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): July 18, 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 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 July 18, 2002.

Item 9.  Regulation FD Disclosure.

     On July 18, 2002,  the  Registrant  issued a press  release to announce the
Registrant's  financial  results for second  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:      July 19, 2002








                                  EXHIBIT INDEX

Exhibit No.                  Description                            Page No.

99                           Press  Release  Dated  July 18, 2002   5




                                      NEWS


FOR IMMEDIATE RELEASE                                        CONTACT
July 18, 2002                                                Jerome Oslick
                                                             202-872-7700


                       Farmer Mac Achieves Record Earnings

                       Operating Earnings Per Share Up 50%

     Washington,  D.C. -- The Federal Agricultural  Mortgage Corporation (Farmer
Mac, NYSE: AGM and AGMA) today  announced that it achieved  record  earnings for
its second quarter,  ended June 30, 2002.  Diluted operating  earnings per share
grew to $0.48, a 50 percent increase over second quarter 2001 diluted  operating
earnings  per share of $0.32.  Operating  income  for the  second  quarter  2002
reached $5.8 million and $11.1  million for the  year-to-date,  compared to $3.7
million  and $6.9  million  for the same  periods  in  2001.  Operating  income,
revenues  and  earnings  per share are  measures  that  exclude  the  effects of
Statement of Financial  Accounting  Standards No. 133, Accounting for Derivative
Instruments   and  Hedging   Activities   ("FAS  133")  and  the  net  after-tax
extraordinary  gain of $0.6 million recognized on the repurchase of a portion of
the Company's  debt in second  quarter 2002. Net income for second quarter 2002,
including the effects of FAS 133 and the extraordinary gain, was $6.3 million or
$0.52 per diluted share.

     Farmer Mac President and Chief  Executive  Officer Henry D. Edelman stated,
"We are extremely  pleased with the growth and  performance  of Farmer Mac as it
achieved  record  operating  earnings  of $0.48 per share.  During the  quarter,
Farmer  Mac  added  $1.3  million  to its loss  reserves,  loss  experience  and
delinquencies  are consistent with our expectations  and our guarantee  business
continues  to grow.  In the  quarter,  we  completed  $890  million of guarantee
business and our  guarantees  outstanding  surpassed the $5 billion mark for the
first  time.  This  growth  of our  guarantee  business,  important  as it is in
enhancing lenders' liquidity and loan capacity, truly underscores the value that
we provide for America's farmers,  ranchers and agricultural lenders - increased
availability of long-term  mortgage  financing at competitive  rates. We believe
that  Farmer  Mac is on track to meet or exceed  the  market  analyst's  current
projection for its financial performance in 2002.

     "Since the middle of the second quarter we have been subject to the efforts
of admitted  short sellers to depress the price of Farmer Mac's  securities  for
their own gain.  The activities of these short sellers have caused a substantial
loss  in  stockholder  value  over a  relatively  compressed  period  of  time -
something  that cannot be explained by any business  development.  Responding to
the  attention  that has been  focused on Farmer  Mac,  the  Senate  Agriculture
Committee has sought the General Accounting  Office's assistance `to ensure that
Farmer Mac's  mission  continues to be met in a  financially  sound  manner.' We
welcome that  investigation for the objective review it should afford us. Farmer
Mac, unlike many companies, is subject to examination of its operations, as well
as related internal  controls,  by a federal regulator that examines the Company
with full access to all related information. Furthermore, we now have in place a
risk-based   capital  ("RBC")  standard  that  measures  our  capital  adequacy,
providing  assurance that we stay within the risk  parameters  that the Congress
expected of us. The Board and  management  are fully  committed  to building the
value of Farmer Mac for our stockholders and the country's agricultural sector."

Net Interest Income

     Net  interest  income was $8.9  million for second  quarter  2002 and $16.4
million  year-to-date,  compared to $6.4 million and $11.9  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 93
basis  points for second  quarter  2002,  compared to 89 basis  points for first
quarter  2002 and 82 basis  points for second  quarter  2001.  The net  interest
yields for second  quarter  2002,  first  quarter  2002 and second  quarter 2001
included the benefits of yield  maintenance  payments of 7 basis points, 7 basis
points and 4 basis points,  respectively.  The effect of the adoption of FAS 140
for the second quarter 2002 was a reclassification of approximately $0.7 million
(7 basis  points) of guarantee fee income as interest  income.  Adjusted for the
effects of yield  maintenance  and  excluding  the  effects of FAS 140,  the net
interest  yields for second quarter 2002,  first quarter 2002 and second quarter
2001 were 79 basis points, 82 basis points and 78 basis points, respectively.

Guarantee Fees

     Guarantee fees were $4.7 million for second quarter 2002,  compared to $4.6
million for first  quarter 2002 and $3.7 million for second  quarter  2001.  The
relative  increase in guarantee fees reflects an increase in the average balance
of outstanding guarantees. Excluding the effects of the adoption of FAS 140 that
reclassified $0.7 million of guarantee fee income as interest income,  guarantee
fees for second quarter 2002 would have been $5.4 million.

Operating Expenses

     Operating  expenses  totaled  $3.0  million in the second  quarter of 2002,
compared to $2.5  million  for first  quarter  2002 and $2.8  million for second
quarter  2001.  The  increase  in  operating  expenses  in second  quarter  2002
primarily reflects an increase in legal and consulting fees.  Operating expenses
as a percentage of operating  revenues were 22 percent for second  quarter 2002,
compared to 21 percent for first quarter 2002 and 28 percent for second  quarter
2001.

Extraordinary Item

     During  second  quarter  2002,   Farmer  Mac  recognized  a  net  after-tax
extraordinary  gain of $0.6  million  resulting  from  the  repurchase  of $18.9
million of outstanding Farmer Mac debt.


Credit

     As of June 30, 2002,  Farmer Mac I loans purchased or guaranteed  after the
enactment in 1996 of changes to Farmer Mac's statutory  charter  ("post-1996 Act
loans") covered by a Farmer Mac guarantee,  both on- and off-balance sheet, that
were 90 days or more past  due,  in  foreclosure,  in  bankruptcy  and REO (real
estate  owned)  totaled  $60.4  million  and  represented  1.35  percent  of the
principal  balance of all post-1996  Act loans,  compared to $87.1 million (2.32
percent) as of March 31, 2002,  $58.3 million (1.70  percent) as of December 31,
2001, and $53.1 million (1.72 percent) as of June 30, 2001.  (Farmer Mac assumes
100 percent of the credit risk on  post-1996  Act loans;  pre-1996 Act loans are
supported by mandatory 10 percent  subordinated  interests that mitigate  Farmer
Mac's  credit  exposure.)  From  quarter  to  quarter,  Farmer  Mac  anticipates
fluctuations  in the  delinquencies,  both in 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. The  year-over-year  increase in dollars is reflective of
the continued  maturation of a significant  segment of Farmer Mac's portfolio of
guarantees into its peak default years. The year-over-year  decline in the ratio
of  delinquencies  to outstanding  guarantees is reflective of the growth of the
portfolio.

     Farmer Mac conducts a loan-by-loan  analysis of its delinquencies to assess
the value of the  collateral  supporting  each  individual  loan relative to the
total amount due, including principal,  interest and advances. In the event that
the updated or  discounted  collateral  value does not support the total  amount
due, Farmer Mac specifically  allocates reserves to the loan. Farmer Mac charges
off losses  against the reserve for losses when  management  believes a loss has
occurred,  but no later than when the Company takes  possession of the property.
As of June 30, 2002, Farmer Mac's loan-by-loan  analysis of its $60.4 million of
delinquent  loans and their updated or discounted  collateral  values  indicated
that $14.4  million  have  insufficient  collateral  to cover the loan  balance,
accrued  interest  and  expenses.  Farmer Mac has  specifically  allocated  $2.8
million  of  reserves  to  those   under-collateralized   loans.   Farmer  Mac's
loan-by-loan  analyses  indicated that the remaining $46.0 million of delinquent
loans were adequately collateralized,  based on updated or discounted collateral
values,  and that the  allocation  of  specific  reserves to those loans was not
necessary.  As of June 30, 2002,  after the  allocation of specific  reserves to
under-collateralized  loans,  Farmer Mac had additional  non-specific or general
reserves of $15.5 million, bringing total reserves to $18.3 million.

     Based on Farmer Mac's loan-by-loan  analyses,  loan collection  experience,
and continuing  provisions for the reserve for losses,  Farmer Mac believes that
ongoing  losses will be covered  adequately  by the  reserve for losses.  During
second  quarter  2002,  Farmer Mac  charged off  $902,000 in losses  against the
reserve 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.  As of June 30, 2002,  the
weighted-average original loan-to-value ratio for all post-1996 Act loans was 49
percent,  and the weighted-average  original  loan-to-value ratio for delinquent
loans was 57 percent.  Farmer  Mac's  provision  for losses was $2.0 million for
second  quarter  2002,  compared to $2.0 million for first quarter 2002 and $1.4
million for second  quarter 2001. As of June 30, 2002,  Farmer Mac's reserve for
losses totaled $18.3 million,  or 41 basis points of the  outstanding  post-1996
Act loans and AMBS,  compared to $17.0 million (45 basis points) as of March 31,
2002 and $13.2 million (43 basis points) as of June 30, 2001.


Provision for Income Taxes

     The provision for income taxes totaled $2.6 million for second quarter 2002
and $5.1 million year-to-date, compared to $2.1 million and $3.7 million for the
same periods in 2001.  Farmer Mac's  effective tax rate for second  quarter 2002
was 30.1  percent  compared  to 31.0  percent  for first  quarter  2002 and 33.1
percent for 2001.  The  reduction  in the rate from the prior year  reflects the
effects of certain tax-advantaged investment securities.

Capital


     Farmer  Mac's core  capital  totaled  $176.2  million as of June 30,  2002,
compared  to $126.0  million as of December  31,  2001 and $134.0  million as of
March 31, 2002. This increase  reflects Farmer Mac's issuance of preferred stock
on May 6, 2002,  which added $34.7  million to its core  capital  during  second
quarter 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.
Farmer  Mac's  actual  core  capital  balance as of June 30, 2002  exceeded  the
statutory minimum capital  requirement of $130.4 million by approximately  $45.8
million.

     The FCA issued its final  risk-based  capital  regulation for Farmer Mac on
April 12,  2001 and the  Company was  required  to meet the  risk-based  capital
standards  beginning on May 23,  2002.  We have  maintained a dialogue  with FCA
regarding the application of the regulation and the complex underlying  economic
model.  Farmer Mac is in compliance with the risk-based  capital standards under
the  regulation  and we are  confident  that  Farmer Mac will  continue to be in
compliance.

     The first application after the effective compliance date of the definitive
risk-based  capital stress test  promulgated by the FCA ("RBC test") showed that
Farmer Mac's actual  regulatory  capital of $194.5 million was $114.4 million in
excess of the $80.1 million risk-based capital  requirement as of June 30, 2002.
That  RBC   requirement  was  also  $50.3  million  below  the  minimum  capital
requirement  of  $130.4  million.  The  relevant  measure  for the  RBC  test is
regulatory capital,  which under the regulatory methodology is core capital plus
loss reserves. Although the RBC test results show capital requirements below the
statutory  minimum,  we still need to hold the higher of the  statutory  minimum
capital requirement or the amount required to pass the RBC test.

     Average return on common equity,  excluding the effects of FAS 115, FAS 133
and the extraordinary  item, was 16.9 percent for second quarter 2002,  compared
to 13.8 percent for second quarter 2001 and 16.4 percent for first quarter 2002.

Interest Rate Risk


     The most  comprehensive  measure of Farmer Mac's  interest rate risk is the
sensitivity  of our Market  Value of Equity  ("MVE")  to  parallel  yield  curve
shocks.  As of June 30,  2002,  a uniform or  "parallel"  increase  of 100 basis
points  across the entire U.S.  Treasury  yield curve would  increase MVE by 3.6
percent, while a parallel decrease of 100 basis points would decrease MVE by 5.4
percent.  Net Interest  Income ("NII")  sensitivity,  a shorter-term  measure of
interest  rate risk,  demonstrates  a similar lack of exposure to interest  rate
movements.  As of June 30, 2002, a uniform or  "parallel"  increase of 100 basis
points would increase NII by 9.4 percent, while a parallel decrease of 100 basis
points would  decrease NII by 8.6 percent.  We also measure the  sensitivity  of
both MVE and NII to a variety of non-parallel  interest rate shocks. MVE and NII
are even less sensitive to these non-parallel shocks. Finally, our duration gap,
a static  measure  of  interest-rate  risk,  was minus 2.9 months as of June 30,
2002. Our MVE tests demonstrate the effectiveness of our  asset-liability  match
over the life of our assets and liabilities on a present value basis

     The economic  effects of  derivatives,  including  interest rate swaps,  is
included  in our MVE  analysis.  Farmer Mac enters into  contracts  in which the
Company  pays fixed rates of interest and  receives  floating  rates of interest
from counterparties.  These "floating-to-fixed  interest rate swaps" are used to
adjust the characteristics of our short-term debt to match more closely the cash
flow and duration characteristics of our longer-term mortgages, 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 June 30, 2002,  Farmer Mac had $675.1 million  notional amount of
floating-to-fixed interest rate swaps for terms ranging from 2 to 15 years.

     Farmer Mac uses derivative instruments as an end-user 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 June 30, 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 Company's  income  statement and balance  sheet.
During second quarter 2002, the reduction in net after-tax income resulting from
FAS 133 was  $149,500,  and the net  after-tax  decrease  in  accumulated  other
comprehensive  income was $14.6 million. For first quarter 2002, the increase in
net  after-tax  income  and the net  after-tax  increase  in  accumulated  other
comprehensive  income  resulting  from FAS 133 were  $145,000 and $3.2  million,
respectively.  For second quarter 2001,  the reductions in net after-tax  income
and accumulated other comprehensive income resulting from FAS 133 were $102,000,
and $3.3 million, respectively.  Accumulated other comprehensive income is not a
component of Farmer Mac's  regulatory  core  capital.  Management  believes that
reporting  financial  results by  reference to  operating  income,  revenues and
earnings per share  (excluding  the effects of FAS 133) provides a more accurate
comparison of Farmer Mac's financial performance to previous presentations.

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  recently  enacted  farm bill;  (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  statutory  or  regulatory   restrictions  on  Farmer  Mac,  such  as
restrictions  on Farmer  Mac's  investment  authority;  (6) the  outcome  of the
pending  investigation 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, 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 and
Farmer Mac's  Current  Report on Form 8-K as filed with the SEC on May 30, 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,  Form 10-Q and Form 8-K  referenced
above) is available on Farmer Mac's website at www.farmermac.com. The conference
call to discuss Farmer Mac's second quarter 2002 earnings and this press release
will be webcast on Farmer Mac's  website  beginning at 11:00 a.m.  eastern time,
Friday, July 19, 2002, 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)

                                                                    June 30,          December 31,        June 30,
                                                                     2002                2001              2001
                                                                ---------------      -------------     --------------
                                                                  (unaudited)          (audited)        (unaudited)
                                                                                            
 Assets:
  Cash and cash equivalents                                         $ 479,585           $ 437,831          $ 473,546
  Investment securities                                               977,474           1,007,954            890,065
  Farmer Mac guaranteed securities                                  1,655,356           1,690,376          1,698,207
  Loans                                                               837,102             199,355             79,089
  Real estate owned                                                     2,489               2,457                  -
  Financial derivatives                                                   721                  15                625
  Interest receivable                                                  63,076              56,253             48,851
  Guarantee fees receivable                                             5,051               6,004              4,594
  Prepaid expenses and other assets                                    16,720              16,963             14,104
   Total assets                                                   $ 4,037,574          $3,417,208        $ 3,209,081

 Liabilities and stockholders' equity:
  Notes payable:
   Due within one year                                            $ 2,661,792          $2,233,267        $ 2,280,276
   Due after one year                                               1,086,671             968,463            759,544
    Total notes payable                                             3,748,463           3,201,730          3,039,820
  Financial derivatives                                                35,035              20,762             14,767
  Accrued interest payable                                             30,744              26,358             22,121
  Accounts payable and accrued expenses                                19,997              18,037              8,508
  Reserve for losses                                                   18,327              15,884             13,180
   Total liabilities                                                3,852,566           3,282,771          3,098,396
  Stockholders' equity                                                185,008             134,437            110,685
   Total liabilities and stockholders' equity                     $ 4,037,574          $3,417,208        $ 3,209,081








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

                                                         Three Months Ended              Six Months Ended
                                                    ---------------------------     --------------------------
                                                     June 30,         June 30,        June 30,       June 30,
                                                       2002             2001            2002           2001
                                                    (unaudited)     (unaudited)     (unaudited)    (unaudited)
                                                                                       
 Interest income:
  Investments and cash equivalents                  $ 10,612         $ 17,148        $ 20,938       $ 38,236
  Farmer Mac guaranteed securities                    22,541           28,481          45,560         57,221
  Loans                                               10,394              740          14,193          1,343
 Total interest income                                43,547           46,369          80,691         96,800
 Interest expense                                     34,641           39,947          64,315         84,925
 Net interest income                                   8,906            6,422          16,376         11,875
 Gains/(Losses) on financial derivatives
 and trading assets                                     (230)            (159)             (6)          (748)
 Other income:
  Guarantee fees                                       4,723            3,669           9,290          7,097
  Miscellaneous                                          368              116             760            282
 Total other income                                    5,091            3,785          10,050          7,379
 Total revenues                                       13,767           10,048          26,420         18,506
 Expenses:
  Compensation and employee benefits                   1,324            1,496           2,580          2,733
  Regulatory fees                                        197              245             393            468
  General and administrative                           1,499            1,107           2,592          2,252
 Total operating expenses                              3,020            2,848           5,565          5,453
  Provision for losses                                 2,022            1,394           4,038          2,777
 Total expenses                                        5,042            4,242           9,603          8,230
 Income before income taxes                            8,725            5,806          16,817         10,276
 Income tax provision                                  2,630            2,091           5,135          3,679
 Net income before cumulative effect                   6,095            3,715          11,682          6,597
  of change in accounting principles and
 extraordinary item
 Cumulative effect of change                               -                -               -           (726)
  in accounting principles, net of tax
 Extraordinary gain, net of tax                          583                -           2,203              -
 Net income                                            6,678            3,715          13,885          5,871
 Preferred stock dividends                               336                -             336              -
 Net income available to common stockholders         $ 6,342          $ 3,715        $ 13,549        $ 5,871
 Earnings per share:
    Basic earnings per share                          $ 0.55           $ 0.33          $ 1.17         $ 0.52
    Diluted earnings per share                        $ 0.52           $ 0.32          $ 1.12         $ 0.50
 Earnings per share before cumulative
  effect of change in accounting principles
  and extraordinary item:
    Basic earnings per share                          $ 0.50           $ 0.33          $ 0.98         $ 0.59
    Diluted earnings per share                        $ 0.48           $ 0.32          $ 0.94         $ 0.57
 Operating earnings per share:*
    Basic earnings per share                          $ 0.50           $ 0.33          $ 0.96         $ 0.61
    Diluted earnings per share                        $ 0.48           $ 0.32          $ 0.92         $ 0.59
 *  operating earnings per share excludes the effects of FAS 133 and extraordinary item




                    Federal Agricultural Mortgage Corporation
                            Supplemental Information


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





                             Farmer Mac Purchases and Guarantees
--------------------------------------------------------------------------------------------------
                                 Farmer Mac I
                          --------------------------

                          Loans & AMBS      LTSPC       Farmer Mac II     Total
                          --------------  ----------   ---------------- ----------
                                   (in thousands)
For the quarter ended:
                                                           
  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        69,561         246,472         42,396        358,429
  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, 2001        266,553       1,032,967        198,171      1,497,691
  December 31, 2000        442,246         373,202        193,505      1,008,953







                                                Farmer Mac Outstanding Guarantees (1)
---------------------------------------------------------------------------------------------------------------------------------
                                   Farmer Mac I
                       ------------------------------------------------
                                   Post-1996 Act
                       --------------------------------
                         Loans & AMBS (2)     LTSPC       Pre-1996 Act    Farmer Mac II      Total     Held in Portfolio (3)
                       ------------------- -----------  --------------- ----------------- ----------- -----------------------
                                                                (in thousands)
 As of:
                                                                                      
  June 30, 2002          $ 2,180,948      $ 2,336,886      $ 37,873         $617,503     $ 5,173,210     $ 2,426,626
  March 31, 2002           1,655,485        2,126,485        41,414          592,836       4,416,220       1,899,484
  December 31, 2001        1,658,716        1,884,260        48,979          595,156       4,187,111       1,857,232
  September 30, 2001       1,605,160        1,731,861        58,813          608,944       4,004,778       1,804,391
  June 30, 2001            1,572,800        1,537,061        65,709          579,251       3,754,821       1,763,676
  March 31, 2001           1,466,443        1,083,528        72,646          549,003       3,171,620       1,648,896







                   Farmer Mac Loans and AMBS Held in Portfolio
------------------------------------------------------------------------------------------------------
                                                                                 Total
                                             5-to-10-Year   1-Month-to-3-Year   Held in
                               Fixed Rate   ARMs & Resets         ARMs         Portfolio
                            ------------------------------------------------------------------
                                            (in thousands)
 As of:
                                                                 
   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 (4)
                          ------------------------------------------------
                                             Outstanding
                            Delinquencies     Guarantees     Percentage
                          ---------------- --------------- ---------------
                                       (dollars in thousands)
 As of:
                                                      
   June 30, 2002            $ 60,431        $ 4,489,735         1.35%
   March 31, 2002             87,097          3,754,171         2.32%
   December 31, 2001          58,279          3,428,176         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
                      As of June 30, 2002
   --------------------------------------------------------
                    (dollars in thousands)
          Original LTV Ratio     Delinquencies  Percentage
         ----------------------  -------------  ----------
                                        
           0.00% to 40.00%        $ 5,813           10%
          40.01% to 50.00%          9,816           16%
          50.01% to 60.00%         21,498           36%
          60.01% to 70.00%         22,021           36%
          70.01% to 80.00%          1,283            2%
                        Total    $ 60,431          100%





          Distribution of Post-1996 Act Loan Delinquencies
                       As of June 30, 2002
---------------------------------------------------------------------
                    (dollars in thousands)
        Loan
    Origination                      Outstanding    Delinquency
        Date         Delinquencies    Guarantees       Rate
------------------- --------------- ------------- -------------------
                                            
    Before 1994       $ 2,324       $ 722,068         0.32%
        1994              862         167,325         0.52%
        1995            4,254         153,527         2.77%
        1996           14,310         360,862         3.97%
        1997           13,724         414,808         3.31%
        1998           13,485         696,792         1.94%
        1999            9,047         768,622         1.18%
        2000            2,338         423,335         0.55%
        2001               87         575,172         0.02%
        2002                -         207,224         0.00%
                    ------------ ---------------  -------------
       Total         $ 60,431     $ 4,489,735         1.35%
                    ------------ ---------------  -------------

(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)  Included in total outstanding guarantees.
(4)  Includes loans 90 days or more past due, in foreclosure,  in bankruptcy and
     REO.