The net present value of the cash flow from the estimated sales of foreclosed property is included in calculating the subsidy cost of post-1991 direct loans and loan guarantees.
Pre-1991, there were no calculations of subsidy costs.  
mnli hypothesis: Pre-1991, there were no calculations of subsidy costs.   premise: The net present value of the cash flow from the estimated sales of foreclosed property is included in calculating the subsidy cost of post-1991 direct loans and loan guarantees.