A one-page press statement addressing the apprehension borrowers are feeling concerning Joint Stock Land Banks in receivership. The statement begins by explaining that Members of Congress have been receiving letters from borrowers, stating that Joint Stock Land Banks would suffer, if placed in receivership. While the Federal Farm Loan Board tries to avoid unnecessary receiverships, the receiver of a Joint Stock Land Bank takes over the assets of the bank for administration, but is subject to the same conditions that were binding upon the bank. The receiver can’t accelerate a mortgage or foreclose before legally permitted.
Institution: National Archives and Records Administration
Collection Name: RG 103, Entry 1052
Box & Folder: b. 6, f. 19
Type: Press Releases
Tags: 1930's, Farming, Federal Farm Loan Board, Finance, Herbert Hoover, Joint Stock Land Banks, South Atlantic