United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office Resources, Community, and Economic Development Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1994-10-18 monographic deposited born digital 29 p. GA 1.13:RCED-95-11 https://www.govinfo.gov/app/details/GAOREPORTS-RCED-95-11 P0b002ee180374cd0 f:rc95011 DGPO 2010-08-12 2011-03-24 GAOREPORTS-RCED-95-11 machine generated eng fdlp REPORT GAOREPORTS-RCED-95-11 RCED-95-11 Farm credit Direct loans Government guaranteed loans Loan defaults Financial management Risk management Debt collection Government collections Collection procedures Losses FmHA Guaranteed Farm Loan Program Louisiana Mississippi Texas Letter Report RCED The Farmers Home Administration (FmHA) wrote off nearly $3 billion in farm debt between 1991 and 1993, even though the borrower may have had assets that could have been applied to bad loans. Meanwhile, borrowers who benefitted from such debt relief continue to obtain new loans. FmHA's field offices do not always follow the agency's own debt collection procedures, which are intended to mitigate the federal government's losses. For example, FmHA's internal reviews show that field officials often do not develop a complete inventory of borrowers' financial assets. Furthermore, even when FMHA has a complete inventory of borrowers' financial resources, it has not always used them to offset losses. Borrowers who have benefitted from debt relief continue to get new loans. In fiscal years 1991-93, FmHA approved new loans totaling $13 million to 86 borrowers who, through debt settlements, have received $20 million in debt relief. https://www.govinfo.gov/content/pkg/GAOREPORTS-RCED-95-11/html/GAOREPORTS-RCED-95-11.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-RCED-95-11/pdf/GAOREPORTS-RCED-95-11.pdf GAO/RCED-95-11 https://www.govinfo.gov/app/details/GAOREPORTS-RCED-95-11 Letter Report GAO/RCED-95-11; Debt Settlements: FmHA Can Do More to Collect on Loans and Avoid Losses; Farm credit Direct loans Government guaranteed loans Loan defaults Financial management Risk management Debt collection Government collections Collection procedures Losses FmHA Guaranteed Farm Loan Program Louisiana Mississippi Texas Public Law 87-128