Gordon A. Giese looks on as his son Paul Giese tends to morning chores at the family farm, God Green Acres in Mayville, Wisconsin, June 24, 2019.
Darren Hauck | Reuters
In the wake of the U.S. housing meltdown of the late 2000s, JPMorgan Chase & Co hunted for new ways to expand its loan business beyond the troubled mortgage sector.
The nation’s largest bank found enticing new opportunities in the rural Midwest – lending to U.S. farmers who had plenty of income and collateral as prices for grain and farmland surged.
JPMorgan grew its farm-loan portfolio by 76 percent, to $1.1 billion, between 2008 and 2015, according to year-end figures, as other Wall Street players piled into the sector….