[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 39â4986â0â4â371
                  2013 actual
                  2014 est.
                  2015 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  654,269
                  516,259
                  469,625
               
               
                  1251
                  Repayments: Net repayments and prepayments
                  â138,010
                  â46,634
                  â70,444
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  516,259
                  469,625
                  399,181
               
               
                  
                     
                  
               
            
         
      
      
         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.
         
         The Housing and Economic Recovery Act (HERA) of 2008 strengthened housing GSE regulation by creating the Federal Housing Finance
            Agency (FHFA), a new independent regulator, and providing temporary authority for the U.S. Department of the Treasury to purchase
            obligations of the housing GSEs. On September 6, 2008, FHFA put Fannie Mae under Federal conservatorship to avoid a possible
            collapse of the housing finance market and further risks to the broader financial market. On the following day, 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. Based on the financial results reported by Fannie Mae as of December 31, 2012 and under
            the terms of the PSPA, the cumulative funding commitment cap for Fannie Mae was set at $233.7 billion. As of December 31,
            2013, Fannie Mae had received $116.1 billion under the PSPA and made a total of $113.9 billion in dividend payments to Treasury
            on the senior preferred stock. 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 39â4986â0â4â371
                  2012 actual
                  2013 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Federal assets: Investments in US securities:
               
               
                  1102
                  Treasury securities, par
                  19,897
                  16,396
               
               
                  1201
                  Non-Federal assets: Investments in other securities, net
                  45,500
                  56,764
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities
                  389,519
                  310,096
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                  2,642,354
                  2,744,084
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1604
                  Direct loans and interest receivable, net
                  3,031,873
                  3,054,180
               
               
                  1606
                  Acquired Property, net
                  10,278
                  11,380
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  3,042,151
                  3,065,560
               
               
                  
                  Other Federal assets:
               
               
                  1801
                  Cash and other monetary assets
                  118,702
                  94,246
               
               
                  1901
                  Other assets
                  
                  48,256
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  3,226,250
                  3,281,222
               
               
                  
                  LIABILITIES:
               
               
                  
                  Non-Federal liabilities:
               
               
                  2202
                  Interest payable
                  11,732
                  10,769
               
               
                  2203
                  Debt
                  652,971
                  565,110
               
               
                  2203
                  Debt - Consolidated Trusts
                  2,543,739
                  2,675,011
               
               
                  2207
                  Other
                  15,396
                  18,715
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  3,223,838
                  3,269,605
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Senior Preferred Stock
                  117,149
                  117,149
               
               
                  3300
                  Private Equity
                  â114,790
                  â105,581
               
               
                  3300
                  Noncontrolling Interest
                  53
                  49
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  3999
                  Total net position
                  2,412
                  11,617
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  3,226,250
                  3,281,222
               
               
                  
                     
                  
               
            
         
      
         Mortgage-backed Securities                                                                                               
            
         Status of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 39â4987â0â4â371
                  2013 actual
                  2014 est.
                  2015 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  2,694,799
                  2,752,813
                  2,752,813
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  876,999
                  
                  
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â818,985
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  2,752,813
                  2,752,813
                  2,752,813
               
               
                  
                     
                  
               
            
         
      
      
         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 39â4988â0â4â371
                  2013 actual
                  2014 est.
                  2015 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  567,966
                  497,814
                  469,625
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â70,152
                  â28,189
                  â70,444
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  497,814
                  469,625
                  399,181
               
               
                  
                     
                  
               
            
         
      
      
         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.
         
         The Housing and Economic Recovery Act (HERA) of 2008 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. On September 6, 2008, FHFA put Freddie Mac under Federal conservatorship to avoid a possible
            collapse of the housing finance market and further risks to the broader financial market. On the following day, 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. Based on the financial results reported by Fannie Mae as of December 31, 2012 and under
            the terms of the PSPA, the cumulative funding commitment cap for Freddie Mac was set at $211.8 billion. As of December 31,
            2012, Freddie Mac had received $71.3 billion under the PSPA and made a total of $71.3 billion in dividend payments to Treasury
            on the senior preferred stock. 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 39â4988â0â4â371
                  2012 actual
                  2013 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Federal assets: Investments in US securities:
               
               
                  1102
                  Treasury securities, par
                  21,554
                  31,641
               
               
                  1201
                  Non-Federal assets: Investments in other securities, net
                  47,660
                  41,023
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities
                  399,450
                  324,228
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                  1,505,576
                  1,526,070
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1604
                  Direct loans and interest receivable, net
                  1,905,026
                  1,850,298
               
               
                  1606
                  Acquired property, net
                  4,502
                  4,368
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  1,909,528
                  1,854,666
               
               
                  
                  Other Federal assets:
               
               
                  1801
                  Cash and other monetary assets
                  36,210
                  30,525
               
               
                  1901
                  Other assets
                  1,551
                  23,930
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  2,016,503
                  1,981,785
               
               
                  
                  LIABILITIES:
               
               
                  
                  Non-Federal liabilities:
               
               
                  2202
                  Interest payable
                  7,528
                  6,504
               
               
                  2203
                  Debt
                  565,036
                  515,668
               
               
                  2203
                  Debt - Consolidated Trusts
                  1,432,632
                  1,419,909
               
               
                  2207
                  Other
                  6,400
                  6,268
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  2,011,596
                  1,948,349
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Senior Preferred Stock
                  72,336
                  72,336
               
               
                  3300
                  Private Equity
                  â67,429
                  â38,900
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  3999
                  Total net position
                  4,907
                  33,436
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  2,016,503
                  1,981,785
               
               
                  
                     
                  
               
            
         
      
         Mortgage-backed Securities                                                                                               
            
         Status of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 39â4989â0â4â371
                  2013 actual
                  2014 est.
                  2015 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  1,591,666
                  1,612,858
                  1,612,858
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  523,548
                  
                  
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â502,356
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  1,612,858
                  1,612,858
                  1,612,858
               
               
                  
                     
                  
               
            
         
      
      
         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 39â4990â0â4â371
                  2013 actual
                  2014 est.
                  2015 est.
               
               
                  
                     
                  
               
               
                  
                  Position with respect to appropriations act limitation on obligations:
               
               
                  1131
                  Direct loan obligations
                  3,257,971
                  2,654,585
                  2,654,585
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1150
                  Total direct loan obligations
                  3,257,971
                  2,654,585
                  2,654,585
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  463,076
                  510,383
                  510,383
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  3,257,971
                  3,257,971
                  3,257,971
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â3,204,149
                  â3,257,971
                  â3,257,971
               
               
                  1264
                  Write-offs for default: Other adjustments, net (+ or -)
                  â6,515
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  510,383
                  510,383
                  510,383
               
               
                  
                     
                  
               
            
         
      
      
         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
            7,500 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 39â4990â0â4â371
                  2012 actual
                  2013 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Federal assets: Investments in US securities:
               
               
                  1102
                  Treasury securities, par
                  2,169
                  1,038
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Investments in other securities, net
                  275,025
                  208,564
               
               
                  1206
                  Accounts receivable
                  1,454
                  1,144
               
               
                  1401
                  Net value of assets related to direct loans receivable: Direct loans receivable, gross
                  462,939
                  510,383
               
               
                  
                  Other Federal assets:
               
               
                  1801
                  Cash and other monetary assets
                  4,040
                  34,093
               
               
                  1803
                  Property, plant and equipment, net
                  202
                  220
               
               
                  1901
                  Other assets
                  3,153
                  34,006
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  748,982
                  789,448
               
               
                  
                  LIABILITIES:
               
               
                  2101
                  Federal liabilities: REFCORP and Affordable Housing Program
                  743
                  772
               
               
                  
                  Non-Federal liabilities:
               
               
                  2202
                  Interest payable
                  1,864
                  1,625
               
               
                  2203
                  Debt
                  679,710
                  722,162
               
               
                  2207
                  Deposit funds and other borrowing
                  12,579
                  11,278
               
               
                  2207
                  Other
                  12,566
                  10,466
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  707,462
                  746,303
               
               
                  
                  NET POSITION:
               
               
                  3100
                  Invested capital
                  41,520
                  43,145
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  748,982
                  789,448
               
               
                  
                     
                  
               
            
         
      
      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,
            including 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 as to either 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 39â4991â0â4â351
                  2013 actual
                  2014 est.
                  2015 est.
               
               
                  
                     
                  
               
               
                  
                  Position with respect to appropriations act limitation on obligations:
               
               
                  1131
                  Direct loan obligations
                  248,974
                  256,392
                  265,366
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1150
                  Total direct loan obligations
                  248,974
                  256,392
                  265,366
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  69,945
                  70,377
                  74,388
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  248,925
                  256,393
                  265,366
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â248,498
                  â252,345
                  â263,942
               
               
                  
                  Write-offs for default:
               
               
                  1263
                  Direct loans
                  
                  â37
                  â50
               
               
                  1264
                  Other adjustments, net (+ or -)
                  5
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  70,377
                  74,388
                  75,762
               
               
                  
                     
                  
               
            
         
      
      
         CoBank, ACB, which is headquartered outside Denver, Colorado, serves eligible cooperatives nationwide and provides funding
            to Agricultural Credit Associations (ACAs) and Federal Land Credit Associations (FLCAs) 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 27 ACAs and two FLCAs located in the northeast, central, 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.
         
         
            
               
                  
                     
                        
                     
                  
                  
                      
                  
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     
                     2012 act.
                     2013 act.
                     2014 est.
                     2015 est.
                  
                  
                     
                  
                  
                     Beginning balance of net worth
                     4,855,255
                     6,361,670
                     6,609,288
                     6,970,114
                  
                  
                     Capital stock and participations issued
                     5,326
                     627,023
                     3,066
                     200,604
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Capital stock and participations retired
                     34,124
                     594,864
                     32,900
                     168,950
                  
                  
                     Net income
                     844,422
                     782,279
                     784,863
                     792,172
                  
                  
                     Cash/Dividends/Patronage Distributions
                     â358,491
                     â19,738
                     â407,200
                     â420,108
                  
                  
                     Other, net
                     1,049,282
                     â547,082
                     12,997
                     â17,322
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of net worth
                     6,361,670
                     6,609,288
                     6,970,114
                     7,356,510
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
         
            
               
                  
                     
                        
                     
                  
                  
                      
                  
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     
                     2012 act.
                     2013 act.
                     2014 est.
                     2015 est.
                  
                  
                     
                  
                  
                     Beginning balance of outstanding system obligations
                     52,767,035
                     79,079,791
                     82,111,600
                     84,871,162
                  
                  
                     
                     
                     
                     
                     
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Consolidated systemwide and other bank bonds issued
                     29,144,296
                     24,071,306
                     24,793,445
                     25,661,216
                  
                  
                     Consolidated systemwide and other bank bonds retired
                     26,020,538
                     24,497,790
                     22,435,883
                     23,149,652
                  
                  
                     Consolidated systemwide notes, net
                     â865,056
                     3,624,102
                     500,000
                     500,000
                  
                  
                     Other (Net)
                     24,054,054
                     â165,809
                     â98,000
                     â68,500
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of outstanding system obligations
                     79,079,791
                     82,111,600
                     84,871,162
                     87,814,226
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
      
      Balance Sheet (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 39â4991â0â4â351
                  2012 actual
                  2013 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Cash and investment securities
                  18,835
                  22,727
               
               
                  1206
                  Accrued interest receivable on loans
                  395
                  367
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Direct loans, gross
                  69,945
                  70,377
               
               
                  1603
                  Allowance for estimated uncollectible loans and interest (-)
                  â375
                  â450
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  69,570
                  69,927
               
               
                  1803
                  Other Federal assets: Property, plant and equipment, net
                  1,456
                  1,106
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  90,256
                  94,127
               
               
                  
                  LIABILITIES:
               
               
                  2104
                  Federal liabilities: Resources payable
                  1,133
                  1,068
               
               
                  
                  Non-Federal liabilities:
               
               
                  2201
                  Consolidated systemwide and other bank bonds
                  79,080
                  82,111
               
               
                  2201
                  Notes payable and other interest-bearing liabilities
                  3,340
                  4,033
               
               
                  2202
                  Accrued interest payable
                  341
                  306
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  83,894
                  87,518
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Cumulative results of operations
                  6,362
                  6,609
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  90,256
                  94,127
               
               
                  
                     
                  
               
            
         
      
         Farm Credit Banks                                                                                                        
            
         Status of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 39â4992â0â4â371
                  2013 actual
                  2014 est.
                  2015 est.
               
               
                  
                     
                  
               
               
                  
                  Position with respect to appropriations act limitation on obligations:
               
               
                  1131
                  Direct loan obligations
                  183,518
                  192,750
                  201,791
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1150
                  Total direct loan obligations
                  183,518
                  192,750
                  201,791
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  97,404
                  103,071
                  108,005
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  183,511
                  192,087
                  202,992
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â177,821
                  â187,122
                  â195,588
               
               
                  1263
                  Write-offs for default: Direct loans
                  â23
                  â31
                  â26
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  103,071
                  108,005
                  115,383
               
               
                  
                     
                  
               
            
         
      
      
         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, which began in 1992, have continued to date. As a result of this restructuring activity, three FCBs,
            headquartered in the following cities, remain as of October 1, 2013: AgFirst Farm Credit Bank, Columbia, South Carolina; AgriBank,
            FCB, St. Paul, Minnesota; and FCB of Texas, Austin, Texas.
         
         FCBs serve as discount banks and, as of October 1, 2013, provided funds to one Federal Land Credit Association (FLCA) and
            52 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)
         
            
               
                  
                     
                        
                     
                  
                  
                      
                  
                  
                     
                        
                     
                  
                  
                     
                        
                     
                  
                  
                      
                     2012 act.
                     2013 act.
                     2014 est.
                     2015 est.
                  
                  
                     
                        
                     
                  
                  
                     
                        
                     
                  
                  
                      
                  
                  
                     
                        
                     
                  
                  
                     Beginning balance of net worth
                     8,594,783
                     7,940,682
                     8,615,024
                     8,860,009
                  
                  
                     Capital stock and participations issued
                     173,947
                     462,635
                     180,104
                     232,505
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Capital stock and participations retired
                     263,410
                     354,071
                     298,982
                     115,407
                  
                  
                     Surplus Retired
                     â307
                     â6
                     0
                     0
                  
                  
                     Net income
                     1,128,466
                     1,195,769
                     1,018,146
                     1,010,835
                  
                  
                     Cash/Dividends/Patronage Distributions
                     â557,716
                     â540,706
                     â596,649
                     â527,610
                  
                  
                     Other, net
                     â1,250,551
                     â89,291
                     â57,634
                     7,964
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of net worth
                     7,940,682
                     8,615,024
                     8,860,009
                     9,468,296
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
         Financing Activities (in thousands of dollars)
         
            
               
                  
                     
                        
                     
                  
                  
                      
                  
                  
                     
                        
                     
                  
                  
                     
                        
                     
                  
                  
                      
                     2012 act.
                     2013 act.
                     2014 est.
                     2015 est.
                  
                  
                     
                        
                     
                  
                  
                     
                        
                     
                  
                  
                      
                  
                  
                     
                        
                     
                  
                  
                     Beginning balance of outstanding system obligations
                     129,243,811
                     112,291,707
                     118,125,324
                     125,304,036
                  
                  
                     
                     
                     
                     
                     
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Consolidated systemwide and other bank bonds issued
                     604,654,487
                     283,823,221
                     280,270,571
                     286,994,292
                  
                  
                     Consolidated systemwide and other bank bonds retired
                     596,798,388
                     278,179,850
                     273,275,604
                     279,229,315
                  
                  
                     Consolidated systemwide notes, net
                     â1,849,535
                     190,246
                     183,745
                     913,137
                  
                  
                     Other (Net)
                     â22,958,668
                     0
                     0
                     0
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of outstanding system obligations
                     112,291,707
                     118,125,324
                     125,304,036
                     133,982,150
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
      
      Balance Sheet (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 39â4992â0â4â371
                  2012 actual
                  2013 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Cash and investment securities
                  23,990
                  24,994
               
               
                  1206
                  Accrued Interest Receivable
                  537
                  486
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Direct loans, gross
                  97,404
                  103,071
               
               
                  1603
                  Allowance for estimated uncollectible loans and interest (-)
                  â72
                  â53
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  97,332
                  103,018
               
               
                  1803
                  Other Federal assets: Property, plant and equipment, net
                  594
                  569
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  122,453
                  129,067
               
               
                  
                  LIABILITIES:
               
               
                  2104
                  Federal liabilities: Resources payable
                  321
                  315
               
               
                  
                  Non-Federal liabilities:
               
               
                  2201
                  Consolidated systemwide and other bank bonds
                  112,292
                  118,125
               
               
                  2201
                  Notes payable and other interest-bearing liabilities
                  1,587
                  1,720
               
               
                  2202
                  Accrued interest payable
                  312
                  292
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  114,512
                  120,452
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Cumulative results of operations
                  7,941
                  8,615
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  122,453
                  129,067
               
               
                  
                     
                  
               
            
         
      
         Federal Agricultural Mortgage Corporation                                                                                
            
         Status of Guaranteed Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 39â4993â0â4â351
                  2013 actual
                  2014 est.
                  2015 est.
               
               
                  
                     
                  
               
               
                  
                  Position with respect to appropriations act limitation on commitments:
               
               
                  2131
                  Guaranteed loan commitments
                  3,224
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  2150
                  Total guaranteed loan commitments
                  3,224
                  
                  
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of guaranteed loans outstanding:
               
               
                  2210
                  Outstanding, start of year
                  12,468
                  13,786
                  13,786
               
               
                  2231
                  Disbursements of new guaranteed loans
                  3,224
                  
                  
               
               
                  2251
                  Repayments and prepayments
                  â1,906
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  2290
                  Outstanding, end of year
                  13,786
                  13,786
                  13,786
               
               
                  
                     
                  
               
               
                  
                  Memorandum:
               
               
                  2299
                  Guaranteed amount of guaranteed loans outstanding, end of year
                  1,677
                  
                  
               
               
                  
                     
                  
               
            
         
      
      
            Farmer Mac
         Farmer 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: the "Farm & Ranch" program involves mortgage loans secured by first liens on
            agricultural real estate, or rural housing (qualified loans); the "USDA guarantees" program involves the guaranteed portions
            of certain USDA-guaranteed loans; and the "Rural Utilities" program involves rural electric and telephone 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; 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 governed by a 15-member Board of Directors. Ten board members are elected by stockholders, including five by
            stockholders that are Farm Credit System (FCS) institutions and five by stockholders that are non-FCS financial services firms.
            Five are appointed by the President, subject to Senate confirmation.
         
            Financing
         Financial support and funding for Farmer Mac's operations come from several sources: sale of common and preferred stock, issuance
            of debt obligations, and 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 Farmer Mac's guarantee obligations.
         
         As of September 30, 2013, 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 39â4993â0â4â351
                  2012 actual
                  2013 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Investment in securities
                  2,636
                  2,503
               
               
                  1206
                  Receivables, net
                  128
                  92
               
               
                  
                  Net value of assets related to direct loans receivable:
               
               
                  1401
                  Direct loans receivable, gross
                  8,798
                  9,767
               
               
                  1402
                  Interest receivable
                  70
                  71
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1499
                  Net present value of assets related to direct loans
                  8,868
                  9,838
               
               
                  1801
                  Other Federal assets: Cash and other monetary assets
                  870
                  652
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  12,502
                  13,085
               
               
                  
                  LIABILITIES:
               
               
                  
                  Non-Federal liabilities:
               
               
                  2201
                  Accounts payable
                  184
                  159
               
               
                  2202
                  Interest payable
                  35
                  37
               
               
                  2203
                  Debt
                  11,640
                  12,237
               
               
                  2204
                  Liabilities for loan guarantees
                  43
                  47
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  11,902
                  12,480
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Invested capital
                  600
                  605
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  12,502
                  13,085