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Title 12 — Banks and BankingRelease 119-73

§2279aa–1 Federal Agricultural Mortgage Corporation

Title 12 › Chapter CHAPTER 23— - FARM CREDIT SYSTEM › Subchapter SUBCHAPTER VIII— - AGRICULTURAL MORTGAGE SECONDARY MARKET › Part Part A— - Establishment and Activities of Federal Agricultural Mortgage Corporation › § 2279aa–1

Last updated Apr 6, 2026|Official source

Summary

Creates the Federal Agricultural Mortgage Corporation, a federally chartered U.S. corporation that is part of the Farm Credit System. The Corporation and the other Farm Credit System institutions are separate for money matters and are not responsible for each other's debts. Gives the Corporation four main jobs: make uniform underwriting, appraisal, and repayment rules for qualified loans with loan originators; approve which mortgage marketing facilities may contract with it for guarantees; guarantee timely principal and interest on securities backed by pools of qualified loans; and buy qualified loans and issue guaranteed securities backed by them.

Full Legal Text

Title 12, §2279aa–1

Banks and Banking — Source: USLM XML via OLRC

(a)(1)There is hereby established a corporation to be known as the Federal Agricultural Mortgage Corporation, which shall be a federally chartered instrumentality of the United States.
(2)The Corporation shall be an institution of the Farm Credit System.
(3)(A)The Corporation shall not be liable for any debt or obligation of any other institution of the Farm Credit System.
(B)The Farm Credit System and System institutions (other than the Corporation) shall not be liable for any debt or obligation of the Corporation.
(b)The Corporation shall—
(1)in consultation with originators, develop uniform underwriting, security appraisal, and repayment standards for qualified loans;
(2)determine the eligibility of agricultural mortgage marketing facilities to contract with the Corporation for the provision of guarantees for specific mortgage pools;
(3)provide guarantees for the timely repayment of principal and interest on securities representing interests in, or obligations backed by, pools of qualified loans; and
(4)purchase qualified loans and issue securities representing interests in, or obligations backed by, the qualified loans, guaranteed for the timely repayment of principal and interest.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

1996—Subsec. (b)(4). Pub. L. 104–105 added par. (4).

Reference

Citations & Metadata

Citation

12 U.S.C. § 2279aa–1

Title 12 — Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73