Emergency Farm Mortgage Act


Emergency Farm Mortgage Act of April 1933
The Emergency Farm Mortgage Act, was actually an amendment to the Agricultural Adjustment Act of 1933. The Emergency Farm Mortgage Act helped farmers gain the ability to refinance their mortgages and buy tax-exempt bonds. Beginning In April of 1933, the Emergency Farm Mortgage Act provided 200 million dollars in loans to farmers whose land was on the verge of foreclosure.
The Emergency Farm Mortgage Act, of 1933, loaned money to to many farmers who were at risk of losing their property. The act developed two programs that helped deal with the rising rate of farmers not being able to pay back their loans. The first program was run by the Federal Land Banks (FLB) which were a set of twelve banks, sponsored by the government to help loan money to these at risk farmers. The second program was run by the Land Back Commissioner (LBC) who regulated these twelve banks. These two programs had a very large impact on the issue. By the mid 1930’s, these two programs owned two-fifths of the United States’ mortgage loans. The funding for these programs came from federal bonds and the Treasury. The The Emergency Farm Mortgage Act was passed in June of 1933, during the end of President Roosevelt’s “Hundred Days.” It was also passed around the same time Farm Credit Act.
Rose, Jonathan D. “A Primer on Farm Mortgage Debt Relief Programs during the 1930s.” 22 Apr. 2013.

Wynn, Neil A. “Emergency Farm Mortgage Act, 1933.” Academic Dictionaries and Encyclopedias, roosevelt.enacademic.com/199/Emergency_Farm_Mortgage_Act,_1933.






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