The Federal Agricultural Mortgage Corporation (Farmer Mac) has set a record year for volume upon the completion of two major transactions last week. The company is also generating increased market support as it looks toward another record year in 2000.
Farmer Mac, for the first time, has purchases and guarantees of agricultural mortgage-backed securities totaling more than $1 billion for 1999. Its most recent transactions included a swap transaction in mid-October of $103 million in loans, and a $155 million long-term standby commitment of loans owed by the AgStar Agricultural Credit Association. About two-thirds of Farmer Mac's total mortgage purchases for 1999 were either swap or long-term standby commitment transactions.