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Banks and advisers aid scams and ruin farmers in Kenilworth
A letter from Kenilworth Ontario recounts a young farmer swayed by a banker to sell assets and take on a high interest Farm Credit mortgage. He refinanced via a 21 percent bank loan and 9 percent FCC loan, then faced crushing debt as rent and wages barely cover payments while the bank accrues interest. The reader cautions against trusting free advice from corporate middle managers and professionals.
MENTIONED IN THIS ARTICLE
Pfs
John Turner
Andy
Kenilworth
Ontario
Farm Credit Corp
FCC
Pal