Mortgage Daily

Published On: January 28, 2004
Farmer Mac Fundings Flounder

4th quarter production down from prior quarter, year

January 28, 2004

By MortgageDaily.com staff

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.

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