The national secondary market lender for agricultural real estate loans reported decreased volume.
Fourth quarter purchases, guarantees and commitments totaled $288.2 million at the Federal Agricultural Mortgage Corp., stepping down from the previous quarter's $349.1 million, reported the lender known as Farmer Mac. In the fourth quarter 2002, volume stood at $497.2 million.
The new business volume total consisted of $218.1 million in long-term standby purchase commitments, while Farmer Mac II aggregated $45.0 million and Farmer Mac I added $25. 1 million, said the Washington, D.C.-based company. Although quarter-to-quarter production decreased for the latter two sectors, Farmer Mac II volume plunged by 58%.
At the end of 2003, volume amounted to $1.2 billion, dropping 41% from the previous year's total, according to the financial announcement.