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): April 29, 2002

                    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 21st 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 April 29, 2002.

Item 9.  Regulation FD Disclosure.

     On April  29,  2002,  the  Registrant  issued a press  release  to  clarify
inaccurate  information  contained  in  a  news  article  about  the  Registrant
published on April 28, 2002. The press release is filed as Exhibit 99 hereto and
incorporated herein by reference.


      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:      April 29, 2002

                                  EXHIBIT INDEX

Exhibit No.                   Description                           Page No.
-----------                   -----------                           --------

99                           Press Release Dated April 29, 2002         5

                                                                   Exhibit 99

FOR IMMEDIATE RELEASE                                       CONTACT
April 29, 2002                                              Jerome Oslick

                 Farmer Mac Discredits NY Times "Smear" Article

                 Appears to Have Been Prompted by Short Sellers

     Washington,  D.C. -- The Federal Agricultural  Mortgage Corporation (Farmer
Mac,  NYSE:  AGM and AGMA) today  responded to an article  that  appeared on the
front page of the  Business  Section of the April 28, 2002 New York  Times.  The
company noted the numerous inaccuracies contained in the article,  expressed its
view that the article was  prompted by short  sellers whom the author could have
identified  as such,  and  stated  that it  expects  to refer the  matter to the
Securities and Exchange Commission for appropriate action.

Article Riddled with Inaccuracies

     Farmer Mac noted that the article contained many inaccuracies, and made the
following corrective statements:

     (a) Farmer Mac's  health is not "dicey":  it had capital of $137 million on
March 31, 2002,  $21.8  million in excess of current  statutory  minimum  levels
currently enforced by its independent  federally-chartered  regulator,  the Farm
Credit  Administration  (FCA) and the  company  is  confident  that it will have
capital an even-greater  excess of "risk-based  capital" when those standards go
into effect on May 23, 2002;

     (b) the company's  General  Counsel does not earn $1 million per year;  the
accurate number is about half of that amount,  in line with the  recommendations
of an independent  outside  compensation  consultant to place him below the 75th
percentile level for similar companies;

     (c)  PaineWebber was not being paid $66,000 per month by Farmer Mac in 1988
- the correct number was lower than that during the public  offering and $25,000
per month thereafter;

     (d) the insulting story about Mr. Edelman  insisting upon  participating in
the artificial insemination of a cow is patently untrue;

     (e)  there  was no talk in 1996 that  "Washington  might  pull the plug" on
Farmer Mac - based upon its track record of  performance,  the company  asked to
have its  charter  reformed  to bring it into  conformity  with the  residential
secondary markets, to carry out its Congressional mission more effectively;

     (f) while it is true that  Farmer Mac owns  approximately  $166  million in
preferred  stock,  the  article  omits to state that  these are  mission-related
assets,   issued  by  Farm  Credit   institutions   (also   Government-Sponsored
Enterprises)  to  facilitate  their lending  activities,  and supported by their
agricultural mortgage assets;

     (g) Farmer Mac did not "pay itself" guarantee fees - it received those fees
out of the  income  from  agricultural  mortgage-backed  securities  it held and
classified a portion of that income as guarantee  income rather than as interest
income, to more accurately present the net interest yield on those assets;

     (h) while it is true that Farmer Mac offers loans to  "part-time  farmers,"
that term fairly  describes a large  percentage of American farmers who derive a
significant portion of their income from non-farm activities but,  nevertheless,
own farms and make a meaningful contribution to the U.S. agricultural economy;

     (i) there is nothing  improper  about  Farmer  Mac's  guarantee  being made
available  to  cover  loans  on the  books  of  agricultural  lenders,  as  this
assumption of credit risk on qualified  mortgages is wholly within the company's
purpose and does,  indeed,  increase funds available for  agricultural  mortgage

     (j) based upon the fact that guarantee commitments received by AgFirst Farm
Credit  Bank  accounted  for less than 1.7% of the  bank's  total  loan  assets,
Director  Raines'  participation on the Audit Committee was approved by the full
Board,  as  was  that  of  Director  DeBriyn,  from  whose  AgStar  Farm  Credit
Association Farmer Mac purchased loans under a long-term standby agreement equal
to 0.01% of the association's total loan assets;

     (k)  retired  Farmer Mac  vice-president  Thomas R. Clark did not make $5.2
million,  or any number close to that,  in pre-tax (much less  after-tax)  gains
upon exercising the options he accumulated over 12 years' service to the company
and receiving a pension equal to less than two years' pay;

     (l) the company does not end its fiscal year in May, but on December 31st;

     (m) Farmer  Mac does not  understate  the value of  options  granted to its
employees:  it relies upon the valuations  provided by its  independent  outside
compensation consultant in accordance with industry standards;

     (n) the company's  definition of "delinquent loans" has never shifted - the
method of calculation has been constant and the definition has been clarified at
times, as part of a broader ongoing effort to improve disclosure;

     (o) the article  understates  Farmer Mac's current reserves by referring to
the year-end  2001 level (though the higher $17.2 million level was set forth in
its April 18, 2002  earnings  release)  and omits to state that net reserves are
growing at a rate of approximately $1.13 million per quarter;

     (p) the article  ignores the  loan-to-value  ratios on all of the company's
seriously  delinquent  loans, a weighted average of 59% as set forth in its Form
10-K  filed on March 27,  2002,  which  makes the  recovery  of 73% of the $59.8
million  of  delinquent  loans  referred  to in the  article  a very  reasonable
expectation to beat;

     (q) Farmer Mac has  created a thriving  secondary  market for  agricultural
mortgages, despite the assertion to the contrary in the article, as witnessed by
its  current  10.7%  guarantee  coverage  of  agricultural   mortgages  held  by
conventional  lenders, with a 67% increase for the twelve months ended March 31,
2002 compared to the twelve months ending March 31, 2001;

     (r) while the article  suggests that the company's  assets and  liabilities
are not matched,  they are in fact closely matched, as evidenced by the relative
insensitivity  of "market  value of equity" to interest  rate  fluctuations,  as
disclosed in the previously-mentioned Form 10-K; and

     (s) the average  holding of Class C common stock held by company  directors
is not the $816,249 number in the article - actually,  the average current value
of stock and  options  held by  directors  (excluding  shares  as to which  they
disclaim  beneficial  ownership),  both vested and non-vested,  is approximately

Author Taken in by Short Sellers

     Ms. Cowan's statements in the article,  and in her conversations and e-mail
exchanges with Farmer Mac,  suggest to management  that her undertaking may have
been prompted by short  sellers of Farmer Mac Class C common stock.  A number of
unusual questions asked by Ms. Cowan correlated closely to misconceived  queries
first raised by suspected  short  sellers of the stock in a meeting prior to the
company's April 18, 2002 press release.  That release showed the company to have
performed  better in the first quarter of 2002 than analysts or investors  might
have expected,  and the stock rose in value in subsequent trading.  Those events
placed short sellers in a "short squeeze," unable to cover their short positions
in a rising  stock and on the verge of losing  millions  of  dollars.  Under the
circumstances,  management  has reason to believe that they contacted Ms. Cowan,
an author with a track record of presumptive  "expose"  articles,  and suggested
that she compose one about Farmer Mac based upon their  misconceptions about the
company. Farmer Mac believes Ms. Cowan breached her professional duty in failing
to "know" her  sources  before  writing an  article,  particularly  a  financial
article that could benefit those  sources.  As Ms. Cowan wrote the article,  the
short  sellers who were also her sources  appear to have  increased  their short
positions.  Finally,  they appear to have indulged in a crescendo of short sales
in the afternoon of April 26, 2002,  when Ms. Cowan likely  informed them that a
negative  article  about the company  would be  published  in the April 28, 2002
edition of her newspaper.

Matter to be Referred to SEC

     Based upon the  foregoing  facts,  Farmer Mac has  determined to refer this
matter to the U.S.  Securities  and  Exchange  Commission  (SEC)  for  review of
possible price  manipulation and illegal trading activities by the author of the
article and the short sellers.

Forward-Looking Statements

     In   addition   to   historical   information,    this   release   includes
forward-looking  statements  reflecting  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: (1)
uncertainties  regarding  the  rate  and  direction  of the  development  of the
secondary  market for  agricultural  mortgage loans;  (2)  uncertainties  in the
agricultural  economy resulting from low commodity prices,  weak demand for U.S.
agricultural  products  and crop  damage  from  natural  disasters;  and (3) the
possibility  of additional  statutory or regulatory  restrictions  applicable to
Farmer Mac, such as the imposition of regulatory risk-based capital requirements
in excess of the statutory  minimum and critical  capital levels or 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.  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.

     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 U.S.  Department of  Agriculture  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  referenced
above) is available on Farmer Mac's website at www.farmermac.com.

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