12 U.S.C. § 2279aa–1 — Federal Agricultural Mortgage Corporation

There is hereby established a corporation^* to be known as the Federal Agricultural Mortgage Corporation, which shall be a federally chartered instrumentality of the United States.

The Corporation shall be an institution of the Farm Credit System.

in consultation with originators, develop uniform underwriting, security appraisal, and repayment standards for qualified loans;

determine the eligibility of agricultural mortgage marketing facilities to contract with the Corporation for the provision of guarantees for specific mortgage pools;

provide guarantees for the timely repayment of principal and interest on securities representing interests in, or obligations backed by, pools of qualified loans; and

purchase qualified loans and issue securities representing interests in, or obligations backed by, the qualified loans, guaranteed for the timely repayment of principal and interest.