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FARMER MACFederal Agricultural Mortgage Corporation
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With USD2bn of assets under management, Conterra is a full-service asset management firm exclusively focused on agriculture providing loan servicing and asset management services to Farmer Mac, institutional investors and banks across the United States.
Our alliance has proven to be a mutually beneficial platform that brings the benefits of our product offerings to bankers across the country," said 'Vim Buzby, Farmer Mac president and CEO.
Farmer Mac is tiny compared to other GSEs, and it has had problems carrying out its mission to develop secondary markets for farm loans.
Barry and Ellinger noted that while Farmer Mac has had only marginal success, recent legislative changes may make it more viable.
In Farmer Mac I (to distinguish it from later Farmer Mac programs), pools of income-producing mortgages in rural areas can be assembled by what are called Certified Facilities that purchase those mortgages from originating banks, thrifts or mortgage bankers.
Farmer Mac provides a secondary market for various loans made to borrowers in the US.
Tom Stenson, chief operating officer of Farmer Mac said, "Surveys of our lenders have consistently identified appraisal services as a seriously lacking resource in many agricultural regions throughout the country and yet it is a vital necessity when helping customers obtain loans and lock in Farmer Mac's favorable rates .
Farmer Mac II LLC is a limited liability company that operates Farmer Mac's USDA guarantees line of business of purchasing and holding USDA-guaranteed portions of loans.
However, if rapid growth in standby agreements continues, and Farmer Mac were to undergo stressful economic conditions, it could face substantial funding liquidity risk.
Title: Sr VP--Agricultural Finance, Federal Agricultural Mortgage Company, or Farmer Mac