Business / Agriculture / Farmer Mac (Federal Agricultural Mortgage Corporation): Created by the Agricultural Credit Act of 1987 as a federally chartered, private corporation responsible for guaranteeing the timely repayment of principal and interest to investors in a new agricultural secondary market. The secondary market allows a lending institution to sell a qualified farm real estate loan to an agricultural mortgage marketing facility, or pooler, which packages these loans, and sells to investors securities that are backed by, or represent interests in, the pooled loans. 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.
Farmer Verb Synonyms: husbandman, agriculturist, agronomist, yeoman, smallholder, granger
Business / Debt / Mortgage Protection: Term assurance to cover the repayment of a mortgage in the event of the death of the mortgagor during the period of the loan.In the case of a repayment mortgage the capital sum outstanding is graduall MORE