Federal Agricultural Mortgage Corporation: Secondary Market Development Slow and Future Uncertain

Pursuant to a congressional request, GAO provided information on the Federal Agricultural Mortgage Corporation's (Farmer Mac) Farmer Mac I program to promote the development of a secondary market for agricultural real estate and rural housing loans to help make additional long-term credit available to farmers, ranchers, and rural homeowners, focusing on: (1) Farmer Mac's efforts to establish the basis for the market; (2) factors that have constrained market development; and (3) the markets' effects on agricultural credit.