Agricultural Secretary suspends foreclosures

In a move following Obama’s foreclosure moratorium, Secretary of Agriculture Tom Vilsack has suspended all foreclosure actions within the Farm Service Agency’s farm loan program.  In a memorandum dated April 21, 2009, Vilsack stated:

In response to the economic challenges facing farmers, I will use my existing authority to temporarily suspend all foreclosures within the Farm Service Agency’s farm loan program for approximately 90 days. This time will also afford the Department the opportunity to review loans involving possible discriminatory conduct. We are also talking to the Department of Justice about exercising its authority to review existing litigation over these loans.

Considering other foreclosure moratoriums result in little more than delaying the inevitable, we should expect this move will not do enough to aid farmers in trouble.

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1. The Only Mortgage Modification That Will Work Is Found In Chapter 13
2. Mortgage Modifications: Get it in Writing!
3. South Carolina Supreme Court Stays Many Foreclosures