Show NATIONAL CREDIT organization IS SAVING many foreclosures FORE CLOSURES federal land bank berkeley cal the frazher lemke amendment to the bankruptcy act Is in accord with the program of 0 the since it a attempts t to prevent occasional selfish creditors from foreclosing on distrust dis farm debtors governor mayorg of the administration at washington telegraphed today to chas parker president of the berkeley federal land rank bank ire referred to the popularly called farm moratorium bill passed by the late Cong congress Tess the program of the has been to prevent farm foreclosures fore closures and to refinance excessive farm debt burden on a basis which Irl ch would permit good farmers to work out As a result of the general recovery durina the past year and the loans of the land banks and commissioners amounting to nl al most a billion dollars tile the gre areat t major ity of distressed farm mortgage mort sace cases have been relieved leaving a very slight minority of farmers who will have to so go into bankruptcy to save their homes i Is AS a class farmers are very slow io 0 o embrace the bankruptcy solution of bir their financial problems governor frers went ori on to say ile he expressed liis his belief that despite the frazier frayier lemke bill farmers will still retains their ever present urse urge t their debts lie ile cited the fact that more than SO SG percent 0 of f int intall aliments ments on corn missioners miss loners ners loans generally pene rally have lieen been made to most heavily indebted farmers fan ners and vilich matured prior to june I 1 were paid on or lie be fore flue due and of those delinquent to thirds are for less than 30 lays days Ilea heavily vily indebted farmers are actins in tile the highest good faith govern governor flyers wired to the berkeley bank in lending the surn sum it has and making commitments to lend STO more the has become the cred aitor of a vast number of farmers who otherwise filsht have needed to avail themselves of bankruptcy as provided by the bill 1111 to avoid foreclose fore clos tire lire ninety cents out of every dol lar loaned has gone eone to refinance ex istine debts and to to put farmers in a position where they do not have to consider bankruptcy the total tann farm mortgage mor tase loans loan sand anil commitments made under tinder the nancele nan celii program will raise tile the total outstanding outstanding loans of the land banks and annl bank link commissioners to more than lit in a few months so that they jointly will become hold leold ers era of over SO 30 percent of the total farm mor dortre mort tre Kae indebtedness in tl united states now placed at in addition the interest burden on the he refinanced financed re debt has bas ba s imen reduced on an average of about 2 pe percent reent payments of interest and principal have hav e been extended on mort saire gaze loans of worthy farmers who thru no fault ot of their own temporary temp orar ll 11 fly i have hae been unable to meet those payments compensating payments from roin the US treasury placed the ow land banks in a position to grant this relief loans by bv the hank bank commissioner have been and will continue to be made up to 75 percent per cerit of 0 the normal value ot of farms atilio less than one tenth of the nations farms were indebted for more than 70 percent of their value at tile the time the re financing program started at that time more than half the count rys farms were tree free from mortgage mort Kace gaze the ten percent ot of the farms mortgaged tor 70 perc antor more of their val tat ue hag bag lieen been cut to an ev en en smaller percentage since the re financing pro pram gram started thus diminishing to exceptional cases the number of possible applicants for bankruptcy under tinder the frahler lemle bill tile satiation stia tion has pursued the policy of not foreclosing upon any an borrower bor roner roller who is doing his honest best to meet liis ills obligations who is makins making proper application of ills bis in come after meeting meeta living avin expenses and caring for the proper ty many 1 other creditors asree agree with the land an b banks that avoidance of fore closure wherever possible oos sible will prevent losses of 04 capital to debtor and creditors alike july ath the federal fellet al laid bank at berkeley Fler keley announced the closing of 1172 2 farm mort mor montae gaze tae loans for une and is the record high for any month except january Tani iao which produced 3 3 3 this is for california utah and arizona the money loaned lo anedis ls divided almost equally into two divisions viz lanil land loan bank loans and laud land commissioners loans 0 of over GT million dollars loan loaned ed in june nearly 39 million was for use by the borrowers to refinance indebtedness in this refinance in ing the pot got about 34 million do de linquest lin quent taxes paid amounted to 1 I 1 merchants ansur ance companies about one and one ona half bait million lon and other creditors sot got more than 21 million approximately 4 million was used tor for buying land and equipment construction etc lf four million was used tor for debtors leb tors to repurchase farms they had bad lost |