This week the Federal Deposit Insurance Corporation (FDIC) began the process of auctioning off 418 farm loans left on the books of failed Greeley, Colorado-based New Frontier Bank, reports Farm Futures.com.

According to the article, most of the farmers involved fear investors will buy the notes and liquidate their collateral for fast profits.

Loans originally valued at $455 million are in poor shape. Bids will be closed and/or given final approval by the FDIC on September 3.

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Source: Farm Futures.com