L. 100–233) as a federally chartered, private corporation responsible for guaranteeing the timely repayment of principal and interest to investors in a new agricultural secondary market.

Farmer Mac guarantees the timely repayment of principal and interest on these securities and, under authorities granted in 1995, can also serve as a loan pooler.

[1] In June 2008, Farmer Mac had $47.2 million invested in Fannie Mae shares.

Over the next few months, in the wake of the Federal takeover of Fannie Mae and Freddie Mac, these investments lost about $44 million in value.

In response, the Farm Credit System bailed the company out by purchasing $60 million in Farmer Mac stock, and Zions Bancorporation of Salt Lake City purchased another $5 million in stock.