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Abstract
Fifteen years after being chartered, Farmer Mac's guarantee volume is growing rapidly. The $4.4 billion in outstanding Farmer Mac guarantees reached by mid-2002 represented 5% of all institutionally held farm mortgage volume. Farmer Mac had an additional $618 million in outstanding volume under its Farmer Mac II program, which serves as a secondary market for certain USDA-guaranteed loans. The Farm Credit System has emerged as Farmer Mac's primary customer.