Rural Mortgage Corporation Practices Investigated

Farmer Mac, the entity created by Congress to improve the availability ofmortgage credit to rural America, is being analyzed by the GeneralAccounting Office (GAO) regarding reports made about the stockholder-ownedcorporation.

1 minute read

July 5, 2002, 7:00 AM PDT

By Abhijeet Chavan @http://twitter.com/legalaidtech

According to Farmer Mac - the Federal Agricultural MortgageCorporation - the Senate Committee on Agriculture, Nutrition, and Forestryasked the GAO to do an independent analysis of recent reports andspeculation about Farmer Mac produced by Wall Street "short sellers" and byrelated articles in the New York Times. The Times reports that farmers nowpay a higher premium over Treasuries on loans than they did when Farmer Macwas created. Farmer Mac says it is "confident that the GAO analysis willconfirm the integrity and financial stability of the Company, as presentedin its public financial disclosures."

Thanks to Dateline APA

FULL STORY: A Bipartisan Call in Congress for Scrutiny of Farmer Mac

Thursday, July 4, 2002 in The New York Times

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