Federal Agricultural Mortgage Corporation (NYSE:AGM), doing business as Farmer Mac, is a congressionally chartered, stockholder-owned institution that operates under the oversight of the Farm Credit Administration. Established by the Agricultural Credit Act of 1987 and beginning operations in 1988, the company’s mission is to enhance the availability of long-term credit for the agricultural community and to promote the development of a secondary market for agricultural real estate mortgage loans and rural utilities loans.
Farmer Mac’s core business activities include the purchase, guarantee and securitization of eligible agricultural real estate and rural residential mortgages. The company works with a network of approved lenders—such as agricultural banks, credit unions and Farm Credit associations—to provide liquidity and risk management tools. Its products cover conventional mortgages for farmers and ranchers, rural housing loans, and financing for infrastructure projects like water and energy distribution systems in rural areas.
Operating exclusively within the United States, Farmer Mac issues debt securities that are backed by pools of agricultural and rural mortgage loans. By guaranteeing timely payment of principal and interest on these securities, the company helps lower the cost of capital for its lender partners and supports investment in rural communities. Its securities are sold primarily to institutional investors, creating a reliable funding channel for agricultural credit.
Headquartered in Washington, D.C., Farmer Mac is led by President and Chief Executive Officer Kenneth D. Gramlich, who has guided the company’s strategic direction since 2017. As a government-sponsored enterprise, the company collaborates closely with federal regulators, industry groups and agricultural stakeholders to foster a sound and resilient credit market for U.S. agriculture.
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