Farmer Mac signifies the Federal Agricultural Mortgage Corporation. The Federal Agricultural Mortgage Corporation was chartered by the U.S. federal government in 1988, but the name “Farmer Mac” has been cited in print since at least June 1986. Farmer Mac is now the official name.
Similar nicknames include “Fannie Mae” (Federal National Mortgage Association), “Freddie Mac” (Federal Home Loan Mortgage Corporation), “Ginnie Mae” (Government National Mortgage Association), “Sallie Mae” (Student Loan Marketing Association) and “Sonny Mae” (State of New York Mortgage Agency).
Wikipedia: Federal Agricultural Mortgage Corporation
The Federal Agricultural Mortgage Corporation, also known as Farmer Mac (NYSE: AGM), is a stockholder-owned, publicly-traded company that was chartered by the United States federal government in 1988 to serve as a secondary market in agricultural loans such as mortgages for agricultural real estate and rural housing. The company purchases loans from agricultural lenders, and sells instruments backed by those loans. The company also works with the United States Department of Agriculture. It is based in Washington, D.C.
It was created by the Agricultural Credit Act of 1987 (P.L. 100-233) as a federally chartered, private corporation responsible for guaranteeing the timely repayment of principal and interest to investors in a new agricultural secondary market. The secondary market allows a lending institution to sell a qualified farm real estate loan to an agricultural mortgage marketing facility, or pooler, which packages these loans, and sells to investors securities that are backed by, or represent interests in, the pooled loans. Farmer Mac guarantees the timely repayment of principal and interest on these securities and, under authorities granted in 1995, can also serve as a loan pooler.
Google News Archive
26 June 1986, Los Angeles (CA) Times, “New House Bill Would Create ‘Farmer Mac’ Makes Secondary Market for Agricultural Loans,” Business, pg. 2:
Nicknamed Farmer Mac, he will appear in legislation to be introduced today by California Rep. Richard H. Lehman (D-Sanger) and Rep. Doug Bereuter (R-Neb.).
The legislation is similar in concept to existing secondary market institutions such as Freddie Mac (Federal Home Loan Mortgage Corp.), Fannie Mae (Federal National Mortgage Assn.) and Sallie Mae (Student Loan Marketing Assn.).
New York (NY) Times
Tough Foes for ‘Farmer Mac’
By NATHANIEL C. NASH, Special to the New York Times
Published: September 17, 1987
Some of the biggest guns in finance have lined up behind Representative John D. Dingell to stop legislation that would permit the nation’s commercial banks to sell off their farm loans through a Government-backed secondary market.
Mr. Dingell, whose supporters on the issue range from the White House to Wall Street, has threatened the chairman of the House Agriculture Committee, the Speaker of the House and other colleagues that he would introduce an amendment that would kill the provision creating an agency to set up a secondary farm market. The agency, yet to be named, has been dubbed Farmer Mac, in imitation of the Fannie Mae, Freddie Mac and Ginnie Mae nicknames used for the other agencies that market secondary mortgages.
New York (NY) Times
Federal Mortgage Success Stories
By ERIC DASH
Published: September 9, 2008
The Federal Agricultural Mortgage Corporation, or Farmer Mac, for example, has been on a roll lately. Its shares have soared 153 percent this year, and its profit is up. Chartered by the federal government in 1988, Farmer Mac buys mortgages on farmland from agricultural lenders and then sells instruments backed by those loans. The company is thriving because the price of crops — and farmland — has been rising.
Word Mark FARMER MAC
Goods and Services IC 036. US 102. G & S: financial services in the field of financing of agricultural real estate and rural housing. FIRST USE: 19880130. FIRST USE IN COMMERCE: 19880130
Mark Drawing Code (1) TYPED DRAWING
Serial Number 74035557
Filing Date March 6, 1990
Current Filing Basis 1A
Original Filing Basis 1A
Published for Opposition September 11, 1990
Registration Number 1645486
Registration Date May 21, 1991
Owner (REGISTRANT) FEDERAL AGRICULTURAL MORTGAGE CORPORATION FEDERALLY CHARTERED INSTRUMENTALITY UNITED STATES 1133 Twenty-First Street, NW Washington D.C. 20036
Attorney of Record William J. Sauers
Type of Mark SERVICE MARK
Affidavit Text SECT 15. SECT 8 (6-YR). SECTION 8(10-YR) 20101207.
Renewal 2ND RENEWAL 20101207
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