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Very southern Mn | Here Farm Credit was the culprit. Loan officers on commission, their models were depending on continued inflation to repay loans as they weren’t cash flowing ( as now but now operation should cash flow with new payments included. Farm Credit here was paying loan guys commissions on loans which made it even worse. I am speaking of Minnesota branch, now called Compeer as I think they were basically defunct in the 80’s. Yes, it takes two to sign a loan agreement but there was some absolutely insane loans that should never been made. Iowa was better run at the time and not near as many foreclosures on south side of line as north side ( Mn-IA line) but obviously still a lot of problems. | |
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Old farmland article
