Form 8-K 12-08-2006
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of
1934
Date
of
Report (Date of earliest event reported): December 8, 2006
Federal
Agricultural Mortgage Corporation
(Exact
name of registrant as specified in its charter)
Federally
chartered
instrumentality
of
the
United States
0-17440 52-1578738
(State
or
other jurisdiction of (Commission (I.R.S.
Employer
incorporation
or organization)
File
Number) Identification
No.)
1133
Twenty-First Street, N.W., Suite 600, Washington, D.C.
20036
(Address
of
principal executive offices) (Zip
Code)
Registrant’s
telephone number, including area code: (202) 872-7700
No
change
(Former
name or former address, if changed since last report)
|
Item
1.01.
|
Entry
into a Material Definitive
Agreement.
|
On
December 8, 2006, the Federal Agricultural Mortgage Corporation (“Farmer Mac”)
entered into an amendment to the Long Term Standby Commitment to Purchase
agreement between Farmer Mac and Farm Credit Bank of Texas. Consistent with
Farmer Mac’s current pricing policies, the amendment revised the method for
determining Farmer Mac’s standby purchase commitment fee to provide for more
granularity in pricing based on the risk rating of each loan in the
standby commitment portfolio.
The
amendment also extended the time for Farm Credit Bank of Texas to add loans
to
its standby commitment portfolio to December 31, 2009. Farm Credit Bank of
Texas owns 38,503 shares (approximately 7.7 percent) of Farmer Mac’s
Class B Voting Common Stock. The chairman of the board of directors of Farm
Credit Bank of Texas, Ralph W. “Buddy” Cortese, is also a member of the board of
directors of Farmer Mac. The amendment was entered into at an arms length basis
in the ordinary course of business, with terms and conditions comparable to
those applicable to entities unaffiliated with Farmer Mac.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
FEDERAL
AGRICULTURAL MORTGAGE CORPORATION
By:
/s/
Jerome G. Oslick
Name: Jerome
G.
Oslick
Title: Vice
President - General Counsel
Dated: December
14, 2006