Fmha'S Efforts Against Delinquent Borrowers: Property Interests And Transaction Costs
AbstractA recent judicial decision has precluded the Farmers Home Administration from employing nonjudicial foreclosure proceedings in some states. Characteristics of FmHA loans and borrowers suggest that a potential "hold up" problem exists whereby borrowers may cause the value of their mortgaged properties to diminish below the outstanding balance of the loan. Empirical results of a survey show that the preclusion of nonjudicial foreclosure increased FmHAÂ’s direct losses from delinquent borrowers.
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Bibliographic InfoArticle provided by Western Agricultural Economics Association in its journal Western Journal of Agricultural Economics.
Volume (Year): 12 (1987)
Issue (Month): 01 (July)
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- Alston, Lee J & Datta, Samar K & Nugent, Jeffrey B, 1984. "Tenancy Choice in a Competitive Framework with Transactions Costs," Journal of Political Economy, University of Chicago Press, vol. 92(6), pages 1121-33, December.
- Klein, Benjamin & Crawford, Robert G & Alchian, Armen A, 1978. "Vertical Integration, Appropriable Rents, and the Competitive Contracting Process," Journal of Law and Economics, University of Chicago Press, vol. 21(2), pages 297-326, October.
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