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Title 12, Banks and BankingRelease 119-110

§2279aa–1 Federal Agricultural Mortgage Corporation

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

Last updated Sep 22, 2026|Official source

Summary

Creates the Federal Agricultural Mortgage Corporation. It is a federal government‑chartered agency and part of the Farm Credit System. The Corporation must pay its own debts and other Farm Credit System institutions must pay their own debts; neither is responsible for the other's obligations. The Corporation must do four things: (1) work with loan originators to set uniform rules for underwriting, appraisals, and repayment for qualified loans; (2) decide which agricultural mortgage marketing facilities can contract with it for guarantees on loan pools; (3) guarantee on‑time payments of principal and interest on securities tied to pools of qualified loans; and (4) buy qualified loans and issue those guaranteed securities.

Full Legal Text

Title 12, §2279aa–1

Banks and Banking, Source: USLM XML via OLRC

(a)Establishment
(1)In general
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)Institution within Farm Credit System
The Corporation shall be an institution of the Farm Credit System.
(3)Liability
(A)Corporation
The Corporation shall not be liable for any debt or obligation of any other institution of the Farm Credit System.
(B)System institutions
The Farm Credit System and System institutions (other than the Corporation) shall not be liable for any debt or obligation of the Corporation.
(b)Duties
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

Sep 22, 2026

Release point: 119-110