Farmer Mac (Federal Agricultural Mortgage Corporation) is a stockholder-owned, publicly traded company chartered by the U.S. federal government in 1988. It operates as a secondary market for agricultural loans, including mortgages for agricultural real estate and rural housing, similar to other government-sponsored enterprises like Fannie Mae and Freddie Mac[1][3][5]. ### Key Activities and Mission - Secondary Market Operations: Farmer Mac purchases loans from agricultural lenders and sells securities backed by these loans to investors. It guarantees the timely repayment of principal and interest on these securities[1][3]. - Mission: The company aims to increase the accessibility of financing for American agriculture and rural infrastructure, providing financial solutions to agricultural lenders, agribusinesses, and rural electric cooperatives[2][3]. - Eligible Loans: Farmer Mac's secondary market includes mortgages secured by agricultural real estate, rural housing, and loans guaranteed by the U.S. Department of Agriculture (USDA)[3]. ### Business Segments Farmer Mac operates through several business segments: - Agricultural Finance: Includes Farm & Ranch and Corporate Agrifinance segments. - Rural Infrastructure: Includes Rural Utilities and Renewable Energy segments[3]. ### Financial Structure Farmer Mac is listed on the New York Stock Exchange (NYSE) under the ticker symbol "AGM"[5]. It issues various debt securities to fund its operations, which are not guaranteed by the federal government[5]. ### History and Challenges Established by the Agricultural Credit Act of 1987, Farmer Mac was created in response to the U.S. farm crisis of the 1980s. During the 2008 financial crisis, Farmer Mac faced significant challenges due to investments in Fannie Mae and Lehman Brothers, requiring a bailout from the Farm Credit System and other investors[1][5].