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092697 1 (1969-06-18)

handle is hein.gao/gaobacwok0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D C 20548 CIVIL DIVISION JUN 1 8 1969 Dear Mr. Smith: The General Accounting Office has reviewed the manner in which the Farmers Home Administration (FHA) is carrying out its policies and proce- dures in Hawaii for providing credit only to applicants who are unable to obtain funds from other sources at reasonable rates and terms. Our review involved primarily an examination of farm ownership, farm opera- ting, and rural housing loans made during the period June 23, 1968, to October 20, 1968. Our review was made pursuant to the Budget and Ac- counting Act, 1921 (31 U.S C. 53), and the Accounting and Auditing Act of 1950 (31 U.S.C. 67). On the basis of our review of 61 loans approved by FHA in 3 counties in the State of Hawaii, we concluded that there is a need for more effec- tive reviews by Hawaii county supervisors for the purpose of determining the inability of applicants to obtain credit elsewhere, The details our finding follow: REQJIREMENTS THAT FHA LOANS BE MADE ONLY TO APPLICANTS WHO ARE UNABLE TO OBTAIN SUFFICIENT CREDIT ELSEWHERE 4T REASONABLE RATES AND TERMS The laws governing various loan programs administered by FHA were enacted to provide credit for farmers, ranchers, and rural residents who are unable to obtain sufficient credit elsewhere at reasonable rates and terms. Pertinent sections of the law pertaining to the types of loans we reviewed are quoted below. Sections 302 and 311 of the Consolidated Farmers Home Administration Act of 1961, as amended (7 U.S.C. 1921), which pertain to farm ownership and farm operating loans respectively, authorize FHA to make loans to eligible farmers and ranchers: *** who are unable to obtain sufficient credit elsewhere to finance their actual needs at reasonable rates and terms, taking into consideration prevailing private and cooperative rates and terms in the community in or near which the appli- cant resides for loans for similar purposes and periods of time.

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