Wall Street banks are bailing on troubled American farmers amid US-China trade war


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….


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