[Appendix]
[Government-Sponsored Enterprises]
[From the U.S. Government Printing Office, www.gpo.gov]



   
      
      
         GOVERNMENT-SPONSORED ENTERPRISES                                                                                         
            
         
      
      
   
   
      GOVERNMENT-SPONSORED ENTERPRISES                                                                                         
         
      
      
      
         This chapter contains descriptions of the data on the Government-sponsored enterprises listed below. These enterprises were
            established and chartered by the Federal Government for public policy purposes. They are not included in the Federal Budget
            because they are private companies, and their securities are not backed by the full faith and credit of the Federal Government.
            However, because of their public purpose, detailed statements of financial condition are presented, to the extent such information
            is available, on a basis that is as consistent as practicable with the basis for the budget data of Government agencies. 
         
         âThe Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation provide assistance to the secondary
            market for residential mortgages.
         
         âThe Federal Home Loan Banks assist thrift institutions, banks, insurance companies, and credit unions in providing financing
            for housing and community development.
         
         âInstitutions of the Farm Credit System, which include the Agricultural Credit Bank and Farm Credit Banks, provide financial
            assistance to agriculture. They are regulated by the Farm Credit Administration.
         
         âThe Federal Agricultural Mortgage Corporation, also a Farm Credit System institution under the regulation of the Farm Credit
            Administration, provides a secondary market for agricultural real estate, rural housing loans, and certain rural utility loans,
            as well as for farm and business loans guaranteed by the U.S. Department of Agriculture.
         
      
      Federal National Mortgage Association                                                                                    
         
      
      Federal Funds
         Portfolio Programs                                                                                                       
            
         Status of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 99â2500â0â3â371
                  2011 actual
                  2012 est.
                  2013 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  802,851
                  722,158
                  656,100
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â80,693
                  â66,058
                  â65,610
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  722,158
                  656,100
                  590,490
               
               
                  
                     
                  
               
            
         
      
      
         The Federal National Mortgage Association (Fannie Mae) is a Government-sponsored enterprise (GSE) in the housing finance market.
            As a housing GSE, Fannie Mae is a federally chartered, privately owned company with a public mission to provide stability
            in and to increase the liquidity of the residential mortgage market and to help increase the availability of mortgage credit
            to low- and moderate-income families and in underserved areas.  Fannie Mae engages primarily in two forms of business: guaranteeing
            residential mortgage securities and investing in portfolios of residential mortgages.  
         
         Fannie Mae was established in 1938 to assist private markets in providing a steady supply of funds for housing. Fannie Mae
            was originally a subsidiary of the Reconstruction Finance Corporation and was permitted to purchase only loans insured by
            the Federal Housing Administration (FHA). In 1954, Fannie Mae was restructured as a mixed ownership (part government, part
            private) corporation. Legislation directed the sale of the Government's remaining interest in Fannie Mae in 1968 and completed
            the transformation to private shareholder ownership in 1970.  
         
         Stress in the mortgage markets has eliminated Fannie Mae's stockholder equity, and required ongoing assistance from Treasury
            under authority provided by the Congress in the Housing and Economic Recovery Act (HERA) of 2008. HERA strengthened housing
            GSE regulation by creating the Federal Housing Finance Agency (FHFA), a new independent regulator, and provided temporary
            authority for the U.S. Department of the Treasury to purchase obligations of the housing GSEs.  In September 2008, FHFA put
            Fannie Mae under Federal conservatorship and the U.S. Department of the Treasury entered into a Senior Preferred Stock Purchase
            Agreement (PSPA) with Fannie Mae to make investments of up to $100 billion in senior preferred stock as required to maintain
            positive equity.  In May 2009, Treasury increased the funding commitments for the PSPA to $200 billion and in December 2009,
            Treasury modified the funding commitments in the PSPA to the greater of $200 billion or $200 billion plus cumulative net worth
            deficits experienced during 2010â2012, less any surplus remaining as of December 31, 2012. As of December 31, 2011, Fannie
            Mae had received $111.6 billion under the PSPA and made $19.8 billion in dividend payments to Treasury.  The Budget continues
            to reflect the GSEs as non-budgetary entities, though their status will continue to be reviewed.  All of the current federal
            assistance being provided to Fannie Mae, including the PSPA, is shown on-budget.  For additional discussion and analyses of
            Fannie Mae, please see the Analytical Perspectives volume of the Budget documents.
         
      
      Balance Sheet (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 99â2500â0â3â371
                  2010 actual
                  2011 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Federal assets: Investments in US securities:
               
               
                  1102
                  Treasury securities, par
                  38,775
                  40,755
               
               
                  1201
                  Non-Federal assets: Investments in other securities, net
                  26,644
                  38,415
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities
                  477,433
                  421,760
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                  2,559,629
                  2,583,699
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1604
                  Direct loans and interest receivable, net
                  3,037,062
                  3,005,459
               
               
                  1606
                  Acquired Property, net
                  17,590
                  12,195
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  3,054,652
                  3,017,654
               
               
                  
                  Other Federal assets:
               
               
                  1801
                  Cash and other monetary assets
                  106,781
                  117,053
               
               
                  1901
                  Other assets
                  2,770
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  3,229,622
                  3,213,877
               
               
                  
                  LIABILITIES:
               
               
                  
                  Non-Federal liabilities:
               
               
                  2202
                  Interest payable
                  14,212
                  12,928
               
               
                  2203
                  Debt
                  812,047
                  744,803
               
               
                  2203
                  Debt - Consolidated Trusts
                  2,391,415
                  2,446,973
               
               
                  2204
                  Estimated liability for loan guarantees
                  1,023
                  
               
               
                  2207
                  Other
                  13,372
                  16,964
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  3,232,069
                  3,221,668
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Senior Preferred Stock
                  86,100
                  104,787
               
               
                  3300
                  Private Equity
                  â88,627
                  â112,640
               
               
                  3300
                  Noncontrolling Interest
                  80
                  62
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  3999
                  Total net position
                  â2,447
                  â7,791
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  3,229,622
                  3,213,877
               
               
                  
                     
                  
               
            
         
      
         Mortgage-backed Securities                                                                                               
            
         Status of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 99â2501â0â3â371
                  2011 actual
                  2012 est.
                  2013 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  2,642,820
                  2,650,633
                  2,650,633
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  632,356
                  
                  
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â624,543
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  2,650,633
                  2,650,633
                  2,650,633
               
               
                  
                     
                  
               
            
         
      
      
         Prior to January 1, 2010 the mortgages in the pools of loans supporting the mortgage-backed securities guaranteed by Fannie
            Mae were considered to be owned by the holders of these securities according to the accounting standards for private corporations.
            Consequently, on the books of Fannie Mae, these mortgages were not considered assets and the securities outstanding were not
            considered liabilities.  New accounting standards implemented on January 1, 2010 require consolidation of many, but not all,
            of these securities in Fannie Mae's financial statements. For the purposes of this document they are presented as direct loans
            for mortgage-backed securities. "Disbursements" and "Repayments" are budgetary terms.  These items are reported by Fannie
            Mae as "Issuances" and "Liquidations" respectively. 
         
      
      Federal Home Loan Mortgage Corporation                                                                                   
         
      
      Federal Funds
         Portfolio Programs                                                                                                       
            
         Status of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 99â4420â0â3â371
                  2011 actual
                  2012 est.
                  2013 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  710,248
                  679,133
                  656,100
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â31,115
                  â23,033
                  â65,610
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  679,133
                  656,100
                  590,490
               
               
                  
                     
                  
               
            
         
      
      
         The Federal Home Loan Mortgage Corporation (Freddie Mac) is a Government-sponsored enterprise (GSE) in the housing finance
            market. As a housing GSE, Freddie Mac is a federally chartered, shareholder-owned, private company with a public mission to
            provide stability in and increase the liquidity of the residential mortgage market, and to help increase the availability
            of mortgage credit to low- and moderate-income families and in underserved areas.  Freddie Mac engages primarily in two forms
            of business: guaranteeing residential mortgage securities and investing in portfolios of residential mortgages.
         
         Freddie Mac was established in 1970 under the Emergency Home Finance Act. The Congress chartered Freddie Mac to provide mortgage
            lenders with an organized national secondary market enabling them to manage their conventional mortgage portfolio more effectively
            and gain indirect access to a ready source of additional funds to meet new demands for mortgages. Freddie Mac serves as a
            conduit facilitating the flow of investment dollars from the capital markets to mortgage lenders, and ultimately, to homebuyers.
            
         
          Stress in the mortgage markets has eliminated Freddie Mac's stockholder equity, and required ongoing assistance from Treasury
            under authority provided by Congress in the Housing and Economic Recovery Act (HERA) of 2008. HERA strengthened housing GSE
            regulation by creating the Federal Housing Finance Agency (FHFA), a new independent regulator, and provided temporary authority
            for the U.S. Department of the Treasury to purchase obligations of the housing GSEs.  In September 2008, FHFA put Freddie
            Mac under Federal conservatorship and the U.S. Department of the Treasury entered into a Senior Preferred Stock Purchase Agreement
            (PSPA) with Freddie Mac to make investments of up to $100 billion in senior preferred stock as required to maintain positive
            equity.  In May 2009, Treasury increased the funding commitments for the PSPA to $200 billion and in December 2009, Treasury
            modified the funding commitments in the PSPA to the greater of $200 billion or $200 billion plus cumulative net worth deficits
            experienced during 2010â2012, less any surplus remaining as of December 31, 2012. As of December 31, 2011, Freddie Mac had
            received $71.2 billion under the PSPA and made $16.5 billion in dividend payments to Treasury.  The Budget continues to reflect
            the GSEs as non-budgetary entities, though their status will continue to be reviewed. All of the current federal assistance
            being provided to Freddie Mac, including the PSPA, is shown on-budget.  For additional discussion and analyses of Freddie
            Mac, please see the Analytical Perspectives volume of the Budget documents.
         
      
      Balance Sheet (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 99â4420â0â3â371
                  2010 actual
                  2011 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Federal assets: Investments in US securities:
               
               
                  1102
                  Treasury securities, par
                  29,548
                  18,159
               
               
                  1201
                  Non-Federal assets: Investments in other securities, net
                  46,391
                  13,305
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities
                  461,637
                  456,671
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                  1,681,736
                  1,611,580
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1604
                  Direct loans and interest receivable, net
                  2,143,373
                  2,068,251
               
               
                  1606
                  Acquired property, net
                  7,511
                  5,630
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  2,150,884
                  2,073,881
               
               
                  
                  Other Federal assets:
               
               
                  1801
                  Cash and other monetary assets
                  55,773
                  63,082
               
               
                  1901
                  Other assets
                  6,134
                  3,909
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  2,288,730
                  2,172,336
               
               
                  
                  LIABILITIES:
               
               
                  
                  Non-Federal liabilities:
               
               
                  2202
                  Interest payable
                  10,097
                  8,603
               
               
                  2203
                  Debt
                  727,391
                  674,421
               
               
                  2203
                  Debt - Consolidated Trusts
                  1,542,503
                  1,488,036
               
               
                  2204
                  Liabilities for loan guarantees
                  791
                  
               
               
                  2207
                  Other
                  8,006
                  7,267
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  2,288,788
                  2,178,327
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Senior Preferred Stock
                  64,100
                  66,179
               
               
                  3300
                  Private Equity
                  â64,158
                  â72,170
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  3999
                  Total net position
                  â58
                  â5,991
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  2,288,730
                  2,172,336
               
               
                  
                     
                  
               
            
         
      
         Mortgage-backed Securities                                                                                               
            
         Status of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 99â4440â0â3â371
                  2011 actual
                  2012 est.
                  2013 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  1,763,696
                  1,689,091
                  1,689,091
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  360,213
                  
                  
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â434,818
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  1,689,091
                  1,689,091
                  1,689,091
               
               
                  
                     
                  
               
            
         
      
      
         Prior to January 1, 2010 the mortgages in the pools of loans supporting the mortgage-backed securities guaranteed by Freddie
            Mac were considered to be owned by the holders of these securities according to the accounting standards for private corporations.
            Consequently, on the books of Freddie Mac, these mortgages were not considered assets and the securities outstanding were
            not considered liabilities.  New accounting standards implemented on January 1, 2010 require consolidation of many, but not
            all, of these securities in Freddie Mac's financial statements. For the purposes of this document, they are presented as direct
            loans for mortgage-backed securities. "Disbursements'' and "Repayments'' are budgetary terms.  These items are reported by
            Freddie Mac as "Issuances" and "Liquidations" respectively. 
         
          
      
      Federal Home Loan Bank System                                                                                            
         
      
      Federal Funds
         Federal Home Loan Banks                                                                                                  
            
         Status of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 99â4200â0â3â371
                  2011 actual
                  2012 est.
                  2013 est.
               
               
                  
                     
                  
               
               
                  
                  Position with respect to appropriations act limitation on obligations:
               
               
                  1131
                  Direct loan obligations
                  1,451,472
                  1,451,472
                  1,451,472
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1150
                  Total direct loan obligations
                  1,451,472
                  1,451,472
                  1,451,472
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  563,982
                  470,665
                  470,665
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  1,451,472
                  1,451,472
                  1,451,472
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â1,541,457
                  â1,451,472
                  â1,451,472
               
               
                  1264
                  Write-offs for default: Other adjustments, net (+ or -)
                  â3,332
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  470,665
                  470,665
                  470,665
               
               
                  
                     
                  
               
            
         
      
      
         The Federal Home Loan Bank System is a Government-sponsored enterprise (GSE) in the housing finance market. The Federal Home
            Loan Banks were chartered by the Federal Home Loan Bank Board under the authority of the Federal Home Loan Bank Act of 1932
            (Act). The 12 Federal Home Loan Banks (FHLBanks) are under the supervision of the Federal Housing Finance Agency (FHFA), established
            by the Congress in 2008. The common mission of FHLBanks is to facilitate the extension of credit through their members. To
            accomplish this mission, FHLBanks make loans, called "advances", and provide other credit products and services to their over
            7,700 member commercial banks, savings associations, insurance companies, and credit unions. Advances and letters of credit
            must be fully secured by eligible collateral, and long-term advances may be made only for the purpose of providing funds for
            residential housing finance. However, "community financial institutions'' may also use long-term advances to finance small
            businesses, small farms, and small agribusinesses. Additionally, specialized advance programs provide funds for community
            reinvestment and affordable housing programs. All regulated financial depositories, certified community development financial
            institutions, and insurance companies engaged in residential housing finance are eligible for membership. Each FHLBank operates
            in a geographic district and together FHLBanks cover all of the United States, as well as the District of Columbia, Puerto
            Rico, the Virgin Islands, Guam, American Samoa, and the Northern Mariana Islands. The principal source of funds for the lending
            operation is the sale of consolidated obligations to the public. The consolidated obligations are not guaranteed by the U.S.
            Government as to principal or interest. Other sources of lendable funds include members' deposits and capital. Funds not immediately
            needed for advances to members are invested. The capital stock of the Federal Home Loan Banks is owned entirely by the members.
            Initially the U.S. Government purchased stock of the banks in the amount of $125 million. The banks had repurchased the Government's
            investment in full by mid-1951. The Act, as amended in 1989, requires each FHLBank to operate an Affordable Housing Program
            (AHP). Each FHLBank provides subsidies in the form of direct grants or below-market rate advances for members that use the
            funds for qualifying affordable housing projects. Each of the FHLBanks must set aside annually 10 percent of its previous
            year's net earnings, subject to an aggregate minimum of $100 million, for the AHP. The Act, as amended in 1999, also required
            that FHLBanks contribute 20 percent of net earnings annually to assist in the payment of interest on bonds issued by the Resolution
            Funding Corporation until such time as the total payments are equivalent to a $300 million annual annuity with a final maturity
            date of April 15, 2030. The FHBLs fulfilled this obligation on August 5, 2011.  A rule issued on June 23, 2004 required each
            FHLBank to register a class of its stock with the Securities and Exchange Commission. All of the Federal Home Loan Banks complied
            by 2006. For additional discussion and analyses of the FHLBanks, please see the Analytical Perspectives volume of the Budget. 
         
      
      Balance Sheet (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 99â4200â0â3â371
                  2010 actual
                  2011 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Federal assets: Investments in US securities:
               
               
                  1102
                  Treasury securities, par
                  6,614
                  1,452
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Investments in other securities, net
                  324,489
                  289,022
               
               
                  1206
                  Accounts receivable
                  2,003
                  1,614
               
               
                  1401
                  Net value of assets related to direct loans receivable: Direct loans receivable, gross
                  563,920
                  470,548
               
               
                  
                  Other Federal assets:
               
               
                  1801
                  Cash and other monetary assets
                  5,002
                  14,251
               
               
                  1803
                  Property, plant and equipment, net
                  225
                  220
               
               
                  1901
                  Other assets
                  1,664
                  1,372
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  903,917
                  778,479
               
               
                  
                  LIABILITIES:
               
               
                  2101
                  Federal liabilities: REFCORP and Affordable Housing Program
                  904
                  724
               
               
                  
                  Non-Federal liabilities:
               
               
                  2202
                  Interest payable
                  3,161
                  2,418
               
               
                  2203
                  Debt
                  814,180
                  702,798
               
               
                  2207
                  Deposit funds and other borrowing
                  21,022
                  17,481
               
               
                  2207
                  Other
                  20,336
                  14,815
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  859,603
                  738,236
               
               
                  
                  NET POSITION:
               
               
                  3100
                  Invested capital
                  44,314
                  40,243
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  903,917
                  778,479
               
               
                  
                     
                  
               
            
         
      
      Farm Credit System                                                                                                       
         
      
      
      
         The Farm Credit System (System) is a Government-sponsored enterprise that provides privately financed credit to agricultural
            and rural communities. The major functional entities of the System are 1) the Agricultural Credit Bank (ACB); 2) the Farm
            Credit Banks (FCBs); and 3) the direct-lender associations.  Farmer Mac, which is also an institution of the System, is discussed
            separately below. The history and specific functions of the bank entities are discussed after the presentation of financial
            schedules for each bank entity. As part of the System, these entities are regulated and examined by the Farm Credit Administration
            (FCA), an independent Federal agency. The administrative costs of FCA are financed by assessments of System institutions and
            Farmer Mac. System banks finance loans primarily from sales of bonds to the public and their own capital funds. The System
            bonds issued by the banks are not guaranteed by the U.S. Government either as to principal or interest. The bonds are backed
            by an insurance fund, administered by the Farm Credit System Insurance Corporation (FCSIC), an independent Federal agency
            that collects insurance premiums from member banks to pay its administrative expenses and fund insurance reserves. All of
            the banks' current operating expenses are paid from their own income and do not require budgetary resources from the Federal
            Government. 
         
      
      Federal Funds
         Agricultural Credit Bank                                                                                                 
            
         Status of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 99â4130â0â3â351
                  2011 actual
                  2012 est.
                  2013 est.
               
               
                  
                     
                  
               
               
                  
                  Position with respect to appropriations act limitation on obligations:
               
               
                  1131
                  Direct loan obligations
                  270,938
                  265,441
                  273,404
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1150
                  Total direct loan obligations
                  270,938
                  265,441
                  273,404
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  46,467
                  45,028
                  64,891
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  270,859
                  265,441
                  273,405
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â272,262
                  â245,532
                  â270,927
               
               
                  1263
                  Write-offs for default: Direct loans
                  â36
                  â46
                  â50
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  45,028
                  64,891
                  67,319
               
               
                  
                     
                  
               
            
         
      
      
         CoBank, ACB, which is headquartered in Denver, Colorado, serves eligible cooperatives nationwide and provides funding to Agricultural
            Credit Associations (ACAs) in its chartered district. CoBank, ACB is the only Agricultural Credit Bank (ACB) in the Farm Credit
            System. The ACB operates under statutory authority that combines the authorities of a Farm Credit Bank (FCB) and a Bank for
            Cooperatives (BC). In exercising its FCB authority, CoBank's charter limits its lending to ACAs located in the northeast and
            western regions of the country. As an entity lending to cooperatives, CoBank is chartered to provide credit and related services
            nationwide to eligible cooperatives primarily engaged in farm supply, grain, marketing, and processing (including sugar, dairy,
            and ethanol). CoBank also makes loans to rural utilities, including telecommunications companies, and it provides international
            loans for the financing of agricultural exports.
         
         Statement of Changes in Net Worth   (in thousands of dollars)  
         
            
               
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     
                     2010 act.
                     2011 act.
                     2012 est.
                     2013 est.
                  
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     Beginning balance of net worth
                     3,933,268
                     4,371,376
                     4,855,255
                     6,587,126
                  
                  
                     
                        
                     
                  
                  
                     Capital stock and participations issued
                     41,315
                     2,422
                     1,583,411
                     118,513
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Capital stock and participations retired
                     43,980
                     29,900
                     32,000
                     195,250
                  
                  
                     Net income
                     583,638
                     725,484
                     652,267
                     648,071
                  
                  
                     Cash/Dividends/Patronage Distributions
                     â249,771
                     â293,420
                     â471,792
                     â501,016
                  
                  
                     
                        
                     
                  
                  
                     Other, net
                     106,906
                     79,273
                     â15
                     0
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of net worth
                     4,371,376
                     4,855,255
                     6,587,126
                     6,657,444
                  
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
         Financing Activities   (in thousands of dollars)  
         
            
               
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     
                     2010 act.
                     2011 act.
                     2012 est.
                     2013 est.
                  
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     Beginning balance of outstanding system obligations
                     50,652,159
                     50,414,059
                     52,767,035
                     75,081,986
                  
                  
                     
                        
                     
                  
                  
                     
                     
                     
                     
                     
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Consolidated systemwide and other bank bonds issued
                     13,275,842
                     18,731,232
                     41,391,388
                     18,907,306
                  
                  
                     Consolidated systemwide and other bank bonds retired
                     16,255,968
                     17,118,758
                     19,576,437
                     15,841,754
                  
                  
                     Consolidated systemwide notes, net
                     2,742,026
                     740,502
                     500,000
                     500,000
                  
                  
                     
                        
                     
                  
                  
                     Other (Net)
                     0
                     0
                     0
                     0
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of outstanding system obligations
                     50,414,059
                     52,767,035
                     75,081,986
                     78,647,538
                  
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
      
      Balance Sheet (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 99â4130â0â3â351
                  2010 actual
                  2011 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Cash and investment securities
                  12,139
                  16,015
               
               
                  1206
                  Accrued interest receivable on loans
                  392
                  332
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Direct loans, gross
                  46,467
                  45,028
               
               
                  1603
                  Allowance for estimated uncollectible loans and interest (-)
                  â366
                  â391
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  46,101
                  44,637
               
               
                  1803
                  Other Federal assets: Property, plant and equipment, net
                  1,662
                  1,351
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  60,294
                  62,335
               
               
                  
                  LIABILITIES:
               
               
                  2104
                  Federal liabilities: Resources payable
                  1,237
                  872
               
               
                  
                  Non-Federal liabilities:
               
               
                  2201
                  Consolidated systemwide and other bank bonds
                  50,414
                  52,767
               
               
                  2201
                  Notes payable and other interest-bearing liabilities
                  3,901
                  3,528
               
               
                  2202
                  Accrued interest payable
                  371
                  313
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  55,923
                  57,480
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Cumulative results of operations
                  4,371
                  4,855
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  60,294
                  62,335
               
               
                  
                     
                  
               
            
         
      
         Farm Credit Banks                                                                                                        
            
         Status of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 99â4160â0â3â371
                  2011 actual
                  2012 est.
                  2013 est.
               
               
                  
                     
                  
               
               
                  
                  Position with respect to appropriations act limitation on obligations:
               
               
                  1131
                  Direct loan obligations
                  223,808
                  184,182
                  194,052
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1150
                  Total direct loan obligations
                  223,808
                  184,182
                  194,052
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  108,320
                  109,777
                  95,120
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  223,715
                  184,774
                  195,032
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â222,129
                  â199,375
                  â189,935
               
               
                  1263
                  Write-offs for default: Direct loans
                  â129
                  â56
                  â40
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  109,777
                  95,120
                  100,177
               
               
                  
                     
                  
               
            
         
      
      
         The Agricultural Credit Act of 1987 (1987 Act) required the Federal Land Banks (FLBs) and Federal Intermediate Credit Banks
            (FICBs) to merge into a Farm Credit Bank (FCB) in each of the 12 Farm Credit districts. FCBs operate under statutory authority
            that combines the prior authorities of an FLB and of an FICB. No merger occurred in the Jackson district in 1988 because the
            FLB of Jackson was in receivership. Pursuant to section 410(e) of the 1987 Act, as amended by the Farm Credit Banks Safety
            and Soundness Act of 1992, FICB of Jackson merged with FCB of Columbia on October 1, 1993. Mergers and consolidations of FCBs
            across district lines that began in 1992 have continued to date. As a result of this restructuring activity, four FCBs, headquartered
            in the following cities, remain as of October 1, 2011: AgFirst Farm Credit Bank, Columbia, South Carolina; AgriBank, FCB,
            St. Paul, Minnesota; U.S. AgBank, FCB, Wichita, Kansas; and FCB of Texas, Austin, Texas. However, as of January 1, 2012, U.S.
            AgBank, FCB merged into CoBank, ACB, thereby reducing the number of FCBs to three.
         
         FCBs serve as discount banks and as of October 1, 2011 provided funds to three Federal Land Credit Associations (FLCAs) and
            81 Agricultural Credit Associations (ACAs). These direct-lender associations, in turn, primarily make short- and intermediate-term
            production loans and long-term real estate loans to eligible farmers and ranchers, farm-related businesses, and rural homeowners.
            FCBs can also lend to other financing institutions, including commercial banks, as authorized by the Farm Credit Act of 1971,
            as amended.
         
         All the capital stock of FICBs, from their organization in 1923 to December 31, 1956, was held by the U.S. Government. The
            Farm Credit Act of 1956 provided a long-range plan for the eventual ownership of the FICBs by the production credit associations
            and the gradual retirement of the Government's investment in the banks. This retirement was accomplished in full on December
            31, 1968. The last of the Government capital that had been invested in FLBs was repaid in 1947.
         
         
         Statement of Changes in Net Worth (in thousands of dollars)
         
            
               
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     
                     2010 act.
                     2011 act.
                     2012 est.
                     2013 est.
                  
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     Beginning balance of net worth
                     6,758,167
                     8,129,468
                     8,594,783
                     7,465,023
                  
                  
                     
                        
                     
                  
                  
                     Capital stock and participations issued
                     397,149
                     154,288
                     293,226
                     90,675
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Capital stock and participations retired
                     88,525
                     180,529
                     38,773
                     34,263
                  
                  
                     Surplus Retired
                     â1,868
                     â600
                     0
                     0
                  
                  
                     Net income
                     1,237,087
                     1,201,132
                     878,471
                     758,457
                  
                  
                     Cash/Dividends/Patronage Distributions
                     â625,272
                     â710,466
                     â575,860
                     â470,012
                  
                  
                     
                        
                     
                  
                  
                     Other, net
                     448,994
                     290
                     â1,686,824
                     38,753
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of net worth
                     8,129,468
                     8,594,783
                     7,465,023
                     7,848,633
                  
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
         Financing Activities (in thousands of dollars)
         
            
               
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     
                     2010 act.
                     2011 act.
                     2012 est.
                     2013 est.
                  
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     Beginning balance of outstanding system obligations
                     124,988,111
                     126,924,149
                     129,243,811
                     111,439,527
                  
                  
                     
                        
                     
                  
                  
                     
                     
                     
                     
                     
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Consolidated systemwide and other bank bonds issued
                     106,492,468
                     330,460,324
                     230,409,572
                     232,022,935
                  
                  
                     
                     
                     
                     
                     
                  
                  
                     Consolidated systemwide and other bank bonds retired
                     104,322,977
                     328,912,956
                     247,771,380
                     226,651,495
                  
                  
                     Consolidated systemwide notes, net
                     â233,453
                     772,294
                     â442,476
                     0
                  
                  
                     
                        
                     
                  
                  
                     Other (Net)
                     0
                     0
                     0
                     0
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of outstanding system obligations
                     126,924,149
                     129,243,811
                     111,439,527
                     116,810,967
                  
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
      
      Balance Sheet (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 99â4160â0â3â371
                  2010 actual
                  2011 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Cash and investment securities
                  27,843
                  29,355
               
               
                  1206
                  Accrued Interest Receivable
                  763
                  698
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Direct loans, gross
                  108,321
                  109,778
               
               
                  1603
                  Allowance for estimated uncollectible loans and interest (-)
                  â83
                  â74
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  108,238
                  109,704
               
               
                  1803
                  Other Federal assets: Property, plant and equipment, net
                  915
                  779
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  137,759
                  140,536
               
               
                  
                  LIABILITIES:
               
               
                  2104
                  Federal liabilities: Resources payable
                  545
                  506
               
               
                  
                  Non-Federal liabilities:
               
               
                  2201
                  Consolidated systemwide and other bank bonds
                  126,924
                  129,244
               
               
                  2201
                  Notes payable and other interest-bearing liabilities
                  1,651
                  1,735
               
               
                  2202
                  Accrued interest payable
                  510
                  456
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  129,630
                  131,941
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Cumulative results of operations
                  8,129
                  8,595
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  137,759
                  140,536
               
               
                  
                     
                  
               
            
         
      
         Federal Agricultural Mortgage Corporation                                                                                
            
         Status of Guaranteed Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 99â4180â0â3â351
                  2011 actual
                  2012 est.
                  2013 est.
               
               
                  
                     
                  
               
               
                  
                  Position with respect to appropriations act limitation on commitments:
               
               
                  2131
                  Guaranteed loan commitments
                  4,278
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  2150
                  Total guaranteed loan commitments
                  4,278
                  
                  
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of guaranteed loans outstanding:
               
               
                  2210
                  Outstanding, start of year
                  11,476
                  11,841
                  11,841
               
               
                  2231
                  Disbursements of new guaranteed loans
                  4,278
                  
                  
               
               
                  2251
                  Repayments and prepayments
                  â3,913
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  2290
                  Outstanding, end of year
                  11,841
                  11,841
                  11,841
               
               
                  
                     
                  
               
               
                  
                  Memorandum:
               
               
                  2299
                  Guaranteed amount of guaranteed loans outstanding, end of year
                  1,463
                  
                  
               
               
                  
                     
                  
               
            
         
      
      
            Farmer MacFarmer Mac is authorized under the Farm Credit Act of 1971, as amended by the Agricultural Credit Act of 1987 (Act), to create
            a secondary market for agricultural real estate and rural home mortgages. The Farmer Mac title of the Act was amended by the
            1990 farm bill to authorize Farmer Mac to purchase, pool, and securitize the guaranteed portions of farmer program, rural
            business, and community development loans guaranteed by the U. S. Department of Agriculture (USDA). The Farmer Mac title was
            amended in 1991 to clarify Farmer Mac's authority to issue debt obligations, provide for the establishment of minimum capital
            standards, establish the Office of Secondary Market Oversight at the Farm Credit Administration (FCA), and expand the Agency's
            rulemaking authority. The Farm Credit System Reform Act of 1996 (1996 Act) amended the Farmer Mac title to allow Farmer Mac
            to purchase loans directly from lenders and to issue and guarantee mortgage-backed securities without requiring that a minimum
            cash reserve or subordinated (first loss) interest be maintained by poolers as had been required under its original authority.
            The 1996 Act expanded FCA's regulatory authority to include provisions for establishing a conservatorship or receivership,
            if necessary, and provided for increased core capital requirements at Farmer Mac phased in over three years. Most recently,
            the 2008 Farm Bill, the Food, Conservation and Energy Act of 2008, amended the Farmer Mac title to authorize the financing
            of rural electric and telephone cooperatives.
         
         Farmer Mac operates through several programs: "Farmer Mac I," which involves mortgage loans secured by first liens on agricultural
            real estate, rural utility cooperative real estate, or rural housing (qualified loans), and "Farmer Mac II," which involves
            the guaranteed portions of USDA-guaranteed loans. Farmer Mac operates by 1) purchasing, or committing to purchase, newly originated
            or existing qualified loans or guaranteed portions from lenders; 2) purchasing or guaranteeing "AgVantage'' bonds backed by
            qualified loans or guaranteed portions from lenders; and 3) exchanging qualified loans or guaranteed portions for guaranteed
            securities. Loans purchased by Farmer Mac may be aggregated into pools that back Farmer Mac guaranteed securities, which are
            held by Farmer Mac or sold into the capital markets. Farmer Mac is intended to attract new capital for financing qualified
            loans and guaranteed portions of loans; foster increased long-term, fixed-rate lending; and provide greater liquidity to agricultural
            and rural lenders. 
         
         Farmer Mac is governed by a 15-member Board of Directors. Ten board members are elected by stockholders, including five by
            the Farm Credit System and five by commercial lenders. Five are appointed by the President, subject to Senate confirmation.
         
            FinancingFinancial support and funding for Farmer Mac's operations come from several sources: sale of common and preferred stock, issuance
            of debt obligations, and net income. Under procedures specified in the Act, Farmer Mac may issue obligations to the U.S. Treasury
            in a cumulative amount not to exceed $1.5 billion to fulfill its guarantee obligations.
         
         As of September 30, 2011, Farmer Mac's core capital exceeded statutory requirements. Additionally, Farmer Mac's regulatory
            capital (core capital plus the allowance for loan losses) exceeded the amount of required regulatory capital as determined
            by the risk-based capital rule.
         
            GuaranteesFarmer Mac provides a guarantee of timely payment of principal and interest on securities backed by qualified loans or pools
            of qualified loans. These securities are not guaranteed by the United States and are not "Government securities." 
         
         Farmer Mac is subject to reporting requirements under securities laws, and its guaranteed mortgage-backed securities are subject
            to registration with the Securities and Exchange Commission under the 1933 and 1934 Securities Acts.
         
            RegulationFarmer Mac is federally regulated by FCA, acting through its Office of Secondary Market Oversight (OSMO). FCA is responsible
            for the supervision of, examination of, and rulemaking for Farmer Mac.
         
      
      Balance Sheet (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 99â4180â0â3â351
                  2010 actual
                  2011 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Investment in securities
                  1,457
                  1,913
               
               
                  1206
                  Receivables, net
                  123
                  79
               
               
                  
                  Net value of assets related to direct loans receivable:
               
               
                  1401
                  Direct loans receivable, gross
                  6,123
                  8,534
               
               
                  1402
                  Interest receivable
                  67
                  80
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1499
                  Net present value of assets related to direct loans
                  6,190
                  8,614
               
               
                  1801
                  Other Federal assets: Cash and other monetary assets
                  453
                  825
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  8,223
                  11,431
               
               
                  
                  LIABILITIES:
               
               
                  
                  Non-Federal liabilities:
               
               
                  2201
                  Accounts payable
                  167
                  195
               
               
                  2202
                  Interest payable
                  45
                  49
               
               
                  2203
                  Debt
                  7,475
                  10,606
               
               
                  2204
                  Liabilities for loan guarantees
                  40
                  34
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  7,727
                  10,884
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Invested capital
                  496
                  547
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  8,223
                  11,431