (5.5) (11.3) (10.3) (37) (7.9)
Nebraska (24.7) (6.3) (174) (4.0) (41.4) (32.5) (267) (30.0)
Nevada (2.1) (11.2) (10) (5.7) (0.8) (13.4) (5) (11.1)
New Hampshire (0.1) (0.7) 2 1.8 (0.2) (19.3) (4) (36.4)
New Jersey (0.3) (0.4) (12) (2.9) 0.6 2.1 2 1.2
New Mexico (4.7) (6.3) (46) (5.5) (5.2) (18.8) (11) (5.9)
New York (3.0) (0.9) (85) (2.9) (10.1) (6.4) (32) (3.4)
North Carolina (17.0) (8.9) (205) (7.4) (7.7) (11.4) (16) (3.1)
North Dakota (11.5) (2.3) (94) (2.1) (29.8) (16.8) (184) (15.4)
Ohio (23.2) (12.2) (141) (8.4) (14.9) (20.6) (80) (17.6)
Oklahoma (27.8) (5.9) (80) (1.4) (32.8) (14.5) (10) (0.6)
Oregon (9.4) (6.9) (66) (6.2) (7.9) (17.5) (16) (6.9)
Pennsylvania (4.6) (2.1) (66) (3.4) (6.3) (12.6) (37) (11.3)
Puerto Rico 0.5 0.4 (4) (0.1) 2.3 4.3 19 2.7
Rhode Island 0.4 8.9 11 31.4 0.3 17.2 1 11.1
South Carolina (23.0) (14.2) (163) (9.8) (24.7) (27.4) (148) (30.6)
South Dakota (45.7) (9.0) (213) (3.5) (87.0) (42.1) (712) (44.9)
Tennessee (27.6) (11.2) (231) (6.4) (23.3) (26.7) (109) (17.1)
Texas (34.0) (3.8) (244) (2.9) (22.2) (4.4) 152 4.6
Utah (1.5) (1.7) 46 3.7 0.6 3.7 19 14.3
Vermont (3.0) (6.4) (25) (5.6) (1.4) (14.3) (5) (7.4)
Virgin Islands \a (1.3) 1 4.5 (0.5) (66.1) (2) (50.0)
Virginia (17.8) (13.1) (159) (10.2) (20.4) (29.7) (127) (27.6)
Washington (15.4) (10.4) (115) (10.2) (4.0) (9.1) (15) (7.5)
West Virginia 1.1 1.8 78 7.8 (2.7) (14.3) (24) (12.9)
Western Pacific \a (1.0) (1) (4.5) (0.5) (65.4) (10) (90.9)
Wisconsin (31.3) (8.3) (291) (7.5) (32.3) (30.0) (276) (30.9)
Wyoming (2.9) (5.6) (12) (2.5) 1.0 9.3 10 15.6
=========================================================================================
Totals ($921. (8.1) (5,989) (4.9) ($1,04 (22.7) (5,350) (18.0)
9) 9.4)
-----------------------------------------------------------------------------------------
Note: Totals may not add due to rounding.
\a Less than $50,000.
OUTSTANDING GUARANTEED LOANS OWED
BY DELINQUENT BORROWERS
========================================================== Appendix II
This appendix provides information on the outstanding guaranteed
loans owed by delinquent borrowers, including the amount and percent,
by state, for fiscal years 1996 and 1995.
Table II.1
Amount and Percent of Outstanding
Guaranteed Loans Owed by Delinquent
Borrowers, by State, as of September 30,
1996
(Dollars in millions)
Amount owed by Percent owed by
Outstanding principal delinquent borrowers delinquent borrowers
---------------------- ---------------------- ----------------------
Percent
Number of Number of of Percent of
State Amount borrowers Amount borrowers debt borrowers
----------------- ---------- ---------- ---------- ---------- ---------- ----------
Alabama $46.4 286 $0.9 10 1.9 3.5
Alaska 0 0 0 0 0 0
Arizona 9.4 34 0.6 2 6.6 5.9
Arkansas 164.3 970 1.8 11 1.1 1.1
California 75.8 458 2.7 21 3.6 4.6
Colorado 130.5 614 4.8 22 3.7 3.6
Connecticut 12.9 65 0.1 2 1.0 3.1
Delaware 13.5 75 0.6 3 4.2 4.0
Florida 55.0 301 1.4 12 2.6 4.0
Georgia 172.5 866 2.7 19 1.5 2.2
Hawaii 0.1 3 0 0 0 0
Idaho 65.9 404 2.8 11 4.3 2.7
Illinois 288.5 1,885 5.4 41 1.9 2.2
Indiana 127.9 770 4.2 23 3.3 3.0
Iowa 524.5 4,159 11.5 105 2.2 2.5
Kansas 258.7 1,775 12.5 109 4.8 6.1
Kentucky 127.2 966 1.8 16 1.4 1.7
Louisiana 235.4 1,762 15.8 171 6.7 9.7
Maine 12.2 72 0.4 4 3.6 5.6
Maryland 25.9 177 1.1 7 4.3 4.0
Massachusetts 25.3 100 2.6 8 10.4 8.0
Michigan 216.8 1,061 4.4 32 2.0 3.0
Minnesota 373.9 2,391 15.2 122 4.1 5.1
Mississippi 154.8 875 2.8 21 1.8 2.4
Missouri 221.8 1,352 3.4 30 1.5 2.2
Montana 106.6 634 4.3 25 4.0 3.9
Nebraska 366.7 2,290 18.4 106 5.0 4.6
Nevada 4.8 32 0.1 1 1.8 3.1
New Hampshire 4.7 29 0.8 5 17.6 17.2
New Jersey 10.0 52 1.0 5 10.3 9.6
New Mexico 56.8 250 3.8 16 6.6 6.4
New York 131.6 694 8.0 50 6.1 7.2
North Carolina 150.1 879 0.9 6 0.6 0.7
North Dakota 207.4 1,239 9.6 87 4.6 7.0
Ohio 69.8 457 1.5 13 2.2 2.8
Oklahoma 267.1 1,381 42.5 203 15.9 14.7
Oregon 24.1 156 0.7 5 2.8 3.2
Pennsylvania 93.8 538 5.5 27 5.9 5.0
Puerto Rico 11.0 73 0.3 2 2.4 2.7
Rhode Island 1.9 6 0 0 0 0
South Carolina 41.6 263 1.4 8 3.3 3.0
South Dakota 233.3 1,874 11.9 89 5.1 4.7
Tennessee 66.6 549 2.3 20 3.5 3.6
Texas 471.6 2,775 37.5 274 8.0 9.9
Utah 28.5 175 1.5 11 5.3 6.3
Vermont 67.2 464 7.5 54 11.2 11.6
Virgin Islands 0 0 0 0 0 0
Virginia 31.8 183 1.4 7 4.5 3.8
Washington 60.0 381 0.9 9 1.5 2.4
West Virginia 44.7 272 1.3 8 3.0 2.9
Western Pacific 0 0 0 0 0 0
Wisconsin 418.9 2,265 14.2 97 3.4 4.3
Wyoming 50.4 321 2.9 27 5.7 8.4
=========================================================================================
Totals $6,360.3 39,653 $279.9 1,957 4.4 4.9
-----------------------------------------------------------------------------------------
Note: Totals may not add due to rounding.
Table II.2
Amount and Percent of Outstanding
Guaranteed Loans Owed by Delinquent
Borrowers, by State, as of September
30,1995
(Dollars in millions)
Amount owed by Percent owed by
Outstanding principal delinquent borrowers delinquent borrowers
---------------------- ---------------------- ----------------------
Percent Percent
Number of Number of of of
State Amount borrowers Amount borrowers debt borrowers
----------------- ---------- ---------- ---------- ---------- ---------- ----------
Alabama $42.4 283 $0.2 5 0.4 1.8
Alaska 0 0 0 0 0 0
Arizona 5.5 26 0.7 2 13.0 7.7
Arkansas 126.5 853 2.0 11 1.6 1.3
California 71.9 451 3.4 24 4.8 5.3
Colorado 118.1 580 3.4 21 2.8 3.6
Connecticut 10.7 57 0 0 0 0
Delaware 12.6 73 0.1 1 0.5 1.4
Florida 46.4 258 2.0 12 4.2 4.7
Georgia 149.2 822 2.4 21 1.6 2.6
Hawaii 0.3 3 0 0 0 0
Idaho 75.4 429 3.3 12 4.3 2.8
Illinois 264.6 1,858 6.6 57 2.5 3.1
Indiana 116.7 735 4.9 23 4.2 3.1
Iowa 538.4 4,321 11.5 121 2.1 2.8
Kansas 244.4 1,721 10.9 92 4.5 5.3
Kentucky 104.6 900 1.5 18 1.4 2.0
Louisiana 224.7 1,767 6.1 59 2.7 3.3
Maine 8.2 61 0.7 7 8.2 11.5
Maryland 23.9 170 0.2 2 0.9 1.2
Massachusetts 21.6 92 2.1 8 9.7 8.7
Michigan 199.7 1,047 5.1 39 2.6 3.7
Minnesota 358.7 2,412 13.9 130 3.9 5.4
Mississippi 163.6 877 3.3 22 2.0 2.5
Missouri 181.3 1,239 1.7 19 1.0 1.5
Montana 96.8 583 3.9 23 4.0 3.9
Nebraska 337.2 2,223 14.0 86 4.1 3.9
Nevada 5.3 33 0.8 6 15.5 18.2
New Hampshire 4.5 29 0.5 5 11.4 17.2
New Jersey 8.9 45 1.3 6 14.0 13.3
New Mexico 49.5 229 2.6 13 5.3 5.7
New York 116.4 636 5.2 33 4.5 5.2
North Carolina 131.1 840 0.7 6 0.5 0.7
North Dakota 177.9 1,167 9.5 77 5.4 6.6
Ohio 68.0 473 2.2 15 3.2 3.2
Oklahoma 257.8 1,314 27.7 130 10.8 9.9
Oregon 25.1 168 1.2 10 4.9 6.0
Pennsylvania 95.7 533 5.0 30 5.2 5.6
Puerto Rico 10.7 75 0 0 0 0
Rhode Island 1.1 5 0 0 0 0
South Carolina 41.1 265 0.7 6 1.8 2.3
South Dakota 222.8 1,843 8.0 71 3.6 3.9
Tennessee 65.9 553 2.1 18 3.2 3.3
Texas 414.9 2,564 21.3 137 5.1 5.3
Utah 31.1 183 0.7 6 2.4 3.3
Vermont 67.8 456 6.9 50 10.1 11.0
Virgin Islands 0 0 0 0 0 0
Virginia 32.0 190 0.5 5 1.5 2.6
Washington 68.0 406 2.1 15 3.1 3.7
West Virginia 40.3 237 0.9 7 2.3 3.0
Western Pacific 0 0 0 0 0 0
Wisconsin 404.6 2,270 11.7 89 2.9 3.9
Wyoming 48.9 316 2.0 17 4.1 5.4
=========================================================================================
Totals $5,932.6 38,671 $217.7 1,567 3.7 4.1
-----------------------------------------------------------------------------------------
Note: Totals may not add due to rounding.
Table II.3
Change in Amount and Percent of
Outstanding Guaranteed Loans Owed by
Delinquent Borrowers, by State,
September 30, 1995, to September 30,
1996
(Dollars in millions)
Change in amount owed by delinquent
Change in outstanding principal borrowers
------------------------------------ ------------------------------------
Percenta Percenta Percenta Percenta
Amou ge Number of ge Amou ge Number of ge
State nt change borrowers change nt change borrowers change
------------- ---- -------- ---------- -------- ---- -------- ---------- --------
Alabama $4.0 9.4 3 1.1 $0.7 401.3 5 100.0
Alaska 0 0 0 0 0 0 0 0
Arizona 3.9 70.5 8 30.8 (0.1 (13.0) 0 0
)
Arkansas 37.8 29.9 117 13.7 (0.2 (9.4) 0 0
)
California 4.0 5.5 7 1.6 (0.7 (21.6) (3) (12.5)
)
Colorado 12.4 10.5 34 5.9 1.4 43.1 1 4.8
Connecticut 2.2 20.3 8 14.0 0.1 \a 2 \a
Delaware 0.8 6.6 2 2.7 0.5 719.4 2 200.0
Florida 8.6 18.6 43 16.7 (0.5 (27.4) 0 0
)
Georgia 23.4 15.7 44 5.4 0.3 12.0 (2) (9.5)
Hawaii (0.2 (56.6) 0 0 0 0 0 0
)
Idaho (9.5 (12.6) (25) (5.8) (0.5 (13.9) (1) (8.3)
) )
Illinois 23.9 9.0 27 1.5 (1.2 (17.6) (16) (28.1)
)
Indiana 11.1 9.6 35 4.8 (0.8 (15.2) 0 0
)
Iowa (14. (2.6) (162) (3.7) \b (0.4) (16) (13.2)
0)
Kansas 14.2 5.8 54 3.1 1.6 14.5 17 18.5
Kentucky 22.6 21.6 66 7.3 0.3 18.6 (2) (11.1)
Louisiana 10.7 4.8 (5) (0.3) 9.6 156.7 112 189.8
Maine 3.9 47.9 11 18 (0.2 (35.8) (3) (42.9)
)
Maryland 2.0 8.5 7 4.1 0.9 446.7 5 250.0
Massachusetts 3.7 17.3 8 8.7 0.5 25.6 0 0
Michigan 17.1 8.6 14 1.3 (0.7 (13.7) (7) (17.9)
)
Minnesota 15.2 4.2 (21) (0.9) 1.3 9.2 (8) (6.2)
Mississippi (8.8 (5.4) (2) (0.2) (0.5 (15.5) (1) (4.5)
) )
Missouri 40.5 22.4 113 9.1 1.7 96.3 11 57.9
Montana 9.8 10.1 51 8.7 0.5 11.8 2 8.7
Nebraska 29.5 8.8 67 3.0 4.5 32.0 20 23.3
Nevada (0.5 (8.9) (1) (3.0) (0.7 (89.1) (5) (83.3)
) )
New Hampshire 0.2 5.2 0 0 0.3 62.6 0 0
New Jersey 1.1 12.1 7 15.6 (0.2 (18.0) (1) (16.7)
)
New Mexico 7.4 14.9 21 9.2 1.2 44.6 3 23.1
New York 15.2 13.1 58 9.1 2.8 54.8 17 51.5
North 19.0 14.5 39 4.6 0.2 29.8 0 0
Carolina
North Dakota 29.5 16.6 72 6.2 \b 0.5 10 13.0
Ohio 1.8 2.6 (16) (3.4) (0.7 (30.4) (2) (13.3)
)
Oklahoma 9.4 3.6 67 5.1 14.8 53.3 73 56.2
Oregon (1.0 (3.9) (12) (7.1) (0.5 (44.8) (5) (50.0)
) )
Pennsylvania (1.9 (2.0) 5 0.9 0.5 10.2 (3) (10.0)
)
Puerto Rico 0.3 2.5 (2) (2.7) 0.3 \a 2 \a
Rhode Island 0.9 80.3 1 20.0 0 0 0 0
South 0.5 1.1 (2) (0.8) 0.7 90.7 2 33.3
Carolina
South Dakota 10.5 4.7 31 1.7 3.8 47.6 18 25.4
Tennessee 0.7 1.0 (4) (0.7) 0.2 8.8 2 11.1
Texas 56.8 13.7 211 8.2 16.2 75.8 137 100.0
Utah (2.6 (8.2) (8) (4.4) 0.8 106.2 5 83.3
)
Vermont (0.6 (0.9) 8 1.8 0.7 9.5 4 8.0
)
Virgin 0 0 0 0 0 0 0 0
Islands
Virginia (0.2 (0.7) (7) (3.7) 0.9 186.7 2 40.0
)
Washington (8.0 (11.7) (25) (6.2) (1.2 (58.2) (6) (40.0)
) )
West Virginia 4.4 11.0 35 14.8 0.4 43.6 1 14.3
Western 0 0 0 0 0 0 0 0
Pacific
Wisconsin 14.3 3.5 (5) (0.2) 2.5 21.5 8 9.0
Wyoming 1.5 3.1 5 1.6 0.9 44.4 10 58.8
=========================================================================================
Totals $1,8 40.2 982 2.5 $62. 28.6 390 24.9
23.9 2
-----------------------------------------------------------------------------------------
Note: Totals may not add due to rounding.
\a Less than $50,000.
\b A percent change cannot be calculated because there were no
delinquencies in 1995.
DIRECT LOAN LOSSES AND GUARANTEED
LOAN LOSS PAYMENTS
========================================================= Appendix III
This appendix provides information on direct loan losses and
guaranteed loan loss payments, by state, for fiscal year 1996.
Table III.1
Direct Loan Losses, Guaranteed Loan Loss
Payments, and Total Losses, by State,
Fiscal Year 1996
(Dollars in millions)
Total direct and
Direct loan losses Guaranteed loan losses guaranteed loan losses
---------------------- ---------------------- ----------------------
State Amount Borrowers Amount Borrowers Amount Borrowers
----------------- ---------- ---------- ---------- ---------- ---------- ----------
Alabama $1.2 18 $0.1 3 $1.3 21
Alaska 0 0 0 0 0 0
Arizona 54.4 33 0 0 54.4 33
Arkansas 33.6 184 0.7 11 34.3 195
California 224.4 106 0.3 4 224.8 110
Colorado 4.4 28 0.6 9 5.0 37
Connecticut 1.3 6 0 0 1.3 6
Florida 58.9 100 0.5 3 59.3 103
Georgia 51.4 142 1.7 19 53.0 61
Hawaii \a 1 0 0 \a 1
Idaho 29.0 81 0.6 3 29.6 84
Illinois 9.5 65 1.3 20 10.9 85
Indiana 10.0 54 0.2 3 10.2 57
Iowa 10.7 100 1.3 28 12.0 128
Kansas 8.2 52 0.8 13 9.0 65
Kentucky 7.9 69 0.4 8 8.3 77
Louisiana 100.5 468 6.8 100 107.2 568
Maine 4.1 15 0 0 4.1 15
Maryland 1.2 8 0.1 2 1.3 10
Massachusetts 0.7 2 1.1 4 1.8 6
Michigan 11.7 71 0.4 8 12.1 79
Minnesota 16.1 69 2.3 33 18.4 102
Mississippi 134.9 276 2.4 29 137.3 305
Missouri 15.2 106 0.7 12 15.9 118
Montana 11.7 44 \a 1 11.7 45
Nebraska 5.7 52 0.6 12 6.3 64
Nevada 2.4 7 0 0 2.4 7
New Hampshire \a 1 0.2 2 0.2 3
New Jersey 0.2 1 0.2 2 0.4 3
New Mexico 3.2 17 0.2 2 3.4 19
New York 14.4 86 0.5 7 14.9 93
North Carolina 9.0 46 0.1 2 9.0 48
North Dakota 16.1 94 0.7 15 16.8 109
Ohio 14.8 67 0.4 5 15.2 72
Oklahoma 16.3 108 5.5 38 21.8 146
Oregon 6.5 23 0.4 3 6.9 26
Pennsylvania 4.9 38 0.3 4 5.2 42
Puerto Rico 1.7 19 0.2 3 1.9 22
South Carolina 23.9 81 0.5 2 24.4 83
South Dakota 15.4 52 0.7 19 16.2 71
Tennessee 12.3 68 1.3 16 13.6 84
Texas 103.0 258 2.7 36 105.7 294
Utah 1.4 10 0.1 2 1.5 12
Vermont 0.2 2 0.3 4 0.5 6
Virgin Islands 0 0 0 0 0 0
Virginia 21.4 79 0.2 3 21.5 82
Washington 6.6 25 0.4 4 7.0 29
West Virginia 1.2 10 0.6 4 1.8 14
Western Pacific 0 0 0 0 0 0
Wisconsin 16.2 144 2.6 38 18.7 182
Wyoming 1.1 8 0.8 9 1.9 17
=========================================================================================
Totals $1,098.6 3,394 $41.9 545 $1,140.5 3,939
-----------------------------------------------------------------------------------------
Note: Totals may not add due to rounding.
\a Less than $50,000.
Table III.2
Direct Loan Losses by Loss Category, by
State, Fiscal Year 1996
(Dollars in millions)
Debt settlement with Recovery buy-out with Restructured with
write-off write-off write-down
---------------------- ---------------------- ----------------------
State Amount Borrowers Amount Borrowers Amount Borrowers
----------------- ---------- ---------- ---------- ---------- ---------- ----------
Alabama $0.8 13 $0.2 4 $0.1 1
Alaska 0 0 0 0 0 0
Arizona 54.3 32 0 0 0.1 1
Arkansas 31.6 158 0.9 12 1.1 14
California 223.9 103 0.5 3 0 0
Colorado 3.6 20 0.3 2 0.5 6
Connecticut 1.0 5 0 0 0.3 1
Florida 58.7 98 \a 1 0.1 1
Georgia 48.7 127 2.5 12 0.2 3
Hawaii \a 1 0 0 0 0
Idaho 27.1 65 0.6 6 1.3 10
Illinois 8.8 57 0.3 2 0.3 6
Indiana 9.0 48 0.6 3 0.3 3
Iowa 9.4 86 0.6 5 0.6 9
Kansas 7.8 46 \a 1 0.4 5
Kentucky 6.6 55 0.1 1 1.2 13
Louisiana 92.2 406 7.4 49 0.9 13
Maine 3.6 12 0.2 1 0.2 2
Maryland 1.1 7 0 0 0.1 1
Massachusetts 0.7 2 0 0 0 0
Michigan 8.5 41 0.5 7 2.7 23
Minnesota 14.4 54 1.3 7 0.5 8
Mississippi 127.5 237 6.3 31 1.1 8
Missouri 13.5 83 1.1 15 0.7 8
Montana 11.1 37 0.4 5 0.3 2
Nebraska 5.4 47 0.2 3 0.1 2
Nevada 1.1 5 0.6 1 0.7 1
New Hampshire \a 1 0 0 0 0
New Jersey 0 0 0 0 0.2 1
New Mexico 2.3 11 0.6 3 0.2 3
New York 12.8 76 0.9 4 0.7 6
North Carolina 7.5 38 1.1 5 0.4 3
North Dakota 10.8 67 3.5 9 1.8 18
Ohio 14.3 62 0.4 3 0.1 2
Oklahoma 8.7 69 4.1 15 3.5 24
Oregon 5.8 19 0 0 0.7 4
Pennsylvania 4.4 32 0.1 2 0.4 4
Puerto Rico 1.7 19 0 0 0 0
South Carolina 23.0 73 0.7 6 0.2 2
South Dakota 14.9 44 0.1 2 0.5 6
Tennessee 10.9 59 1.2 6 0.2 3
Texas 87.7 222 12.3 15 3.1 21
Utah 1.1 8 0 0 0.2 2
Vermont 0.1 1 0 0 0.1 1
Virgin Islands 0 0 0 0 0 0
Virginia 21.2 75 0 0 0.2 4
Washington 6.6 24 0.1 1 0 0
West Virginia 1.2 10 0 0 0 0
Western Pacific 0 0 0 0 0 0
Wisconsin 14.7 126 1.0 10 0.5 8
Wyoming 0.9 6 \a 1 0.1 1
Totals $1,020.9 2,887 $50.9 253 $26.8 254
-----------------------------------------------------------------------------------------
Note: Totals may not add due to rounding.
\a Less than $50,000.
MAJOR CONTRIBUTORS TO THIS REPORT
========================================================== Appendix IV
RESOURCES, COMMUNITY, AND ECONOMIC
DEVELOPMENT DIVISION, WASHINGTON,
D.C.
Ronald E. Maxon, Jr., Assistant Director
Mary L. Dietrich, Senior Evaluator
Patrick J. Sweeney, Senior Evaluator
Robert C. Sommer, Computer Analyst
*** End of document. ***