Show report on land bank loans for sevier farmers Farmer Re financing debts through the farm credit administration has saved sevier county farmers more than a year on interest alone according to figures from the central office of the farm credit administration in washington over of farm debts with interest rates that averaged 73 per cent a year have been re financed with long term mortgage loans carrying interest rates of 5 per cent a year or less the figures show that the local national farm loan association has been a big factor in making these long term mortgages available at low interest rates the as aa sedation guarantees loans loana to the federal land bank from may 1933 when the farm credit administration was organized to the end of last year 90 sevier county farmers obtained for the specific purpose of re financing old debts the federal land bank made 55 first mortgage loans and the land bank cornoni commissioner toner 80 loans loam As in the past the federal land banks are arc making loans only on first mortgage security lending up to about one half of the appraised normal value of the farm property the commissioner lends on second as well as first mortgage security in amounts up to 75 per cent of the value the largest amount of a commissioner loan to one farmer is due to favorable investment market conditions when the federal land banks sold bonds recently the banks can offer new loans at present at the interest rate of 4 per cent a year the lowest at which they have ever lent money the statement from the farm credit administration points out that hat a farmer who gets a federal and bank loan through the local national farm loan association while the 4 per cent interest rate lasts will not have to pay a higher rate during the entire term of the loan which may be made for a period as long as 30 odd years the first farm mortgage loans made by the berkeley federal land bank may 15 1917 was marked paid in full on the banks books today the latest loan made during the banks 19 years of operations erat ions is no |