Federal Agricultural Mortgage Corporation (Farmer Mac) is a stockholder-owned instrumentality of the United States that was created to establish a secondary market for agricultural real estate and rural housing mortgage loans and to increase the availability of long-term credit at stable interest rates to American farmers, ranchers and rural homeowners. Farmer Mac conducts these activities through three programs: Farmer Mac I, Farmer Mac II and Rural Utilities. Farmer Mac’s two principal sources of revenue are fees received in connection with outstanding Farmer Mac Guaranteed Securities and long-term standby purchase commitments (LTSPCs) and net interest income earned on its portfolio of Farmer Mac Guaranteed Securities, mortgage loans and investments.