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Nw Iowa | 150, pretty good explanation. Don’t want to be negative but that is why I questioned how farm credit is locking in these long term interest. If you got too much borrowed at too cheap of interest for a long term , you have pressure as a bank to collect obviously, but also to stop the bleeding from a spread that is now negative.
Also agree 150 that the worse part was the unfairness of it all. If you were deep in debt, probably had a better chance than if you were about par, meaning that your land equaled the debt. Which sounds like you were still a bad manager until you factor in, at least in my area, land went from the high down to 25 cents on the dollar. I think Minnesota and northern Iowa probably hit the hardest as there was a lot of land for sale or being foreclosed on. Land sold much higher but a lot around 2000 a acre that was financed at 60% plus of value. Also caught a lot of people borrowing against increased value of land to sustain a increased living style. So there were a lot of inherited farms also lost. That was stupidity from both borrower and bank. A lot of inherited farms had 2000 against them before the crap hit the fan. | |
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Like to hear thoughts on 1984 farm movie "Country"
