Borah on Debts
Nearly one-half of all U. S. farms are mortgaged. This indebtedness approximates nine billion dollars, of which two-thirds is concentrated in a dozen Midwest States. Insurance companies hold about 20% of all farm mortgages, government-supervised land banks about 12%. Most of these mortgages were negotiated when farm produce brought prices almost double today's. Compelled to pay interest and principal on old debts out of reduced earnings, many a farmer is close to revolt against foreclosure. Joint-Stock Land Banks are taking $50 per acre for foreclosed farms...
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