Federal Agricultural Mortgage Corporation
- Dennis Daggett (Deactivated)
An organization more commonly referred to as Farmer Mac, which is a secondary (resale) market for agricultural mortgages. Farmer Mac was authorized by the Agricultural Credit Act of 1987. Created by the Agricultural Credit Act of 1987 as a federally chartered, private corporation responsible for guaranteeing the timely repayment of principal and interest to investors in a new agricultural secondary market. The secondary market allows a lending institution to sell a qualified farm real estate loan to an agricultural mortgage marketing facility, or pooler, which packages these loans, and sells to investors securities that are backed by, or represent interests in, the pooled loans. Farmer Mac guarantees the timely repayment of principal and interest on these securities and, under authorities granted in 1995, can also serve as a loan pooler.
Authorization Path: 2.5.7.2.27.0