Federal Agricultural Mortgage Corporation (Farmer Mac), incorporated in 1987, provides a secondary market for a range of loans made to borrowers in rural America. The Company's segments include Farm & Ranch, USDA Guarantees, Rural Utilities, Institutional Credit and Corporate. Its secondary market activities are purchasing eligible loans directly from lenders; providing advances against eligible loans by purchasing obligations secured by those loans; securitizing assets and guaranteeing the payment of principal and interest on the resulting securities that represent interests in, or obligations secured by, pools of eligible loans; and issuing long-term standby purchase commitments (LTSPCs) for eligible loans. The loans eligible for the secondary market provided by Farmer Mac include mortgage loans secured by first liens on agricultural real estate, including part-time farms and rural housing (comprising the assets eligible for the Farm & Ranch line of business); agricultural and rural development loans guaranteed by the United States Department of Agriculture (USDA) (comprising the assets eligible for the USDA Guarantees line of business), and loans made by lenders organized as cooperatives to finance electrification and telecommunications systems in rural areas (comprising the assets eligible for the Rural Utilities line of business).
Farm & Ranch
The Company purchases eligible mortgage loans secured by first liens on agricultural real estate and rural housing under the Farm & Ranch line of business. Farmer Mac guarantees securities representing interests in eligible Farm & Ranch loans or participation interests in those loans held by a trust or other entity. Farmer Mac also purchases, subject to the terms of the applicable LTSPC agreement, eligible Farm & Ranch mortgage loans. Farmer Mac includes its part-time farm loans and rural housing loans in the Farm & Ranch line of business. As of December 31, 2016, Farmer Mac had 638 approved lenders eligible to participate in Farmer Mac's Farm & Ranch line of business, ranging from single-office to multi-branch institutions, spanning community banks, Farm Credit System (FCS) institutions, mortgage companies, commercial banks, and insurance companies.
USDA Guarantees
Farmer Mac II LLC, a subsidiary of Farmer Mac, purchases the portions of certain agricultural, rural development, business and industry, and community facilities loans guaranteed by the USDA. Farmer Mac refers to the USDA-guaranteed portions of loans as USDA Securities. Farmer Mac II LLC also purchases USDA Securities in exchange for issuing securities to third-parties backed by the USDA Securities, which are also guaranteed by Farmer Mac (Farmer Mac Guaranteed USDA Securities).
Rural Utilities
Under the Rural Utilities line of business, Farmer Mac purchases, and guarantees securities backed by, rural electric and telephone loans made by lenders organized as cooperatives to borrowers. Farmer Mac's Rural Utilities line of business includes purchases of eligible rural utilities loans and guarantees of securities backed by the loans, as well as the issuance of LTSPCs for pools of eligible rural utilities loans.
Institutional Credit
Under the Institutional Credit line of business, Farmer Mac provides advances against eligible loans by guaranteeing and purchasing general obligations of institutions approved by Farmer Mac, which obligations are also secured by a pool of guaranteed securities or the types of loans eligible for an over one of Farmer Mac's other lines of business. AgVantage is a trademark of Farmer Mac used to designate Farmer Mac's guarantees of securities related to these general obligations of lenders that are secured by pools of eligible loans and that comprise the Institutional Credit line of business.
The Company competes with Federal Home Loan Banks, Fannie Mae and Freddie Mac.
1999 K St NW Fl 4
The company trades on NYSE exchange. The company headquarter is located in District of Columbia, DC. The company was established in the 1987.| Ticker | AGM |
| Long Name | Federal Agricultural Mortgage Corporation |
| Short Name | Federal Agricultural Mortgage |