Show In I Information n for form a ati t ion o nOn On Obtaining I Land Bank Loans I Reduction or scale down down alE oi of farmers obligations has become I an an important for discus discus- discussion discussion sion in connection with farm fin fin- finance finance fin finance ance relief being bein administered un- un under un under der the Emergency Farm Mort- Mort Mortgage Mortgage Mort gage Act Ad of oC May 1 12 1933 The necessity for the scale scale- scale down down in many ca cas cases casi i was vas explain explained d dby by William H Woolf n agent ent of Ii Land nd Bank Commissioner for th the States of California Arizona Nevada and Utah who said aid that a study of oC applications shows that many of the farmers applying for loans are in such bad financial post position position tion that they are virtually insolvent insolvent vent and that there must be a scaling down on the part of the farmers creditors to a point where the farmer will vill have an equity of at least 25 of the value of the farm property before the a agent ent of the Land Bank Commissioner can make manc a loan I want to state state- clearly said Mr lr Woolly that the commission commission- commissioner's commissioner's commissioner's ers er's agent ent is neither a court nor a mediator between n the farmers and their creditors in effecting these downs scale downs The conditions under which the commissioner loans may maybe maybe maybe be made are clearly established and it is entirely up to the farmer and his creditors to arrive at an ana a agreement that will meet established establish ed cd conditions if a n loan is to be made Creditors should observe that it is to their advantage e to allow a reduction of obligations in cases where loans could not otherwise be allowed for if a scale-down scale will enable a loan to be passed it us- us usually us usually means me-ans that there will be cash available for the creditor that could not be obtained from other sources The law under which the Farm Credit Administration and the theLand theLand theLand Land Bank Commiss Commissioner oner function has designated what is a farm and who is a farmer and it is intended that a agricultural relief derived from Commissioner loans shall be extended to those who come under the classification of farmers as defined in the law If you desire n a aloan aloan loan on property which is used for agricultural non non-a non agricultural purposes your application ap- ap application ap application should be filed with th one of the relief a agencies other than th the Land Bank Commissioner Loans by the Land Bank Com Com- Commissioner Commissioner missioner may be made up to 5 o t to one one person person and and may b be made made for as ns much as 75 per cent of the appraised value of the real and personal property of the applicant The appraised value is determined ed cd after an appraiser desi by bythe bythe bythe the Land Bank Commissioner has I hasI visited the property Applicants should be careful not to value over over their property at the time of fill fill- filling fill filling in ing out applications for no loan I can be 00 made mad for more than 75 of oC the fair normal value and if loans are arc requested on the basis of valuation over it will 11 be necessary necessary necessary sary to fi figure ro out some way to re- re reduce reduce re reduce duce the amount of the request if loan is to be 00 granted |