FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * DEBRIYN PAUL A   2. Issuer Name and Ticker or Trading Symbol FEDERAL AGRICULTURAL MORTGAGE CORP [AGM] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 1921 PREMIER DR 3. Date of Earliest Transaction (Month/Day/Year) 05/25/2007 (Street) MANKATO, MN 95618 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class C Non-Voting Common Stock 05/25/2007   M(1)   2,000 A $ 22.4 4,508 D   Class C Non-Voting Common Stock 05/25/2007   S(1)   2,000 D $ 29.0975 2,508 D   Class C Non-Voting Common Stock 05/29/2007   M(1)   2,000 A $ 29.1 4,508 D   Class C Non-Voting Common Stock 05/29/2007   S(1)   2,000 D $ 29.3 2,508 D   Class C Non-Voting Common Stock 05/30/2007   M(1)   3,000 A $ 29.1 5,508 D   Class C Non-Voting Common Stock 05/30/2007   S(1)   3,000 D $ 29.4667 2,508 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (right to buy)

$ 22.4

05/25/2007

M(1)

2,000

05/31/2005

06/05/2008

Class C Non-Voting Common Stock

6,000

$ 22.4

4,000

D

Employee Stock Option (right to buy)

$ 29.1

05/29/2007

M(1)

2,000

05/31/2004

06/06/2007

Class C Non-Voting Common Stock

5,000

$ 29.1

3,000

D

Employee Stock Option (right to buy)

$ 29.1

05/30/2007

M(1)

3,000

05/31/2004

06/06/2007

Class C Non-Voting Common Stock

5,000

$ 29.1

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
DEBRIYN PAUL A 1921 PREMIER DR MANKATO, MN 95618	X

Signatures

Stephen P. Mullery, as attorney-in-fact for Paul A. DeBriyn		05/30/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	This report reflects (on Table I) (i) the acquisition of 2,000 shares of Class C Non-Voting Common Stock through the partial exercise of a previously unexercised employee stock option acquired by the reporting person in June 2003 pursuant to former Rule 16b-3; (ii) the acquisition of 5,000 shares of Class C Non-Voting Common Stock through two partial exercises of a previously unexercised employee stock option acquired by the reporting person in June 2002 pursuant to former Rule 16b-3; and (iii) the sale of 7,000 shares of Class C Stock in three separate transactions; and (on Table II) the partial closing of the June 2003 employee stock option and the closing of the June 2002 employee stock option. The exercises of the June 2002 and June 2003 employee stock options are exempt under Section 16(b) under Rule 16b-6, but are reported herein pursuant to Rule 16a-4.

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