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Fmha'S Efforts Against Delinquent Borrowers: Property Interests And Transaction Costs

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  • Centner, Terence J.
  • White, Fred C.

Abstract

A 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 FmHA's direct losses from delinquent borrowers.

Suggested Citation

  • Centner, Terence J. & White, Fred C., 1987. "Fmha'S Efforts Against Delinquent Borrowers: Property Interests And Transaction Costs," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 12(1), pages 1-7, July.
    • Handle: RePEc:ags:wjagec:32472
    DOI: 10.22004/ag.econ.32472
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    References listed on IDEAS

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    1. 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 1121-1133, December.
    2. William M. Dugger, 1983. "The Transaction Cost Analysis of Oliver E. Williamson: A New Synthesis?," Journal of Economic Issues, Taylor & Francis Journals, vol. 17(1), pages 95-114, March.
    3. Carlisle Ford Runge, 1984. "Strategic Interdependence in Models of Property Rights," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(5), pages 807-813.
    4. 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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    Keywords

    Agricultural Finance;

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