Political Quotes

Nick Smith: “I just want to say that what USDA suggests on implementing this amendment, it would be simply, instead of a nonrecourse…”

On the recordOctober 3, 2001
I just want to say that what USDA suggests on implementing this amendment, it would be simply, instead of a nonrecourse loan that means you can forfeit, it would be a recourse loan. So you can still borrow the money, but eventually you will have to pay it back at the lower interest rate.
Said by
Nick Smith
Republican · Michigan

Editor's note · Context

Discussing the implications of a USDA amendment regarding loan types.

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