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| Dad always told me there was 2 guys in our area that got their loan forgiven, one family that fought hard for it made it out they never could get them to get rid of their debt, lived within one mile of one of them, They told the one banker you let him go but this high priced ground, we never did they were underwater then he had a bunch of ground lost it all, had machinery for 1500 acres went down by 1000 went and bought 400 acres after than then the 80s hit. they had bought 350 nearby him paid full price they wrote his debt down over half. they told the one banker to never set foot on our place again, went to another bank and re did it all had 0 issues. they found out later the banker they had was getting paid for any loan good or bad, made no sense. 15 years later they farm 900 acres with enough machinery to farm 2500. bought 300 more acres since then and his wife inherited over 2 million dollars. really pissed a lot of folks off here. sad part the old man braggs about it getting their loans wiped clean. to this day the one family has nothing to do with PCA. The other family went under in the 90's never did slow down, banker kept loaning, always was told PCA lost a lot of money then, but as you all said they were trying to foreclose on the good ones and letting the poor ones keep going makes 0 sense. im doing some business with them, ive told my boy be careful, i told one of the bankers i dont trust you all from the 80's 99% of them know nothing of it. I wonder how many this spring/winter will have some issues. some around us we heard had some issues lot of them afraid when these corn and beans go back down to 4 and 10 but inputs stay high for a year.
bill | |
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Those who farmed through the '80's ?
