#

##

##

###

###

###

##

###

###

###

##

###

###

##

##

###

###

###

###

###

###

###

###

    [Appendix]
    [Other Materials]
    [Government-Sponsored Enterprises]
    [From the U.S. Government Publishing 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, 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 financing
                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 ProgramsStatus of Direct Loans (in millions of dollars)

                      Identification code 915–4986–0–4–371
                      2018 actual
                      2019 est.
                      2020 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      245,133
                      199,114
                      199,114

                      1251
                      Repayments: Net repayments and prepayments
                      –46,019

                      1290
                      Outstanding, end of year
                      199,114
                      199,114
                      199,114

             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 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 of 2008 reformed 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 in response to
                the GSEs' declining capital adequacy and to support the safety and soundness of the GSEs. 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,
                2018, Fannie Mae had received $119.8 billion under the PSPA, and had made a total of $175.8 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
                      2017 actual
                      2018 actual

                      ASSETS:

                      Federal assets:

                      Investments in U.S. securities:

                      1102
                      Treasury securities, par
                      30,799
                      37,328

                      1201
                      Non-Federal assets: Investments in non-Federal securities, net
                      23,740
                      26,692

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

                      1601
                      Mortgage Loans and Mortgage Related Securities
                      166,845
                      131,599

                      1601
                      Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                      2,997,964
                      3,111,551

                      1606
                      Acquired Property, net
                      3,581
                      2,722

                      1699
                      Value of assets related to direct loans
                      3,168,390
                      3,245,872

                      Other Federal assets:

                      1801
                      Cash and other monetary assets
                      77,376
                      76,845

                      1901
                      Other assets
                      30,454
                      14,368

                      1999
                      Total assets
                      3,330,759
                      3,401,105

                      LIABILITIES:

                      Non-Federal liabilities:

                      2202
                      Interest payable
                      9,637
                      10,105

                      2203
                      Debt
                      291,289
                      246,682

                      2203
                      Debt - Consolidated Trusts
                      3,017,294
                      3,127,688

                      2207
                      Other
                      8,891
                      9,655

                      2999
                      Total liabilities
                      3,327,111
                      3,394,130

                      NET POSITION:

                      3300
                      Senior Preferred Stock
                      117,149
                      120,836

                      3300
                      Private Equity
                      –113,501
                      –113,861

                      3300
                      Noncontrolling Interest

                      3999
                      Total net position
                      3,648
                      6,975

                      4999
                      Total liabilities and net position
                      3,330,759
                      3,401,105

             Mortgage-backed SecuritiesStatus of Direct Loans (in millions of dollars)

                      Identification code 915–4987–0–4–371
                      2018 actual
                      2019 est.
                      2020 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      2,989,374
                      3,097,227
                      3,097,227

                      1231
                      Disbursements: Direct loan disbursements
                      552,050

                      1251
                      Repayments: Repayments and prepayments
                      –444,197

                      1290
                      Outstanding, end of year
                      3,097,227
                      3,097,227
                      3,097,227

             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 the Budget 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 ProgramsStatus of Direct Loans (in millions of dollars)

                      Identification code 913–4988–0–4–371
                      2018 actual
                      2019 est.
                      2020 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      266,681
                      227,804
                      227,804

                      1251
                      Repayments: Repayments and prepayments
                      –38,877

                      1290
                      Outstanding, end of year
                      227,804
                      227,804
                      227,804

             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 of 2008 reformed 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 in response to
                the GSEs' declining capital adequacy and to support the safety and soundness of the GSEs. 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,
                2018, Freddie Mac had received $71.6 billion under the PSPA, and had made a total of $116.5 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 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
                      2017 actual
                      2018 actual

                      ASSETS:

                      Federal assets:

                      Investments in U.S. securities:

                      1102
                      Treasury securities, par
                      17,507
                      25,479

                      1201
                      Non-Federal assets: Investments in non-Federal securities, net
                      47,202
                      48,540

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

                      1601
                      Mortgage Loans and Mortgage Related Securities
                      175,675
                      138,103

                      1601
                      Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                      1,738,858
                      1,814,776

                      1606
                      Acquired property, net

                      1699
                      Value of assets related to direct loans
                      1,914,533
                      1,952,879

                      Other Federal assets:

                      1801
                      Cash and other monetary assets
                      36,838
                      28,683

                      1901
                      Other assets
                      14,576
                      7,876

                      1999
                      Total assets
                      2,030,656
                      2,063,457

                      LIABILITIES:

                      Non-Federal liabilities:

                      2202
                      Interest payable
                      5,990
                      6,418

                      2203
                      Debt
                      318,054
                      276,945

                      2203
                      Debt - Consolidated Trusts
                      1,691,524
                      1,765,045

                      2207
                      Other
                      9,838
                      9,490

                      2999
                      Total liabilities
                      2,025,406
                      2,057,898

                      NET POSITION:

                      3300
                      Senior Preferred Stock
                      72,336
                      72,648

                      3300
                      Private Equity
                      –67,086
                      –67,089

                      3999
                      Total net position
                      5,250
                      5,559

                      4999
                      Total liabilities and net position
                      2,030,656
                      2,063,457

             Mortgage-backed SecuritiesStatus of Direct Loans (in millions of dollars)

                      Identification code 914–4989–0–4–371
                      2018 actual
                      2019 est.
                      2020 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      1,920,616
                      2,045,101
                      2,045,101

                      1231
                      Disbursements: Direct loan disbursements
                      407,109

                      1251
                      Repayments: Repayments and prepayments
                      –282,624

                      1290
                      Outstanding, end of year
                      2,045,101
                      2,045,101
                      2,045,101

             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 the Budget, 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 BanksStatus of Direct Loans (in millions of dollars)

                      Identification code 913–4990–0–4–371
                      2018 actual
                      2019 est.
                      2020 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      771,613
                      766,096
                      766,096

                      1231
                      Disbursements: Direct loan disbursements
                      11,072,413
                      11,072,413
                      11,072,413

                      1251
                      Repayments: Repayments and prepayments
                      –11,074,915
                      –11,072,413
                      –11,072,413

                      1264
                      Other adjustments, net (+ or -)
                      –3,015

                      1290
                      Outstanding, end of year
                      766,096
                      766,096
                      766,096

             The Federal Home Loan Bank System is a Government-sponsored enterprise (GSE) in the housing finance market. The Federal Home
                Loan Banks (FHLBanks) were chartered by the Federal Home Loan Bank Board under the authority of the Federal Home Loan Bank
                Act of 1932 (Act). The 11 Federal Home Loan Banks 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 nearly 7,000 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. 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, and must meet other
                requirements in the Act to obtain membership. Each FHLBank operates in a geographic district and together FHLBanks cover all
                of the United States, including 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
                      2017 actual
                      2018 actual

                      ASSETS:

                      Federal assets:

                      Investments in U.S. securities:

                      1102
                      Treasury securities, par
                      887
                      8,623

                      Non-Federal assets:

                      1201
                      Investments in non-Federal securities, net
                      317,575
                      309,768

                      1206
                      Accounts receivable
                      1,515
                      2,009

                      1401
                      Net value of assets related to direct loans receivable: Direct loans receivable, gross
                      772,018
                      766,197

                      Other Federal assets:

                      1801
                      Cash and other monetary assets
                      3,944
                      772

                      1803
                      Property, plant and equipment, net
                      275
                      308

                      1901
                      Other assets
                      1,674
                      1,700

                      1999
                      Total assets
                      1,097,888
                      1,089,377

                      LIABILITIES:

                      2101
                      Federal liabilities: REFCORP and Affordable Housing Program
                      1,003
                      1,093

                      Non-Federal liabilities:

                      2202
                      Interest payable
                      1,339
                      1,737

                      2203
                      Debt
                      1,028,135
                      1,016,403

                      2207
                      Deposit funds and other borrowing
                      8,220
                      8,249

                      2207
                      Other
                      3,881
                      4,313

                      2999
                      Total liabilities
                      1,042,578
                      1,031,795

                      NET POSITION:

                      3100
                      Invested capital
                      55,310
                      57,582

                      4999
                      Total liabilities and net position
                      1,097,888
                      1,089,377

          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, 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 BankStatus of Direct Loans (in millions of dollars)

                      Identification code 912–4991–0–4–351
                      2018 actual
                      2019 est.
                      2020 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      94,203
                      98,335
                      100,244

                      1231
                      Disbursements: Direct loan disbursements
                      387,611
                      399,000
                      410,724

                      1251
                      Repayments: Repayments and prepayments
                      –383,422
                      –397,039
                      –407,720

                      1263
                      Write-offs for default: Direct loans
                      –57
                      –52
                      –59

                      1290
                      Outstanding, end of year
                      98,335
                      100,244
                      103,189

             CoBank, Agricultural Credit Bank (ACB), which is headquartered outside Denver, Colorado, provides funding to eligible cooperatives
                nationwide and Agricultural Credit Associations (ACAs) in its chartered district. CoBank, ACB, is the only Agricultural Credit
                Bank 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. In exercising its FCB authority, CoBank's charter limits its lending to 22 ACAs 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)

                         2017 act.
                         2018 act.
                         2019 est.
                         2020 est.

                         Beginning balance of net worth
                         8,653,830
                         8,897,129
                         9,058,428
                         9,542,518

                         Capital stock and participations issued
                         87,343
                         75,513
                         72,263
                         53,580

                         Capital stock and participations retired
                         25,890
                         31,164
                         50,324
                         40,596

                         Net income
                         961,547
                         1,328,251
                         971,144
                         1,005,492

                         Cash/Dividends/Patronage Distributions
                         –573,129
                         –655,756
                         –554,351
                         –544,891

                         Other, net
                         –206,572
                         –555,545
                         45,358
                         44,438

                         Ending balance of net worth
                         8,897,129
                         9,058,428
                         9,542,518
                         10,060,541

             Financing Activities (in thousands of dollars)

                         2017 act.
                         2018 act.
                         2019 est.
                         2020 est.

                         Beginning balance of outstanding system obligations
                         107,407,980
                         112,319,658
                         115,909,963
                         115,991,495

                         Consolidated systemwide and other bank bonds issued
                         38,993,663
                         44,632,727
                         45,944,156
                         47,294,118

                         Consolidated systemwide and other bank bonds retired
                         38,175,063
                         35,721,693
                         46,347,493
                         44,799,668

                         Consolidated systemwide notes, net
                         4,130,172
                         –5,295,962
                         500,000
                         500,000

                         Other (Net)
                         –37,094
                         –24,767
                         –15,131
                         –11,879

                         Ending balance of outstanding system obligations
                         112,319,658
                         115,909,963
                         115,991,495
                         118,974,066

          Balance Sheet (in millions of dollars)

                      Identification code 912–4991–0–4–351
                      2017 actual
                      2018 actual

                      ASSETS:

                      Non-Federal assets:

                      1201
                      Cash and investment securities
                      29,146
                      28,969

                      1206
                      Accrued interest receivable on loans
                      364
                      432

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

                      1601
                      Direct loans, gross
                      94,202
                      98,335

                      1603
                      Allowance for estimated uncollectible loans and interest (-)
                      –575
                      –586

                      1699
                      Value of assets related to direct loans
                      93,627
                      97,749

                      1803
                      Other Federal assets: Property, plant and equipment, net
                      1,199
                      854

                      1999
                      Total assets
                      124,336
                      128,004

                      LIABILITIES:

                      2104
                      Federal liabilities: Resources payable to Treasury
                      1,353
                      1,357

                      Non-Federal liabilities:

                      2201
                      Consolidated systemwide and other bank bonds
                      112,320
                      115,910

                      2201
                      Notes payable and other interest-bearing liabilities
                      1,458
                      1,262

                      2202
                      Accrued interest payable
                      308
                      416

                      2999
                      Total liabilities
                      115,439
                      118,945

                      NET POSITION:

                      3300
                      Cumulative results of operations
                      8,897
                      9,059

                      4999
                      Total liabilities and net position
                      124,336
                      128,004

             Farm Credit BanksStatus of Direct Loans (in millions of dollars)

                      Identification code 912–4992–0–4–371
                      2018 actual
                      2019 est.
                      2020 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      126,994
                      133,532
                      137,320

                      1231
                      Disbursements: Direct loan disbursements
                      212,067
                      219,328
                      230,395

                      1251
                      Repayments: Repayments and prepayments
                      –205,525
                      –215,521
                      –225,171

                      1263
                      Write-offs for default: Direct loans
                      –4
                      –19
                      –28

                      1290
                      Outstanding, end of year
                      133,532
                      137,320
                      142,516

             The Agricultural Credit Act of 1987 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. 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, 2018: 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, 2018, provided funds to one Federal Land Credit Association and 46 Agricultural
                Credit Associations. 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)

                         2017 act.
                         2018 act.
                         2019 est.
                         2020 est.

                         Beginning balance of net worth
                         9,480,347
                         9,930,452
                         10,072,862
                         10,146,789

                         Capital stock and participations issued
                         246,055
                         195,623
                         84,163
                         86,583

                         Capital stock and participations retired
                         50,415
                         27,943
                         17,830
                         16,702

                         Surplus Retired
                         –5,866
                         42
                         0
                         0

                         Net income
                         1,084,095
                         1,070,908
                         994,727
                         1,027,758

                         Cash/Dividends/Patronage Distributions
                         –847,192
                         –973,857
                         –1,001,983
                         –1,002,641

                         Other, net
                         11,696
                         –122,279
                         14,850
                         153,467

                         Ending balance of net worth
                         9,930,452
                         10,072,862
                         10,146,789
                         10,395,254

             Financing Activities (in thousands of dollars)

                         2017 act.
                         2018 act.
                         2019 est.
                         2020 est.

                         Beginning balance of outstanding system obligations
                         144,502,285
                         145,600,456
                         152,736,019
                         159,126,807

                         Consolidated systemwide and other bank bonds issued
                         226,875,182
                         217,751,504
                         235,069,409
                         242,891,286

                         Consolidated systemwide and other bank bonds retired
                         220,736,779
                         209,655,204
                         229,198,165
                         238,254,032

                         Consolidated systemwide notes, net
                         –5,052,998
                         –967,779
                         519,544
                         1,188,354

                         Other (Net)
                         12,766
                         7,042
                         0
                         0

                         Ending balance of outstanding system obligations
                         145,600,456
                         152,736,019
                         159,126,807
                         164,952,415

          Balance Sheet (in millions of dollars)

                      Identification code 912–4992–0–4–371
                      2017 actual
                      2018 actual

                      ASSETS:

                      Non-Federal assets:

                      1201
                      Cash and investment securities
                      29,276
                      29,926

                      1206
                      Accrued Interest Receivable
                      648
                      788

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

                      1601
                      Direct loans, gross
                      126,994
                      133,532

                      1603
                      Allowance for estimated uncollectible loans and interest (-)
                      –48
                      –55

                      1699
                      Value of assets related to direct loans
                      126,946
                      133,477

                      1803
                      Other Federal assets: Property, plant and equipment, net
                      577
                      671

                      1999
                      Total assets
                      157,447
                      164,862

                      LIABILITIES:

                      2104
                      Federal liabilities: Resources payable to Treasury
                      412
                      394

                      Non-Federal liabilities:

                      2201
                      Consolidated systemwide and other bank bonds
                      145,600
                      152,736

                      2201
                      Notes payable and other interest-bearing liabilities
                      1,063
                      1,056

                      2202
                      Accrued interest payable
                      442
                      603

                      2999
                      Total liabilities
                      147,517
                      154,789

                      NET POSITION:

                      3300
                      Cumulative results of operations
                      9,930
                      10,073

                      4999
                      Total liabilities and net position
                      157,447
                      164,862

             Federal Agricultural Mortgage CorporationStatus of Guaranteed Loans (in millions of dollars)

                      Identification code 912–4993–0–4–351
                      2018 actual
                      2019 est.
                      2020 est.

                      Cumulative balance of guaranteed loans outstanding:

                      2210
                      Outstanding, start of year
                      18,644
                      19,541
                      19,541

                      2231
                      Disbursements of new guaranteed loans
                      4,966

                      2251
                      Repayments and prepayments
                      –4,069

                      2290
                      Outstanding, end of year
                      19,541
                      19,541
                      19,541

                      Memorandum:

                      2299
                      Guaranteed amount of guaranteed loans outstanding, end of year
                      2,471

                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 telecommunications 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, 2018, 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. 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
                      2017 actual
                      2018 actual

                      ASSETS:

                      Non-Federal assets:

                      1201
                      Investment in securities
                      2,235
                      2,269

                      1206
                      Receivables, net
                      134
                      87

                      Net value of assets related to direct loans receivable:

                      1401
                      Direct loans receivable, gross
                      14,844
                      15,546

                      1402
                      Interest receivable
                      110
                      136

                      1499
                      Net present value of assets related to direct loans
                      14,954
                      15,682

                      1801
                      Other Federal assets: Cash and other monetary assets
                      367
                      436

                      1999
                      Total assets
                      17,690
                      18,474

                      LIABILITIES:

                      Non-Federal liabilities:

                      2201
                      Accounts payable
                      51
                      283

                      2202
                      Interest payable
                      62
                      87

                      2203
                      Debt
                      16,846
                      17,285

                      2204
                      Liabilities for loan guarantees
                      37
                      41

                      2999
                      Total liabilities
                      16,996
                      17,696

                      NET POSITION:

                      3300
                      Invested capital
                      694
                      778

                      4999
                      Total liabilities and net position
                      17,690
                      18,474