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

  • Centner, Terence J.
  • White, Fred C.
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    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 FmHAÂ’s direct losses from delinquent borrowers.

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    Article 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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    Handle: RePEc:ags:wjagec:32472
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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 1121-33, December.
    2. 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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