Bulletin of the U.S. Department of Agriculture Volume 957-980

Bulletin of the U.S. Department of Agriculture Volume 957-980

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: ...are frequently willing to give favorable terms of credit because they are anxious to effect a sale. This tendency is reflected in the terms of second mortgages given to former owners (Tables V and VI). It appears that in this group the second mortgages averaged 37.4 per cent of the purchase prices of the farms. This is slightly less than the percentage for mortgages given to relatives who were sellers, but much higher than the proportion of the purchase price (22.8 per cent) represented by mortgages given to persons who were not sellers. The tendency toward favorable terms in mortgages held by sellers of farm land who are not related to the buyers is shown by the average interest rate of 6.6 per cent, as compared with an average of 7.2 per cent on mortgages held by persons other than sellers. It is probable that the terms on mortgages given to the class of persons other than sellers represent fairly closely the typical conditions for ordinary commercial loans on second mortgages. However, some of these loans may have been given to relatives or other persons who had some special motives for granting specially favorable terms. The need of popularizing the second mortgage when given in connection with the purchase of a farm through the aid of a first-mortgage loan obtained from the Federal land banks is strongly suggested by the fact that, of the entire number of farms purchased on which second-mortgage loans were obtained, only 116, or 22 per cent of the entire 531, were taken by men who were reported neither as relatives of the purchaser nor as the former owners of the land. If second mortgages given in connection with Federal farm loans were looked upon with more favor by men having money to lend, there' would doubtless be a wider use of...show more

Product details

  • Paperback | 274 pages
  • 189 x 246 x 15mm | 494g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236956753
  • 9781236956750