United States General Accounting Office

GAO Fact Sheet for the Committee on

Agriculture, Nutrition, and Forestry, U.S.

Senate

July 1995 CONSOLIDATED FARM

SERVICE AGENCY

Update on the Farm Loan

Portfolio

GAO/RCED-95-223FS

GAO United States

General Accounting Office

Washington, D.C. 20548

Resources, Community, and

Economic Development Division

B-261638 

July 14, 1995

The Honorable Richard G. Lugar

Chairman

The Honorable Patrick J. Leahy

Ranking Minority Member

Committee on Agriculture, Nutrition,

 and Forestry

United States Senate

This report responds to your April 7, 1995, request for selected information

on the U.S. Department of Agriculture’s (USDA) direct and guaranteed farm

loan programs.1

 In particular, we are providing information on the

(1) levels of outstanding debt on active loans and amounts owed by

delinquent borrowers as of March 31, 1995; (2) losses on farm loans from

fiscal year 1989 through March 31, 1995; and (3) new loans to borrowers

who are delinquent and to borrowers whose past defaults resulted in

losses. The information contained in this report updates information that

we have reported previously. It does not address the many management

and policy issues associated with the federal farm loan program. We have

addressed these issues in a number of previous reports and testimonies,

the most recent of which were issued earlier this year.2

In summary, we found the following:

Outstanding Debt and

Amounts Owed by

Delinquent Borrowers

• As of March 31, 1995, the Consolidated Farm Service Agency’s (CFSA)

outstanding principal for active direct and guaranteed farm loans to the

nation’s farmers totaled $17.8 billion—$11.9 billion in the direct loan

program and $5.9 billion in the guaranteed loan program.

• Of the $11.9 billion in outstanding principal in the direct loan program,

$5.6 billion, or about 47 percent,3

 was held by delinquent borrowers, that

1

Historically, farm loans were administered within USDA by the Farmers Home Administration. In

October 1994, this responsibility was transferred to the newly created Consolidated Farm Service

Agency.

2

High-Risk Series: Farm Loan Programs (GAO/HR-95-9, Feb. 1995); Farm Loans: Actions Needed to

Safeguard Taxpayers’ Interests (GAO/T-RCED-95-147, Mar. 31, 1995); Farm Loans: Actions Needed to

Safeguard Taxpayers’ Interests (GAO/T-RCED-95-194, May 18, 1995).

3

Because of the timing of payments, the percentage owed by delinquent borrowers fluctuates

significantly during the year. Most loans have payments due on January 1. Loans are not considered

delinquent until payments are 30 days late—that is, not made by January 31, for most loans. The

percentage of delinquency is lowest on December 31 and highest on January 31.

Page 1 GAO/RCED-95-223FS Farm Loan Portfolio
B-261638 

is, borrowers who were past due on their loan payments.4 Of the $5.9

billion in outstanding principal in the guaranteed loan program,

$211 million, or about 4 percent, was held by delinquent borrowers.

Since the direct loan portfolio has more problem debt than the guaranteed

loan portfolio, we focused on it and found the following:

• Farm ownership loans, made for purposes such as buying and improving

farm land, accounted for the most outstanding principal owed—$4.7

billion. Emergency disaster assistance loans, made to farmers whose

operations have been substantially damaged by adverse weather or other

natural disasters, accounted for $3.2 billion. Operating loans ($2.8 billion),

economic emergency loans5

 ($1.2 billion), and other direct loans

($148 million) made up the balance of the outstanding principal. While the

two types of emergency loans had the highest percentage of amounts

owed by delinquent borrowers—both over 50 percent—a substantial

portion of the farm ownership and operating loans was also held by

delinquent borrowers—31 and 45 percent, respectively.

• Most outstanding direct loan principal was owed by borrowers who owed

less than $200,000—$7.4 billion was held by borrowers in this category. On

the other hand, $562 million in outstanding principal was held by active

borrowers whose direct loan principal was $1 million or more. In terms of

the percentage owed by delinquent borrowers, the rate was about 34

percent for those who owed less than $200,000 and 93 percent for those

who owed $1 million and over.

Farm Loan Losses • From fiscal year 1989 through the first half of fiscal year 1995, $12.4 billion

in principal and interest was lost by reducing or forgiving the delinquent

debt of direct loan borrowers, and about $300 million in losses was

incurred on guaranteed loans.

• Within the direct loan program, the highest losses occurred with the

emergency disaster assistance loans—$5.9 billion—followed by operating

loans—$2.5 billion, economic emergency loans—$2.3 billion, farm

ownership loans—$1.6 billion, and other direct loans—$124 million.

• The largest proportion of the direct loan losses—34 percent—occurred

with borrowers for whom CFSA lost between $200,000 and $499,999.

Borrowers for whom CFSA lost less than $200,000 accounted for 31 percent

4

If a borrower was delinquent on any farm loan, the principal on all farm loans held by the borrower

was totaled to calculate the amount owed by the delinquent borrower.

5

Economic emergency loans were made from 1978 through 1984 to allow farmers to continue

operations during a time when there was a serious lack of agricultural credit or when the costs of

production exceeded the prices farmers received for their products.

Page 2 GAO/RCED-95-223FS Farm Loan Portfolio
B-261638 

of the direct loan losses. Borrowers for whom CFSA lost between $500,000

and $999,999 accounted for 21 percent of the direct loan losses, and

borrowers for whom CFSA lost $1 million or more accounted for 15 percent

of the direct loan losses.

New Loans to Delinquent

Borrowers

• From fiscal year 1989 through the first 6 months of fiscal year 1995, CFSA

made about $448 million in new direct loans ($234 million) and new

guaranteed loans ($214 million) to borrowers after it had incurred losses

on their previous farm loans. As of March 31, 1995, about 42 percent of the

direct loan borrowers were delinquent.

• CFSA made an additional $130 million in loans from fiscal year 1989 through

the first 6 months of fiscal year 1995 under a congressionally directed

policy that allows delinquent borrowers to obtain new direct loans for

operating expenses. As of March 31, 1995, about 53 percent of these

borrowers were delinquent.

Section 1 of this report contains information on CFSA’s total outstanding

principal and the amounts owed by delinquent borrowers. Section 2

presents information on the agency’s losses from fiscal year 1989 through

the first 6 months of fiscal year 1995. Section 3 contains information on

loans to delinquent borrowers for the same period. In addition, as you

requested, appendixes I through IV provide analyses of various

information presented in sections 1 through 3 on a state-by-state basis.

To prepare this report, we analyzed information from computerized

databases in CFSA’s St. Louis Finance Office. We did not verify the accuracy

of the information contained in the agency’s databases. Our work was

performed from April through June 1995 in accordance with generally

accepted government auditing standards.

We requested comments on a draft of this report from CFSA. In a meeting to

discuss CFSA’s comments, the Acting Deputy Administrator for Farm Credit

Programs and Farm Credit Program staff raised a number of questions

regarding how we presented some of our data and the scope of our data.

We made changes to address their concerns and provided the following

clarifications:

• The numbers reported in this report differ from the numbers that CFSA

routinely reports. This report lists information on the outstanding

principal on active loans and excludes information on inactive loans, for

Page 3 GAO/RCED-95-223FS Farm Loan Portfolio
B-261638 

example, loans that are involved in bankruptcy or foreclosure

proceedings. CFSA reports principal and interest on all loans.

• This report lists information on the outstanding principal owed by

delinquent borrowers on all loans held by those borrowers whether or not

they are delinquent on all loans. CFSA reports information on the delinquent

loans and on past due principal and interest payments.

• This report does not take into account the recovery value of security, nor

does it reflect any future recovery value that may be realized by the sale or

conveyance of real estate, chattels, and other types of security involved

with losses due to debt write-downs and write-offs.

• This report lists losses for a period beginning with fiscal year 1989. CFSA’s

predecessor agency had been prevented by judicial decisions in 1984 and

1987 from foreclosing on delinquent borrowers. As a result, the losses

since 1989 are probably higher than they would have been had the losses

been spread out over the previous years when the foreclosure authority

did not exist.

As arranged with your offices, we are sending copies of this report to the

appropriate Senate and House Committees; interested Members of

Congress; the Secretary of Agriculture; the Administrator of CFSA; the

Director, Office of Management and Budget; and other interested parties.

We will also make copies available to others upon request.

Please contact me at (202) 512-5138 if you or your staff have any questions.

Major contributors to this report are listed in appendix V.

John W. Harman

Director, Food and

 Agriculture Issues

Page 4 GAO/RCED-95-223FS Farm Loan Portfolio
Page 5 GAO/RCED-95-223FS Farm Loan Portfolio
Contents

Letter 1

Section 1 

Outstanding Debt and

Amount Owed by

Delinquent Borrowers

10

Total Outstanding Principal and Amount Owed by Delinquent

Borrowers

10

Direct Loans 11

Guaranteed Loans 13

Performance on Loans Made in Recent Years 15

Section 2 

Farm Loan Losses

17

Direct and Guaranteed Loan Losses 17

Direct Loan Losses 18

Guaranteed Loan Loss Payments 21

Losses on Recent Loans 24

Section 3 

New Loans to

Delinquent Borrowers

25

Borrowers Who Received Additional Direct and Guaranteed

Loans After Debt Relief

25

Continuation Loans 26

Appendix I 

Outstanding Direct

and Guaranteed Loans

Owed by Delinquent

Borrowers

28

Appendix II 

Direct Loan Losses

and Guaranteed Loan

Loss Payments

51

Page 6 GAO/RCED-95-223FS Farm Loan Portfolio
Contents

Appendix III 

New Direct and

Guaranteed Loans to

Previously Delinquent

Borrowers Who

Received Debt Relief

77

Appendix IV 

New Direct Loans to

Delinquent Borrowers

86

Appendix V 

Major Contributors to

This Report

88

Tables Table 1.1: Outstanding Principal and Amount Owed by

Delinquent Borrowers, by Loan Program, as of March 31, 1995

10

Table 1.2: Amount and Percentage of Outstanding Direct Loans

Owed by Delinquent Borrowers, by Loan Type, as of March 31,

1995

12

Table 1.3: Amount and Percentage of Outstanding Direct Loans

Owed by Delinquent Borrowers, in Incremental Ranges of Debt,

as of March 31, 1995

13

Table 1.4: Amount and Percentage of Outstanding Principal Owed

by Delinquent Guaranteed Loan Borrowers, by Loan Type, as of

March 31, 1995

14

Table 1.5: Amount and Percentage of Outstanding Principal Owed

by Delinquent Guaranteed Loan Borrowers, in Incremental

Ranges of Debt, as of March 31, 1995

15

Table 1.6: Outstanding Principal and Amount Owed on Loans

Made During Fiscal Years 1989-93 for Which Borrowers Are

Delinquent, as of March 31, 1995

16

Table 2.1: CFSA’s Direct and Guaranteed Loan Losses, by Loan

Program, Fiscal Year 1989 Through the First 6 Months of Fiscal

Year 1995

18

Table 2.2: CFSA’s Direct Loan Losses, by Type of Loan Servicing,

Fiscal Year 1989 Through the First 6 Months of Fiscal Year 1995

19

Page 7 GAO/RCED-95-223FS Farm Loan Portfolio
Contents

Table 2.3: CFSA’s Direct Loan Losses, by Loan Type, Fiscal Year

1989 Through the First 6 Months of Fiscal Year 1995

20

Table 2.4: CFSA’s Direct Loan Losses, in Incremental Ranges of

Losses, Fiscal Year 1989 Through the First 6 Months of Fiscal

Year 1995

20

Table 2.5: CFSA’s Direct Loan Losses, in Incremental Ranges of

Losses, by Type of Loan Servicing, Fiscal Year 1989 Through the

First 6 Months of Fiscal Year 1995

21

Table 2.6: CFSA’s Guaranteed Loan Loss Payments, by Year,

Fiscal Year 1989 Through the First 6 Months of Fiscal Year 1995

22

Table 2.7: CFSA’s Guaranteed Loan Loss Payments, by Loan

Type, Fiscal Year 1989 Through the First 6 Months of Fiscal Year

1995

23

Table 2.8: CFSA’s Guaranteed Loan Loss Payments, in

Incremental Ranges of Losses, Fiscal Year 1989 Through the First

6 Months of Fiscal Year 1995

23

Table 2.9: CFSA’s Direct and Guaranteed Loan Losses on Loans

Made During Fiscal Years 1989-93, as of March 31, 1995

24

Table 3.1: Amount of New Direct and Guaranteed Loans Made

From Fiscal Year 1989 Through the First 6 Months of Fiscal Year

1995 to Borrowers Who Previously Received Debt Relief

25

Table 3.2: Amount of New Direct Operating Loans Made, by Year,

From Fiscal Year 1989 Through the First 6 Months of Fiscal Year

1995 to Borrowers Who Were Delinquent

26

Table I.1: Amount and Percentage of Outstanding Direct Loans

Owed by Delinquent Borrowers, by State, as of March 31, 1995

28

Table I.2: Amount and Percentage of Outstanding Guaranteed

Loans Owed by Delinquent Borrowers, by State, as of March 31,

1995

30

Table I.3: Amount and Percentage of Outstanding Direct Loans

Owed by Delinquent Borrowers, by Loan Type, by State, as of

March 31, 1995

32

Table I.4: Amount and Percentage of Outstanding Guaranteed

Loans Owed by Delinquent Borrowers, by Loan Type, by State, as

of March 31, 1995

43

Table II.1: Direct Loan Losses, by State, Fiscal Year 1989 Through

the First 6 Months of Fiscal Year 1995

51

Table II.2: Guaranteed Loan Loss Payments, by State, Fiscal Year

1989 Through the First 6 Months of Fiscal Year 1995

53

Table II.3: Direct Loan Losses, by Loan Type, by State, Fiscal Year

1989 Through the First 6 Months of Fiscal Year 1995

55

Page 8 GAO/RCED-95-223FS Farm Loan Portfolio
Contents

Table II.4: Guaranteed Loan Loss Payments, by Loan Type, by

State, Fiscal Years 1989 Through the First 6 Months of Fiscal Year

1995

66

Table III.1: Amount of New Direct and Guaranteed Loans Made

From Fiscal Year 1989 Through the First 6 Months of Fiscal Year

1995 to Borrowers Who Previously Received Debt Relief, by State

77

Table IV.1: Amount of New Direct Operating Loans Made From

Fiscal Year 1989 Through the First 6 Months of Fiscal Year 1995

to Borrowers Who Were Delinquent, by State

86

Abbreviations

CFSA Consolidated Farm Service Agency

GAO General Accounting Office

USDA U.S. Department of Agriculture

Page 9 GAO/RCED-95-223FS Farm Loan Portfolio
Section 1 

Outstanding Debt and Amount Owed by

Delinquent Borrowers

This section presents information on the Consolidated Farm Service

Agency’s (CFSA) outstanding debt on active direct and guaranteed farm

loans and the amount owed by delinquent borrowers.1

 The amount of debt

held by borrowers who were delinquent in repaying direct and guaranteed

farm loans continues to be a significant portion of CFSA’s outstanding debt

and totaled $5.8 billion, as of March 31, 1995.

Total Outstanding

Principal and Amount

Owed by Delinquent

Borrowers

As of March 31, 1995, the outstanding principal on CFSA’s active farm loans

was about $17.8 billion, of which 32.6 percent, or $5.8 billion, was held by

delinquent borrowers. As table 1.1 shows, most of the agency’s delinquent

borrowers are in the direct loan program, where about 47 percent of the

outstanding principal is owed by delinquent borrowers.2

 In contrast, the

guaranteed loan program has less than 4 percent of outstanding principal

owed by delinquent borrowers.

Table 1.1: Outstanding Principal and Amount Owed by Delinquent Borrowers, by Loan Program, as of March 31, 1995

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by delinquent

borrowersa

Dollars in billions

Loan program Amount

Number of

borrowers Amount

Number of

borrowers

Percentage of

debt

Percentage of

borrowers

Direct $11.9 126,522 $5.6 38,838 46.8 30.7

Guaranteed 5.9 37,381 0.2 1,555 3.6 4.2

Total $17.8 163,903b $5.8 40,393b 32.6 24.6

Note: See appendix I for a state-by-state analysis of the information in this table.

aPercentages are based on whole numbers.

bThe total may include some borrowers who are counted twice because they have both direct and

guaranteed loans.

Source: GAO’s analysis of CFSA Finance Office records.

1

This report provides information on borrowers in CFSA’s portfolio, which the agency classifies as

being active borrowers. We excluded information on inactive borrowers, such as those involved in

bankruptcy or foreclosure proceedings. Additionally, information in this report covers the outstanding

principal on all loans held by borrowers who are delinquent on any farm loan. Information in this

report also does not take into account the recovery value of security on the delinquent borrowers’

debt, nor does it reflect any future recovery value that may be realized by the sale or conveyance of

real estate, chattels, or other types of security involved with losses due to debt write-downs and

write-offs.

2

Because of the timing of payments, the percentage owed by delinquent borrowers fluctuates

significantly during the year. Most loans have payments due on January 1. Loans are not considered

delinquent until payments are 30 days late—that is, not made by January 31, for most loans. The

percentage of delinquency is lowest on December 31 and highest on January 31.

Page 10 GAO/RCED-95-223FS Farm Loan Portfolio
Section 1 

Outstanding Debt and Amount Owed by

Delinquent Borrowers

Direct Loans Outstanding principal on active loans in the direct loan portfolio totaled

about $11.9 billion on March 31, 1995. The direct loan portfolio comprises

various types of outstanding loans, including operating, farm ownership,

emergency disaster, and economic emergency loans. CFSA makes direct

operating loans of up to $200,000 for such purposes as buying feed, seed,

fertilizer, livestock, and farm equipment; paying family living expenses;

and refinancing existing debt. CFSA makes direct farm ownership loans of

up to $200,000 for purposes such as buying and improving farmland;

constructing, repairing, and improving farm buildings; and refinancing

existing debt. CFSA makes emergency disaster loans of up to $500,000 per

disaster to farmers whose operations have been substantially damaged by

adverse weather or by other natural disasters. CFSA made economic

emergency loans from 1978 through 1984 to allow farmers to continue

operations during a time when agricultural credit was seriously lacking or

when the costs of production exceeded the prices that farmers received

for their products.

Although all types of direct loans have a considerable percentage of

outstanding principal owed by delinquent borrowers, some direct loans

have a higher percentage than others. As shown in table 1.2, as of

March 31, 1995, farm ownership loans accounted for $4.7 billion in

outstanding principal, of which, 30.7 percent was owed by delinquent

borrowers. Emergency disaster loans accounted for $3.2 billion in

outstanding principal, of which, 63.6 percent was owed by delinquent

borrowers.

Page 11 GAO/RCED-95-223FS Farm Loan Portfolio
Section 1 

Outstanding Debt and Amount Owed by

Delinquent Borrowers

Table 1.2: Amount and Percentage of Outstanding Direct Loans Owed by Delinquent Borrowers, by Loan Type, as of

March 31, 1995

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by delinquent

borrowersa

Dollars in billions

Type of direct loan Amount

Number of

borrowers Amount

Number of

borrowers

Percentage of

debt

Percentage of

borrowers

Operating $2.8 54,062 $1.2 20,524 45.1 38.0

Farm ownership 4.7 70,251 1.4 17,213 30.7 24.5

Economic emergency 1.2 15,597 0.6 6,511 54.3 41.7

Emergency disaster 3.2 43,671 2.0 16,554 63.6 37.9

Otherb 0.1 7,441 0.1 2,045 36.5 27.5

Totalc $11.9 191,022d $5.4e 62,847d 45.2 32.9

Note: See appendix I for a state-by-state breakdown of the information in this table.

aPercentages are based on whole numbers.

bOther direct loans include soil and water, and recreation loans.

cItems may not add because of rounding.

dThe total includes some borrowers who are counted more than once because they have more

than one type of loan.

eThe total amount owed by delinquent borrowers differs from the total in table 1.1, which covers

all loans owed by delinquent borrowers, including some loans for which the borrower is current on

payments.

Source: GAO’s analysis of CFSA Finance Office records.

The percentage of principal owed by delinquent borrowers varies

significantly within incremental ranges of debt owed. As table 1.3 shows,

of the $7.4 billion owed by borrowers with less than $200,000 in

outstanding principal, 33.7 percent was held by delinquent borrowers. In

contrast, of the $600 million owed by borrowers owing $1 million or more

in principal, 93.3 percent was owed by delinquent borrowers.

Page 12 GAO/RCED-95-223FS Farm Loan Portfolio
Section 1 

Outstanding Debt and Amount Owed by

Delinquent Borrowers

Table 1.3: Amount and Percentage of Outstanding Direct Loans Owed by Delinquent Borrowers, in Incremental Ranges of

Debt, as of March 31, 1995

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by delinquent

borrowersa

Dollars in billions

Incremental ranges of debt Amount

Number of

borrowers Amount

Number of

borrowers

Percentage of

debt

Percentage of

borrowers

Less than $200,000 $7.4 113,411 $2.5 30,824 33.7 27.2

$200,000- $499,999 3.3 11,758 2.0 6,887 60.5 58.6

$500,000- $999,999 0.7 1,085 0.6 881 81.7 81.2

$1 million and greater 0.6 268 0.5 246 93.3 91.8

Total $11.9b 126,522 $5.6 38,838 46.8 30.7

aPercentages are based on whole numbers.

bItem does not add because of rounding.

Source: GAO’s analysis of CFSA Finance Office records.

Guaranteed Loans If farmers are unable to obtain credit from commercial sources because

their security or ability to meet repayment terms is somewhat marginal,

they can obtain credit from commercial lenders through CFSA’s guaranteed

farm loan program. CFSA provides guarantees for operating loans, up to

$400,000, and for farm ownership purposes, up to $300,000. In years past,

CFSA also guaranteed other types of loans, such as economic emergency

and emergency livestock loans.

In fiscal year 1984, CFSA’s predecessor agency—the Farmers Home

Administration—began shifting emphasis from direct to guaranteed loans

in order to encourage private farm lending, reduce budget outlays, and

devote more effort to servicing its increasingly delinquent direct loan

portfolio.

Guaranteed loans have performed better than direct loans. As table 1.4

shows, of the almost $5.9 billion in outstanding guaranteed loan principal

as of March 31, 1995, only 3.6 percent was held by delinquent borrowers.

Page 13 GAO/RCED-95-223FS Farm Loan Portfolio
Section 1 

Outstanding Debt and Amount Owed by

Delinquent Borrowers

Table 1.4: Amount and Percentage of Outstanding Principal Owed by Delinquent Guaranteed Loan Borrowers, by Loan

Type, as of March 31, 1995

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by delinquent

borrowersa

Dollars in millions

Type of guaranteed loan Amount

Number of

borrowers Amount

Number of

borrowers

Percentage of

debt

Percentage of

borrowers

Operating $3,370.6 27,778 $125.1 1,209 3.7 4.4

Farm ownership 2,458.9 17,052 82.4 562 3.4 3.3

Otherb 22.1 218 3.8 26 17.4 11.9

Total $5,851.7c 45,048d $211.3 1,797d 3.6 4.0

Note: See appendix I for a state-by-state breakdown of the information in this table.

aPercentages are based on whole numbers.

bOther guaranteed loans are economic emergency and emergency livestock loans.

cItem does not add because of rounding.

dThe total includes some borrowers who are counted more than once because they have more

than one type of loan. Table 1.1 shows the discrete guaranteed loan borrowers.

Source: GAO’s analysis of CFSA Finance Office records.

Table 1.5 shows that a significant portion, over $2.9 billion, of outstanding

guaranteed loan principal, as of March 31, 1995, was held by borrowers

who owed between $200,000 and $499,999. Another $2.4 billion was held

by borrowers who owed less than $200,000 in outstanding principal.

Page 14 GAO/RCED-95-223FS Farm Loan Portfolio
Section 1 

Outstanding Debt and Amount Owed by

Delinquent Borrowers

Table 1.5: Amount and Percentage of Outstanding Principal Owed by Delinquent Guaranteed Loan Borrowers, in

Incremental Ranges of Debt, as of March 31, 1995

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by delinquent

borrowersa

Dollars in millions

Incremental ranges of debt Amount

Number of

borrowers Amount

Number of

borrowers

Percentage of

debt

Percentage of

borrowers

Less than $200,000 $2,450.4 26,476 $101.1 1,202 4.1 4.5

$200,000-$499,999 2,939.9 10,136 91.8 323 3.1 3.2

$500,000-$999,999 459.2 767 18.5 30 4.0 3.9

$1 million and greater 2.2 2 0 0 0 0

Total $5,851.7 37,381 $211.3b 1,555 3.6 4.2

aPercentages are based on whole numbers.

bItem does not add because of rounding.

Source: GAO’s analysis of CFSA Finance Office records.

Performance on

Loans Made in Recent

Years

Significant delinquencies have occurred on loans made in recent years,

again, particularly in the direct loan portfolio. Table 1.6 shows an

outstanding principal in the direct loan program of about $753 million for

loans made during fiscal years 1989-93, of which, 39.5 percent was owed

by borrowers who were delinquent in repaying those specific loans as of

March 31, 1995. As shown earlier in table 1.1, the percentage owed by

delinquent borrowers in the total active direct loan portfolio was

46.8 percent.

Page 15 GAO/RCED-95-223FS Farm Loan Portfolio
Section 1 

Outstanding Debt and Amount Owed by

Delinquent Borrowers

Table 1.6: Outstanding Principal and Amount Owed on Loans Made During Fiscal Years 1989-93 for Which Borrowers Are

Delinquent, as of March 31, 1995

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by delinquent

borrowersa

Dollars in millions

Loan program Amount

Number of

borrowers Amount

Number of

borrowers

Percentage of

debt

Percentage of

borrowers

Direct $ 753.0 17,449 $297.3 5,934 39.5 34.0

Guaranteed 2,908.7 21,365 129.2 960 4.4 4.5

Total $3,661.7 38,814b $426.5 6,894b 11.6 17.8

aPercentages are based on whole numbers.

bThe total may include some borrowers who are counted twice because they have both direct and

guaranteed loans.

Source: GAO’s analysis of CFSA Finance Office records.

Page 16 GAO/RCED-95-223FS Farm Loan Portfolio
Section 2 

Farm Loan Losses

This section discusses losses that CFSA has incurred on farm loans. CFSA’s

losses in the direct and guaranteed loan programs were about $12.7 billion

in principal and interest from fiscal year 1989 through the first 6 months of

fiscal year 1995.

Direct and

Guaranteed Loan

Losses

When borrowers experience trouble with repaying their loans, CFSA’s

direct loan policies provide various types of loan servicing or relief

assistance that result in losses. This assistance includes two debt-relief

options mandated by the Agricultural Credit Act of 1987 (P.L. 100-233,

Jan. 6, 1988), namely, (1) reducing borrowers’ debts so that the borrowers

can maintain viable farming operations—referred to as restructuring with

write-down and (2) satisfying debts entirely by allowing borrowers to pay

an adjusted amount based on the value of collateral security that is less

than the outstanding debt—referred to as net recovery value buy-out with

write-off.1 CFSA also has a third option when one of these two approaches

does not resolve a borrower’s delinquency, namely, debt settling with

borrowers who are generally no longer farming by writing off part or all of

their unpaid loans.

CFSA also incurs losses as a result of guaranteeing farm loans. Specifically,

if a borrower defaults, CFSA agrees to reimburse a commercial lender for

up to 90 percent of the lost principal, accrued interest, and liquidation

costs.

As table 2.1 shows, CFSA incurred losses of about $12.7 billion in principal

and interest from fiscal year 1989 through the first 6 months of fiscal year

1995—about $12.4 billion on direct loans and about $300 million on

guaranteed loans. According to CFSA officials, some losses in recent years

involve loans that were made many years ago.

1

Prior to the passage of this act, judicial decisions in 1984 and 1987 prevented CFSA’s predecessor

agency from foreclosing on delinquent borrowers. As a result, the losses since 1989 are probably

higher than they would have been had the losses been spread out over the previous years when the

foreclosure authority did not exist.

Page 17 GAO/RCED-95-223FS Farm Loan Portfolio
Section 2 

Farm Loan Losses

Table 2.1: CFSA’s Direct and

Guaranteed Loan Losses, by Loan

Program, Fiscal Year 1989 Through the

First 6 Months of Fiscal Year 1995

Dollars in billions

Loan program/loan-servicing action

Amount of

debt relief

Number of

borrowers

Direct

Restructured with write-down $1.6 10,279

Net recovery value buy-out with write-off 2.3 11,118

Debt settled with write-off 8.5 47,731

Subtotal $12.4 69,128

Guaranteed (payments on loss claims) 0.3 4,049

Total $12.7 73,177a

Note: See appendix II for a state-by-state analysis of the information in this table.

aThe total may include some borrowers who are counted more than once because they received

more than one type of loan-servicing action.

Source: GAO’s analysis of CFSA Finance Office records.

Direct Loan Losses Considerable losses have occurred within the direct loan portfolio. About

$8.5 billion, or 69 percent, of the $12.4 billion in direct loan losses

occurred under the debt-settlement process. Table 2.2 provides

information on the amount of losses experienced annually as a result of

each type of loan-servicing action.

Page 18 GAO/RCED-95-223FS Farm Loan Portfolio
Section 2 

Farm Loan Losses

Table 2.2: CFSA’s Direct Loan Losses, by Type of Loan Servicing, Fiscal Year 1989 Through the First 6 Months of Fiscal

Year 1995

Restructured with

write-down

Net recovery value

buy-out with write-off

Debt settled with

write-off Total

Dollars in billions

Fiscal Year Amount

Number of

borrowers Amount

Number of

borrowers Amount

Number of

borrowers Amount

Number of

borrowers

1989 $0.8 4,601 $0.9 4,382 $1.7 11,916 $3.4 20,899

1990 0.4 2,484 0.6 2,787 1.8 11,715 2.8 16,986

1991 0.1 644 0.3 1,204 1.4 7,257 1.7 9,105

1992 0.1 344 0.2 706 1.4 6,614 1.6 7,664

1993 0.2 1,847 0.2 1,243 1.1 5,527 1.5 8,617

1994 0.1 841 0.1 662 0.9 4,061 1.1 5,564

1995a b 140 b 134 0.3 1,310 0.3 1,584

Total $1.6c 10,279d $2.3 11,118 $8.5c 47,731d $12.4 69,128d

Note: Amounts differ slightly from previously published GAO figures for direct loan losses as a

result of database adjustments.

aFirst 6 months of fiscal year 1995.

bLess than $50 million.

cItems do not add because of rounding.

dThe total does not add. Rather, the total represents discrete direct loan borrowers over the

7-year period—i.e., if loan servicing occurred in more than 1 year, the borrower is counted only

once in the total.

Source: GAO’s analysis of CFSA Finance Office records.

Losses have occurred with all types of direct loans. Table 2.3 shows that

emergency disaster loan losses accounted for $5.9 billion, or 47.3 percent,

of total direct loan losses from fiscal year 1989 through the first 6 months

of fiscal year 1995. Also, nearly 35 percent of the direct loan borrowers for

which losses occurred had operating loans.

Page 19 GAO/RCED-95-223FS Farm Loan Portfolio
Section 2 

Farm Loan Losses

Table 2.3: CFSA’s Direct Loan Losses,

by Loan Type, Fiscal Year 1989

Through the First 6 Months of Fiscal

Year 1995

Losses Borrowers

Dollars in billions

Type of direct loan Amount

Percentage of

direct loan

losses Number

Percentage

of total

borrowers

Operating $2.5 20.1 39,980 34.5

Farm ownership 1.6 13.1 19,868 17.2

Economic emergency 2.3 18.5 18,026 15.6

Emergency disaster 5.9 47.3 34,598 29.9

Othera 0.1 1.0 3,249 2.8

Total $12.4 100.0 115,721b 100.0

Note: See appendix II for a state-by-state analysis of the information in this table.

aOther direct loans include soil and water and recreation loans.

bThe total includes borrowers who are counted more than once because they had more than one

type of direct loan for which losses were incurred.

Source: GAO’s analysis of CFSA Finance Office records.

Table 2.4 presents the direct loan losses by various incremental ranges.

CFSA lost less than $200,000 per borrower for almost 73 percent of the

borrowers for which losses occurred.

Table 2.4: CFSA’s Direct Loan Losses,

in Incremental Ranges of Losses,

Fiscal Year 1989 Through the First 6

Months of Fiscal Year 1995

Losses Borrowers

Dollars in billions

Incremental ranges of

losses Amount

Percentage of

direct loan

losses Number

Percentage

of total

borrowers

Less than $200,000 $3.8 30.5 50,333 72.8

$200,000-$499,999 4.2 34.1 13,906 20.1

$500,000-$999,999 2.6 20.8 3,838 5.6

$1 million or greater 1.8 14.6 1,051 1.5

Total $12.4 100.0 69,128 100.0

Source: GAO’s analysis of CFSA Finance Office records.

Table 2.5 presents CFSA’s direct loan losses in incremental ranges by type

of loan-servicing action.

Page 20 GAO/RCED-95-223FS Farm Loan Portfolio
Section 2 

Farm Loan Losses

Table 2.5: CFSA’s Direct Loan Losses, in Incremental Ranges of Losses, by Type of Loan Servicing, Fiscal Year 1989

Through the First 6 Months of Fiscal Year 1995

Restructured with

write-down

Net recovery value

buy-out with write-off

Debt settled with

write-off

Dollars in billions

Incremental ranges of losses Amount

Number of

borrowers Amount

Number of

borrowers Amount

Number of

borrowers

Less than $200,000 $0.7 7,908 $0.7 7,558 $2.4 34,867

$200,000-$499,999 0.6 1,954 0.8 2,694 2.9 9,258

$500,000-$999,999 0.2 335 0.4 659 1.9 2,844

$1 million and greater 0.1 82 0.4 207 1.3 762

Total $1.6 10,279 $2.3 11,118 $8.5 47,731

Source: GAO’s analysis of CFSA Finance Office records.

Guaranteed Loan Loss

Payments

In addition to losses in the direct loan portfolio, losses occur when

borrowers default on farm loans that CFSA has guaranteed. As shown

earlier in table 2.1, guaranteed loss payments of about $300 million were

made to commercial lenders from fiscal year 1989 through the first 6

months of fiscal year 1995. Table 2.6 presents an analysis of guaranteed

loan loss payments by year.

Page 21 GAO/RCED-95-223FS Farm Loan Portfolio
Section 2 

Farm Loan Losses

Table 2.6: CFSA’s Guaranteed Loan

Loss Payments, by Year, Fiscal Year

1989 Through the First 6 Months of

Fiscal Year 1995

Dollars in millions

Fiscal year Amount

Number of

borrowers

1989 $58.2 613

1990 42.7 595

1991 47.6 698

1992 52.7 730

1993 55.7 782

1994 48.6 602

1995a 16.2 219

Total $321.6b 4,049c

Note: Amounts differ slightly from previously published GAO figures for guaranteed loan losses as

a result of database adjustments.

aFirst 6 months of fiscal year 1995.

bItem does not add because of rounding.

cThe total does not add. Rather, the total represents discrete guaranteed loan borrowers over the

7-year period—i.e., if guaranteed loan losses occurred in more than 1 year, the borrower is

counted only once.

Source: GAO’s analysis of CFSA Finance Office records.

The greatest percentage of losses in the guaranteed loan program occurred

with operating loans, which, as table 2.7 shows, accounted for 70.6 percent

of loss payments from fiscal year 1989 through the first 6 months of fiscal

year 1995.

Page 22 GAO/RCED-95-223FS Farm Loan Portfolio
Section 2 

Farm Loan Losses

Table 2.7: CFSA’s Guaranteed Loan

Loss Payments, by Loan Type, Fiscal

Year 1989 Through the First 6 Months

of Fiscal Year 1995

Losses Borrowers

Dollars in millions

Type of guaranteed loan

loss Amount

Percentage of

guaranteed

loan losses Number

Percentage

of total

borrowers

Operating $227.0 70.6 3,440 79.1

Farm ownership 51.4 16.0 636 14.6

Economic emergency 37.6 11.7 247 5.7

Emergency disaster 0.5 0.2 1 0

Emergency livestock 5.0 1.6 27 0.6

Total $321.6a 100.0a 4,351b 100.0

Note: See appendix II for a state-by-state analysis of the information in this table.

aItems do not add because of rounding.

bThe total includes some borrowers who are counted more than once because losses occurred

on more than one type of guaranteed loan.

Source: GAO’s analysis of CFSA Finance Office records.

Table 2.8 shows that as with the direct loan program, CFSA lost less than

$200,000 per borrower for most of the borrowers for which losses

occurred.

Table 2.8: CFSA’s Guaranteed Loan

Loss Payments, in Incremental Ranges

of Losses, Fiscal Year 1989 Through

the First 6 Months of Fiscal Year 1995

Losses Borrowers

Dollars in millions

Incremental ranges of

losses Amount

Percentage of

guaranteed

loan losses Number

Percentage

of total

borrowers

Less than $200,000 $223.1 69.4 3,726 92.0

$200,000-$499,999 84.9 26.4 302 7.5

$500,000-$999,999 12.6 3.9 20 0.5

$1 million and greater 1.1 0.3 1 0

Total $321.6a 100.0 4,049 100.0

aItem does not add because of rounding.

Source: GAO’s analysis of CFSA Finance Office records.

Page 23 GAO/RCED-95-223FS Farm Loan Portfolio
Section 2 

Farm Loan Losses

Losses on Recent

Loans

The data shown previously in this section discussed losses that occurred

within CFSA’s farm loan portfolio from fiscal year 1989 through the first 6

months of fiscal year 1995. These losses applied to all loans in CFSA’s

portfolio, some of which had been made many years ago. However, losses

are also occurring on loans made recently. As shown in table 2.9, 1,873

borrowers who received direct loans during fiscal years 1989-93

subsequently benefitted from $62.7 million in write-downs and write-offs

on those new loans, and new guaranteed loans to 1,709 borrowers resulted

in loss payments of $108.9 million to be made to commercial lenders.

Table 2.9: CFSA’s Direct and

Guaranteed Loan Losses on Loans

Made During Fiscal Years 1989-93, as

of March 31, 1995

Dollars in millions

Loan program/loan-servicing action

Amount of

debt relief

Number of

borrowers

Direct

Restructured with write-down $11.3 319

Net recovery value buy-out with write-off 21.1 566

Debt settled with write-off 30.3 988

Subtotal $62.7 1,873

Guaranteed (payments on loss claims) 108.9 1,709

Total $171.6 3,582a

aThe total may include some borrowers who were counted more than once because they received

more than one type of loan-servicing action.

Source: GAO’s analysis of CFSA Finance Office records.

Page 24 GAO/RCED-95-223FS Farm Loan Portfolio
Section 3 

New Loans to Delinquent Borrowers

This section discusses CFSA’s (1) new direct and guaranteed loans to

borrowers for which losses were previously experienced and

(2) additional loans to borrowers who were delinquent when they received

new loans. From fiscal year 1989 through the first 6 months of fiscal year

1995, CFSA made $448 million in new direct and guaranteed loans to

borrowers who received debt relief on prior direct and guaranteed loans.

Additionally, during this period, CFSA made $130 million in new direct

loans, under a congressionally directed policy, to borrowers who were

delinquent when they received new loans.

Borrowers Who

Received Additional

Direct and

Guaranteed Loans

After Debt Relief

Borrowers who received debt relief under the debt-servicing provisions of

the Agricultural Credit Act of 1987 are not barred from obtaining

additional direct or guaranteed farm loans. Additionally, borrowers who

have received debt settlements may also receive new direct and

guaranteed loans. Furthermore, borrowers who defaulted on previous

guaranteed loans that resulted in losses can also obtain additional

guaranteed loans. As shown in table 3.1, about 3,379 borrowers received

new direct and guaranteed loans during fiscal year 1989 through the first 6

months of fiscal year 1995 after losses were incurred on their prior

delinquent loans.

Table 3.1: Amount of New Direct and Guaranteed Loans Made From Fiscal Year 1989 Through the First 6 Months of Fiscal

Year 1995 to Borrowers Who Previously Received Debt Relief

Direct Guaranteed Total

Dollars in millions

Type of debt relief

Number of

borrowers

Amount of

new loans

Number of

borrowers

Amount of

new loans

Number of

borrowers

Amount of

new loans

Restructured with write-down 2,012 $201.1 512 $88.6 2,524 $289.7

Net recovery value buy-out with write-off 58 7.4 146 34.2 204 41.6

Debt settled with write-off 244 26.0 314 69.4 558 95.4

Payments on loss claims a a 93 21.4 93 21.4

Total 2,314 $234.5 1,065 $213.6 3,379b $448.1

Note: See appendix III for a state-by-state analysis of the information in this table.

aNot calculated.

bThe total includes some borrowers who received multiple direct and guaranteed loans after

CFSA experienced losses for those borrowers.

Source: GAO’s analysis of CFSA Finance Office records.

Page 25 GAO/RCED-95-223FS Farm Loan Portfolio
Section 3 

New Loans to Delinquent Borrowers

Furthermore, many borrowers who obtained direct and guaranteed loans

after having received debt relief were delinquent as of March 31, 1995. Of

the borrowers who received these loans and who were still CFSA clients,

41.8 percent of the direct loan borrowers and 1.5 percent of the

guaranteed loan borrowers were delinquent.

Continuation Loans Under the continuation policy, borrowers can obtain new direct operating

loans while they are delinquent on their existing direct loan debt. The

purposes of the policy, which was established in 1982, were to continue

lending money to financially stressed borrowers until economic conditions

improved and to slow the number of liquidation cases. Following our

disclosure that many unsound loans were being made, CFSA’s predecessor

agency rescinded the policy in 1985. However, the Congress directed the

agency to reinstate the continuation policy in 1987 (P.L. 100-71, July 11,

1987). As table 3.2 shows, the agency made continuation loans totaling

$130.3 million to 2,084 delinquent borrowers during fiscal years 1989

through the first 6 months of fiscal year 1995.

Table 3.2: Amount of New Direct

Operating Loans Made, by Year, From

Fiscal Year 1989 Through the First 6

Months of Fiscal Year 1995 to

Borrowers Who Were Delinquent

Dollars in millions

Fiscal year

Amount of new

direct operating

loans

Number of

borrowers

1989 $ 8.9 236

1990 16.5 358

1991 32.4 651

1992 41.1 797

1993 16.7 328

1994 10.4 201

1995a 4.4 77

Total $130.3b 2,084c

Note: See appendix IV for a state-by-state analysis of this information.

aFirst 6 months of fiscal year 1995.

bItem does not add because of rounding.

cThe total does not add. Rather, the total represents discrete borrowers over the 7-year

period—i.e., if a borrower received a loan in more than 1 year, the borrower is counted only once.

Source: GAO’s analysis of CFSA Finance Office records.

Page 26 GAO/RCED-95-223FS Farm Loan Portfolio
Section 3 

New Loans to Delinquent Borrowers

Of the 2,084 borrowers who received loans while they were delinquent,

from fiscal year 1989 through the first 6 months of fiscal year 1995, 787

subsequently had their delinquent debts serviced through one of the three

debt-servicing mechanisms.1

 Furthermore, as of March 31, 1995, 1,624 of

the borrowers were still in the portfolio—of those, 53.4 percent were

delinquent.

1

This figure includes some borrowers who remained CFSA clients after they were restructured.

Page 27 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Table I.1: Amount and Percentage of Outstanding Direct Loans Owed by Delinquent Borrowers, by State, as of March 31,

1995

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowers Amount

Number of

borrowers

Percentage

of debt

Percentage

of borrowers

Alabama $111.2 2,386 $ 32.5 391 29.2 16.4

Alaska 0.2 4 0 0 0 0

Arizona 130.8 563 104.8 304 80.1 54.0

Arkansas 356.2 4,817 158.1 1,261 44.4 26.2

California 512.2 2,010 346.8 780 67.7 38.8

Colorado 133.1 1,198 47.1 319 35.3 26.6

Connecticut 16.1 143 9.9 69 61.3 48.3

Delaware 9.3 113 2.0 22 21.1 19.5

Florida 177.9 1,407 115.4 533 64.9 37.9

Georgia 271.9 2,458 150.2 890 55.2 36.2

Hawaii 39.2 288 20.0 111 51.1 38.5

Idaho 235.8 2,251 102.5 639 43.5 28.4

Illinois 350.3 4,515 85.0 769 24.3 17.0

Indiana 256.8 2,420 88.8 627 34.6 25.9

Iowa 573.5 6,957 200.3 1,790 34.9 25.7

Kansas 318.5 4,392 100.3 1,004 31.5 22.9

Kentucky 294.3 4,484 78.6 745 26.7 16.6

Louisiana 340.8 3,545 250.8 1,999 73.6 56.4

Maine 96.1 849 39.7 269 41.4 31.7

Maryland 41.5 370 13.2 101 31.8 27.3

Massachusetts 40.6 358 19.4 120 47.9 33.5

Michigan 277.8 2,437 127.1 765 45.7 31.4

Minnesota 460.8 4,830 206.7 1,670 44.9 34.6

Mississippi 500.7 5,546 359.3 2,201 71.8 39.7

Missouri 392.3 4,939 145.3 1,304 37.0 26.4

Montana 297.6 2,091 133.4 617 44.8 29.5

Nebraska 408.2 4,497 156.5 1,179 38.3 26.2

Nevada 23.8 199 9.9 66 41.8 33.2

New Hampshire 11.5 113 1.3 10 11.1 8.8

New Jersey 57.9 421 37.8 214 65.3 50.8

New Mexico 78.0 863 33.1 229 42.5 26.5

New York 348.8 3,144 182.1 1,218 52.2 38.7

North Carolina 211.8 2,996 97.1 833 45.9 27.8

(continued)

Page 28 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowers Amount

Number of

borrowers

Percentage

of debt

Percentage

of borrowers

North Dakota 511.0 4,712 217.6 1,531 42.6 32.5

Ohio 203.5 1,771 92.9 598 45.7 33.8

Oklahoma 498.7 5,960 261.8 1,933 52.5 32.4

Oregon 146.6 1,150 55.2 297 37.7 25.8

Pennsylvania 228.7 2,016 57.7 393 25.2 19.5

Rhode Island 5.4 37 2.6 13 48.4 35.1

South Carolina 171.9 1,747 107.4 659 62.5 37.7

South Dakota 525.2 6,183 230.3 1,863 43.9 30.1

Tennessee 261.5 3,775 108.2 878 41.4 23.3

Texas 918.1 8,694 568.8 3,866 62.0 44.5

Utah 88.0 1,261 22.4 180 25.5 14.3

Vermont 49.0 466 11.7 87 23.8 18.7

Virginia 142.6 1,628 80.6 591 56.5 36.3

Washington 160.0 1,198 60.5 300 37.8 25.0

West Virginia 62.1 1,035 22.0 240 35.4 23.2

Wisconsin 403.9 4,093 147.0 1,228 36.4 30.0

Wyoming 52.9 488 17.7 109 33.4 22.3

Otherb 139.9 2,704 70.6 1,023 50.5 37.8

aPercentages are based on whole numbers.

bIncludes Puerto Rico, the U.S. Virgin Islands, and the Western Pacific Island Territories.

Source: GAO’s analysis of CFSA Finance Office records.

Page 29 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Table I.2: Amount and Percentage of Outstanding Guaranteed Loans Owed by Delinquent Borrowers, by State, as of

March 31, 1995

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowers Amount

Number of

borrowers

Percentage

of debt

Percentage

of borrowers

Alabama $ 40.0 266 $ 0.3 6 0.9 2.3

Alaska 0 0 0 0 0 0

Arizona 5.4 27 0.7 2 13.2 7.4

Arkansas 135.6 827 1.9 18 1.4 2.2

California 68.5 401 2.7 18 4.0 4.5

Colorado 111.4 555 4.3 27 3.8 4.9

Connecticut 9.7 53 0 0 0 0

Delaware 12.0 73 0.1 1 0.6 1.4

Florida 44.0 249 2.5 12 5.6 4.8

Georgia 161.7 815 2.3 24 1.4 2.9

Hawaii 0.6 3 0 0 0 0

Idaho 76.1 430 3.5 15 4.6 3.5

Illinois 273.9 1,848 6.7 57 2.4 3.1

Indiana 119.0 709 4.3 20 3.6 2.8

Iowa 541.0 4,224 13.5 119 2.5 2.8

Kansas 233.7 1,669 10.7 98 4.6 5.9

Kentucky 104.5 856 1.4 11 1.3 1.3

Louisiana 254.1 1,726 7.0 67 2.7 3.9

Maine 8.5 57 1.1 5 12.7 8.8

Maryland 24.6 168 0.1 1 0.4 0.6

Massachusetts 20.7 92 1.6 7 7.9 7.6

Michigan 199.6 1,040 5.6 40 2.8 3.8

Minnesota 352.7 2,272 13.9 134 3.9 5.9

Mississippi 161.4 809 3.3 21 2.1 2.6

Missouri 174.1 1,155 3.0 24 1.7 2.1

Montana 94.0 564 3.7 24 4.0 4.3

Nebraska 329.6 2,127 13.6 87 4.1 4.1

Nevada 6.5 35 0.4 2 5.7 5.7

New Hampshire 4.2 25 0.2 1 5.2 4.0

New Jersey 8.7 47 1.5 6 17.4 12.8

New Mexico 46.7 217 1.7 13 3.7 6.0

New York 106.9 587 3.3 25 3.1 4.3

North Carolina 120.9 815 1.0 6 0.9 0.7

(continued)

Page 30 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowers Amount

Number of

borrowers

Percentage

of debt

Percentage

of borrowers

North Dakota 168.4 1,140 11.7 91 6.9 8.0

Ohio 69.4 478 2.6 20 3.7 4.2

Oklahoma 235.1 1,295 22.9 120 9.7 9.3

Oregon 28.6 170 1.9 10 6.7 5.9

Pennsylvania 96.6 521 3.9 26 4.0 5.0

Rhode Island 0.5 3 0 0 0 0

South Carolina 41.4 268 0.8 6 1.8 2.2

South Dakota 219.5 1,792 6.3 58 2.8 3.2

Tennessee 74.8 542 1.9 17 2.6 3.1

Texas 399.4 2,437 16.5 112 4.1 4.6

Utah 28.9 177 1.4 10 5.0 5.6

Vermont 62.3 428 7.3 54 11.7 12.6

Virginia 33.3 185 0.7 5 2.0 2.7

Washington 69.1 406 1.9 17 2.8 4.2

West Virginia 36.9 217 1.1 7 2.9 3.2

Wisconsin 377.1 2,201 12.0 91 3.2 4.1

Wyoming 49.4 306 2.5 20 5.1 6.5

Otherb 10.4 74 0 0 0 0

aPercentages are based on whole numbers.

bIncludes Puerto Rico, the U.S. Virgin Islands, and the Western Pacific Island Territories.

Source: GAO’s analysis of CFSA Finance Office records.

Page 31 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Table I.3: Amount and Percentage of Outstanding Direct Loans Owed by Delinquent Borrowers, by Loan Type, by State, as

of March 31, 1995

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amountc

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Alabama

Operating $ 15.9 741 $ 5.9 170 37.3 22.9

Farm ownership 57.0 1,369 11.1 178 19.4 13.0

Economic emergency 5.2 93 2.8 36 54.2 38.7

Emergency disaster 31.9 818 11.3 190 35.5 23.2

Other 1.2 124 0.2 20 17.9 16.1

Total $111.2 3,145 $31.3 594 28.2 18.9

Alaska

Operating $0 0 $0 0 0 0

Farm ownership 0.2 4 0 0 0 0

Economic emergency 0 0 0 0 0 0

Emergency disaster 0 0 0 0 0 0

Other 0 0 0 0 0 0

Total $0.2 4 $0 0 0 0

Arizona

Operating $ 12.6 188 $ 8.4 122 66.6 64.9

Farm ownership 31.6 291 18.6 134 58.9 46.0

Economic emergency 11.4 86 8.2 58 71.7 67.4

Emergency disaster 72.6 200 65.4 136 90.2 68.0

Other 2.6 49 2.1 31 82.1 63.3

Total $130.8 814 $102.7 481 78.6 59.1

Arkansas

Operating $ 76.7 2,002 $ 33.9 669 44.2 33.4

Farm ownership 132.2 2,606 38.8 557 29.3 21.4

Economic emergency 38.0 607 16.4 201 43.3 33.1

Emergency disaster 102.5 1,600 61.3 587 59.8 36.7

Other 6.8 607 2.3 145 33.6 23.9

Total $356.2 7,422 $152.7 2,159 42.9 29.1

California

Operating $ 66.0 900 $ 28.4 357 43.0 39.7

Farm ownership 99.2 860 30.1 237 30.4 27.6

Economic emergency 56.7 345 37.8 199 66.7 57.7

Emergency disaster 283.2 583 243.0 290 85.8 49.7

(continued)

Page 32 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amountc

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 7.0 158 3.3 57 47.5 36.1

Total $512.2 2,846 $342.7 1,140 66.9 40.1

Colorado

Operating $ 24.0 411 $ 9.0 138 37.8 33.6

Farm ownership 65.7 791 16.4 180 24.9 22.8

Economic emergency 15.0 150 9.3 74 61.7 49.3

Emergency disaster 27.3 242 10.3 82 37.7 33.9

Other 1.2 37 0.7 12 55.4 32.4

Total $133.1 1,631 $45.6 486 34.2 29.8

Connecticut

Operating $ 4.2 73 $2.5 38 59.4 52.1

Farm ownership 8.5 98 4.7 45 55.1 45.9

Economic emergency 1.6 22 1.0 12 62.6 54.5

Emergency disaster 1.4 25 0.8 16 59.7 64.0

Other 0.3 9 0.2 5 82.8 55.6

Total $16.1 227 $9.3 116 57.9 51.1

Delaware

Operating $0.9 27 $0.2 6 20.6 22.2

Farm ownership 6.2 85 1.0 13 16.4 15.3

Economic emergency 0.9 15 0.2 3 19.5 20.0

Emergency disaster 1.3 17 0.4 5 31.3 29.4

Other 0 1 0 0 0 0

Total $9.3 145 $1.8 27 19.1 18.6

Florida

Operating $ 24.8 603 $ 14.4 253 58.0 42.0

Farm ownership 44.3 672 17.0 206 38.3 30.7

Economic emergency 19.0 198 14.8 129 77.9 65.2

Emergency disaster 87.5 555 67.6 294 77.3 53.0

Other 2.3 58 1.0 22 43.4 37.9

Total $177.9 2,086 $114.7 904 64.5 43.3

Georgia

Operating $ 31.8 823 $ 14.4 353 45.3 42.9

Farm ownership 81.1 1,141 28.9 313 35.6 27.4

Economic emergency 20.3 245 13.1 121 64.4 49.4

Emergency disaster 134.9 1,218 90.1 543 66.8 44.6

(continued)

Page 33 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amountc

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 3.9 112 1.8 43 46.6 38.4

Total $271.9 3,539 $148.3 1,373 54.5 38.8

Hawaii

Operating $ 7.3 148 $ 3.6 73 49.3 49.3

Farm ownership 24.9 183 12.3 68 49.2 37.2

Economic emergency 1.6 8 1.3 5 83.5 62.5

Emergency disaster 5.4 57 2.0 20 37.9 35.1

Other 0.1 7 0 1 16.9 14.3

Total $39.2 403 $19.2 167 48.9 41.4

Idaho

Operating $ 49.7 815 $20.7 294 41.6 36.1

Farm ownership 109.0 1,469 32.7 352 30.0 24.0

Economic emergency 34.3 400 21.1 185 61.5 46.3

Emergency disaster 33.1 328 20.8 133 63.0 40.5

Other 9.8 324 3.1 87 31.4 26.9

Total $235.8 3,336 $98.3 1,051 41.7 31.5

Illinois

Operating $ 50.4 1,389 $14.0 328 27.8 23.6

Farm ownership 193.3 2,655 31.4 358 16.3 13.5

Economic emergency 41.1 557 15.1 156 36.7 28.0

Emergency disaster 64.1 1,996 19.2 413 30.0 20.7

Other 1.4 112 0.2 14 13.1 12.5

Total $350.3 6,709 $80.0 1,269 22.8 18.9

Indiana

Operating $ 36.7 775 $14.7 275 40.0 35.5

Farm ownership 135.1 1,569 30.9 302 22.9 19.2

Economic emergency 48.0 509 23.4 184 48.9 36.1

Emergency disaster 35.0 604 15.2 195 43.5 32.3

Other 2.0 73 0.4 16 22.3 21.9

Total $256.8 3,530 $84.7 972 33.0 27.5

Iowa

Operating $139.6 3,057 $ 54.9 991 39.3 32.4

Farm ownership 285.0 3,445 82.8 832 29.1 24.2

Economic emergency 56.8 809 22.4 279 39.4 34.5

Emergency disaster 90.1 2,840 29.0 692 32.2 24.4

(continued)

Page 34 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amountc

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 2.0 202 0.6 50 31.2 24.8

Total $573.5 10,353 $189.8 2,844 33.1 27.5

Kansas

Operating $ 77.3 1,454 $26.5 444 34.2 30.5

Farm ownership 172.8 3,052 39.4 550 22.8 18.0

Economic emergency 26.1 387 11.4 131 43.6 33.9

Emergency disaster 39.0 1,036 16.5 296 42.4 28.6

Other 3.3 180 0.8 34 23.5 18.9

Total $318.5 6,109 $94.5 1,455 29.7 23.8

Kentucky

Operating $ 50.9 2,014 $15.6 420 30.7 20.9

Farm ownership 169.2 2,890 33.6 415 19.8 14.4

Economic emergency 33.9 595 12.3 134 36.2 22.5

Emergency disaster 37.7 1,312 12.6 284 33.5 21.6

Other 2.7 507 0.5 68 17.0 13.4

Total $294.3 7,318 $74.5 1,321 25.3 18.1

Louisiana

Operating $130.2 2,381 $91.3 1,492 70.2 62.7

Farm ownership 59.9 897 31.6 366 52.7 40.8

Economic emergency 17.3 265 13.8 183 79.6 69.1

Emergency disaster 132.2 1,364 110.7 908 83.7 66.6

Other 1.3 74 0.6 34 45.2 45.9

Total $340.8 4,981 $248.0 2,983 72.8 59.9

Maine

Operating $37.9 598 $14.0 190 36.8 31.8

Farm ownership 36.7 569 11.7 148 31.9 26.0

Economic emergency 3.4 84 1.7 28 50.7 33.3

Emergency disaster 17.1 165 10.0 68 58.7 41.2

Other 0.9 30 0.6 6 62.1 20.0

Total $96.1 1,446 $38.0 440 39.6 30.4

Maryland

Operating $ 8.3 151 $ 2.6 47 31.8 31.1

Farm ownership 20.4 242 5.5 59 27.2 24.4

Economic emergency 6.8 82 2.9 27 42.7 32.9

Emergency disaster 5.4 88 2.0 31 36.2 35.2

(continued)

Page 35 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amountc

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 0.6 11 0.5 5 79.1 45.5

Total $41.5 574 $13.5 169 32.6 29.4

Massachusetts

Operating $11.3 215 $ 5.0 81 44.2 37.7

Farm ownership 19.5 196 7.4 62 37.8 31.6

Economic emergency 2.5 26 1.8 14 73.6 53.8

Emergency disaster 5.8 72 3.4 24 59.2 33.3

Other 1.6 38 0.6 9 35.6 23.7

Total $40.6 547 $18.2 190 44.7 34.7

Michigan

Operating $ 65.8 1,155 $ 30.9 442 47.0 38.3

Farm ownership 96.7 1,318 29.8 331 30.8 25.1

Economic emergency 28.0 398 12.9 145 45.9 36.4

Emergency disaster 82.3 1,050 45.7 369 55.5 35.1

Other 5.1 199 1.8 53 35.9 26.6

Total $277.8 4,120 $121.1 1,340 43.6 32.5

Minnesota

Operating $140.8 2,278 $ 62.2 943 44.2 41.4

Farm ownership 177.1 2,612 60.7 778 34.3 29.8

Economic emergency 44.1 745 21.3 295 48.2 39.6

Emergency disaster 94.9 1,821 51.9 660 54.7 36.2

Other 3.9 252 1.3 73 33.3 29.0

Total $460.8 7,708 $197.4 2,749 42.8 35.7

Mississippi

Operating $ 98.8 2,294 $ 71.0 1,189 71.9 51.8

Farm ownership 102.1 2,460 45.5 765 44.6 31.1

Economic emergency 14.8 217 9.6 121 65.3 55.8

Emergency disaster 280.9 2,602 226.6 1,294 80.7 49.7

Other 4.1 243 2.5 109 59.7 44.9

Total $500.7 7,816 $355.2 3,478 70.9 44.5

Missouri

Operating $ 53.9 1,490 $ 22.8 504 42.4 33.8

Farm ownership 215.9 3,471 60.8 789 28.2 22.7

Economic emergency 32.3 610 13.8 202 42.8 33.1

Emergency disaster 83.3 2,089 39.8 688 47.8 32.9

(continued)

Page 36 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amountc

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 7.0 820 1.8 192 25.5 23.4

Total $392.3 8,480 $139.1 2,375 35.5 28.0

Montana

Operating $ 45.7 673 $ 24.4 295 53.4 43.8

Farm ownership 100.3 1,093 30.4 271 30.3 24.8

Economic emergency 30.5 272 14.4 108 47.4 39.7

Emergency disaster 116.9 1,163 55.5 381 47.4 32.8

Other 4.2 155 1.5 44 34.9 28.4

Total $297.6 3,356 $126.1 1,099 42.4 32.7

Nebraska

Operating $ 52.1 1,127 $ 20.4 391 39.2 34.7

Farm ownership 199.9 2,762 55.6 600 27.8 21.7

Economic emergency 77.7 910 38.1 341 49.0 37.5

Emergency disaster 66.8 1,190 31.5 382 47.2 32.1

Other 11.8 392 4.5 119 37.9 30.4

Total $408.2 6,381 $150.0 1,833 36.8 28.7

Nevada

Operating $ 4.3 83 $1.8 32 42.0 38.6

Farm ownership 8.2 96 2.4 30 29.5 31.3

Economic emergency 4.7 43 3.0 18 63.6 41.9

Emergency disaster 2.6 25 1.1 8 43.9 32.0

Other 3.9 60 1.2 18 30.4 30.0

Total $23.8 307 $9.6 106 40.2 34.5

New Hampshire

Operating $ 4.7 76 $0.4 7 9.2 9.2

Farm ownership 5.6 72 0.6 6 11.5 8.3

Economic emergency 0.4 4 0.3 2 68.4 50.0

Emergency disaster 0.3 3 0 0 0 0

Other 0.4 12 0 0 0 0

Total $11.5 167 $1.4 15 12.0 9.0

New Jersey

Operating $13.2 221 $ 9.3 140 70.4 63.3

Farm ownership 20.7 252 10.4 107 50.3 42.5

Economic emergency 1.4 19 0.8 11 55.8 57.9

Emergency disaster 21.8 178 14.7 112 67.5 62.9

(continued)

Page 37 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amountc

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 0.8 26 0.4 11 44.6 42.3

Total $57.9 696 $35.6 381 61.4 54.7

New Mexico

Operating $16.9 352 $ 8.6 128 51.1 36.4

Farm ownership 41.1 534 13.2 119 32.2 22.3

Economic emergency 8.3 65 5.0 32 60.1 49.2

Emergency disaster 10.7 120 5.6 39 51.8 32.5

Other 1.0 40 0.1 8 14.5 20.0

Total $78.0 1,111 $32.5 326 41.7 29.3

New York

Operating $ 96.9 1,498 $ 40.6 642 42.0 42.9

Farm ownership 106.4 1,670 41.9 538 39.4 32.2

Economic emergency 34.0 616 23.7 316 69.6 51.3

Emergency disaster 105.8 1,232 66.2 546 62.6 44.3

Other 5.8 220 2.0 72 34.7 32.7

Total $348.8 5,236 $174.4 2,114 50.0 40.4

North Carolina

Operating $ 29.5 855 $15.1 346 51.1 40.5

Farm ownership 96.0 1,948 27.8 404 28.9 20.7

Economic emergency 34.0 495 20.1 218 59.2 44.0

Emergency disaster 48.8 861 29.5 352 60.6 40.9

Other 3.5 184 1.1 47 29.7 25.5

Total $211.8 4,343 $93.5 1,367 44.2 31.5

North Dakota

Operating $140.7 2,257 $ 62.3 908 44.3 40.2

Farm ownership 194.6 2,900 55.7 735 28.6 25.3

Economic emergency 30.5 569 15.8 237 51.8 41.7

Emergency disaster 143.2 2,067 73.2 756 51.1 36.6

Other 2.1 88 0.7 33 35.6 37.5

Total $511.0 7,881 $207.7 2,669 40.6 33.9

Ohio

Operating $ 38.8 822 $21.5 361 55.4 43.9

Farm ownership 104.8 1,091 32.5 300 31.0 27.5

Economic emergency 23.8 217 16.0 124 67.2 57.1

Emergency disaster 34.0 587 20.1 242 59.2 41.2

(continued)

Page 38 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amountc

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 2.2 105 0.8 37 37.0 35.2

Total $203.5 2,822 $90.9 1,064 44.7 37.7

Oklahoma

Operating $133.0 2,711 $ 67.4 1,010 50.7 37.3

Farm ownership 192.1 3,459 70.8 973 36.9 28.1

Economic emergency 54.2 643 35.0 326 64.5 50.7

Emergency disaster 113.3 1,294 77.1 621 68.0 48.0

Other 6.0 341 2.6 124 43.8 36.4

Total $498.7 8,448 $252.9 3,054 50.7 36.2

Oregon

Operating $ 28.5 425 $10.7 142 37.6 33.4

Farm ownership 64.2 687 12.8 132 20.0 19.2

Economic emergency 16.5 177 9.6 76 58.1 42.9

Emergency disaster 30.5 242 18.6 80 60.9 33.1

Other 6.9 190 1.1 31 15.9 16.3

Total $146.6 1,721 $52.8 461 36.0 26.8

Pennsylvania

Operating $104.6 1,537 $20.0 284 19.1 18.5

Farm ownership 86.6 936 18.2 174 21.0 18.6

Economic emergency 20.2 315 8.3 90 40.9 28.6

Emergency disaster 15.7 372 7.6 76 48.4 20.4

Other 1.6 156 0.4 28 23.6 17.9

Total $228.7 3,316 $54.5 652 23.8 19.7

Rhode Island

Operating $1.9 22 $1.1 9 58.8 40.9

Farm ownership 2.7 26 1.0 6 35.4 23.1

Economic emergency 0 2 0 0 0 0

Emergency disaster 0.6 10 0.5 5 81.3 50.0

Other 0.2 4 0.1 1 32.7 25.0

Total $5.4 64 $2.6 21 48.4 32.8

South Carolina

Operating $ 26.6 627 $15.6 321 58.9 51.2

Farm ownership 53.4 990 21.9 292 41.1 29.5

Economic emergency 10.2 128 6.6 71 64.3 55.5

Emergency disaster 80.4 871 60.0 393 74.6 45.1

(continued)

Page 39 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amountc

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 1.3 39 0.5 11 39.8 28.2

Total $171.9 2,655 $104.7 1,088 60.9 41.0

South Dakota

Operating $ 80.2 1,926 $ 31.8 659 39.7 34.2

Farm ownership 218.2 3,695 67.8 995 31.1 26.9

Economic emergency 56.5 1,104 31.8 488 56.2 44.2

Emergency disaster 165.8 3,282 85.7 1,119 51.7 34.1

Other 4.5 177 1.5 47 33.0 26.6

Total $525.2 10,184 $218.5 3,308 41.6 32.5

Tennessee

Operating $ 47.8 1,481 $ 21.9 452 45.9 30.5

Farm ownership 114.7 2,227 31.5 415 27.5 18.6

Economic emergency 39.7 493 17.3 154 43.5 31.2

Emergency disaster 58.0 976 32.6 324 56.2 33.2

Other 1.2 83 0.2 14 17.6 16.9

Total $261.5 5,260 $103.5 1,359 39.6 25.8

Texas

Operating $335.7 4,981 $186.9 2,541 55.7 51.0

Farm ownership 248.0 3,773 106.7 1,212 43.0 32.1

Economic emergency 46.6 530 39.1 380 83.8 71.7

Emergency disaster 279.6 2,948 222.1 1,735 79.5 58.9

Other 8.2 396 4.7 176 57.7 44.4

Total $918.1 12,628 $559.5 6,044 60.9 47.9

Utah

Operating $31.4 823 $ 6.1 96 19.5 11.7

Farm ownership 41.0 539 8.7 85 21.1 15.8

Economic emergency 6.9 101 2.2 29 32.6 28.7

Emergency disaster 6.5 174 2.6 38 40.0 21.8

Other 2.2 84 0.3 15 12.1 17.9

Total $88.0 1,721 $19.9 263 22.6 15.3

Vermont

Operating $14.2 251 $ 3.5 57 24.4 22.7

Farm ownership 31.2 371 6.3 63 20.1 17.0

Economic emergency 2.4 53 0.8 17 34.6 32.1

Emergency disaster 0.4 20 0.1 6 20.0 30.0

(continued)

Page 40 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amountc

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 0.8 65 0.1 6 12.4 9.2

Total $49.0 760 $10.8 149 22.0 19.6

Virginia

Operating $ 25.2 660 $13.4 307 53.2 46.5

Farm ownership 51.5 880 18.5 228 36.0 25.9

Economic emergency 14.1 207 9.1 104 64.7 50.2

Emergency disaster 51.4 739 36.6 361 71.3 48.8

Other 0.4 15 0.2 5 55.1 33.3

Total $142.6 2,501 $77.9 1,005 54.7 40.2

Washington

Operating $ 30.1 425 $11.0 138 36.4 32.5

Farm ownership 71.5 748 18.7 157 26.2 21.0

Economic emergency 33.4 291 15.3 102 45.6 35.1

Emergency disaster 21.7 194 12.8 55 58.9 28.4

Other 3.3 94 1.2 22 37.6 23.4

Total $160.0 1,752 $59.0 474 36.8 27.1

West Virginia

Operating $17.8 574 $ 6.6 164 37.0 28.6

Farm ownership 33.9 665 8.8 117 25.9 17.6

Economic emergency 5.7 55 2.6 18 45.1 32.7

Emergency disaster 4.1 56 2.2 19 54.7 33.9

Other 0.7 42 0.1 7 18.3 16.7

Total $62.1 1,392 $20.2 325 32.6 23.3

Wisconsin

Operating $180.3 2,645 $ 56.7 819 31.4 31.0

Farm ownership 143.6 2,082 45.3 561 31.5 26.9

Economic emergency 37.8 699 17.9 248 47.2 35.5

Emergency disaster 39.9 1,072 16.9 282 42.3 26.3

Other 2.3 168 0.9 47 37.5 28.0

Total $403.9 6,666 $137.6 1,957 34.1 29.4

Wyoming

Operating $15.6 236 $ 4.9 61 31.5 25.8

Farm ownership 25.3 290 6.4 62 25.4 21.4

Economic emergency 2.5 39 1.6 15 64.7 38.5

Emergency disaster 8.8 92 3.7 21 42.4 22.8

(continued)

Page 41 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amountc

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 0.7 16 0.3 4 50.7 25.0

Total $52.9 673 $17.0 163 32.2 24.2

Otherd

Operating $ 19.9 792 $10.7 395 53.9 49.9

Farm ownership 71.4 1,520 35.6 593 49.9 39.0

Economic emergency 10.0 97 8.0 64 79.8 66.0

Emergency disaster 37.2 1,221 11.4 383 30.5 31.4

Other 1.3 62 0.7 32 57.8 51.6

Total $139.9 3,692 $66.5 1,467 47.5 39.7

Note: Other direct loans are soil and water and recreation loans.

aPercentages are based on whole numbers.

bThe total number of borrowers for each state includes some borrowers who are counted more

than once because they have more than one type of direct loan. Table I.1 shows the discrete

direct loan borrowers per state.

cThe total amount owed by delinquent borrowers for each state differs from the total in table I.1,

which covers all loans owed by delinquent borrowers, including some loans for which the

borrower is current on payments.

dIncludes Puerto Rico, the U.S. Virgin Islands, and the Western Pacific Island Territories.

Source: GAO’s analysis of CFSA Finance Office records.

Page 42 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Table I.4: Amount and Percentage of Outstanding Guaranteed Loans Owed by Delinquent Borrowers, by Loan Type, by

State, as of March 31, 1995

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amount

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Alabama

Operating $ 8.7 85 $0.1 4 1.6 4.7

Farm ownership 31.2 195 0.2 1 0.5 0.5

Other 0.1 2 c 1 36.0 50.0

Total $40.0 282 $0.3 6 0.9 2.1

Alaska

Operating $0 0 $0 0 0 0

Farm ownership 0 0 0 0 0 0

Other 0 0 0 0 0 0

Total $0 0 $0 0 0 0

Arizona

Operating $3.8 19 $0.3 2 7.9 10.5

Farm ownership 1.6 10 0.4 2 25.6 20.0

Other 0 0 0 0 0 0

Total $5.4 29 $0.7 4 13.2 13.8

Arkansas

Operating $ 57.7 456 $0.4 9 0.6 2.0

Farm ownership 77.8 467 1.6 10 2.0 2.1

Other 0.1 2 0 0 0 0

Total $135.6 925 $1.9 19 1.4 2.1

California

Operating $41.0 265 $2.1 15 5.1 5.7

Farm ownership 27.4 169 0.6 3 2.3 1.8

Other 0.1 1 0 0 0 0

Total $68.5 435 $2.7 18 4.0 4.1

Colorado

Operating $ 60.6 410 $2.1 20 3.5 4.9

Farm ownership 50.6 289 2.1 10 4.2 3.5

Other 0.2 4 0 0 0 0

Total $111.4 703 $4.3 30 3.8 4.3

Connecticut

Operating $4.2 38 $0 0 0 0

Farm ownership 5.5 30 0 0 0 0

(continued)

Page 43 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amount

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 0 0 0 0 0 0

Total $9.7 68 $0 0 0 0

Delaware

Operating $ 3.1 44 $0 0 0 0

Farm ownership 9.0 58 0.1 1 0.8 1.7

Other 0 0 0 0 0 0

Total $12.0 102 $0.1 1 0.6 1.0

Florida

Operating $20.6 175 $1.2 11 6.0 6.3

Farm ownership 23.4 148 1.2 6 5.3 4.1

Other 0 0 0 0 0 0

Total $44.0 323 $2.5 17 5.6 5.3

Georgia

Operating $ 97.5 678 $1.7 21 1.7 3.1

Farm ownership 64.2 360 0.7 6 1.0 1.7

Other 0 0 0 0 0 0

Total $161.7 1,038 $2.3 27 1.4 2.6

Hawaii

Operating $0.3 2 $0 0 0 0

Farm ownership 0 0 0 0 0 0

Other 0.3 1 0 0 0 0

Total $0.6 3 $0 0 0 0

Idaho

Operating $54.0 328 $2.3 14 4.2 4.3

Farm ownership 22.1 151 1.2 5 5.5 3.3

Other 0 1 0 0 0 0

Total $76.1 480 $3.5 19 4.6 4.0

Illinois

Operating $153.7 1,343 $3.6 44 2.4 3.3

Farm ownership 119.4 855 2.9 24 2.5 2.8

Other 0.9 6 0.1 1 10.6 16.7

Total $273.9 2,204 $6.7 69 2.4 3.1

Indiana

Operating $ 72.7 574 $2.4 17 3.3 3.0

Farm ownership 45.4 305 1.7 8 3.8 2.6

(continued)

Page 44 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amount

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 0.9 11 0.1 1 13.1 9.1

Total $119.0 890 $4.3 26 3.6 2.9

Iowa

Operating $348.8 3,374 $ 9.2 102 2.6 3.0

Farm ownership 191.0 1,520 4.2 31 2.2 2.0

Other 1.2 17 0.1 1 7.2 5.9

Total $541.0 4,911 $13.5 134 2.5 2.7

Kansas

Operating $141.3 1,262 $ 7.2 82 5.1 6.5

Farm ownership 91.5 785 3.5 31 3.8 3.9

Other 0.9 10 0 0 0 0

Total $233.7 2,057 $10.7 113 4.6 5.5

Kentucky

Operating $ 46.6 589 $1.1 10 2.3 1.7

Farm ownership 57.7 534 0.3 4 0.6 0.7

Other 0.2 4 0 0 0 0

Total $104.5 1,127 $1.4 14 1.3 1.2

Louisiana

Operating $197.1 1,555 $3.8 48 1.9 3.1

Farm ownership 55.6 366 1.8 16 3.3 4.4

Other 1.4 8 1.3 6 95.7 75.0

Total $254.1 1,929 $7.0 70 2.7 3.6

Maine

Operating $4.6 39 $0.5 3 10.9 7.7

Farm ownership 3.9 27 0.6 3 14.7 11.1

Other 0 0 0 0 0 0

Total $8.5 66 $1.1 6 12.7 9.1

Maryland

Operating $ 9.5 110 $0 0 0 0

Farm ownership 15.0 88 0 0 0 0

Other 0.1 1 0.1 1 100.0 100.0

Total $24.6 199 $0.1 1 0.4 0.5

Massachusetts

Operating $ 7.4 55 $0.6 4 7.9 7.3

Farm ownership 13.2 65 1.0 5 7.8 7.7

(continued)

Page 45 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amount

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 0 0 0 0 0 0

Total $20.7 120 $1.6 9 7.9 7.5

Michigan

Operating $107.4 789 $2.5 24 2.3 3.0

Farm ownership 91.2 578 2.9 22 3.2 3.8

Other 1.0 9 0.2 1 18.2 11.1

Total $199.6 1,376 $5.6 47 2.8 3.4

Minnesota

Operating $220.8 1,747 $ 8.7 104 3.9 6.0

Farm ownership 131.5 1,005 5.2 45 3.9 4.5

Other 0.4 5 0 0 0 0

Total $352.7 2,757 $13.9 149 3.9 5.4

Mississippi

Operating $ 75.9 416 $1.8 15 2.4 3.6

Farm ownership 85.3 445 1.5 10 1.8 2.2

Other 0.3 1 0 0 0 0

Total $161.4 862 $3.3 25 2.1 2.9

Missouri

Operating $ 83.9 817 $1.5 19 1.8 2.3

Farm ownership 89.9 684 1.5 13 1.7 1.9

Other 0.4 5 0 0 0 0

Total $174.1 1,506 $3.0 32 1.7 2.1

Montana

Operating $48.3 378 $2.7 22 5.6 5.8

Farm ownership 44.7 275 1.0 5 2.3 1.8

Other 1.0 6 0 0 0 0

Total $94.0 659 $3.7 27 4.0 4.1

Nebraska

Operating $207.6 1,648 $ 9.8 76 4.7 4.6

Farm ownership 120.1 864 3.5 19 2.9 2.2

Other 2.0 17 0.3 2 16.4 11.8

Total $329.6 2,529 $13.6 97 4.1 3.8

Nevada

Operating $4.7 30 $0.4 2 7.8 6.7

Farm ownership 1.8 10 0 0 0 0

(continued)

Page 46 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amount

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 0 0 0 0 0 0

Total $6.5 40 $0.4 2 5.7 5.0

New Hampshire

Operating $1.3 15 $0 0 0 0

Farm ownership 2.9 22 0.2 1 7.4 4.5

Other 0 0 0 0 0 0

Total $4.2 37 $0.2 1 5.2 2.7

New Jersey

Operating $4.8 40 $0.9 6 17.7 15.0

Farm ownership 3.9 22 0.7 5 16.9 22.7

Other 0 0 0 0 0 0

Total $8.7 62 $1.5 11 17.4 17.7

New Mexico

Operating $19.3 157 $0.9 9 4.8 5.7

Farm ownership 27.3 145 0.7 4 2.5 2.8

Other 0.1 1 0.1 1 100.0 100.0

Total $46.7 303 $1.7 14 3.7 4.6

New York

Operating $ 57.3 441 $1.3 17 2.2 3.9

Farm ownership 49.0 321 1.9 14 3.9 4.4

Other 0.6 7 0.2 1 25.7 14.3

Total $106.9 769 $3.3 32 3.1 4.2

North Carolina

Operating $ 35.9 451 $0.3 3 0.9 0.7

Farm ownership 84.9 566 0.7 5 0.8 0.9

Other 0 0 0 0 0 0

Total $120.9 1,017 $1.0 8 0.9 0.8

North Dakota

Operating $ 79.3 735 $ 5.6 70 7.1 9.5

Farm ownership 88.6 652 6.1 37 6.9 5.7

Other 0.6 6 0 0 0 0

Total $168.4 1,393 $11.7 107 6.9 7.7

Ohio

Operating $31.5 323 $1.4 13 4.5 4.0

Farm ownership 37.3 253 1.0 7 2.8 2.8

(continued)

Page 47 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amount

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 0.6 9 0.1 1 20.6 11.1

Total $69.4 585 $2.6 21 3.7 3.6

Oklahoma

Operating $130.8 858 $14.4 97 11.0 11.3

Farm ownership 102.8 715 8.0 47 7.8 6.6

Other 1.5 13 0.5 3 29.1 23.1

Total $235.1 1,586 $22.9 147 9.7 9.3

Oregon

Operating $17.9 117 $1.5 9 8.3 7.7

Farm ownership 10.2 68 0.4 2 4.2 2.9

Other 0.5 3 0 0 0 0

Total $28.6 188 $1.9 11 6.7 5.9

Pennsylvania

Operating $36.7 313 $1.6 14 4.4 4.5

Farm ownership 59.9 360 2.3 15 3.8 4.2

Other 0 0 0 0 0 0

Total $96.6 673 $3.9 29 4.0 4.3

Rhode Island

Operating $0.3 1 $0 0 0 0

Farm ownership 0.2 2 0 0 0 0

Other 0 0 0 0 0 0

Total $0.5 3 $0 0 0 0

South Carolina

Operating $22.8 224 $0.5 5 2.3 2.2

Farm ownership 18.5 125 0.2 3 1.2 2.4

Other 0 0 0 0 0 0

Total $41.4 349 $0.8 8 1.8 2.3

South Dakota

Operating $151.7 1,481 $5.0 52 3.3 3.5

Farm ownership 65.8 577 1.3 9 1.9 1.6

Other 2.0 22 c 1 1.8 4.5

Total $219.5 2,080 $6.3 62 2.8 3.0

Tennessee

Operating $48.4 413 $0.7 10 1.4 2.4

Farm ownership 25.8 224 1.0 8 4.0 3.6

(continued)

Page 48 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amount

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 0.6 7 0.3 2 42.6 28.6

Total $74.8 644 $1.9 20 2.6 3.1

Texas

Operating $317.5 2,163 $11.3 100 3.6 4.6

Farm ownership 81.5 499 5.2 25 6.4 5.0

Other 0.4 6 0 0 0 0

Total $399.4 2,668 $16.5 125 4.1 4.7

Utah

Operating $11.6 92 $0.6 5 5.4 5.4

Farm ownership 17.3 123 0.8 6 4.7 4.9

Other 0 0 0 0 0 0

Total $28.9 215 $1.4 11 5.0 5.1

Vermont

Operating $32.9 337 $3.0 34 9.0 10.1

Farm ownership 29.5 202 4.3 28 14.7 13.9

Other 0 0 0 0 0 0

Total $62.3 539 $7.3 62 11.7 11.5

Virginia

Operating $14.3 123 $0.4 4 3.0 3.3

Farm ownership 18.8 109 0.1 1 0.5 0.9

Other 0.1 1 0.1 1 100.0 100.0

Total $33.3 233 $0.7 6 2.0 2.6

Washington

Operating $42.0 300 $1.6 17 3.9 5.7

Farm ownership 27.0 164 0.3 1 1.0 0.6

Other 0 2 0 0 0 0

Total $69.1 466 $1.9 18 2.8 3.9

West Virginia

Operating $14.9 158 $0.9 6 6.3 3.8

Farm ownership 22.0 151 0.1 4 0.5 2.6

Other 0 1 0 0 0 0

Total $36.9 310 $1.1 10 2.9 3.2

Wisconsin

Operating $179.6 1,543 $ 4.9 51 2.7 3.3

Farm ownership 194.1 1,311 6.8 56 3.5 4.3

(continued)

Page 49 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix I 

Outstanding Direct and Guaranteed Loans

Owed by Delinquent Borrowers

Outstanding principal

Amount owed by

delinquent borrowers

Percentage owed by

delinquent borrowersa

Dollars in millions

State Amount

Number of

borrowersb Amount

Number of

borrowersb

Percentage

of debt

Percentage

of borrowers

Other 3.4 28 0.3 2 8.5 7.1

Total $377.1 2,882 $12.0 109 3.2 3.8

Wyoming

Operating $36.2 239 $2.2 19 6.1 7.9

Farm ownership 13.1 104 0.3 4 2.4 3.8

Other 0 1 0 0 0 0

Total $49.4 344 $2.5 23 5.1 6.7

Otherd

Operating $ 2.3 28 $0 0 0 0

Farm ownership 8.1 54 0 0 0 0

Other 0 0 0 0 0 0

Total $10.4 82 $0 0 0 0

Note: Other guaranteed loans are economic emergency and emergency livestock loans.

aPercentages are based on whole numbers.

bThe total number of borrowers for each state includes some borrowers who are counted more

than once because they have more than one type of guaranteed loan. Table I.2 shows the

discrete guaranteed loan borrowers per state.

cLess than $50,000.

dIncludes Puerto Rico, the U.S. Virgin Islands, and the Western Pacific Island Territories.

Source: GAO’s analysis of CFSA Finance Office records.

Page 50 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Table II.1: Direct Loan Losses, by State, Fiscal Year 1989 Through the First 6 Months of Fiscal Year 1995

Restructured with

write-down

Net recovery value

buy-out with write-off

Debt settled with

write-off

Dollars in millions

State Amount

Number of

borrowers Amount

Number of

borrowers Amount

Number of

borrowers

Alabama $17.8 129 $41.6 222 $116.0 719

Alaska 0 0 0 0 0.2 2

Arizona 18.7 40 13.3 20 77.4 228

Arkansas 57.3 319 128.6 537 311.9 1,626

California 24.8 90 35.9 88 322.3 749

Colorado 16.2 85 22.5 114 97.1 579

Connecticut 0.5 2 0.6 1 3.3 22

Delaware 0.4 1 0.7 2 3.4 24

Florida 11.5 75 34.0 69 189.1 952

Georgia 51.2 207 162.0 504 840.0 2,860

Hawaii 0.1 1 a 1 0.2 10

Idaho 44.3 275 59.8 266 157.1 720

Illinois 43.9 338 36.4 297 158.1 1,256

Indiana 67.9 432 68.1 345 296.7 1,418

Iowa 42.7 378 35.9 249 250.0 2,024

Kansas 21.8 245 20.6 163 120.9 1,097

Kentucky 31.2 303 33.0 200 153.2 1,205

Louisiana 71.7 432 227.9 1,188 591.6 2,825

Maine 8.7 55 20.2 80 38.3 314

Maryland 0.7 13 2.6 24 23.4 199

Massachusetts 0.3 3 0 0 4.2 32

Michigan 68.1 374 74.6 322 178.4 956

Minnesota 91.5 751 131.0 766 343.5 2,191

Mississippi 86.2 378 226.2 796 573.3 2,532

Missouri 67.4 553 105.4 661 262.7 1,879

Montana 49.5 207 41.8 172 105.1 497

Nebraska 29.2 220 32.7 183 170.8 1,107

Nevada 2.0 16 0.5 3 10.4 52

New Hampshire a 1 0.5 2 0.4 5

New Jersey a 1 0.3 2 8.5 87

New Mexico 4.2 32 4.5 36 50.6 240

New York 18.9 129 18.2 101 96.0 851

North Carolina 22.4 136 39.1 211 227.3 1,468

(continued)

Page 51 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Restructured with

write-down

Net recovery value

buy-out with write-off

Debt settled with

write-off

Dollars in millions

State Amount

Number of

borrowers Amount

Number of

borrowers Amount

Number of

borrowers

North Dakota 116.3 841 128.1 711 218.8 1,399

Ohio 13.0 78 30.2 158 223.6 1,042

Oklahoma 129.8 666 106.4 554 301.0 1,763

Oregon 16.0 95 19.9 73 66.5 336

Pennsylvania 8.0 58 8.3 45 46.2 377

Rhode Island 0 0 0.2 1 0.6 4

South Carolina 25.1 115 43.6 164 144.3 747

South Dakota 64.4 507 49.4 284 237.8 1,575

Tennessee 27.3 177 39.2 215 289.1 1,859

Texas 107.9 597 124.8 454 792.2 4,223

Utah 3.4 31 3.1 16 15.7 121

Vermont a 1 0.4 3 2.8 30

Virginia 12.7 77 15.6 100 83.1 638

Washington 10.2 65 10.5 43 74.2 375

West Virginia 2.8 25 0.8 10 8.5 156

Wisconsin 68.3 614 89.0 591 200.6 1,801

Wyoming 16.0 91 12.4 60 34.9 194

Otherb 1.7 20 1.3 11 13.7 365

aLess than $50,000.

bIncludes Puerto Rico, the U.S. Virgin Islands, and the Western Pacific Island Territories.

Source: GAO’s analysis of CFSA Finance Office records.

Page 52 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Table II.2: Guaranteed Loan Loss

Payments, by State, Fiscal Year 1989

Through the First 6 Months of Fiscal

Year 1995

Dollars in millions

State

Amount of loan

loss payments

Number of

borrowers

Alabama $ 0.8 18

Alaska 0 0

Arizona 0.8 5

Arkansas 8.5 156

California 1.3 17

Colorado 4.9 53

Connecticut 0.5 4

Delaware 0 0

Florida 7.3 39

Georgia 5.4 88

Hawaii 0 0

Idaho 4.0 40

Illinois 8.4 157

Indiana 4.1 53

Iowa 20.7 348

Kansas 9.2 148

Kentucky 5.4 92

Louisiana 41.9 641

Maine 0.2 3

Maryland 0.9 10

Massachusetts 0.1 2

Michigan 12.5 137

Minnesota 16.6 241

Mississippi 14.3 167

Missouri 4.2 91

Montana 6.1 51

Nebraska 6.7 110

Nevada 0 0

New Hampshire 0.2 2

New Jersey 0.1 2

New Mexico 4.8 37

New York 2.5 30

North Carolina 1.5 28

North Dakota 9.7 152

Ohio 3.3 43

Oklahoma 33.3 312

(continued)

Page 53 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Dollars in millions

State

Amount of loan

loss payments

Number of

borrowers

Oregon 3.7 29

Pennsylvania 1.9 20

Rhode Island 0 0

South Carolina 3.1 42

South Dakota 4.6 76

Tennessee 5.2 71

Texas 30.9 384

Utah 1.3 14

Vermont 0.5 17

Virginia 0.5 11

Washington 3.0 30

West Virginia 1.1 18

Wisconsin 21.7 316

Wyoming 2.7 35

Othera 1.2 11

aIncludes Puerto Rico, the U.S. Virgin Islands, and the Western Pacific Island Territories.

Source: GAO’s analysis of CFSA Finance Office records.

Page 54 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Table II.3: Direct Loan Losses, by Loan Type, by State, Fiscal Year 1989 Through the First 6 Months of Fiscal Year 1995

Losses Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Alabama

Operating $ 35.1 20.0 641 35.2

Farm ownership 16.9 9.7 274 15.0

Economic emergency 15.3 8.7 142 7.8

Emergency disaster 107.4 61.2 736 40.4

Other 0.8 0.4 28 1.5

Total $175.4 100.0 1,821 100.0

Alaska

Operating $0.1 70.7 1 50.0

Farm ownership 0 0 0 0

Economic emergency 0 0 0 0

Emergency disaster 0.1 29.3 1 50.0

Other 0 0 0 0

Total $0.2 100.0 2 100.0

Arizona

Operating $ 11.7 10.7 154 35.4

Farm ownership 6.9 6.3 67 15.4

Economic emergency 16.7 15.2 75 17.2

Emergency disaster 72.5 66.3 117 26.9

Other 1.6 1.5 22 5.1

Total $109.4 100.0 435 100.0

Arkansas

Operating $ 93.9 18.9 1,475 34.0

Farm ownership 48.6 9.8 644 14.9

Economic emergency 55.3 11.1 510 11.8

Emergency disaster 294.9 59.2 1,518 35.0

Other 5.1 1.0 188 4.3

Total $497.8 100.0 4,335 100.0

California

Operating $ 42.2 11.0 478 34.2

Farm ownership 23.8 6.2 199 14.2

Economic emergency 86.5 22.6 351 25.1

Emergency disaster 220.4 57.6 255 18.2

(continued)

Page 55 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Losses Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Other 10.0 2.6 116 8.3

Total $383.0 100.0 1,399 100.0

Colorado

Operating $ 23.7 17.5 368 32.7

Farm ownership 24.1 17.7 218 19.4

Economic emergency 52.0 38.3 314 27.9

Emergency disaster 34.4 25.4 193 17.1

Other 1.5 1.1 33 2.9

Total $135.7 100.0 1,126 100.0

Connecticut

Operating $1.5 33.5 18 42.9

Farm ownership 0.8 19.0 13 31.0

Economic emergency 1.5 34.1 6 14.3

Emergency disaster 0.2 5.3 4 9.5

Other 0.4 8.0 1 2.4

Total $4.5 100.0 42 100.0

Delaware

Operating $0.8 17.4 13 29.5

Farm ownership 1.2 27.4 13 29.5

Economic emergency 1.7 39.0 8 18.2

Emergency disaster 0.7 16.1 9 20.5

Other d 0.4 1 2.3

Total $4.5 100.0 44 100.0

Florida

Operating $ 38.0 16.2 651 37.9

Farm ownership 15.7 6.7 185 10.8

Economic emergency 51.9 22.1 289 16.8

Emergency disaster 126.7 54.0 540 31.4

Other 2.3 1.0 53 3.1

Total $234.6 100.0 1,718 100.0

Georgia

Operating $ 88.8 8.4 1,608 29.3

Farm ownership 43.0 4.1 517 9.4

Economic emergency 95.2 9.0 581 10.6

(continued)

Page 56 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Losses Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Emergency disaster 814.2 77.3 2,601 47.4

Other 12.0 1.1 183 3.3

Total $234.6 100.0 5,490 100.0

Hawaii

Operating $0.3 95.9 11 91.7

Farm ownership d 4.1 1 8.3

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Other 0 0 0 0

Total $0.3 100.0 12 100.0

Idaho

Operating $ 43.1 16.5 635 28.9

Farm ownership 56.3 21.6 559 5.5

Economic emergency 88.8 34.0 555 25.3

Emergency disaster 64.7 24.8 273 12.4

Other 8.3 3.2 172 7.8

Total $261.2 100.0 2,194 100.0

Illinois

Operating $ 44.5 18.7 921 28.2

Farm ownership 57.7 24.2 705 21.6

Economic emergency 65.3 27.4 574 17.6

Emergency disaster 69.4 29.1 1003 30.7

Other 1.5 0.6 67 2.0

Total $238.4 100.0 3,270 100.0

Indiana

Operating $ 73.3 16.9 1,132 31.2

Farm ownership 80.0 18.5 778 21.5

Economic emergency 149.8 34.6 839 23.1

Emergency disaster 127.9 29.6 826 22.8

Other 1.7 0.4 50 1.4

Total $432.6 100.0 3,625 100.0

Iowa

Operating $ 83.0 25.3 1,496 35.5

Farm ownership 63.1 19.2 726 17.2

(continued)

Page 57 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Losses Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Economic emergency 107.3 32.6 903 21.5

Emergency disaster 74.1 22.6 1,030 24.5

Other 1.1 0.3 54 1.3

Total $328.6 100.0 4,209 100.0

Kansas

Operating $ 27.0 16.5 623 27.8

Farm ownership 44.1 27.0 635 28.3

Economic emergency 42.1 25.8 364 16.2

Emergency disaster 49.1 30.1 588 26.2

Other 1.0 0.6 32 1.4

Total $163.2 100.0 2,242 100.0

Kentucky

Operating $ 53.2 24.5 1,141 35.3

Farm ownership 34.3 15.8 565 17.5

Economic emergency 45.9 21.1 480 14.8

Emergency disaster 82.4 37.9 922 28.5

Other 1.5 0.7 125 3.9

Total $217.4 100.0 3,233 100.0

Louisiana

Operating $255.6 28.7 3.326 46.2

Farm ownership 68.6 7.7 688 9.6

Economic emergency 73.8 8.3 615 8.6

Emergency disaster 489.3 54.9 2,484 34.5

Other 3.9 0.4 79 1.1

Total $891.2 100.0 7,192 100.0

Maine

Operating $24.7 36.8 368 54.5

Farm ownership 4.6 6.8 87 12.9

Economic emergency 5.5 8.2 71 10.5

Emergency disaster 32.0 47.6 135 20.0

Other 0.4 0.6 14 2.1

Total $67.2 100.0 675 100.0

Maryland

Operating $ 5.3 20.0 143 36.8

(continued)

Page 58 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Losses Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Farm ownership 4.9 18.4 66 17.1

Economic emergency 9.2 34.3 71 18.4

Emergency disaster 7.2 26.9 103 26.7

Other 0.1 0.4 4 1.0

Total $26.7 100.0 386 100.0

Massachusetts

Operating $1.2 27.0 27 52.9

Farm ownership 1.0 22.5 11 21.6

Economic emergency 1.9 41.6 8 15.7

Emergency disaster 0.4 8.9 5 9.8

Other 0 0 0 0

Total $4.5 100.0 51 100.0

Michigan

Operating $ 78.2 24.4 1,053 32.7

Farm ownership 49.5 15.4 598 18.6

Economic emergency 77.6 24.2 601 18.7

Emergency disaster 110.4 34.4 817 25.4

Other 5.4 1.7 148 4.6

Total $321.1 100.0 3,217 100.0

Minnesota

Operating $125.4 22.2 2,067 32.6

Farm ownership 120.3 21.3 1,387 21.9

Economic emergency 128.3 22.7 1,225 19.3

Emergency disaster 187.0 33.0 1,503 23.7

Other 4.8 0.8 155 2.4

Total $565.9 100.0 6,337 100.0

Mississippi

Operating $152.8 17.3 2,301 37.7

Farm ownership 58.6 6.6 772 12.7

Economic emergency 47.7 5.4 381 6.2

Emergency disaster 622.2 70.2 2,524 41.4

Other 4.5 0.5 123 2.0

Total $885.7 100.0 6,101 100.0

Missouri

(continued)

Page 59 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Losses Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Operating $ 81.9 18.8 1,628 27.1

Farm ownership 92.4 21.2 1,286 21.4

Economic emergency 70.5 16.2 792 13.2

Emergency disaster 184.9 42.5 1,932 32.1

Other 5.8 1.3 378 6.3

Total $435.5 100.0 6,016 100.0

Montana

Operating $ 30.8 15.7 374 26.3

Farm ownership 27.6 14.0 249 17.5

Economic emergency 35.3 18.0 220 15.5

Emergency disaster 100.1 50.9 528 37.1

Other 2.6 1.3 52 3.7

Total $196.4 100.0 1,423 100.0

Nebraska

Operating $ 20.7 8.9 439 18.1

Farm ownership 41.3 17.7 530 21.8

Economic emergency 92.6 39.8 695 28.6

Emergency disaster 71.9 30.9 625 25.7

Other 6.2 2.7 140 5.8

Total $232.7 100.0 2,429 100.0

Nevada

Operating $ 1.8 14.1 31 28.7

Farm ownership 1.9 14.4 19 17.6

Economic emergency 5.2 39.9 30 27.8

Emergency disaster 2.4 18.5 7 6.5

Other 1.7 13.1 21 19.4

Total $12.9 100.0 108 100.0

New Hampshire

Operating $0.5 64.8 8 61.5

Farm ownership 0.3 32.8 3 23.1

Economic emergency d 1.9 1 7.7

Emergency disaster 0 0 0 0

Other d 0.6 1 7.7

Total $0.8 100.0 13 100.0

(continued)

Page 60 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Losses Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

New Jersey

Operating $2.5 28.6 65 44.8

Farm ownership 1.5 17.5 18 12.4

Economic emergency 0.2 2.0 8 5.5

Emergency disaster 4.3 49.5 45 31.0

Other 0.2 2.4 9 6.2

Total $8.8 100.0 145 100.0

New Mexico

Operating $11.9 20.1 191 41.9

Farm ownership 6.1 10.3 71 15.6

Economic emergency 14.3 24.0 86 18.9

Emergency disaster 26.1 44.1 97 21.3

Other 0.9 1.5 11 2.4

Total $59.3 100.0 456 100.0

New York

Operating $ 29.6 22.3 622 35.2

Farm ownership 18.1 13.6 286 16.2

Economic emergency 38.1 28.7 397 22.5

Emergency disaster 45.2 34.0 407 23.0

Other 2.0 1.5 55 3.1

Total $133.0 100.0 1,767 100.0

North Carolina

Operating $ 46.4 16.1 1,007 32.7

Farm ownership 31.3 10.8 444 14.4

Economic emergency 77.2 26.7 552 17.9

Emergency disaster 131.8 45.6 1,012 32.8

Other 2.2 0.8 69 2.2

Total $288.8 100.0 3,084 100.0

North Dakota

Operating $ 99.9 21.6 1,619 31.7

Farm ownership 106.0 22.9 1,155 22.6

Economic emergency 60.2 13.0 670 13.1

Emergency disaster 194.4 42.0 1,598 31.3

Other 2.6 0.6 59 1.2

(continued)

Page 61 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Losses Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Total $463.1 100.0 5,101 100.0

Ohio

Operating $ 55.0 20.6 837 36.8

Farm ownership 46.6 17.5 414 18.2

Economic emergency 49.5 18.5 308 13.5

Emergency disaster 114.2 42.8 663 29.1

Other 1.5 0.6 53 2.3

Total $266.8 100.0 2,275 100.0

Oklahoma

Operating $111.4 20.7 1,609 33.4

Farm ownership 80.5 15.0 1,040 21.6

Economic emergency 121.8 22.7 836 17.4

Emergency disaster 218.0 40.6 1,180 24.5

Other 5.5 1.0 152 3.2

Total $537.2 100.0 4,817 100.0

Oregon

Operating $ 17.0 16.6 228 28.8

Farm ownership 17.8 17.4 175 22.1

Economic emergency 31.3 30.6 195 24.6

Emergency disaster 30.1 29.4 128 16.2

Other 6.2 6.1 66 8.3

Total $102.5 100.0 792 100.0

Pennsylvania

Operating $19.0 30.4 363 44.3

Farm ownership 12.0 19.2 140 17.1

Economic emergency 21.5 34.3 185 22.6

Emergency disaster 9.8 15.7 103 12.6

Other 0.3 0.4 29 3.5

Total $62.5 100.0 820 100.0

Rhode Island

Operating $0.2 20.5 4 50.0

Farm ownership 0.1 11.9 2 25.0

Economic emergency 0.5 63.6 1 12.5

Emergency disaster d 4.0 1 12.5

(continued)

Page 62 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Losses Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Other 0 0 0 0

Total $0.8 100.0 8 100.0

South Carolina

Operating $ 32.9 15.5 577 32.7

Farm ownership 23.5 11.1 291 16.5

Economic emergency 19.1 9.0 157 8.9

Emergency disaster 136.4 64.0 724 41.1

Other 1.1 0.5 13 0.7

Total $213.0 100.0 1,762 100.0

South Dakota

Operating $ 57.9 16.5 1,120 25.5

Farm ownership 44.4 12.6 787 17.9

Economic emergency 77.5 22.0 855 19.5

Emergency disaster 169.4 48.2 1,556 35.5

Other 2.4 0.7 67 1.5

Total $351.5 100.0 4,385 100.0

Tennessee

Operating $ 84.2 23.7 1,435 37.1

Farm ownership 44.9 12.6 666 17.2

Economic emergency 87.2 24.5 644 16.7

Emergency disaster 138.8 39.0 1,097 28.4

Other 0.6 0.2 24 0.6

Total $355.6 100.0 3,866 100.0

Texas

Operating $ 306.3 29.9 3,824 44.8

Farm ownership 51.4 5.0 618 7.2

Economic emergency 95.7 9.3 754 8.8

Emergency disaster 563.7 55.0 3,145 36.8

Other 7.8 0.8 200 2.3

Total $1,024.9 100.0 8,541 100.0

Utah

Operating $ 6.3 28.6 100 39.2

Farm ownership 5.8 26.4 74 29.0

Economic emergency 5.6 25.2 53 20.8

(continued)

Page 63 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Losses Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Emergency disaster 3.9 17.9 19 7.5

Other 0.4 1.9 9 3.5

Total $22.1 100.0 255 100.0

Vermont

Operating $1.3 39.7 27 52.9

Farm ownership 1.1 34.6 17 33.3

Economic emergency 0.7 22.7 4 7.8

Emergency disaster 0 0 1 2.0

Other 0.1 3.0 2 3.9

Total $3.2 100.0 51 100.0

Virginia

Operating $ 22.2 20.0 477 35.0

Farm ownership 10.5 9.5 162 11.9

Economic emergency 21.2 19.1 184 13.5

Emergency disaster 56.9 51.1 527 38.7

Other 0.5 0.4 13 1.0

Total $111.5 100.0 1,363 100.0

Washington

Operating $18.4 19.4 259 36.0

Farm ownership 16.2 17.0 149 20.7

Economic emergency 34.6 36.5 201 27.9

Emergency disaster 24.7 26.1 92 12.8

Other 0.9 1.0 19 2.6

Total $94.9 100.0 720 100.0

West Virginia

Operating $ 5.1 41.8 147 57.2

Farm ownership 2.8 23.3 72 28.0

Economic emergency 3.1 25.6 19 7.4

Emergency disaster 1.0 7.9 9 3.5

Other 0.2 1.4 10 3.9

Total $12.2 100.0 257 100.0

Wisconsin

Operating $112.7 31.5 1,901 37.8

Farm ownership 96.3 26.9 1,224 24.3

(continued)

Page 64 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Losses Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Economic emergency 101.8 28.4 1,106 22.0

Emergency disaster 45.1 12.6 695 13.8

Other 2.0 0.6 102 2.0

Total $357.9 100.0 5,028 100.0

Wyoming

Operating $14.7 23.3 188 34.5

Farm ownership 17.0 26.9 143 26.2

Economic emergency 10.5 16.6 88 16.1

Emergency disaster 20.4 32.2 107 19.6

Other 0.7 1.1 19 3.5

Total $63.3 100.0 545 100.0

Othere

Operating $ 7.0 41.7 250 46.5

Farm ownership 5.1 30.7 125 23.2

Economic emergency 1.6 9.7 22 4.1

Emergency disaster 1.6 9.8 113 21.0

Other 1.3 8.2 28 5.2

Total $16.8 100.0 538 100.0

Note: Other direct loans are soil and water and recreation loans.

aState totals may not add because of rounding.

bPercentages are based on whole numbers.

cThe total number of borrowers for each state includes some borrowers who are counted more

than once because they received more than one type of direct loan.

dLess than $50,000.

eIncludes Puerto Rico, the U.S. Virgin Islands, and the Western Pacific Island Territories.

Source: GAO’s analysis of CFSA Finance Office records.

Page 65 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Table II.4: Guaranteed Loan Loss Payments, by Loan Type, by State, Fiscal Years 1989 Through the First 6 Months of Fiscal

Year 1995

Loss payments Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Alabama

Operating $0.7 82.5 16 88.9

Farm ownership 0.1 17.5 2 11.1

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $0.8 100.0 18 100.0

Alaska

Operating $0 0 0 0

Farm ownership 0 0 0 0

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $0 0 0 0

Arizona

Operating $0.4 50.6 2 40.0

Farm ownership 0.3 41.1 2 40.0

Economic emergency 0.1 8.3 1 20.0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $0.8 100.0 5 100.0

Arkansas

Operating $7.1 83.7 131 84.0

Farm ownership 1.3 15.1 22 14.1

Economic emergency 0.1 1.1 3 1.9

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $8.5 100.0 156 100.0

California

Operating $1.3 97.3 16 94.1

Farm ownership d 2.7 1 5.9

Economic emergency 0 0 0 0

(continued)

Page 66 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Loss payments Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $1.3 100.0 17 100.0

Colorado

Operating $3.0 60.4 36 67.9

Farm ownership 1.6 32.0 14 26.4

Economic emergency 0.3 6.7 2 3.8

Emergency disaster 0 0 0 0

Emergency livestock d 0.9 1 1.9

Total $4.9 100.0 53 100.0

Connecticut

Operating $0.2 32.3 2 50.0

Farm ownership 0.4 67.7 2 50.0

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $0.5 100.0 4 100.0

Delaware

Operating $0 0 0 0

Farm ownership 0 0 0 0

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $0 0 0 0

Florida

Operating $1.5 20.6 20 51.3

Farm ownership 0.9 12.2 7 17.9

Economic emergency 2.4 32.9 7 17.9

Emergency disaster 0.5 7.3 1 2.6

Emergency livestock 2.0 27.1 4 10.3

Total $7.3 100.0 39 100.0

Georgia

Operating $4.7 87.3 76 86.4

Farm ownership 0.7 12.7 12 13.6

(continued)

Page 67 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Loss payments Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $5.4 100.0 88 100.0

Hawaii

Operating $0 0 0 0

Farm ownership 0 0 0 0

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $0 0 0 0

Idaho

Operating $2.6 65.3 28 70.0

Farm ownership 1.2 29.8 9 22.5

Economic emergency 0.2 4.9 3 7.5

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $4.0 100.0 40 100.0

Illinois

Operating $5.6 67.1 120 76.4

Farm ownership 1.7 20.8 27 17.2

Economic emergency 1.0 12.2 10 6.4

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $8.4 100.0 157 100.0

Indiana

Operating $2.7 66.9 42 79.2

Farm ownership 0.3 6.6 4 7.5

Economic emergency 1.1 26.5 7 13.2

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $4.1 100.0 53 100.0

Iowa

Operating $15.9 76.8 296 85.1

(continued)

Page 68 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Loss payments Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Farm ownership 2.0 9.5 29 8.3

Economic emergency 2.8 13.6 22 6.3

Emergency disaster 0 0 0 0

Emergency livestock d 0.1 1 0.3

Total $20.7 100.0 348 100.0

Kansas

Operating $7.6 82.6 120 81.1

Farm ownership 0.7 7.3 17 11.5

Economic emergency 0.9 9.9 9 6.1

Emergency disaster 0 0 0 0

Emergency livestock d 0.2 2 1.4

Total $9.2 100.0 148 100.0

Kentucky

Operating $4.2 77.9 70 76.1

Farm ownership 1.1 20.9 21 22.8

Economic emergency 0.1 1.2 1 1.1

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $5.4 100.0 92 100.0

Louisiana

Operating $30.3 72.4 566 88.3

Farm ownership 5.2 12.4 46 7.2

Economic emergency 6.4 15.2 29 4.5

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $41.9 100.0 641 100.0

Maine

Operating $0.1 37.9 2 66.7

Farm ownership 0.1 62.1 1 33.3

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $0.2 100.0 3 100.0

Maryland

(continued)

Page 69 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Loss payments Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Operating $0.7 71.1 9 90.0

Farm ownership 0.3 28.9 1 10.0

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $0.9 100.0 10 100.0

Massachusetts

Operating $0.1 100.0 2 100.0

Farm ownership 0 0 0 0

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $0.1 100.0 2 100.0

Michigan

Operating $ 9.9 78.9 108 78.8

Farm ownership 2.2 17.5 24 17.5

Economic emergency 0.4 3.6 5 3.6

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $12.5 100.0 137 100.0

Minnesota

Operating $11.3 67.7 195 80.9

Farm ownership 2.4 14.5 25 10.4

Economic emergency 2.9 17.5 20 8.3

Emergency disaster 0 0 0 0

Emergency livestock d 0.3 1 0.4

Total $16.6 100.0 241 100.0

Mississippi

Operating $11.2 78.3 135 80.8

Farm ownership 3.1 21.7 32 19.2

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $14.3 100.0 167 100.0

(continued)

Page 70 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Loss payments Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Missouri

Operating $2.9 68.9 66 72.5

Farm ownership 1.2 28.1 24 26.4

Economic emergency 0.1 3.0 1 1.1

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $4.2 100.0 91 100.0

Montana

Operating $4.3 71.2 41 80.4

Farm ownership 0.6 9.1 4 7.8

Economic emergency 1.2 18.9 5 9.8

Emergency disaster 0 0 0 0

Emergency livestock d 0.8 1 2.0

Total $6.1 100.0 51 100.0

Nebraska

Operating $4.4 64.8 88 80.0

Farm ownership 0.6 9.4 12 10.9

Economic emergency 1.6 24.2 9 8.2

Emergency disaster 0 0 0 0

Emergency livestock 0.1 1.6 1 0.9

Total $6.7 100.0 110 100.0

Nevada

Operating $0 0 0 0

Farm ownership 0 0 0 0

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $0 0 0 0

New Hampshire

Operating d 12.4 1 50.0

Farm ownership 0.1 87.6 1 50.0

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

(continued)

Page 71 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Loss payments Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Total $0.2 100.0 2 100.0

New Jersey

Operating d 98.5 1 50.0

Farm ownership d 1.5 1 50.0

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $0.1 100.0 2 100.0

New Mexico

Operating $3.4 70.3 27 73.0

Farm ownership 0.5 11.2 6 16.2

Economic emergency 0.4 7.3 2 5.4

Emergency disaster 0 0 0 0

Emergency livestock 0.5 11.2 2 5.4

Total $4.8 100.0 37 100.0

New York

Operating $0.8 32.3 14 46.7

Farm ownership 0.7 28.5 8 26.7

Economic emergency 0.9 37.2 6 20.0

Emergency disaster 0 0 0 0

Emergency livestock d 2.0 2 6.7

Total $2.5 100.0 30 100.0

North Carolina

Operating $1.3 83.9 23 82.1

Farm ownership 0.1 6.2 2 7.1

Economic emergency 0.2 9.9 3 10.7

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $1.5 100.0 28 100.0

North Dakota

Operating $6.3 65.1 106 69.7

Farm ownership 1.9 20.0 36 23.7

Economic emergency 0.9 9.6 7 4.6

Emergency disaster 0 0 0 0

(continued)

Page 72 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Loss payments Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Emergency livestock 0.5 5.3 3 2.0

Total $9.7 100.0 152 100.0

Ohio

Operating $1.9 57.1 31 72.1

Farm ownership 0.5 14.2 5 11.6

Economic emergency 1.0 28.7 7 16.3

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $3.3 100.0 43 100.0

Oklahoma

Operating $25.0 75.1 243 77.9

Farm ownership 4.6 13.7 46 14.7

Economic emergency 2.7 8.2 17 5.4

Emergency disaster 0 0 0 0

Emergency livestock 1.0 3.0 6 1.9

Total $33.3 100.0 312 100.0

Oregon

Operating $2.7 73.3 24 82.8

Farm ownership 0.2 6.2 3 10.3

Economic emergency 0.8 20.5 2 6.9

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $3.7 100.0 29 100.0

Pennsylvania

Operating $0.9 44.7 12 60.0

Farm ownership 1.0 51.0 7 35.0

Economic emergency 0.1 4.3 1 5.0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $1.9 100.0 20 100.0

Rhode Island

Operating $0 0 0 0

Farm ownership 0 0 0 0

Economic emergency 0 0 0 0

(continued)

Page 73 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Loss payments Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $0 0 0 0

South Carolina

Operating $2.6 84.7 37 88.1

Farm ownership 0.5 15.3 5 11.9

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $3.1 100.0 42 100.0

South Dakota

Operating $3.4 73.3 62 81.6

Farm ownership 0.7 16.0 9 11.8

Economic emergency 0.5 10.2 4 5.3

Emergency disaster 0 0 0 0

Emergency livestock d 0.5 1 1.3

Total $4.6 100.0 76 100.0

Tennessee

Operating $3.6 69.6 56 78.9

Farm ownership 0.4 8.3 10 14.1

Economic emergency 1.1 22.1 5 7.0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $5.2 100.0 71 100.0

Texas

Operating $26.0 84.1 336 87.5

Farm ownership 2.3 7.5 29 7.6

Economic emergency 1.9 6.1 17 4.4

Emergency disaster 0 0 0 0

Emergency livestock 0.7 2.2 2 0.5

Total $30.9 100.0 384 100.0

Utah

Operating $0.4 29.4 7 50.0

Farm ownership 0.2 18.6 4 28.6

(continued)

Page 74 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Loss payments Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Economic emergency 0.7 52.0 3 21.4

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $1.3 100.0 14 100.0

Vermont

Operating $0.2 42.8 9 52.9

Farm ownership 0.3 57.2 8 47.1

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $0.5 100.0 17 100.0

Virginia

Operating $0.3 70.4 8 72.7

Farm ownership 0.1 29.6 3 27.3

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $0.5 100.0 11 100.0

Washington

Operating $2.0 65.7 25 83.3

Farm ownership 0.6 20.7 4 13.3

Economic emergency 0.4 13.6 1 3.3

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $3.0 100.0 30 100.0

West Virginia

Operating $0.9 83.6 15 83.3

Farm ownership 0.2 16.4 3 16.7

Economic emergency 0 0 0 0

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $1.1 100.0 18 100.0

Wisconsin

Operating $ 9.4 43.4 177 56.0

(continued)

Page 75 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix II 

Direct Loan Losses and Guaranteed Loan

Loss Payments

Loss payments Borrowers

Dollar in millions

State Amounta

Percentage

of total

direct loan

lossesb Numberc

Percentage

of total

borrowers

with lossesa

Farm ownership 8.0 36.6 103 32.6

Economic emergency 4.3 20.0 36 11.4

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $21.7 100.0 316 100.0

Wyoming

Operating $2.3 84.6 31 88.6

Farm ownership 0.2 9.1 3 8.6

Economic emergency 0.2 6.3 1 2.9

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $2.7 100.0 35 100.0

Othere

Operating $1.0 86.6 8 72.7

Farm ownership 0.1 12.2 2 18.2

Economic emergency a 1.2 1 9.1

Emergency disaster 0 0 0 0

Emergency livestock 0 0 0 0

Total $1.2 100.0 11 100.0

aState totals may not add because of rounding.

bPercentages are based on whole numbers.

cThe total number of borrowers for each state include some borrowers who are counted more

than once because they received more than one type of guaranteed loan.

dLess than $50,000.

eIncludes Puerto Rico, the U.S. Virgin Islands, and the Western Pacific Island Territories.

Source: GAO’s analysis of CFSA Finance Office records.

Page 76 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix III 

New Direct and Guaranteed Loans to

Previously Delinquent Borrowers Who

Received Debt Relief

Table III.1: Amount of New Direct and Guaranteed Loans Made From Fiscal Year 1989 Through the First 6 Months of Fiscal

Year 1995 to Borrowers Who Previously Received Debt Relief, by State

Direct Guaranteed Total

Dollars in millions

State and action on prior debt

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Alabama

Restructured with debt write-down 30 $3.5 4 $0.5 34 $4.1

Net recovery value buy-out with write-off 1 c 0 0 1 c

Debt settlement with write-off 2 0.1 0 0 2 0.1

Guaranteed loan loss payments d d 0 0 0 0

Total 33 $3.7 4 $0.5 37 $4.2

Alaska

Restructured with debt write-down 0 $0 0 $0 0 $0

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 0 0 0 0 0 0

Guaranteed loan loss payments d d 0 0 0 0

Total 0 $0 0 $0 0 $0

Arizona

Restructured with debt write-down 2 $0.2 0 $0 2 $0.2

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 0 0 0 0 0 0

Guaranteed loan loss payments d d 0 0 0 0

Total 2 $0.2 0 $0 2 $0.2

Arkansas

Restructured with debt write-down 54 $6.0 11 $1.8 65 $7.8

Net recovery value buy-out with write-off 2 0.3 1 0.1 3 0.4

Debt settlement with write-off 5 0.2 3 0.8 8 1.0

Guaranteed loan loss payments d d 1 0.6 1 0.6

Total 61 $6.5 16 $3.3 77 $9.8

California

Restructured with debt write-down 6 $0.4 1 $0.2 7 $0.6

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 0 0 0 0 0 0

Guaranteed loan loss payments d d 0 0 0 0

Total 6 $0.4 1 $0.2 7 $0.6

Colorado

Restructured with debt write-down 20 $1.7 3 $0.8 23 $2.5

Net recovery value buy-out with write-off 0 0 2 0.2 2 0.2

(continued)

Page 77 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix III 

New Direct and Guaranteed Loans to

Previously Delinquent Borrowers Who

Received Debt Relief

Direct Guaranteed Total

Dollars in millions

State and action on prior debt

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Debt settlement with write-off 3 0.2 2 0.4 5 0.6

Guaranteed loan loss payments d d 2 0.2 2 0.2

Total 23 $1.9 9 $1.6 32 $3.5

Connecticut

Restructured with debt write-down 0 $0 0 $0 0 $0

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 0 0 0 0 0 0

Guaranteed loan loss payments d d 0 0 0 0

Total 0 $0 0 $0 0 $0

Delaware

Restructured with debt write-down 0 $0 0 $0 0 $0

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 0 0 0 0 0 0

Guaranteed loan loss payments d d 0 0 0 0

Total 0 $0 0 $0 0 $0

Florida

Restructured with debt write-down 4 $0.3 0 $0 4 $0.3

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 0 0 1 0.1 1 0.1

Guaranteed loan loss payments d d 0 0 0 0

Total 4 $0.3 1 $0.1 5 $0.4

Georgia

Restructured with debt write-down 29 $4.0 16 $4.2 45 $ 8.2

Net recovery value buy-out with write-off 1 0.1 4 2.2 5 2.3

Debt settlement with write-off 9 2.4 16 2.5 25 4.9

Guaranteed loan loss payments d d 2 0.6 2 0.6

Total 39 $6.5 38 $9.5 77 $16.0

Hawaii

Restructured with debt write-down 0 $0 0 $0 0 $0

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 0 0 0 0 0 0

Guaranteed loan loss payments d d 0 0 0 0

Total 0 $0 0 $0 0 $0

Idaho

Restructured with debt write-down 58 $7.3 5 $1.3 63 $ 8.7

Net recovery value buy-out with write-off 1 0.1 3 0.4 4 0.5

(continued)

Page 78 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix III 

New Direct and Guaranteed Loans to

Previously Delinquent Borrowers Who

Received Debt Relief

Direct Guaranteed Total

Dollars in millions

State and action on prior debt

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Debt settlement with write-off 3 0.4 2 0.5 5 0.8

Guaranteed loan loss payments d d 0 0 0 0

Total 62 $7.7 10 $2.3 72 $10.0

Illinois

Restructured with debt write-down 83 $6.6 25 $2.8 108 $ 9.4

Net recovery value buy-out with write-off 1 c 3 0.8 4 0.8

Debt settlement with write-off 13 1.0 11 1.9 24 2.8

Guaranteed loan loss payments d d 1 0.2 1 0.2

Total 97 $7.6 40 $5.6 137 $13.2

Indiana

Restructured with debt write-down 70 $12.0 17 $2.4 87 $14.4

Net recovery value buy-out with write-off 1 0.3 1 0.2 2 0.5

Debt settlement with write-off 5 0.4 7 4.6 12 5.0

Guaranteed loan loss payments d d 0 0 0 0

Total 76 $12.7 25 $7.3 101 $19.9

Iowa

Restructured with debt write-down 108 $7.8 19 $2.4 127 $10.2

Net recovery value buy-out with write-off 2 0.1 5 0.9 7 0.9

Debt settlement with write-off 13 0.6 20 3.8 33 4.4

Guaranteed loan loss payments d d 8 1.3 8 1.3

Total 123 $8.5 52 $8.3 175 $16.7

Kansas

Restructured with debt write-down 33 $2.6 17 $3.2 50 $5.8

Net recovery value buy-out with write-off 0 0 3 0.5 3 0.5

Debt settlement with write-off 7 1.0 9 1.7 16 2.6

Guaranteed loan loss payments d d 2 0.4 2 0.4

Total 40 $3.6 31 $5.8 71 $9.3

Kentucky

Restructured with debt write-down 45 $3.3 18 $1.5 63 $4.7

Net recovery value buy-out with write-off 0 0 2 0.2 2 0.2

Debt settlement with write-off 8 0.3 6 1.2 14 1.6

Guaranteed loan loss payments d d 0 0 0 0

Total 53 $3.6 26 $2.9 79 $6.5

Louisiana

Restructured with debt write-down 138 $15.8 98 $24.3 236 $40.1

Net recovery value buy-out with write-off 24 3.3 51 13.0 75 16.3

(continued)

Page 79 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix III 

New Direct and Guaranteed Loans to

Previously Delinquent Borrowers Who

Received Debt Relief

Direct Guaranteed Total

Dollars in millions

State and action on prior debt

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Debt settlement with write-off 51 6.4 95 24.1 146 30.6

Guaranteed loan loss payments d d 39 8.9 39 8.9

Total 213 $25.5 283 $70.4 496 $95.9

Maine

Restructured with debt write-down 22 $2.7 0 $0 22 $2.7

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 3 0.6 0 0 3 0.6

Guaranteed loan loss payments d d 0 0 0 0

Total 25 $3.3 0 $0 25 $3.3

Maryland

Restructured with debt write-down 1 c 0 $0 1 c

Net recovery value buy-out with write-off 0 0 1 0.2 1 0.2

Debt settlement with write-off 1 c 1 0.2 2 0.2

Guaranteed loan loss payments d d 0 0 0 0

Total 2 $0.1 2 $0.4 4 $0.4

Massachusetts

Restructured with debt write-down 0 $0 0 $0 0 $0

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 0 0 0 0 0 0

Guaranteed loan loss payments d d 0 0 0 0

Total 0 $0 0 $0 0 $0

Michigan

Restructured with debt write-down 75 $10.0 22 $ 4.9 97 $14.9

Net recovery value buy-out with write-off 1 0.1 22 5.8 23 5.9

Debt settlement with write-off 5 0.4 7 1.8 12 2.2

Guaranteed loan loss payments d d 5 1.8 5 1.8

Total 81 $10.5 56 $14.2 137 $24.8

Minnesota

Restructured with debt write-down 127 $10.6 40 $5.4 167 $16.0

Net recovery value buy-out with write-off 2 0.2 0 0 2 0.2

Debt settlement with write-off 2 0.1 19 3.0 21 3.1

Guaranteed loan loss payments d d 9 1.6 9 1.6

Total 131 $10.9 68 $9.9 199 $20.8

Mississippi

Restructured with debt write-down 97 $14.4 16 $4.6 113 $19.0

Net recovery value buy-out with write-off 1 0.8 0 0 1 0.8

(continued)

Page 80 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix III 

New Direct and Guaranteed Loans to

Previously Delinquent Borrowers Who

Received Debt Relief

Direct Guaranteed Total

Dollars in millions

State and action on prior debt

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Debt settlement with write-off 11 2.5 10 3.7 21 6.2

Guaranteed loan loss payments d d 3 0.4 3 0.4

Total 109 $17.7 29 $8.8 138 $26.5

Missouri

Restructured with debt write-down 72 $3.5 28 $2.3 100 $5.7

Net recovery value buy-out with write-off 4 0.3 0 0 4 0.3

Debt settlement with write-off 2 0.1 3 0.5 5 0.6

Guaranteed loan loss payments d d 1 0.1 1 0.1

Total 78 $3.8 32 $2.9 110 $6.7

Montana

Restructured with debt write-down 29 $3.6 4 $0.6 33 $4.2

Net recovery value buy-out with write-off 1 c 3 0.5 4 0.5

Debt settlement with write-off 3 0.4 3 0.5 6 0.9

Guaranteed loan loss payments d d 0 0 0 0

Total 33 $4.0 10 $1.7 43 $5.7

Nebraska

Restructured with debt write-down 29 $2.2 7 $1.3 36 $3.5

Net recovery value buy-out with write-off 0 0 2 0.3 2 0.3

Debt settlement with write-off 8 0.6 7 1.2 15 1.8

Guaranteed loan loss payments d d 0 0 0 0

Total 37 $2.9 16 $2.8 53 $5.6

Nevada

Restructured with debt write-down 5 $0.5 0 $0 5 $0.5

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 0 0 0 0 0 0

Guaranteed loan loss payments d d 0 0 0 0

Total 5 $0.5 0 $0 5 $0.5

New Hampshire

Restructured with debt write-down 0 $0 0 $0 0 $0

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 0 0 0 0 0 0

Guaranteed loan loss payments d d 0 0 0 0

Total 0 $0 0 $0 0 $0

New Jersey

Restructured with debt write-down 0 $0 0 $0 0 $0

Net recovery value buy-out with write-off 0 0 0 0 0 0

(continued)

Page 81 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix III 

New Direct and Guaranteed Loans to

Previously Delinquent Borrowers Who

Received Debt Relief

Direct Guaranteed Total

Dollars in millions

State and action on prior debt

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Debt settlement with write-off 0 0 0 0 0 0

Guaranteed loan loss payments d d 0 0 0 0

Total 0 $0 0 $0 0 $0

New Mexico

Restructured with debt write-down 9 $1.1 0 $0 9 $1.1

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 0 0 1 0 1 0.2

Guaranteed loan loss payments d d 0 0 0 0

Total 9 $1.1 1 $0.2 10 $1.4

New York

Restructured with debt write-down 32 $3.2 0 $0 32 $3.2

Net recovery value buy-out with write-off 1 0.1 0 0 1 0.1

Debt settlement with write-off 4 0.4 0 0 4 0.4

Guaranteed loan loss payments d d 0 0 0 0

Total 37 $3.7 0 $0 37 $3.7

North Carolina

Restructured with debt write-down 30 $2.3 2 $0.1 32 $2.4

Net recovery value buy-out with write-off 1 0.1 9 2.2 10 2.2

Debt settlement with write-off 3 0.1 8 1.6 11 1.7

Guaranteed loan loss payments d d 0 0 0 0

Total 34 $2.5 19 $3.9 53 $6.3

North Dakota

Restructured with debt write-down 140 $ 9.7 27 $4.7 167 $14.5

Net recovery value buy-out with write-off 1 0.1 0 0 1 0.1

Debt settlement with write-off 4 0.5 8 1.6 12 2.1

Guaranteed loan loss payments d d 2 0.1 2 0.1

Total 145 $10.4 37 $6.4 182 $16.8

Ohio

Restructured with debt write-down 13 $1.3 7 $1.3 20 $2.5

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 2 0.3 2 0.2 4 0.5

Guaranteed loan loss payments d d 0 0 0 0

Total 15 $1.5 9 $1.5 24 $3.0

Oklahoma

Restructured with debt write-down 103 $11.9 20 $ 4.2 123 $16.1

Net recovery value buy-out with write-off 3 0.3 7 1.7 10 2.1

(continued)

Page 82 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix III 

New Direct and Guaranteed Loans to

Previously Delinquent Borrowers Who

Received Debt Relief

Direct Guaranteed Total

Dollars in millions

State and action on prior debt

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Debt settlement with write-off 4 0.3 9 2.2 13 2.5

Guaranteed loan loss payments d d 8 2.1 8 2.1

Total 110 $12.6 44 $10.2 154 $22.8

Oregon

Restructured with debt write-down 20 $3.1 1 $0.1 21 $3.2

Net recovery value buy-out with write-off 1 c 0 0 1 c

Debt settlement with write-off 0 0 0 0 0 0

Guaranteed loan loss payments d d 0 0 0 0

Total 21 $3.1 1 $0.1 22 $3.2

Pennsylvania

Restructured with debt write-down 13 $1.5 1 $0.4 14 $1.9

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 1 c 1 0.2 2 0.2

Guaranteed loan loss payments d d 0 0 0 0

Total 14 $1.6 2 $0.6 16 $2.1

Rhode Island

Restructured with debt write-down 0 $0 0 $0 0 $0

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 0 0 0 0 0 0

Guaranteed loan loss payments d d 0 0 0 0

Total 0 $0 0 $0 0 $0

South Carolina

Restructured with debt write-down 35 $4.9 6 $0.7 41 $5.6

Net recovery value buy-out with write-off 0 0 2 0.1 2 0.1

Debt settlement with write-off 5 0.5 1 0.1 6 0.6

Guaranteed loan loss payments d d 0 0 0 0

Total 40 $5.5 9 $0.9 49 $6.4

South Dakota

Restructured with debt write-down 59 $3.3 39 $4.0 98 $ 7.3

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 24 1.1 18 2.4 42 3.5

Guaranteed loan loss payments d d 0 0 0 0

Total 83 $4.4 57 $6.4 140 $10.8

Tennessee

Restructured with debt write-down 18 $1.8 8 $1.2 26 $3.0

Net recovery value buy-out with write-off 1 0.1 12 2.4 13 2.5

(continued)

Page 83 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix III 

New Direct and Guaranteed Loans to

Previously Delinquent Borrowers Who

Received Debt Relief

Direct Guaranteed Total

Dollars in millions

State and action on prior debt

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Debt settlement with write-off 2 0.3 10 1.8 12 2.1

Guaranteed loan loss payments d d 1 0.1 1 0.1

Total 21 $2.1 31 $5.5 52 $7.6

Texas

Restructured with debt write-down 254 $28.1 25 $4.3 279 $32.4

Net recovery value buy-out with write-off 3 0.5 0 0 3 0.5

Debt settlement with write-off 22 3.7 21 3.7 43 7.4

Guaranteed loan loss payments d d 5 1.3 5 1.3

Total 279 $32.4 51 $9.3 330 $41.6

Utah

Restructured with debt write-down 4 $0.3 0 $0 4 $0.3

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 2 0.1 0 0 2 0.1

Guaranteed loan loss payments d d 0 0 0 0

Total 6 $0.4 0 $0 6 $0.4

Vermont

Restructured with debt write-down 0 $0 0 $0 0 $0

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 0 0 0 0 0 0

Guaranteed loan loss payments d d 0 0 0 0

Total 0 $0 0 $0 0 $0

Virginia

Restructured with debt write-down 18 $1.9 0 $0 18 $1.9

Net recovery value buy-out with write-off 1 0.1 0 0 1 0.1

Debt settlement with write-off 3 0.1 0 0 3 0.1

Guaranteed loan loss payments d d 0 0 0 0

Total 22 $2.2 0 $0 22 $2.2

Washington

Restructured with debt write-down 13 $1.1 1 $0.1 14 $1.2

Net recovery value buy-out with write-off 0 0 1 0.1 1 0.1

Debt settlement with write-off 0 0 0 0 0 0

Guaranteed loan loss payments d d 1 0.2 1 0.2

Total 13 $1.1 3 $0.4 16 $1.5

West Virginia

Restructured with debt write-down 4 $0.7 1 $0.1 5 $0.8

Net recovery value buy-out with write-off 0 0 0 0 0 0

(continued)

Page 84 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix III 

New Direct and Guaranteed Loans to

Previously Delinquent Borrowers Who

Received Debt Relief

Direct Guaranteed Total

Dollars in millions

State and action on prior debt

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Number of

borrowersa

Amount of

new loansb

Debt settlement with write-off 0 0 0 0 0 0

Guaranteed loan loss payments d d 2 0.6 2 0.6

Total 4 $0.7 3 $0.6 7 $1.4

Wisconsin

Restructured with debt write-down 83 $4.0 16 $2.1 99 $ 6.2

Net recovery value buy-out with write-off 3 0.2 11 2.3 14 2.5

Debt settlement with write-off 12 0.7 12 2.8 24 3.6

Guaranteed loan loss payments d d 1 0.8 1 0.8

Total 98 $5.0 40 $8.2 138 $13.1

Wyoming

Restructured with debt write-down 23 $1.4 7 $0.8 30 $2.2

Net recovery value buy-out with write-off 1 0.2 1 0.1 2 0.3

Debt settlement with write-off 1 0.1 1 c 2 0.1

Guaranteed loan loss payments d d 0 0 0 0

Total 25 $1.7 9 $0.9 34 $2.6

Othere

Restructured with debt write-down 4 $0.2 0 $0 4 $0.2

Net recovery value buy-out with write-off 0 0 0 0 0 0

Debt settlement with write-off 1 c 0 0 c 0

Guaranteed loan loss payments d d 0 0 0 0

Total 5 $0.2 0 $0 5 $0.2

aThe total number of borrowers for each state includes some borrowers who are counted more

than once because they received more than one type of loan.

bState totals may not add because of rounding.

cLess than $50,000.

dNot calculated.

eIncludes Puerto Rico, the U.S. Virgin Islands, and the Western Pacific Island Territories.

Source: GAO’s analysis of CFSA Finance Office records.

Page 85 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix IV 

New Direct Loans to Delinquent Borrowers

Table IV.1: Amount of New Direct

Operating Loans Made From Fiscal

Year 1989 Through the First 6 Months

of Fiscal Year 1995 to Borrowers Who

Were Delinquent, by State

Dollars in millions

State

Amount of new

direct operating

loans

Number of

borrowers

Alabama $ 1.6 23

Alaska 0 0

Arizona 0 0

Arkansas 9.6 112

California 0.5 12

Colorado 0.8 9

Connecticut 0.1 1

Delaware 0.2 4

Florida 0.7 9

Georgia 1.3 15

Hawaii 0 0

Idaho 2.8 39

Illinois 6.1 131

Indiana 1.7 35

Iowa 6.8 141

Kansas 2.5 52

Kentucky 0.9 23

Louisiana 7.0 84

Maine 0.7 13

Maryland 0 0

Massachusetts 0 0

Michigan 2.4 45

Minnesota 5.4 88

Mississippi 10.2 117

Missouri 3.1 68

Montana 7.4 117

Nebraska 3.8 45

Nevada 0.3 4

New Hampshire 0 0

New Jersey a 1

New Mexico 1.1 11

New York 0.1 1

North Carolina 4.5 60

North Dakota 9.8 175

Ohio 0.8 16

(continued)

Page 86 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix IV 

New Direct Loans to Delinquent Borrowers

Dollars in millions

State

Amount of new

direct operating

loans

Number of

borrowers

Oklahoma 1.8 39

Oregon 2.2 27

Pennsylvania 0.1 5

Rhode Island 0 0

South Carolina 0.7 13

South Dakota 1.2 39

Tennessee 1.0 17

Texas 27.9 421

Utah a 1

Vermont 0.1 3

Virginia 1.6 28

Washington 0.7 10

West Virginia a 2

Wisconsin 0.4 22

Wyoming 0.4 6

Otherb 0 0

aLess than $50,000.

bIncludes Puerto Rico, the U.S. Virgin Islands, and the Western Pacific Island Territories.

Source: GAO’s analysis of CFSA Finance Office records.

Page 87 GAO/RCED-95-223FS Farm Loan Portfolio
Appendix V 

Major Contributors to This Report

Resources,

Community, and

Economic

Development

Division, Washington,

D.C.

Robert A. Robinson, Associate Director

Dallas Regional Office Linda J. Libician, Assistant Director

Andy C. Clinton, Evaluator

Kansas City Regional

Office

Robert C. Sommer, Computer Analyst

(150332) Page 88 GAO/RCED-95-223FS Farm Loan Portfolio
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GAO/RCED-95-223FS Farm Loan Portfolio