Stock Data
$0.01 (0.00%)
Asset Type
Common Stock
Exchange
NYSE
Currency
USD
Country
USA
Sector
FINANCIAL SERVICES
Industry
CREDIT SERVICES
Federal Agricultural Mortgage Corporation, commonly known as Farmer Mac, plays a crucial role in the U.S. agricultural sector by providing a secondary market for various agricultural loans. This includes loans for farms, ranches, rural utilities, and renewable energy projects. Farmer Mac helps stabilize the agricultural finance system by buying loans, guaranteeing payments on securities, and offering long-term standby purchase commitments. Established in 1987 and based in Washington, D.C., Farmer Mac ensures that rural and agricultural communities have access to vital financing.
Farmer Mac crushed second-quarter earnings by 11%, posting record business volume of $37 billion as the agricultural finance giant unveiled FLX, a new loan platform designed to modernize how liquidity flows to rural America. Net interest income surged 22% year-over-year, propelled by $7.4 million in recovered interest from a previously delinquent loan.
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