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



   
      
      
         GOVERNMENT-SPONSORED ENTERPRISES
      
      
   
   
      GOVERNMENT-SPONSORED ENTERPRISES
      
      
         This chapter contains descriptions of the data on the Government-sponsored enterprises listed below. These enterprises were
            established and chartered by the Federal Government for public policy purposes. They are not included in the Federal Budget
            because they are private companies, and their securities are not backed by the full faith and credit of the Federal Government.
            However, because of their public purpose, statements of financial condition are presented, to the extent such information
            is available, on a basis that is as consistent as practicable with the basis for the budget data of Government agencies.
         
         âThe Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation provide assistance to the secondary
            market for residential mortgages.
         
         âThe Federal Home Loan Banks assist thrift institutions, banks, insurance companies, and credit unions in providing financing
            for housing and community development.
         
         âInstitutions of the Farm Credit System, which include the Agricultural Credit Bank and Farm Credit Banks, provide financing
            to agriculture. They are regulated by the Farm Credit Administration.
         
         âThe Federal Agricultural Mortgage Corporation, also a Farm Credit System institution under the regulation of the Farm Credit
            Administration, provides a secondary market for agricultural real estate, rural housing loans, and certain rural utility loans,
            as well as for farm and business loans guaranteed by the U.S. Department of Agriculture.
         
      
      Federal National Mortgage Association
      Federal Funds
         Portfolio ProgramsStatus of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 915â4986â0â4â371
                  2019 actual
                  2020 est.
                  2021 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  199,114
                  176,989
                  176,989
               
               
                  1251
                  Repayments: Net repayments and prepayments
                  â22,125
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  176,989
                  176,989
                  176,989
               
               
                  
                     
                  
               
            
         
      
      
         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 2010â2012, less any surplus
            remaining as of December 31, 2012. Based on the financial results reported by Fannie Mae as of December 31, 2012, and under
            the terms of the PSPA, the cumulative funding commitment cap for Fannie Mae was set at $233.7 billion. As of December 31,
            2019, Fannie Mae had received $119.8 billion under the PSPA, and had made a total of $181.4 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 915â4986â0â4â371
                  2018 actual
                  2019 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Federal assets:
               
               
                  
                  Investments in U.S. securities:
               
               
                  1102
                  Treasury securities, par
                  37,328
                  36,016
               
               
                  1201
                  Non-Federal assets: Investments in non-Federal securities, net
                  26,692
                  23,260
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities
                  131,599
                  118,076
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                  3,111,551
                  3,206,856
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1604
                  Direct loans and interest receivable, net
                  3,243,150
                  3,324,932
               
               
                  1606
                  Acquired Property, net
                  2,722
                  2,452
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  3,245,872
                  3,327,384
               
               
                  
                  Other Federal assets:
               
               
                  1801
                  Cash and other monetary assets
                  76,845
                  95,782
               
               
                  1901
                  Other assets
                  14,368
                  11,994
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  3,401,105
                  3,494,436
               
               
                  
                  LIABILITIES:
               
               
                  
                  Non-Federal liabilities:
               
               
                  2202
                  Interest payable
                  10,105
                  10,400
               
               
                  2203
                  Debt
                  246,682
                  213,522
               
               
                  2203
                  Debt - Consolidated Trusts
                  3,127,688
                  3,248,336
               
               
                  2207
                  Other
                  9,655
                  11,836
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  3,394,130
                  3,484,094
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Senior Preferred Stock
                  120,836
                  120,836
               
               
                  3300
                  Private Equity
                  â113,861
                  â110,494
               
               
                  3300
                  Noncontrolling Interest
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  3999
                  Total net position
                  6,975
                  10,342
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  3,401,105
                  3,494,436
               
               
                  
                     
                  
               
            
         
      
         Mortgage-backed SecuritiesStatus of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 915â4987â0â4â371
                  2019 actual
                  2020 est.
                  2021 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  3,097,227
                  3,218,309
                  3,218,309
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  578,435
                  
                  
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â457,353
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  3,218,309
                  3,218,309
                  3,218,309
               
               
                  
                     
                  
               
            
         
      
      
         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 913â4988â0â4â371
                  2019 actual
                  2020 est.
                  2021 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  227,804
                  221,601
                  221,601
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â6,203
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  221,601
                  221,601
                  221,601
               
               
                  
                     
                  
               
            
         
      
      
         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 2010â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,
            2019, Freddie Mac had received $71.6 billion under the PSPA, and had made a total of $119.7 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 913â4988â0â4â371
                  2018 actual
                  2019 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Federal assets:
               
               
                  
                  Investments in U.S. securities:
               
               
                  1102
                  Treasury securities, par
                  25,479
                  24,282
               
               
                  1201
                  Non-Federal assets: Investments in non-Federal securities, net
                  48,540
                  51,187
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities
                  138,103
                  140,557
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                  1,814,776
                  1,905,633
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1604
                  Direct loans and interest receivable, net
                  1,952,879
                  2,046,190
               
               
                  1606
                  Acquired property, net
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  1,952,879
                  2,046,190
               
               
                  
                  Other Federal assets:
               
               
                  1801
                  Cash and other monetary assets
                  28,683
                  42,803
               
               
                  1901
                  Other assets
                  7,876
                  5,784
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  2,063,457
                  2,170,246
               
               
                  
                  LIABILITIES:
               
               
                  
                  Non-Federal liabilities:
               
               
                  2202
                  Interest payable
                  6,418
                  6,688
               
               
                  2203
                  Debt
                  276,945
                  279,951
               
               
                  2203
                  Debt - Consolidated Trusts
                  1,765,045
                  1,869,308
               
               
                  2207
                  Other
                  9,490
                  7,625
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  2,057,898
                  2,163,572
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Senior Preferred Stock
                  72,648
                  72,648
               
               
                  3300
                  Private Equity
                  â67,089
                  â65,974
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  3999
                  Total net position
                  5,559
                  6,674
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  2,063,457
                  2,170,246
               
               
                  
                     
                  
               
            
         
      
         Mortgage-backed SecuritiesStatus of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 914â4989â0â4â371
                  2019 actual
                  2020 est.
                  2021 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  2,045,101
                  2,190,219
                  2,190,219
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  455,286
                  
                  
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â310,168
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  2,190,219
                  2,190,219
                  2,190,219
               
               
                  
                     
                  
               
            
         
      
      
         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 913â4990â0â4â371
                  2019 actual
                  2020 est.
                  2021 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  766,096
                  728,188
                  728,188
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  9,351,696
                  9,351,696
                  9,351,696
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â9,395,946
                  â9,351,696
                  â9,351,696
               
               
                  1264
                  Other adjustments, net (+ or -)
                  6,342
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  728,188
                  728,188
                  728,188
               
               
                  
                     
                  
               
            
         
      
      
         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 6,800 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.  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 913â4990â0â4â371
                  2018 actual
                  2019 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Federal assets:
               
               
                  
                  Investments in U.S. securities:
               
               
                  1102
                  Treasury securities, par
                  8,623
                  54,001
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Investments in non-Federal securities, net
                  309,768
                  297,831
               
               
                  1206
                  Accounts receivable
                  2,009
                  2,034
               
               
                  1401
                  Net value of assets related to direct loans receivable: Direct loans receivable, gross
                  766,197
                  728,261
               
               
                  
                  Other Federal assets:
               
               
                  1801
                  Cash and other monetary assets
                  772
                  769
               
               
                  1803
                  Property, plant and equipment, net
                  308
                  
               
               
                  1901
                  Other assets
                  1,700
                  3,111
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  1,089,377
                  1,086,007
               
               
                  
                  LIABILITIES:
               
               
                  2101
                  Federal liabilities: REFCORP and Affordable Housing Program
                  1,093
                  1,080
               
               
                  
                  Non-Federal liabilities:
               
               
                  2202
                  Interest payable
                  1,737
                  1,909
               
               
                  2203
                  Debt
                  1,016,403
                  1,010,890
               
               
                  2207
                  Deposit funds and other borrowing
                  8,249
                  10,787
               
               
                  2207
                  Other
                  4,313
                  5,712
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  1,031,795
                  1,030,378
               
               
                  
                  NET POSITION:
               
               
                  3100
                  Invested capital
                  57,582
                  55,629
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  1,089,377
                  1,086,007
               
               
                  
                     
                  
               
            
         
      
      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 or Corporation), an independent
            Federal Government-controlled corporation that collects insurance premiums from member banks to fund insurance reserves. All
            of the FCSIC's operating expenses are also paid from the insurance premiums it receives from the System banks; as a result,
            the FCSIC does not require budgetary resources from the Federal Government.
         
      
      Federal Funds
         Agricultural Credit BankStatus of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 912â4991â0â4â351
                  2019 actual
                  2020 est.
                  2021 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  98,335
                  101,899
                  106,074
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  421,179
                  434,964
                  449,201
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â417,605
                  â430,747
                  â445,673
               
               
                  1263
                  Write-offs for default: Direct loans
                  â10
                  â42
                  â56
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  101,899
                  106,074
                  109,546
               
               
                  
                     
                  
               
            
         
      
      
         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 21 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)
         
            
               
                  
                     
                        
                     
                  
                  
                      
                     2018 act.
                     2019 act.
                     2020 est.
                     2021 est.
                  
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     Beginning balance of net worth
                     8,897,129
                     9,058,428
                     10,447,308
                     11,065,960
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Capital stock and participations issued
                     75,513
                     78,467
                     124,024
                     110,276
                  
                  
                     Capital stock and participations retired
                     31,164
                     44,027
                     35,549
                     33,956
                  
                  
                     Net income
                     1,328,251
                     1,054,550
                     1,038,528
                     1,043,706
                  
                  
                     Cash/Dividends/Patronage Distributions
                     â655,756
                     â566,874
                     â550,148
                     â563,843
                  
                  
                     Other, net
                     â555,545
                     866,764
                     41,797
                     17,092
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of net worth
                     9,058,428
                     10,447,308
                     11,065,960
                     11,639,235
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
         Financing Activities (in thousands of dollars)
         
            
               
                  
                     
                        
                     
                  
                  
                      
                     2018 act.
                     2019 act.
                     2020 est.
                     2021 est.
                  
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     Beginning balance of outstanding system obligations
                     112,319,658
                     115,909,963
                     122,493,375
                     123,101,653
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Consolidated systemwide and other bank bonds issued
                     44,632,727
                     55,744,873
                     57,569,412
                     59,453,670
                  
                  
                     Consolidated systemwide and other bank bonds retired
                     35,721,693
                     48,978,751
                     56,949,226
                     55,397,663
                  
                  
                     Consolidated systemwide notes, net
                     â5,295,962
                     â167,077
                     0
                     0
                  
                  
                     Other (Net)
                     â24,767
                     â15,633
                     â11,908
                     â8,691
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of outstanding system obligations
                     115,909,963
                     122,493,375
                     123,101,653
                     127,148,969
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
      
      Balance Sheet (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 912â4991â0â4â351
                  2018 actual
                  2019 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Cash and investment securities
                  28,969
                  33,318
               
               
                  1206
                  Accrued interest receivable on loans
                  432
                  452
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Direct loans, gross
                  98,335
                  101,898
               
               
                  1603
                  Allowance for estimated uncollectible loans and interest (-)
                  â586
                  â621
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  97,749
                  101,277
               
               
                  1803
                  Other Federal assets: Property, plant and equipment, net
                  854
                  1,323
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  128,004
                  136,370
               
               
                  
                  LIABILITIES:
               
               
                  2104
                  Federal liabilities: Resources payable to Treasury
                  1,357
                  1,789
               
               
                  
                  Non-Federal liabilities:
               
               
                  2201
                  Consolidated systemwide and other bank bonds
                  115,910
                  122,493
               
               
                  2201
                  Notes payable and other interest-bearing liabilities
                  1,262
                  1,194
               
               
                  2202
                  Accrued interest payable
                  416
                  447
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  118,945
                  125,923
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Cumulative results of operations
                  9,059
                  10,447
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  128,004
                  136,370
               
               
                  
                     
                  
               
            
         
      
         Farm Credit BanksStatus of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 912â4992â0â4â371
                  2019 actual
                  2020 est.
                  2021 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  133,532
                  139,911
                  145,812
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  205,397
                  215,345
                  226,059
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â199,012
                  â209,413
                  â218,970
               
               
                  1263
                  Write-offs for default: Direct loans
                  â6
                  â31
                  â36
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  139,911
                  145,812
                  152,865
               
               
                  
                     
                  
               
            
         
      
      
         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, 2019: 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, 2019, 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)
         
            
               
                  
                     
                        
                     
                  
                  
                      
                  
                  
                     
                        
                     
                  
                  
                     
                        
                     
                  
                  
                      
                     2018 act.
                     2019 act.
                     2020 est.
                     2021 est.
                  
                  
                     
                        
                     
                  
                  
                     
                        
                     
                  
                  
                      
                  
                  
                     
                        
                     
                  
                  
                     Beginning balance of net worth
                     9,930,452
                     10,072,862
                     10,559,072
                     11,301,575
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Capital stock and participations issued
                     195,623
                     257,973
                     478,473
                     501,439
                  
                  
                     Capital stock and participations retired
                     27,943
                     13,396
                     17,529
                     19,019
                  
                  
                     Surplus Retired
                     42
                     105
                     0
                     0
                  
                  
                     Net income
                     1,070,908
                     1,063,565
                     1,024,938
                     1,015,620
                  
                  
                     Cash/Dividends/Patronage Distributions
                     â973,857
                     â956,091
                     â1,006,646
                     â972,682
                  
                  
                     Other, net
                     â122,279
                     134,264
                     263,264
                     151,785
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of net worth
                     10,072,862
                     10,559,072
                     11,301,575
                     11,978,718
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
         Financing Activities (in thousands of dollars)
         
            
               
                  
                     
                        
                     
                  
                  
                      
                  
                  
                     
                        
                     
                  
                  
                     
                        
                     
                  
                  
                      
                     2018 act.
                     2019 act.
                     2020 est.
                     2021 est.
                  
                  
                     
                        
                     
                  
                  
                     
                        
                     
                  
                  
                      
                  
                  
                     
                        
                     
                  
                  
                     Beginning balance of outstanding system obligations
                     145,600,456
                     152,736,019
                     160,146,949
                     166,089,986
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Consolidated systemwide and other bank bonds issued
                     217,751,504
                     251,290,862
                     235,629,588
                     239,399,930
                  
                  
                     Consolidated systemwide and other bank bonds retired
                     209,655,204
                     243,996,390
                     229,662,565
                     232,658,290
                  
                  
                     Consolidated systemwide notes, net
                     â967,779
                     0
                     0
                     0
                  
                  
                     Other (Net)
                     7,042
                     116,458
                     â23,986
                     â24,945
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of outstanding system obligations
                     152,736,019
                     160,146,949
                     166,089,986
                     172,806,681
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
      
      Balance Sheet (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 912â4992â0â4â371
                  2018 actual
                  2019 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Cash and investment securities
                  29,926
                  31,658
               
               
                  1206
                  Accrued Interest Receivable
                  788
                  937
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Direct loans, gross
                  133,532
                  139,910
               
               
                  1603
                  Allowance for estimated uncollectible loans and interest (-)
                  â55
                  â60
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  133,477
                  139,850
               
               
                  1803
                  Other Federal assets: Property, plant and equipment, net
                  671
                  758
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  164,862
                  173,203
               
               
                  
                  LIABILITIES:
               
               
                  2104
                  Federal liabilities: Resources payable to Treasury
                  394
                  504
               
               
                  
                  Non-Federal liabilities:
               
               
                  2201
                  Consolidated systemwide and other bank bonds
                  152,736
                  160,147
               
               
                  2201
                  Notes payable and other interest-bearing liabilities
                  1,056
                  1,370
               
               
                  2202
                  Accrued interest payable
                  603
                  623
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  154,789
                  162,644
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Cumulative results of operations
                  10,073
                  10,559
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  164,862
                  173,203
               
               
                  
                     
                  
               
            
         
      
         Federal Agricultural Mortgage CorporationStatus of Guaranteed Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 912â4993â0â4â351
                  2019 actual
                  2020 est.
                  2021 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of guaranteed loans outstanding:
               
               
                  2210
                  Outstanding, start of year
                  19,541
                  20,933
                  20,933
               
               
                  2231
                  Disbursements of new guaranteed loans
                  5,025
                  
                  
               
               
                  2251
                  Repayments and prepayments
                  â3,633
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  2290
                  Outstanding, end of year
                  20,933
                  20,933
                  20,933
               
               
                  
                     
                  
               
               
                  
                  Memorandum:
               
               
                  2299
                  Guaranteed amount of guaranteed loans outstanding, end of year
                  2,568
                  
                  
               
               
                  
                     
                  
               
            
         
      
      
            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 of qualified loans, 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.
         
         
            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 912â4993â0â4â351
                  2018 actual
                  2019 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Investment in securities
                  2,269
                  3,157
               
               
                  1206
                  Receivables, net
                  87
                  78
               
               
                  
                  Net value of assets related to direct loans receivable:
               
               
                  1401
                  Direct loans receivable, gross
                  15,546
                  17,333
               
               
                  1402
                  Interest receivable
                  136
                  159
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1499
                  Net present value of assets related to direct loans
                  15,682
                  17,492
               
               
                  1801
                  Other Federal assets: Cash and other monetary assets
                  436
                  588
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  18,474
                  21,315
               
               
                  
                  LIABILITIES:
               
               
                  
                  Non-Federal liabilities:
               
               
                  2201
                  Accounts payable
                  283
                  63
               
               
                  2202
                  Interest payable
                  87
                  104
               
               
                  2203
                  Debt
                  17,285
                  20,359
               
               
                  2204
                  Liabilities for loan guarantees
                  41
                  39
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  17,696
                  20,565
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Invested capital
                  778
                  750
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  18,474
                  21,315