Federal Agricultural Mortgage Corp.
1133 21st St. NW
Washington, D.C. 20036
www.farmermac.com Year founded: 1988 Industry: Financial services Revenue: $185.41 Million Net Income/Loss: $27.27 Million Earnings per share: $2.08 Dividend: n/a Stockholder equity: $213.25 Million Auditor: Deloitte & Touche LLP Stock: AGM Assets: $4.30 Billion Market capitalization: $305.88 Million 52-week high: 32.7 10/30/2003 52-week low: 21.36 6/9/2003 President and CEO: Henry D. Edelman CFO: Nancy E. Corsiglia Employees: 35 Local employees: 34 Description: The Federal Agricultural Mortgage Corp., also known as Farmer Mac, is America's secondary market for first mortgage farm real estate loans, buying loans from banks and replenishing the supply of loan money available. Farmer Mac is a federally chartered enterprise created by Congress in 1988. Developments: As the accounting practices of its government-sponsored cousins came under increasing scrutiny, so too did those at Farmer Mac. The General Accounting Office issued a report last fall urging Farmer Mac to beef up its risk management and corporate governance practices. That mirrors criticism from Congress and elsewhere about Freddie Mac and Fannie Mae, home mortgage lenders that also have an implied guarantee of government support. Federal Reserve Board Chairman Alan Greenspan and other critics have raised concerns about the enormous cost to taxpayers should any of the enterprises stumble. Each of the government-sponsored entities relies heavily on derivatives, or complex financial instruments whose value is based on an underlying asset. Farmer Mac's loan portfolio and guarantees reached $5.7 billion by the end of the year.
© 2004 The Washington Post Company | 
