Farm Mortgage Marketing Corporation Act of 1986
Latest action. Referred to subcommitteeA smaller panel inside a standing committee with jurisdiction over a slice of its subject matter. Most hearings and the first markup usually happen here.Read the full definition (opens a new tab) on Conservation Credit and Rural Development.
Farm Mortgage Marketing Corporation Act of 1986 - Establishes the Farm Mortgage Marketing Corporation. Provides for a five-member Board of Directors. Authorizes the Corporation, with specified limitations, to buy farm mortgages from qualified agricultural lenders and dispose of such mortgages through security issues. Prohibits the Corporation from buying a mortgage unless: (1) the seller retains at least a ten-percent participation in the mortgage, or agrees to replace or repurchase the mortgage if the borrower defaults; and (2) at the time of purchase, the outstanding principal balance of such mortgage is less than 80 percent of the securing property's value, or the portion of the unpaid balance in excess of 80 percent is insured or guaranteed by a qualified insurer. Provides for an initial Treasury capitalization of $200,000,000. Sets forth Corporation authority. Terminates the Corporation ten years after enactment of this Act. Prohibits the making of any mortgage purchase commitments later than seven years after enactment of this Act. Provides for Treasury administration of any remaining Corporation assets or obligations. Authorizes appropriations beginning with FY 1987 for the purchase of Corporation stock.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on June 26, 1986. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on July 10, 1986: Referred to Subcommittee on Conservation Credit and Rural Development.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 99th Congress (1985-86), 666 of the 9,885 bills and joint resolutions introduced became law, about 6.7 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
RICHARD LEHMAN (D-CA) introduced it on June 26, 1986, and 11 members have since signed on as cosponsors.
They come from both major parties: 5 Democrats, 6 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on June 26, 1986, 14686 days ago. The most recent recorded action was 14672 days ago, on July 10, 1986.
Measures do not carry over. Anything the 99th Congress has not finished by January 3, 1987 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers