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Wall Street banking institutions bailing on distressed U.S. Farm sector

Wall Street banking institutions bailing on distressed U.S. Farm sector

CHICAGO/WASHINGTON (Reuters) – within the wake associated with the U.S. Housing meltdown associated with belated 2000s, JPMorgan Chase & Co hunted for brand new how to expand its loan company beyond the troubled mortgage sector.

The nation’s biggest bank found enticing brand brand new opportunities within the rural Midwest – financing to U.S. Farmers that has lots of earnings and security as costs for grain and farmland surged.

JPMorgan expanded its farm-loan profile by 76 per cent, to $1.1 billion, between 2008 and 2015, in accordance with year-end figures, as other Wall Street players piled in to the sector.