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Our Congressional Charter

Farmer Mac was charted by Congress under the Agricultural Credit Act of 1987 in response to the national farm crisis of the 1980s.

SEC. 8.1. FEDERAL AGRICULTURAL MORTGAGE CORPORATION.

The Farm Credit Act of 1971 (as amended)
Title VIII Agricultural Mortgage Secondary Market
Subtitle A – Establishment and Activities of Federal Agricultural Mortgage Corporation
12 U.S.C. 2279aa-1

(a) ESTABLISHMENT.

  1. IN GENERAL. There is hereby established a corporation to be known as the Federal Agricultural Mortgage Corporation, which shall be a federally chartered instrumentality of the United States.
  2. INSTITUTION WITHIN FARM CREDIT SYSTEM. The Corporation shall be an institution of the Farm Credit System.
  3. LIABILITY.
    1. CORPORATION. The Corporation shall not be liable for any debt or obligation of any other institution of the Farm Credit System.
    2. SYSTEM INSTITUTIONS. The Farm Credit System and System institutions (other than the Corporation) shall not be liable for any debt or obligation of the Corporation.

(b) DUTIES. The Corporation shall—

  1. in consultation with originators, develop uniform underwriting, security appraisal, and repayment standards for qualified loans;
  2. determine the eligibility of agricultural mortgage marketing facilities to contract with the Corporation for the provision of guarantees for specific mortgage pools;
  3. provide guarantees for the timely repayment of principal and interest on securities representing interests in, or obligations backed by, pools of qualified loans; and
  4. purchase qualified loans and issue securities representing interests in, or obligations backed by, the qualified loans, guaranteed for timely repayment of principal and interest.

Read the full text of the Farmer Mac statutory charter

“… I’d like to recognize one of the institutions created in the aftermath of the farm crisis of the 1980’s, the Federal Agricultural Mortgage Corporation, also known as Farmer Mac.

This institution has continued to fulfill its Congressional mission, as directed by this Committee, for nearly 30 years. Farmer Mac continues to work with agricultural lenders across the nation to provide the capital and liquidity that is essential to the success of America’s farmers, ranchers, and rural electric consumers.

As we continue to discuss the future of rural America, let us never forget the great benefit that a safe and healthy secondary market provides to both agriculture and rural America.”

— Congressman Frank Lucas (R-OK)
Former Chairman of the House Committee on Agriculture

Discover Our Footprint Around the Country

 

Farmer Mac has helped fund loans to nearly 80,000 rural borrowers in all 50 states, which has resulted in more than $48 billion of investments in rural America.

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The Feed: Farmer Mac’s Expert Perspective on Agriculture

Farmer Mac’s economists have years of experience and a wealth of knowledge in agriculture. Learn more about their thoughts on current conditions in rural America and subscribe so you are always in the know.

Did you know?

For over a quarter century, Farmer Mac has been a vital partner in delivering flexible credit solutions to rural America.

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