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

             <h1>GOVERNMENT-SPONSORED ENTERPRISES

             </h1>

          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.

             —The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation provide assistance to the secondary
                market for residential mortgages.

             —The Federal Home Loan Banks assist thrift institutions, banks, insurance companies, and credit unions in providing financing
                for housing and community development.

             —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.

             —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 915–4986–0–4–371
                      2014 actual
                      2015 est.
                      2016 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      516,259
                      438,100
                      399,181

                      1251
                      Repayments: Net repayments and prepayments
                      –78,159
                      –38,919
                      –59,877

                      1290
                      Outstanding, end of year
                      438,100
                      399,181
                      339,304

             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, shareholder-owned, private 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 placed 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 2010–2012, 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,
                2014, Fannie Mae had received $116.1 billion under the PSPA and made a total of $134.5 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 915–4986–0–4–371
                      2013 actual
                      2014 actual

                      ASSETS:

                      Federal assets:

                      Investments in US securities:

                      1102
                      Treasury securities, par
                      16,396
                      17,757

                      1201
                      Non-Federal assets: Investments in other securities, net
                      56,764
                      29,450

                      Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:

                      1601
                      Mortgage Loans and Mortgage Related Securities
                      310,096
                      287,584

                      1601
                      Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                      2,744,084
                      2,767,805

                      1604
                      Direct loans and interest receivable, net
                      3,054,180
                      3,055,389

                      1606
                      Acquired Property, net
                      11,380
                      11,339

                      1699
                      Value of assets related to direct loans
                      3,065,560
                      3,066,728

                      Other Federal assets:

                      1801
                      Cash and other monetary assets
                      94,246
                      73,624

                      1901
                      Other assets
                      48,256
                      42,757

                      1999
                      Total assets
                      3,281,222
                      3,230,316

                      LIABILITIES:

                      Non-Federal liabilities:

                      2202
                      Interest payable
                      10,769
                      10,492

                      2203
                      Debt
                      565,110
                      474,952

                      2203
                      Debt - Consolidated Trusts
                      2,675,011
                      2,726,528

                      2207
                      Other
                      18,715
                      11,945

                      2999
                      Total liabilities
                      3,269,605
                      3,223,917

                      NET POSITION:

                      3300
                      Senior Preferred Stock
                      117,149
                      117,149

                      3300
                      Private Equity
                      –105,581
                      –110,800

                      3300
                      Noncontrolling Interest
                      49
                      50

                      3999
                      Total net position
                      11,617
                      6,399

                      4999
                      Total liabilities and net position
                      3,281,222
                      3,230,316

             Mortgage-backed Securities

             Status of Direct Loans (in millions of dollars)

                      Identification code 915–4987–0–4–371
                      2014 actual
                      2015 est.
                      2016 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      2,752,813
                      2,768,291
                      2,768,291

                      1231
                      Disbursements: Direct loan disbursements
                      412,282

                      1251
                      Repayments: Repayments and prepayments
                      –396,804

                      1290
                      Outstanding, end of year
                      2,768,291
                      2,768,291
                      2,768,291

             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 913–4988–0–4–371
                      2014 actual
                      2015 est.
                      2016 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      497,814
                      413,610
                      399,181

                      1251
                      Repayments: Repayments and prepayments
                      –84,204
                      –14,429
                      –59,877

                      1290
                      Outstanding, end of year
                      413,610
                      399,181
                      339,304

             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 placed 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 2010–2012, less any surplus
                remaining as of December 31, 2012. Based on the financial results reported by Freddie Mac 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,
                2014, Freddie Mac had received $71.3 billion under the PSPA and made a total of $91.0 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 913–4988–0–4–371
                      2013 actual
                      2014 actual

                      ASSETS:

                      Federal assets:

                      Investments in US securities:

                      1102
                      Treasury securities, par
                      31,641
                      9,159

                      1201
                      Non-Federal assets: Investments in other securities, net
                      41,023
                      29,956

                      Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:

                      1601
                      Mortgage Loans and Mortgage Related Securities
                      324,228
                      275,490

                      1601
                      Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                      1,526,070
                      1,549,533

                      1604
                      Direct loans and interest receivable, net
                      1,850,298
                      1,825,023

                      1606
                      Acquired property, net
                      4,368
                      2,911

                      1699
                      Value of assets related to direct loans
                      1,854,666
                      1,827,934

                      Other Federal assets:

                      1801
                      Cash and other monetary assets
                      30,525
                      37,254

                      1901
                      Other assets
                      23,930
                      18,481

                      1999
                      Total assets
                      1,981,785
                      1,922,784

                      LIABILITIES:

                      Non-Federal liabilities:

                      2202
                      Interest payable
                      6,504
                      6,217

                      2203
                      Debt
                      515,668
                      435,706

                      2203
                      Debt - Consolidated Trusts
                      1,419,909
                      1,467,845

                      2207
                      Other
                      6,268
                      7,830

                      2999
                      Total liabilities
                      1,948,349
                      1,917,598

                      NET POSITION:

                      3300
                      Senior Preferred Stock
                      72,336
                      72,336

                      3300
                      Private Equity
                      –38,900
                      –67,150

                      3999
                      Total net position
                      33,436
                      5,186

                      4999
                      Total liabilities and net position
                      1,981,785
                      1,922,784

             Mortgage-backed Securities

             Status of Direct Loans (in millions of dollars)

                      Identification code 914–4989–0–4–371
                      2014 actual
                      2015 est.
                      2016 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      1,612,858
                      1,646,431
                      1,646,431

                      1231
                      Disbursements: Direct loan disbursements
                      273,376

                      1251
                      Repayments: Repayments and prepayments
                      –239,803

                      1290
                      Outstanding, end of year
                      1,646,431
                      1,646,431
                      1,646,431

             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 913–4990–0–4–371
                      2014 actual
                      2015 est.
                      2016 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      510,383
                      587,969
                      587,969

                      1231
                      Disbursements: Direct loan disbursements
                      3,501,706
                      3,501,706
                      3,501,706

                      1251
                      Repayments: Repayments and prepayments
                      –3,421,480
                      –3,501,706
                      –3,501,706

                      1264
                      Write-offs for default: Other adjustments, net (+ or -)
                      –2,640

                      1290
                      Outstanding, end of year
                      587,969
                      587,969
                      587,969

             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
                7,400 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 (an application to merge the FHLBanks of Des Moines and Seattle is pending) 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 FHLBanks
                fulfilled this obligation on August 5, 2011.  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 913–4990–0–4–371
                      2013 actual
                      2014 actual

                      ASSETS:

                      Federal assets:

                      Investments in US securities:

                      1102
                      Treasury securities, par
                      1,038
                      1,229

                      Non-Federal assets:

                      1201
                      Investments in other securities, net
                      241,619
                      238,354

                      1206
                      Accounts receivable
                      1,144
                      1,094

                      1401
                      Net value of assets related to direct loans receivable: Direct loans receivable, gross
                      510,280
                      587,913

                      Other Federal assets:

                      1801
                      Cash and other monetary assets
                      34,093
                      53,488

                      1803
                      Property, plant and equipment, net
                      220
                      223

                      1901
                      Other assets
                      1,053
                      1,061

                      1999
                      Total assets
                      789,447
                      883,362

                      LIABILITIES:

                      2101
                      Federal liabilities: REFCORP and Affordable Housing Program
                      772
                      793

                      Non-Federal liabilities:

                      2202
                      Interest payable
                      1,625
                      1,374

                      2203
                      Debt
                      722,162
                      818,042

                      2207
                      Deposit funds and other borrowing
                      10,466
                      9,322

                      2207
                      Other
                      11,278
                      7,169

                      2999
                      Total liabilities
                      746,303
                      836,700

                      NET POSITION:

                      3100
                      Invested capital
                      43,144
                      46,662

                      4999
                      Total liabilities and net position
                      789,447
                      883,362

          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 on 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 912–4991–0–4–351
                      2014 actual
                      2015 est.
                      2016 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      70,377
                      75,638
                      79,808

                      1231
                      Disbursements: Direct loan disbursements
                      328,972
                      343,775
                      359,245

                      1251
                      Repayments: Repayments and prepayments
                      –323,720
                      –339,587
                      –356,017

                      Write-offs for default:

                      1263
                      Direct loans

                      –18
                      –25

                      1264
                      Other adjustments, net (+ or -)
                      9

                      1290
                      Outstanding, end of year
                      75,638
                      79,808
                      83,011

             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 25 ACAs and one FLCA 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.

             Statement of Changes in Net Worth  (in thousands of dollars)

                         2013 act.
                         2014 act.
                         2015 est.
                         2016 est.

                         Beginning balance of net worth
                         6,361,670
                         6,609,288
                         7,061,398
                         7,605,859

                         Capital stock and participations issued
                         627,023
                         26,635
                         283,316
                         33,264

                         Capital stock and participations retired
                         594,864
                         33,439
                         170,250
                         30,500

                         Net income
                         782,279
                         916,449
                         897,199
                         897,638

                         Cash/Dividends/Patronage Distributions
                         –427,788
                         –428,852
                         –444,204
                         –470,649

                         Other, net
                         –139,032
                         –28,683
                         –21,600
                         2,255

                         Ending balance of net worth
                         6,609,288
                         7,061,398
                         7,605,859
                         8,037,867

             Financing Activities (in thousands of dollars)

                         2013 act.
                         2014 act.
                         2015 est.
                         2016 est.

                         Beginning balance of outstanding system obligations
                         79,079,791
                         82,111,600
                         88,513,292
                         90,526,086

                         Consolidated systemwide and other bank bonds issued
                         24,071,306
                         26,128,369
                         27,304,146
                         28,532,833

                         Consolidated systemwide and other bank bonds retired
                         24,497,790
                         21,309,889
                         25,722,852
                         23,495,326

                         Consolidated systemwide notes, net
                         3,624,102
                         1,674,497
                         500,000
                         500,000

                         Other (Net)
                         –165,809
                         –91,285
                         –68,500
                         –50,250

                         Ending balance of outstanding system obligations
                         82,111,600
                         88,513,292
                         90,526,086
                         96,013,343

          Balance Sheet (in millions of dollars)

                      Identification code 912–4991–0–4–351
                      2013 actual
                      2014 actual

                      ASSETS:

                      Non-Federal assets:

                      1201
                      Cash and investment securities
                      22,727
                      24,965

                      1206
                      Accrued interest receivable on loans
                      367
                      357

                      Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:

                      1601
                      Direct loans, gross
                      70,377
                      75,638

                      1603
                      Allowance for estimated uncollectible loans and interest (-)
                      –450
                      –407

                      1699
                      Value of assets related to direct loans
                      69,927
                      75,231

                      1803
                      Other Federal assets: Property, plant and equipment, net
                      1,106
                      1,071

                      1999
                      Total assets
                      94,127
                      101,624

                      LIABILITIES:

                      2104
                      Federal liabilities: Resources payable
                      1,068
                      1,316

                      Non-Federal liabilities:

                      2201
                      Consolidated systemwide and other bank bonds
                      82,111
                      88,513

                      2201
                      Notes payable and other interest-bearing liabilities
                      4,033
                      4,461

                      2202
                      Accrued interest payable
                      306
                      273

                      2999
                      Total liabilities
                      87,518
                      94,563

                      NET POSITION:

                      3300
                      Cumulative results of operations
                      6,609
                      7,061

                      4999
                      Total liabilities and net position
                      94,127
                      101,624

             Farm Credit Banks

             Status of Direct Loans (in millions of dollars)

                      Identification code 912–4992–0–4–371
                      2014 actual
                      2015 est.
                      2016 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      103,071
                      108,205
                      112,012

                      1231
                      Disbursements: Direct loan disbursements
                      181,373
                      192,517
                      201,753

                      1251
                      Repayments: Repayments and prepayments
                      –176,239
                      –188,693
                      –198,495

                      1263
                      Write-offs for default: Direct loans

                      –17
                      –17

                      1290
                      Outstanding, end of year
                      108,205
                      112,012
                      115,253

             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, 2014: 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, 2014, provided funds to one Federal Land Credit Association (FLCA) and
                50 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)

                         2013 act.
                         2014 act.
                         2015 est.
                         2016 est.

                         Beginning balance of net worth
                         7,940,682
                         8,615,024
                         8,828,842
                         9,084,655

                         Capital stock and participations issued
                         462,635
                         373,384
                         171,353
                         172,485

                         Capital stock and participations retired
                         354,071
                         559,397
                         131,243
                         136,225

                         Surplus Retired
                         –6
                         –77
                         –4
                         0

                         Net income
                         1,195,769
                         1,140,319
                         994,137
                         1,023,928

                         Cash/Dividends/Patronage Distributions
                         –540,706
                         –777,495
                         –805,232
                         –586,355

                         Other, net
                         –89,291
                         36,930
                         26,794
                         27,467

                         Ending balance of net worth
                         8,615,024
                         8,828,842
                         9,084,655
                         9,585,955

             Financing Activities (in thousands of dollars)

                         2013 act.
                         2014 act.
                         2015 est.
                         2016 est.

                         Beginning balance of outstanding system obligations
                         112,291,707
                         118,125,324
                         125,494,765
                         131,621,448

                         Consolidated systemwide and other bank bonds issued
                         283,823,221
                         268,562,125
                         269,657,053
                         274,456,385

                         Consolidated systemwide and other bank bonds retired
                         278,179,850
                         263,321,191
                         264,505,272
                         270,282,042

                         Consolidated systemwide notes, net
                         190,246
                         2,128,507
                         974,902
                         965,015

                         Other (Net)
                         0
                         0
                         0
                         0

                         Ending balance of outstanding system obligations
                         118,125,324
                         125,494,765
                         131,621,448
                         136,760,806

          Balance Sheet (in millions of dollars)

                      Identification code 912–4992–0–4–371
                      2013 actual
                      2014 actual

                      ASSETS:

                      Non-Federal assets:

                      1201
                      Cash and investment securities
                      24,994
                      27,610

                      1206
                      Accrued Interest Receivable
                      486
                      475

                      Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:

                      1601
                      Direct loans, gross
                      103,071
                      108,204

                      1603
                      Allowance for estimated uncollectible loans and interest (-)
                      –53
                      –38

                      1699
                      Value of assets related to direct loans
                      103,018
                      108,166

                      1803
                      Other Federal assets: Property, plant and equipment, net
                      569
                      534

                      1999
                      Total assets
                      129,067
                      136,785

                      LIABILITIES:

                      2104
                      Federal liabilities: Resources payable
                      315
                      323

                      Non-Federal liabilities:

                      2201
                      Consolidated systemwide and other bank bonds
                      118,125
                      125,495

                      2201
                      Notes payable and other interest-bearing liabilities
                      1,720
                      1,835

                      2202
                      Accrued interest payable
                      292
                      303

                      2999
                      Total liabilities
                      120,452
                      127,956

                      NET POSITION:

                      3300
                      Cumulative results of operations
                      8,615
                      8,829

                      4999
                      Total liabilities and net position
                      129,067
                      136,785

             Federal Agricultural Mortgage Corporation

             Status of Guaranteed Loans (in millions of dollars)

                      Identification code 912–4993–0–4–351
                      2014 actual
                      2015 est.
                      2016 est.

                      Cumulative balance of guaranteed loans outstanding:

                      2210
                      Outstanding, start of year
                      13,786
                      14,005
                      14,005

                      2231
                      Disbursements of new guaranteed loans
                      2,666

                      2251
                      Repayments and prepayments
                      –2,447

                      2290
                      Outstanding, end of year
                      14,005
                      14,005
                      14,005

                      Memorandum:

                      2299
                      Guaranteed amount of guaranteed loans outstanding, end of year
                      1,760

                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: 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.

                FinancingFinancial 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, 2014, 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 912–4993–0–4–351
                      2013 actual
                      2014 actual

                      ASSETS:

                      Non-Federal assets:

                      1201
                      Investment in securities
                      2,503
                      3,616

                      1206
                      Receivables, net
                      92
                      116

                      Net value of assets related to direct loans receivable:

                      1401
                      Direct loans receivable, gross
                      9,767
                      10,100

                      1402
                      Interest receivable
                      71
                      66

                      1499
                      Net present value of assets related to direct loans
                      9,838
                      10,166

                      1801
                      Other Federal assets: Cash and other monetary assets
                      652
                      628

                      1999
                      Total assets
                      13,085
                      14,526

                      LIABILITIES:

                      Non-Federal liabilities:

                      2201
                      Accounts payable
                      159
                      88

                      2202
                      Interest payable
                      37
                      35

                      2203
                      Debt
                      12,237
                      13,577

                      2204
                      Liabilities for loan guarantees
                      47
                      43

                      2999
                      Total liabilities
                      12,480
                      13,743

                      NET POSITION:

                      3300
                      Invested capital
                      605
                      783

                      4999
                      Total liabilities and net position
                      13,085
                      14,526