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
(b) DUTIES. The Corporation shall—
To read the full text of the Farmer Mac statutory charter, please visit
“… 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
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“Farmer Mac has helped our community bank compete with a product that has long since been dominated by the farm credit banking system. Loan approval and funding is a streamlined process that enables our bank customer to close smoothly in a reasonable time frame. We look forward to continuing and improving our business relationship with Farmer Mac.”
-Jeff Wilkinson, CEO
Pioneer Bank, Dripping Springs, TX