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): January 23, 2003


                    Federal Agricultural Mortgage Corporation
                   -------------------------------------------
              (Exact name of registrant as specified in its charter)


      Federally chartered
       instrumentality of
       the United States               0-17440              52-1578738
-------------------------------     ------------        ------------------
(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
-----------------------------------------------------------         ------------
        (Address of principal executive offices)                     (Zip Code)


       Registrant's telephone number, including area code: (202) 872-7700


                                    No change
                              --------------------
          (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    Press release dated January 23, 2003.

Item 9.  Regulation FD Disclosure.

     On January 23, 2003, the Registrant  issued a press release to announce the
Registrant's  financial  results for fourth  quarter 2002.  The press release is
filed as Exhibit 99 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
                                       ---------------------------------
                                       Name:   Jerome G. Oslick
                                       Title:  Vice President - General Counsel




Dated:      January 24, 2003











                                  EXHIBIT INDEX

Exhibit No.               Description                                Page No.
-----------               -----------                                --------
    99                    Press Release Dated January 23, 2003          5






                                                                     Exhibit 99



                                 FARMER MAC NEWS


FOR IMMEDIATE RELEASE                                         CONTACT
---------------------                                       -------------
January 23, 2003                                            Jerome Oslick
                                                            202-872-7700


                  Farmer Mac Posts Solid Fourth Quarter Results

                   New Volume Exceeded $2 Billion for the Year


     Washington,  D.C. -- The Federal Agricultural  Mortgage Corporation (Farmer
Mac,  NYSE:  AGM and AGMA) today  announced  it  achieved  net income for fourth
quarter  2002 of $2.8  million,  or $0.23 per diluted  share,  and net income of
$21.3 million, or $1.77 per diluted share, for the year. Excluding extraordinary
gains and losses,  net income was $4.1 million,  or $0.34 per diluted share, and
$20.4 million,  or $1.69 per diluted share for fourth quarter 2002 and the year,
respectively.   Later  in  this  release,   Farmer  Mac  provides   supplemental
information about the impact of Statement of Financial  Accounting Standards No.
133,  Accounting for Derivative  Instruments and Hedging Activities ("FAS 133"),
which reduced net income by $1.8 million in fourth quarter 2002 and $2.5 million
for the year.

     Farmer Mac President and Chief  Executive  Officer Henry D. Edelman stated,
"Farmer  Mac's solid fourth  quarter  performance  confirms the soundness of its
business   approach   and   its   financial   strength   as  it   fulfills   its
Congressionally-mandated  mission to serve America's farmers, ranchers and rural
homeowners.  We grew our 2002 new business volume by more than $2 billion, a 38%
increase over the previous year and a new annual record.

     "We are pleased with our business growth and financial  performance  during
2002, even though both were dampened by the effects of adverse publicity related
to  misinformation  published  in the media  and on the  internet.  Current  and
prospective  customers' interest in our business has picked up and earnings were
helped by the  receipt of yield  maintenance  payments  that  resulted  from the
declining interest rate environment throughout 2002. As we look forward to 2003,
we are seeing slower borrower  prepayments which, while representing an expected
reduction of income  related to the yield  maintenance  income that  accompanies
such  prepayments,  is a positive  indicator of a  longer-term  stream of future
interest income.

     "Overall,  we are  gratified by the  performance  of the portfolio of loans
underlying our guarantees and Long-Term Standby Purchase Commitments ("LTSPCs").
As we have  noted in the  past,  Farmer  Mac  anticipates  fluctuations  in loan
delinquencies,  both in absolute  dollars and as a percentage of the outstanding
portfolio,  with higher levels likely at the end of the first and third quarters
of each year, due to the semi-annual payment  characteristics of most Farmer Mac
loans.  Consistent  with that  pattern,  delinquencies  at the end of the fourth
quarter  were lower than they were as of  September  30, 2002 in both dollar and
percentage  terms.  On a  year-to-year  basis,  the  absolute  dollar  amount of
delinquencies  increased  and the  percentage  of  delinquencies  decreased,  as
expected.  These trends resulted from the continued  maturation of a significant
segment of Farmer Mac's  portfolio  into its expected peak default years and the
growth of the loan portfolio.

     "While Farmer Mac's financial  condition and business  prospects are solid,
current  circumstances  make it too early to  comment  on the  market  analyst's
current projection for its financial performance in 2003."

Net Interest Income

     Net  interest  income was $8.7  million for fourth  quarter  2002 and $35.0
million for the year,  compared to $7.2  million and $26.9  million for the same
periods in 2001. The net interest yield,  which does not include  guarantee fees
for loans  purchased  prior to April 1, 2001 (the effective date of Statement of
Financial  Accounting  Standards No. 140, Accounting for Transfers and Servicing
of Financial  Assets and  Extinguishments  of Liabilities  ("FAS 140")),  was 88
basis  points for fourth  quarter  2002,  compared to 88 basis points for fourth
quarter 2001. The net interest yields for fourth quarter 2002 and fourth quarter
2001 included the benefits of yield maintenance payments of 5 basis points and 4
basis  points,  respectively.  For 2002,  the  effects on net income and diluted
earnings per share resulting from yield  maintenance  payments were $2.1 million
and $0.17,  respectively.  The effect of FAS 140 for fourth  quarter  2002 was a
reclassification  of  approximately  $1.1 million (11 basis points) of guarantee
fee  income as  interest  income  compared  to an  immaterial  amount for fourth
quarter 2001.  Adjusted to eliminate the effects of both yield  maintenance  and
the effects of FAS 140, the net interest  yields for fourth quarter 2002 and the
year  ended  December  31,  2002  were 72  basis  points  and 78  basis  points,
respectively.  Those figures  compare to 84 basis points and 80 basis points for
fourth quarter 2001 and the year ended December 31, 2001, respectively.

Guarantee Fees

     Guarantee fees, which include commitment fees, were $5.1 million for fourth
quarter 2002 and $19.3 million for the year - both new records. This compares to
$4.5  million  and $15.8  million  for  fourth  quarter  2001 and the year ended
December  31,  2001,  respectively.  The  relative  increase in  guarantee  fees
reflects  an  increase  in the average  balance of  outstanding  guarantees  and
commitments.  For fourth quarter 2002,  $1.1 million of guarantee fee income was
reclassified as interest income in accordance with FAS 140. That amount compares
to an immaterial amount for fourth quarter 2001.

Operating Expenses

     For  presentation in the  Consolidated  Statements of Operations  beginning
with fourth  quarter 2002,  Farmer Mac has  segregated  its Provision for Losses
into two components:

o    Provision for Loan Losses,  which records probable losses on loans held for
     investment and is presented as a reduction to Net Interest Income; and

o     Provision for Losses, which records probable losses on loans underlying
      Farmer Mac I Guaranteed Securities and LTSPCs and is presented as a
      component of Operating Expenses.

Prior period  information has been reclassified to conform to the current period
presentation.  Operating  expenses for fourth  quarter 2002 totaled $4.2 million
compared to $4.1 million for fourth quarter 2001.  Although quarterly  operating
expenses are in line with fourth  quarter  2001,  they  reflect a decrease  from
third quarter 2002 operating expenses of $5.6 million. The decrease in operating
expenses in fourth  quarter  2002,  compared to third  quarter  2002,  primarily
reflects a decrease in legal and consulting fees as the adverse  publicity about
Farmer Mac diminished more quickly than  anticipated;  the actual costs incurred
for  associated   legal  and  consulting   fees  for  third  quarter  2002  were
approximately $300,000 less than expected. Nevertheless,  events associated with
the  publicity  previously  noted  could cause  Farmer Mac to incur  higher than
expected  legal and  consulting  fees in  future  quarters.  Management  expects
general and  administrative  expenses per quarter in 2003 to range  between $1.0
million and $1.2 million. The net change in operating expenses in fourth quarter
2002,  compared to fourth quarter 2001,  reflects an increase in regulatory fees
partially  offset by decreases in  compensation  and general and  administrative
costs. The Farm Credit  Administration  ("FCA"),  the federal agency with direct
regulatory authority over Farmer Mac, has advised Farmer Mac that its regulatory
assessment  for October 1, 2002 through  September 30, 2003 will be an estimated
$1.4  million,  an increase  from the $0.7 million  estimate for October 1, 2001
through  September 30, 2002,  during which actual costs  incurred were more than
$0.9 million.  Operating  expenses as a percentage of total revenues,  excluding
gains and losses on financial  derivatives and trading  assets,  were 31 percent
for fourth  quarter  2002,  compared to 37 percent for third quarter 2002 and 36
percent for fourth quarter 2001.

Provision for Income Taxes

     The provision for income taxes totaled $1.9 million for fourth quarter 2002
and $9.3 million for the year, compared to $2.3 million and $8.4 million for the
same periods in 2001. The decrease in Farmer Mac's  effective tax rate from 33.1
percent  in  2001 to 29.9  percent  in 2002  reflects  the  effects  of  certain
tax-advantaged investment securities.

Extraordinary Item

     During  fourth  quarter  2002,   Farmer  Mac  recognized  a  net  after-tax
extraordinary  loss of $1.3  million  resulting  from  the  repurchase  of $41.0
million of  outstanding  Farmer Mac debt.  As with previous  repurchases  during
2002, the debt securities repurchased were replaced with new funding to the same
maturity dates at more attractive  interest rates.  This preserves  Farmer Mac's
asset-liability  match and reduces  future  interest  expense.  The combined net
after-tax extraordinary gain resulting from the repurchase of outstanding Farmer
Mac debt in 2002 was $0.9 million.

Capital

     Farmer Mac's core capital  totaled  $184.0 million as of December 31, 2002,
compared  to $126.0  million as of December  31,  2001 and $181.1  million as of
September 30, 2002.  The regulatory  methodology  for  calculating  core capital
excludes the effects of Statement of  Financial  Accounting  Standards  No. 115,
Accounting for Certain Investments in Debt and Equity Securities ("FAS 115") and
FAS 133, which are reported on Farmer Mac's balance sheet as  accumulated  other
comprehensive income. Farmer Mac's core capital as of December 31, 2002 exceeded
the statutory minimum capital requirement of $137.1 million by $46.9 million.

     The  Corporation is required to meet the capital  standards of a risk-based
capital stress test  promulgated by the FCA ("RBC test").  That test  determines
the amount of  regulatory  capital  (core  capital plus  allowances  for losses)
Farmer Mac would need to  maintain  positive  capital  during a ten-year  period
while  incurring  credit losses  equivalent to the highest  historical  two-year
agricultural mortgage loss rates and an interest rate shock at the lesser of 600
basis points or 50 percent of the ten-year U.S. Treasury rate. The RBC test then
adds  to  the  resulting  capital  requirement  an  additional  30  percent  for
management and operational risk.

     As of  December  31,  2002,  the RBC test  generated a  regulatory  capital
requirement of $73.4 million.  Farmer Mac's regulatory capital of $204.0 million
exceeded that amount by approximately $130.6 million. The $14.0 million increase
in the risk-based capital requirement from September 30, 2002 ($59.4 million) to
December 31, 2002 was a result of the growth of Farmer Mac's loan portfolio. The
Corporation  is required to hold capital at the higher of the statutory  minimum
capital requirement or the amount required by the RBC test.

     Average  return on common  equity  excluding  extraordinary  items was 10.6
percent for fourth  quarter  2002,  compared to 16.6 percent for fourth  quarter
2001.  The effects of FAS 133 and FAS 115  reduced the average  return on common
equity by 5.4 percent for fourth quarter 2002 and 0.5 percent for fourth quarter
2001.

Credit

     As of  December  31,  2002,  Farmer Mac I loans  purchased,  guaranteed  or
committed to be purchased under its LTSPC Program since the enactment in 1996 of
changes to Farmer Mac's statutory charter ("post-1996 Act loans"),  both on- and
off-balance  sheet,  that  were 90 days or more  past due,  in  foreclosure,  in
bankruptcy  (including  loans performing under the original terms of the loan or
an approved  bankruptcy  plan) and REO ("real estate  owned")  represented  1.54
percent of the current outstanding  principal balance of all post-1996 Act loans
and totaled $74.1 million (including $12.9 million of loans performing under the
original  terms of the loan or an approved  bankruptcy  plan).  This compares to
2.03 percent ($91.3 million,  including $6.7 million of loans  performing  under
the original terms of the loan or an approved  bankruptcy  plan) as of September
30,  2002 and 1.70  percent  ($59.8  million,  including  $1.9  million of loans
performing under the original terms of the loan or an approved  bankruptcy plan)
as of December 31, 2001. The  year-to-year  increase in dollars of delinquencies
reflects  the  continued  maturation  of a  significant  segment of Farmer Mac's
portfolio into its expected peak default years. The year-to-year  decline in the
ratio of  delinquencies to outstanding  guarantees and commitments  reflects the
growth of the portfolio.

     Farmer Mac conducts  loan-by-loan  analyses of  delinquencies  to update or
discount the value of the collateral supporting each individual loan relative to
the total amount due, including principal,  interest and expenses.  In the event
that the revised  collateral value does not support the total amount due, Farmer
Mac  allocates a specific  allowance to the loan.  Farmer Mac charges off losses
against its allowance for losses when  management  believes a loss has occurred,
but no later than when the Corporation  takes possession of the property.  As of
December 31, 2002, Farmer Mac's loan-by-loan  analysis of the revised collateral
values for its $74.1 million of delinquent loans indicated that $62.0 million of
the delinquent  loans were  adequately  collateralized,  while $12.1 million had
insufficient  collateral to cover principal,  interest and expenses.  Farmer Mac
has   specifically   allocated   $2.0   million  of  the   allowance   to  those
under-collateralized  loans.  As of December 31, 2002,  after the  allocation of
specific allowances for losses to those  under-collateralized  loans, Farmer Mac
had additional  general  allowances for losses of $18.0 million,  bringing total
allowances to $20.0 million.

Based on Farmer Mac's loan-by-loan  analyses,  loan collection  experience,  and
continuing  provisions  for the allowance  for losses,  Farmer Mac believes that
ongoing  losses will be covered  adequately by the allowance for losses.  During
fourth  quarter 2002,  Farmer Mac charged off $1.3 million in losses against the
allowance for losses. In certain collateral  liquidation  scenarios,  Farmer Mac
may recover  amounts  previously  charged  off or incur  additional  losses,  if
liquidation proceeds vary from previous estimates.  Farmer Mac's total provision
for losses was $2.1 million for fourth  quarter  2002,  compared to $2.0 million
for third quarter 2002 and $2.0 million for fourth  quarter 2001. As of December
31, 2002,  Farmer Mac's allowance for losses totaled $20.0 million,  or 42 basis
points on the  outstanding  post-1996  Act loans,  compared to $19.1 million (42
basis points) as of September 30, 2002 and $15.9 million (45 basis points) as of
December 31, 2001.

Interest Rate Risk

     Farmer Mac measures its interest rate risk through several tests, including
the  sensitivity  of Market  Value of Equity  ("MVE")  and Net  Interest  Income
("NII") to uniform or "parallel" yield curve shocks.  As of December 31, 2002, a
parallel  increase of 100 basis  points  across the entire U.S.  Treasury  yield
curve would have increased MVE by 5.9 percent,  while a parallel decrease of 100
basis points would have decreased MVE by 7.1 percent. As of December 31, 2002, a
parallel  increase of 100 basis points would have increased  Farmer Mac's NII, a
shorter-term  measure of interest  rate risk,  by 6.8 percent,  while a parallel
decrease of 100 basis points would have decreased NII by 6.7 percent. Farmer Mac
also measures the  sensitivity of both MVE and NII to a variety of  non-parallel
interest  rate  shocks.  Farmer  Mac's MVE and NII were less  sensitive to those
non-parallel shocks than to parallel shocks. Finally, Farmer Mac's duration gap,
a static  measure of interest rate risk, was minus 3.6 months as of December 31,
2002.

     The economic  effects of derivatives,  including  interest rate swaps,  are
included in the MVE, NII and duration gap analyses.  Farmer Mac's  principal use
of derivatives  is as an  alternative  to traditional  debt issuance in which it
enters into contracts to pay fixed rates of interest and receive  floating rates
of interest from counterparties.  These "floating-to-fixed  interest rate swaps"
are used to adjust the  characteristics of Farmer Mac's short-term debt to match
more  closely  the cash flow and  duration  characteristics  of its  longer-term
mortgage  assets,  thereby  reducing  interest rate risk,  and also to derive an
overall lower  effective  fixed-rate  cost of borrowing than would  otherwise be
available in the conventional  debt market.  As of December 31, 2002, Farmer Mac
had $714.1 million notional amount of floating-to-fixed  interest rate swaps for
terms ranging from 2 to 15 years.  In addition,  Farmer Mac enters into interest
rate swaps to adjust the characteristics of its assets to match more closely the
cash flow and duration  characteristics  of its shorter-term  financing  thereby
reducing  interest  rate risk.  As of December 31,  2002,  Farmer Mac had $369.8
million of such interest rate swaps.

     Farmer Mac uses  derivatives  for  hedging  purposes,  not for  speculative
purposes.  All of Farmer Mac's  derivative  transactions  are conducted  through
standard,  collateralized  agreements that limit Farmer Mac's  potential  credit
exposure  to any  counterparty.  As of  December  31,  2002,  Farmer  Mac had no
uncollateralized net exposure to any counterparty.

Derivatives and Financial Statement Effects of FAS 133

     Farmer  Mac  accounts  for its  derivatives  under  FAS 133,  which  became
effective January 1, 2001. The implementation of FAS 133 resulted in significant
accounting changes to both the Consolidated Statements of Operations and Balance
Sheets.  During  fourth  quarter 2002,  the  reduction in net  after-tax  income
resulting  from FAS 133 was  $1.8  million  and the net  after-tax  decrease  in
accumulated  other  comprehensive  income was $16.9 million.  For fourth quarter
2001, the increases in net after-tax income and accumulated other  comprehensive
income resulting from FAS 133 were $0.2 million and $7.6 million,  respectively.
Accumulated  other  comprehensive  income is not a  component  of  Farmer  Mac's
regulatory core capital.

Forward-Looking Statements

     In   addition   to   historical   information,    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  effect  on 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 for agriculture  provided for in
the Farm Bill  enacted last Spring;  (4) the possible  effect of the  risk-based
capital  requirement which could, under certain  circumstances,  be in excess of
the  statutory  minimum  capital  level;  (5)  the  possible   establishment  of
additional legislative or regulatory restrictions on Farmer Mac; (6) the outcome
of the pending analysis of Farmer Mac by the General  Accounting Office; and (7)
Farmer Mac's continuing access to the debt markets at favorable rates and terms.
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  ("SEC") on March 27, 2002, and Farmer Mac's Quarterly Report on Form
10-Q for the quarter ended September 30, 2002, as filed with the SEC on November
14, 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, except as otherwise mandated by
the SEC.

Farmer Mac is a stockholder-owned instrumentality of the United States chartered
by Congress to  establish a secondary  market for  agricultural  real estate and
rural housing  mortgage loans and to facilitate  capital market funding for USDA
guaranteed farm program and rural  development  loans.  Farmer Mac's Class C and
Class A common  stocks  are  listed  on the New York  Stock  Exchange  under the
symbols AGM and AGMA, respectively.  Additional information about Farmer Mac (as
well as the Form 10-K and Form 10-Q  referenced  above) is  available  on Farmer
Mac's website at www.farmermac.com.  The conference call to discuss Farmer Mac's
fourth  quarter 2002  earnings and this press  release will be webcast on Farmer
Mac's website  beginning at 11:00 a.m. eastern time,  Friday,  January 24, 2003,
and an audio  recording of that call will be  available  for two weeks on Farmer
Mac's website after the call is concluded.




                             Federal Agricultural Mortgage Corporation
                                   Consolidated Balance Sheets
                                         (in thousands)

                                                              December 31,           December 31,
                                                                 2002                    2001
                                                        ---------------------    -------------------
                                                                            
 Assets:
   Cash and cash equivalents                                  $ 723,800              $ 437,831
   Investment securities                                        830,409              1,007,954
   Farmer Mac guaranteed securities                           1,608,507              1,690,049
   Loans                                                        966,123                199,682
     Allowance for loan losses                                   (2,662)                (1,352)
   Real estate owned (net of valuation allowance                  5,031                  2,457
     of $0.6 million and zero)
   Financial derivatives                                              -                     15
   Interest receivable                                           65,276                 56,253
   Guarantee fees receivable                                      5,938                  6,004
   Prepaid expenses and other assets                             20,176                 16,963
                                                        ---------------------    -------------------
    Total assets                                            $ 4,222,598            $ 3,415,856
                                                        ---------------------    -------------------
 Liabilities and stockholders' equity:
   Notes payable:
    Due within one year                                     $ 2,860,746            $ 2,233,267
    Due after one year                                        1,020,318                968,463
                                                        ---------------------    -------------------
     Total notes payable                                      3,881,064              3,201,730
   Financial derivatives                                         93,997                 20,762
   Accrued interest payable                                      29,756                 26,358
   Accounts payable and accrued expenses                         17,453                 18,037
   Reserve for losses                                            16,757                 14,532
                                                        ---------------------    -------------------
    Total liabilities                                         4,039,027              3,281,419
   Preferred stock                                               35,000                      -
   Common stock at par                                           11,639                 11,564
   Additional paid-in capital                                    82,527                 80,960
   Accumulated other comprehensive (loss)/income                   (407)                 8,395
   Retained earnings                                             54,812                 33,518
                                                        ---------------------    -------------------
   Stockholders' equity                                         183,571                134,437
                                                        ---------------------    -------------------
    Total liabilities and stockholders' equity              $ 4,222,598            $ 3,415,856
                                                        ---------------------    -------------------




                              Federal Agricultural Mortgage Corporation
                                Consolidated Statements of Operations
                              (in thousands, except per share amounts)

                                                               Three Months Ended                Twelve Months Ended
                                                      ----------------------------------- --------------------------------
                                                          Dec. 31,          Dec. 31,         Dec. 31,          Dec. 31,
                                                            2002              2001             2002              2001
                                                      ----------------- ----------------- ---------------- ---------------
                                                                                                 
 Interest income:
   Investments and cash equivalents                       $ 9,682          $ 11,494         $ 40,799          $ 65,334
   Farmer Mac guaranteed securities                        21,383            25,234           89,736           110,169
   Loans                                                   12,578             2,525           39,505             5,710
                                                      ----------------- ----------------- ---------------- ----------------
 Total interest income                                     43,643            39,253          170,040           181,213
 Interest expense                                          34,914            32,056          135,014           154,274
                                                      ----------------- ----------------- ---------------- ----------------
 Net interest income                                        8,729             7,197           35,026            26,939
 Provision for loan losses                                    389               300            1,340               600
                                                      ----------------- ----------------- ---------------- ----------------
 Net interest income after provision for loan losses        8,340             6,897           33,686            26,339

 Gains/(Losses) on financial derivatives
 and trading assets                                        (2,903)              317           (4,359)             (726)
 Other income:
   Guarantee fees                                           5,114             4,534           19,277            15,807
   Miscellaneous                                              114               140            1,332               560
                                                      ----------------- ----------------- ---------------- ----------------
 Total other income                                         5,228             4,674           20,609            16,367
                                                      ----------------- ----------------- ---------------- ----------------
 Total revenues                                            10,665            11,888           49,936            41,980

 Expenses:
   Compensation and employee benefits                       1,238             1,454            5,142             5,601
   Provision for losses                                     1,759             1,686            6,883             6,125
   Regulatory fees                                            383                23            1,172               735
   General and administrative                                 781               957            5,547             4,094
                                                      ----------------- ----------------- ---------------- ----------------
 Total operating expenses                                   4,161             4,120           18,744            16,555
                                                      ----------------- ----------------- ---------------- ----------------
 Income before income taxes                                 6,504             7,768           31,192            25,425
 Income tax provision                                       1,854             2,287            9,330             8,419
                                                      ----------------- ----------------- ---------------- ----------------
 Net income before cumulative effect                        4,650             5,481           21,862            17,006
 of change in accounting principles and
 extraordinary item
 Cumulative effect of change                                    -                 -                -              (726)
 in accounting principles, net of tax
 Extraordinary gain/(loss), net of tax                     (1,313)                -              889                 -
                                                      ----------------- ----------------- ---------------- ----------------
 Net income                                                 3,337             5,481           22,751            16,280
 Preferred stock dividends                                    560                 -            1,456                 -
                                                      ----------------- ----------------- ---------------- ----------------
 Net income available to common stockholders              $ 2,777           $ 5,481         $ 21,295          $ 16,280
                                                      ----------------- ----------------- ---------------- ----------------
 Earnings per share:
     Basic earnings per share                              $ 0.24            $ 0.48           $ 1.83            $ 1.44
     Diluted earnings per share                            $ 0.23            $ 0.46           $ 1.77            $ 1.38
 Earnings per share before cumulative
 effect of change in accounting principles
 and extraordinary item:
     Basic earnings per share                              $ 0.35            $ 0.48           $ 1.76            $ 1.50
     Diluted earnings per share                            $ 0.34            $ 0.46           $ 1.69            $ 1.45




                    Federal Agricultural Mortgage Corporation
                            Supplemental Information


      The following tables present quarterly and annual information regarding
loan purchases, guarantees and LTSPCs, outstanding guarantees and LTSPCs and
delinquencies.

 

                   Farmer Mac Purchases, Guarantees and LTSPCs
-------------------------------------------------------------------------------------------
                                    Farmer Mac I
                           ------------------------------
                            Loans & AMBS       LTSPC          Farmer Mac II      Total
                           ------------------------------   ----------------- ---------------
                                                    (in thousands)
For the quarter ended:
                                                                 
   December 31, 2002          $ 62,841      $ 395,597          $ 38,714       $ 497,152
   September 30, 2002           58,475        140,157            37,374         236,006
   June 30, 2002               551,690        280,904            57,769         890,363
   March 31, 2002               74,875        338,821            39,154         452,850
   December 31, 2001            62,953        237,292            51,056         351,301
   September 30, 2001           75,135        246,472            42,396         364,003
   June 30, 2001                85,439        499,508            57,012         641,959
   March 31, 2001               48,600         49,695            47,707         146,002

For the year ended:
   December 31, 2002           747,881      1,155,479           173,011       2,076,371
   December 31, 2001           272,127      1,032,967           198,171       1,503,265







                          Farmer Mac Outstanding Guarantees and LTSPCs (1)
----------------------------------------------------------------------------------------------------------
                                            Farmer Mac I
                           ---------------------------------------------
                                    Post-1996 Act
                           ------------------------------
                             Loans & AMBS(2)    LTSPC      Pre-1996 Act    Farmer Mac II        Total
                           ------------------------------ -------------- ----------------  ---------------
                                                          (in thousands)
                                                                           
 As of:
  December 31, 2002           $2,168,994      $2,681,240    $ 31,960       $ 645,790       $ 5,527,984
  September 30, 2002           2,127,460       2,407,469      35,297         630,452         5,200,678
  June 30, 2002                2,180,948       2,336,886      37,873         617,503         5,173,210
  March 31, 2002               1,655,485       2,126,485      41,414         592,836         4,416,220
  December 31, 2001            1,658,716       1,884,260      48,979         595,156         4,187,111
  September 30, 2001           1,605,160       1,731,861      58,813         608,944         4,004,778
  June 30, 2001                1,572,800       1,537,061      65,709         579,251         3,754,821
  March 31, 2001               1,466,443       1,083,528      72,646         549,003         3,171,620




             Outstanding Balance of On-Balance Sheet Farmer Mac I and II Loans and Guaranteed Securities
--------------------------------------------------------------------------------------------------------------------

                                                     5-to-10-Year         1-Month-to-3-Year
                                Fixed Rate           ARMs & Resets              ARMs                   Total
                            --------------------   ------------------   ----------------------  --------------------
                                                               (in thousands)
                                                                                      
 As of:
     December 31, 2002         $ 1,003,434            $ 981,548                $ 494,713           $ 2,479,695
     September 30, 2002          1,000,518              934,435                  498,815             2,433,768
     June 30, 2002               1,016,997              892,737                  516,892             2,426,626
     March 31, 2002                751,222              797,780                  350,482             1,899,484
     December 31, 2001             764,115              790,948                  302,169             1,857,232









                     Post-1996 Act Loan Delinquencies (3)
------------------------------------------------------------------------------

                                                  Outstanding
                                                 Guarantees and
                               Delinquencies         LTSPCs        Percentage
                           ------------------ ------------------ -------------
                                         (dollars in thousands)
 As of:
                                                            
   December 31, 2002            $ 74,141        $ 4,821,634           1.54%
   September 30, 2002             91,286          4,506,330           2.03%
   June 30, 2002                  65,196          4,489,735           1.45%
   March 31, 2002                 87,097          3,754,171           2.32%
   December 31, 2001              59,807          3,518,476           1.70%
   September 30, 2001             71,686          3,318,796           2.16%
   June 30, 2001                  53,139          3,089,460           1.72%
   March 31, 2001                 67,134          2,562,374           2.62%





       Distribution of Post-1996 Act Loan Delinquencies
                    by Original LTV Ratio
                   as of December 31, 2002
---------------------------------------------------------------
                   (dollars in thousands)

  Original LTV Ratio       Delinquencies         Percentage
-----------------------   -----------------    ----------------
                                             
   0.00% to 40.00%           $ 2,740                  4%
  40.01% to 50.00%            14,734                 20%
  50.01% to 60.00%            28,267                 38%
  60.01% to 70.00%            22,967                 31%
  70.01% to 80.00%             3,543                  5%
  80.01% +                     1,890                  2%
                          -----------------    ----------------
                 Total      $ 74,141                100%
                          -----------------    ----------------







                Distribution of Post-1996 Act Loan Delinquencies
                          by Loan Origination Date
                          as of December 31, 2002
----------------------------------------------------------------------------
                          (dollars in thousands)

     Loan                                 Outstanding
  Origination                             Guarantees          Delinquency
     Date          Delinquencies          and LTSPCs             Rate
----------------  -----------------   --------------------  ----------------
                                                      
  Before 1994          $ 4,525          $  696,624              0.65%
     1994                   -              171,407              0.00%
     1995                3,098             155,668              1.99%
     1996               13,002             355,671              3.66%
     1997               16,477             386,658              4.26%
     1998               14,391             707,075              2.04%
     1999               12,770             744,708              1.71%
     2000                6,077             437,433              1.39%
     2001                3,597             626,647              0.57%
     2002                  204             539,743              0.04%
                  -----------------   --------------------  ----------------
          Total       $ 74,141          $4,821,634              1.54%
                  -----------------   --------------------  ----------------

(1)  Pre-1996  Act loans back  securities  that are  supported  by  unguaranteed
     subordinated interests representing approximately 10 percent of the balance
     of the  loans.  Farmer  Mac  assumes  100  percent  of the  credit  risk on
     post-1996  Act  loans.  Farmer  Mac II  loans  are  guaranteed  by the U.S.
     Department of Agriculture.
(2)  Periods prior to June 30, 2001 include only AMBS.
(3)  Includes  Farmer Mac I loans 90 days or more past due, in  foreclosure,  in
     bankruptcy (including loans performing under the original terms of the loan
     or an approved bankruptcy plan) and REO.