| Farmer Mac was created by the Agricultural Credit Act of 1987, which added a
new Title VIII to the Farm Credit Act of 1971 (12 U.S.C. 2279aa et seq.).
Farmer Mac's statutory authority has been amended three times since:
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| (1) in 1996 to streamline the operating structure to be more competitive
(allowing Farmer Mac to buy loans directly from lenders and issue guaranteed
securities representing 100% of the principal of the purchased loans, modifying
capital requirements and other changes);
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| (2) in 1991 to clarify Farmer Mac's authority to purchase its guaranteed
securities, establish the Farm Credit Administration's Office of Secondary
Market Oversight as Farmer Mac's financial regulator and set minimum regulatory
capital requirements for Farmer Mac; and
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(3) in 1990 to create the Farmer Mac II program at the request of the USDA.
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