Congressional Oversight Panel
SPECIAL REPORT ON FARM
LOAN RESTRUCTURING*
July 21, 2009
*Submitted under Section 501 of Title 5 of the Helping Families Save Their Homes
Act of 2009, Pub. L. No. 111-22
1
Table of Contents
Executive Summary ............................................................................................................ 2
Section One: Special Report on Farm Loan Restructuring ................................................ 6
A. Introduction ....................................................................................................... 6
B. Agriculture Markets Generally .......................................................................... 8
C. Farm Credit Markets ....................................................................................... 28
D. Farm Loan Restructuring ................................................................................ 58
E. Conclusion ....................................................................................................... 98
Section Two: Additional Views ..................................................................................... 101
A. Damon Silvers ............................................................................................... 101
B. Congressman Jeb Hensarling and Senator John E. Sununu .......................... 102
Section Three: About the Congressional Oversight Panel ............................................. 104
2
Executive Summary*
From the earliest days of the Republic, the Jeffersonian ideal of the yeoman farmer has
held a special place in American culture. But the harsh reality of severe droughts, devastating
floods, and dramatic fluctuations in commodity prices has intruded upon the ideal time and time
again for those who work the land to provide for their families and to feed their communities.
Recognizing the importance of agriculture not only to the American identity but to our
economy, and acknowledgin