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§ 1434.21 Loan deficiency payments.
(b) to (d) which related to limitation on direct payments, limitation on counter-cyclical payments, and limitation on marketing loan gains and loan deficiency payments, respectively.
(1) to (4) which related to limitation on payments under production flexibility contracts, limitation on marketing loan gains and loan deficiency payments, description of payments subject to limitation, and definitions, respectively.
For starters, the Old Guard on both agriculture committees has managed to preserve the entire hoary contraption of direct payments, countercyclical payments and loan deficiency payments that subsidize the five big commodity crops — corn, wheat, rice, soybeans and cotton — to the tune of $42 billion over five years.
(v) which read as follows: "(v) any loan deficiency payment received for a crop of wheat, feed grains, upland cotton, or rice under section 107D(b), 105C(b), 103A(b), or 101A(b), respectively, of the Agricultural Act of 1949; and".
L. 115 334, § 1703(a)(2), substituted "sections 1116 and 1117 of the Agricultural Act of 2014 (7 U.S.C. 9016, 9017)" for "sections 1116 and 1117 and as marketing loan gains or loan deficiency payments under subtitle B of title I of the Agricultural Act of 2014".
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The reason is that the Department of Agriculture's loan-deficiency programme, which makes direct payments to farmers when market prices are low, pays higher rates for soyabeans than for wheat or maize.
The letter stated, for example, that Bank of America failed to demand that entities selling loans into the pool "cure deficiencies in mortgage records when deficient loan files and lien records are discovered".
During the height of the boom, the company bought two drilling rigs, recently sold off at 35 cents on the dollar, and is still trying to pay off a $1 million deficiency on the loan.
Fannie Mae's federal regulator has identified numerous new problems with the company's accounting practices, including deficiencies in recording some securities and loan transactions, Fannie said Wednesday.
The effect of the crisis also has been modified by the Administration's decision to make advance deficiency payments and to accelerate commodity loans, pushing an estimated $15 billion into farmers' hands by April 1.
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