UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 26, 2002
Federal Agricultural Mortgage Corporation
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(Exact name of registrant as specified in its charter)
Federally chartered
instrumentality of
the United States 0-17440 52-1578738
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
1133 Twenty-First Street, N.W., Suite 600, Washington, D.C. 20036
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (202) 872-7700
No change
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(Former name or former address, if changed since last report)
Item 7. Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Press release dated June 26, 2002.
Item 9. Regulation FD Disclosure.
On June 26, 2002, the Registrant issued a press release in response to a
Senate Agriculture Committee request that the U.S. General Accounting Office
conduct an independent analysis of a number of issues relating to the
Registrant. The press release is filed as Exhibit 99.1 hereto and incorporated
herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FEDERAL AGRICULTURAL MORTGAGE CORPORATION
By: /s/ Jerome G. Oslick
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Name: Jerome G. Oslick
Title: Vice President - General Counsel
Dated: June 26, 2002
EXHIBIT INDEX
Exhibit No. Description Page No.
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99.1 Press Release Dated June 26, 2002 5
Exhibit 99.1
FARMER MAC
NEWS
FOR IMMEDIATE RELEASE CONTACT
June 26, 2002 Jerome Oslick
202-872-7700
Farmer Mac Welcomes GAO Analysis
Washington, D.C. -- The Federal Agricultural Mortgage Corporation (Farmer
Mac, NYSE: AGM and AGMA), the stockholder-owned instrumentality of the United
States chartered by Congress to establish a secondary market for agricultural
real estate and rural housing mortgage loans, has learned that the Senate
Committee on Agriculture, Nutrition, and Forestry has requested that the U.S.
General Accounting Office (GAO) conduct an independent analysis of a number of
issues relating to Farmer Mac. The Committee made this request of the GAO in
response to recent misleading reports and speculation about Farmer Mac produced
by certain Wall Street stock traders, known as "short sellers," who are seeking
to depress the price of Farmer Mac stock for their own gain, and by related
articles in the New York Times. Farmer Mac has made it clear that those reports
are flawed and unfounded and welcomes this independent analysis by the GAO as an
opportunity to confirm that Farmer Mac's mission continues to be met in a
financially sound manner.
Farmer Mac is confident that the GAO analysis will confirm the integrity
and financial stability of the Company, as presented in its public financial
disclosures. Farmer Mac expects the report will show that the Company is
appropriately and effectively fulfilling its mission to increase the
availability of borrower credit, lender liquidity and capital markets funding in
the agricultural sector of the U.S. economy for the benefit of farmers, ranchers
and rural homeowners, lenders participating in Farmer Mac programs and the
investing public.
The GAO report was requested by the Committee specifically to address
Farmer Mac's financial stability; corporate governance; compensation policies;
investment practices; the non-voting status of Farmer Mac's Class C common
stock; and the fulfillment of Farmer Mac's Congressionally-established mission.
A copy of the Committee's letter was attached as an exhibit to Farmer Mac's
Current Report on Form 8-K filed earlier today with the SEC.
Farmer Mac looks forward to the GAO report as an opportunity to remove the
confusion that has been cast over the Company, so that it may continue its
Congressional mission in a safe and sound manner.
Forward-Looking Statements
This release includes forward-looking statements that reflect management's
current expectations for Farmer Mac's future financial results, business
prospects and business developments. Management's expectations for Farmer Mac's
future necessarily involve assumptions, estimates and the evaluation of risks
and uncertainties. Various factors could cause actual events or results to
differ materially from those expectations. Some of the important factors that
could cause Farmer Mac's actual results to differ materially from management's
expectations include uncertainties regarding: (1) the rate and direction of the
development of the secondary market for agricultural mortgage loans; (2) the
agricultural economy resulting from low commodity prices, weak demand for U.S.
agricultural products and crop damage from natural disasters; (3) the effect on
the agricultural economy of federal assistance to farmers provided for in the
recently-passed farm bill; and (4) the possible establishment of additional
statutory or regulatory restrictions on Farmer Mac, such as restrictions on
Farmer Mac's investment authority. These and other factors are discussed in
Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2001, as
filed with the Securities and Exchange Commission on March 27, 2002, and in
Farmer Mac's Quarterly Report on Form 10-Q for the quarter ended March 31, 2002,
as filed with the SEC on May 15, 2002. The forward-looking statements contained
herein represent management's expectations as of the date of this release.
Farmer Mac undertakes no obligation to release publicly the results of any
revisions to the forward-looking statements included herein to reflect events or
circumstances after today, or to reflect the occurrence of unanticipated events.
Additional information about Farmer Mac is available on Farmer Mac's website at
www.farmermac.com.
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