Loan Asset Sales:

An Evaluation of FmHA's 1987 Sales

AFMD-90-42: Published: Apr 6, 1990. Publicly Released: May 11, 1990.

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GAO reviewed whether the Farmers Home Administration (FmHA): (1) conducted loan asset sales in a professional manner; (2) received the maximum net proceeds practicable for the loan assets sold; and (3) protected borrower's rights in selling loan assets.

GAO found that FmHA: (1) competitively obtained the services of some U.S. investment bankers as financial advisors and underwriters to assist in managing the sales; (2) loan sale financing structures were similar to those used to conduct sales for major private-sector entities; (3) pilot sales adhered to Office of Management and Budget loan sale guidelines; (4) used credit enhancements to ensure maximum net sales proceeds; and (5) protected the rights of borrowers in loan sale agreements during the first year following the sale.

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