Fair Farm Credit Amendments of 1987

[AI summary unavailable — showing source text] Fair Farm Credit Amendments of 1987 - Amends the Consolidated Farm and Rural Development Act to require the Secretary of Agriculture to restructure, rather than foreclose, a delinquent Farmers Home Administration (FmHA) loan if foreclosure costs would exceed restructuring costs. Requires the Secretary, if the estimated liquidation value of the securing property exceeds 70 percent of the loan value, to provide independent support for such estimate. Requires the Secretary to pay losses incurred when a guaranteed lender restructures a loan as provided for by this Act. Revises provisions relating to membership on county committees and elections of committee members. Revises farmland disposition provisions to give previous owners or operators the right of first refusal with respect to a lease of the property and preference with respect to the awarding of management contracts governing the property. Requires that previous owners be given written notice of the potential sale or lease of the property. Requires the Secretary to continue to release living and operating expenses to a borrower until the FmHA takes title and possession of the land and determines that such borrower is ineligible…