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Government Closure Trickles Down To Local Loans
Twin Falls, Idaho ( KMVT-TV / KTWT-TV ) Brad Requa has been farming for 40 years.
He's made it a point not to accept help from the federal government…
Which has freed him up to farm the way he wants to.
“I'm not taking it away from people who are on subsidies, because some people do have a right to them, and they're there for a reason to be used. But I just prefer not to use them,” Requa said.
Mortgage companies are one of the businesses hit hardest by the government closure.
They can't close many of their loans because Fannie Mae and Freddie Mac loans need to cross reference tax amounts reported to the IRS.
Small business administration loans are similarly tied up.
With the federal government shutdown, that also means problems for those participating in the Rural Development loan program.
Scott Martin, owner of Idaho Lending Group, points out the federal Rural Development office is closed, and its website is shut down, as well.
“One of the concerns when they do open it back up is that there's going to be a backlog of business. So when it does come back on, customers are going to want to close as quickly as possible. But unfortunately, it's going to take some time to sort it out through the Rural Development offices. So that's going to be an issue.” Martin explained.
An issue that won't be resolved quickly or easily.