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): May 12, 2005

                    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)

Section 8 - Other Events

Item 8.01.  Other Events.

     On May 12, 2005,  Farmer Mac issued a press release to announce that Farmer
Mac's regulator,  the Farm Credit Administration  ("FCA"), at an open meeting of
its Board, approved a final rule that relates to regulatory capital standards on
certain assets held by Farm Credit System (FCS)  institutions  other than Farmer
Mac. Among other revisions, the Board removed from the final rule a provision in
the August 6, 2004 proposed regulation that would have required FCS institutions
to  risk-weight  assets  on their  books  that are  guaranteed  by a  government
sponsored-enterprise  (GSE),  including  Farmer  Mac,  based  on  the  financial
strength rating of the GSE as determined by a nationally recognized  statistical
rating  organization.  A copy of the press release is attached to this report as
Exhibit 99.

Section 9 - Financial Statements and Exhibits

Item 9.01.  Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Exhibits:

            99. Press Release dated May 12, 2005.


     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:      May 12, 2005