---
kind: "section"
citation: "12 U.S.C. § 2279aa–1"
title: "12"
title_heading: "Banks and Banking"
number: "2279aa–1"
heading: "Federal Agricultural Mortgage Corporation"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/2279aa-1"
units:
  - "Chapter 23 — Farm Credit System"
  - "Subchapter VIII — Agricultural Mortgage Secondary Market"
  - "Part A — Establishment and Activities of Federal Agricultural Mortgage Corporation"
---

# §2279aa–1. Federal Agricultural Mortgage Corporation

- (a) **Establishment—**
  - (1) **In general—** There is hereby established a [corporation](/usc/12/2279aa.md?p=4) to be known as the Federal Agricultural [Mortgage](/usc/12/1707.md?p=a) [Corporation](/usc/12/2279aa.md?p=4), which shall be a federally chartered instrumentality of the United States.
  - (2) **Institution within Farm Credit System—** The [Corporation](/usc/12/2279aa.md?p=4) shall be an [institution](/usc/12/2271.md?p=3) of the Farm [Credit](/usc/12/5481.md?p=7) System.
  - (3) **Liability—**
    - (A) **Corporation—** The [Corporation](/usc/12/2279aa.md?p=4) shall not be liable for any debt or obligation of any other [institution](/usc/12/2271.md?p=3) of the Farm [Credit](/usc/12/5481.md?p=7) System.
    - (B) **System institutions—** The Farm [Credit](/usc/12/5481.md?p=7) System and [System institutions](/usc/12/2271.md?p=3) (other than the [Corporation](/usc/12/2279aa.md?p=4)) shall not be liable for any debt or obligation of the [Corporation](/usc/12/2279aa.md?p=4).
- (b) **Duties—** The [Corporation](/usc/12/2279aa.md?p=4) shall—
  - (1) in consultation with [originators](/usc/12/2279aa.md?p=6), develop uniform underwriting, security appraisal, and repayment standards for [qualified loans](/usc/12/2279aa.md?p=7);
  - (2) determine the eligibility of agricultural [mortgage](/usc/12/1707.md?p=a) marketing facilities to contract with the [Corporation](/usc/12/2279aa.md?p=4) for the provision of [guarantees](/usc/12/2279aa.md?p=5) for specific [mortgage](/usc/12/1707.md?p=a) pools;
  - (3) provide [guarantees](/usc/12/2279aa.md?p=5) for the timely repayment of principal and interest on securities representing interests in, or obligations backed by, pools of [qualified loans](/usc/12/2279aa.md?p=7); and
  - (4) purchase [qualified loans](/usc/12/2279aa.md?p=7) and issue securities representing interests in, or obligations backed by, the [qualified loans](/usc/12/2279aa.md?p=7), guaranteed for the timely repayment of principal and interest.

## Source credit

(Pub. L. 92–181, title VIII, § 8.1, as added Pub. L. 100–233, title VII, § 702, Jan. 6, 1988, 101 Stat. 1687; amended Pub. L. 104–105, title I, § 103, Feb. 10, 1996, 110 Stat. 163.)

## Notes

### Editorial Notes

### Amendments

1996—Subsec. (b)(4). Pub. L. 104–105 added par. (4).