Farm Debt Restructuring Act of 1987

[AI summary unavailable — showing source text] Farm Debt Restructuring Act of 1987 - Directs the Secretary of Agriculture to make assistance payments on behalf of eligible farmers who enter into qualified debt restructuring agreements. Bases eligibility upon: (1) farm ownership; (2) farm loan indebtedness; (3) farm income and sales; and (4) gross farm income. Requires: (1) a qualified debt restructuring agreement to provide for specified principal and interest reductions, and no loan origination fees or points; and (2) the parties to consider loan extensions of at least five years. Sets maximum annual payment amounts. Provides for a three-year period of assistance. Requires borrowers to fully reimburse the Secretary over five years, beginning five years (with a two-year postponement if necessary) after the first assistance payment has been made. Amends the Food Security Act of 1985 to prohibit debt restructuring assistance under this Act to borrowers who produce commodities on erodible land or on converted wetlands.…