[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
                  2021 actual
                  2022 est.
                  2023 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  172,108
                  110,910
                  110,910
               
               
                  1251
                  Repayments: Net repayments and prepayments
                  â61,198
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  110,910
                  110,910
                  110,910
               
               
                  
                     
                  
               
            
         
      
      
         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,
            2021, 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 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
                  2020 actual
                  2021 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Federal assets:
               
               
                  
                  Investments in U.S. securities:
               
               
                  1102
                  Treasury securities, par
                  135,972
                  92,192
               
               
                  1201
                  Non-Federal assets: Investments in non-Federal securities, net
                  12,774
                  27,630
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities
                  115,986
                  77,974
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                  3,439,678
                  3,831,578
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1604
                  Direct loans and interest receivable, net
                  3,555,664
                  3,909,552
               
               
                  1606
                  Acquired Property, net
                  1,462
                  1,261
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  3,557,126
                  3,910,813
               
               
                  
                  Other Federal assets:
               
               
                  1801
                  Cash and other monetary assets
                  135,695
                  155,522
               
               
                  1901
                  Other assets
                  23,036
                  23,052
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  3,864,603
                  4,209,209
               
               
                  
                  LIABILITIES:
               
               
                  
                  Non-Federal liabilities:
               
               
                  2202
                  Interest payable
                  9,982
                  9,299
               
               
                  2203
                  Debt
                  289,423
                  234,843
               
               
                  2203
                  Debt - Consolidated Trusts
                  3,530,381
                  3,907,626
               
               
                  2207
                  Other
                  14,124
                  15,268
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  3,843,910
                  4,167,036
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Senior Preferred Stock
                  120,836
                  120,836
               
               
                  3300
                  Private Equity
                  â100,143
                  â78,663
               
               
                  3300
                  Noncontrolling Interest
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  3999
                  Total net position
                  20,693
                  42,173
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  3,864,603
                  4,209,209
               
               
                  
                     
                  
               
            
         
      
         Mortgage-backed SecuritiesStatus of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 915â4987â0â4â371
                  2021 actual
                  2022 est.
                  2023 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  3,481,562
                  3,831,364
                  3,831,364
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  1,595,052
                  
                  
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â1,245,250
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  3,831,364
                  3,831,364
                  3,831,364
               
               
                  
                     
                  
               
            
         
      
      
         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
                  2021 actual
                  2022 est.
                  2023 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  198,176
                  113,773
                  113,773
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â84,403
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  113,773
                  113,773
                  113,773
               
               
                  
                     
                  
               
            
         
      
      
         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,
            2021, 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 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
                  2020 actual
                  2021 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Federal assets:
               
               
                  
                  Investments in U.S. securities:
               
               
                  1102
                  Treasury securities, par
                  28,497
                  30,513
               
               
                  1201
                  Non-Federal assets: Investments in non-Federal securities, net
                  99,252
                  89,512
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities
                  147,937
                  83,380
               
               
                  1601
                  Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                  2,115,509
                  2,671,954
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1604
                  Direct loans and interest receivable, net
                  2,263,446
                  2,755,334
               
               
                  1606
                  Acquired property, net
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  2,263,446
                  2,755,334
               
               
                  
                  Other Federal assets:
               
               
                  1801
                  Cash and other monetary assets
                  56,990
                  56,526
               
               
                  1901
                  Other assets
                  5,886
                  6,099
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  2,454,071
                  2,937,984
               
               
                  
                  LIABILITIES:
               
               
                  
                  Non-Federal liabilities:
               
               
                  2202
                  Interest payable
                  6,020
                  6,049
               
               
                  2203
                  Debt
                  284,896
                  193,896
               
               
                  2203
                  Debt - Consolidated Trusts
                  2,138,420
                  2,701,530
               
               
                  2207
                  Other
                  10,844
                  11,198
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  2,440,180
                  2,912,673
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Senior Preferred Stock
                  72,648
                  72,648
               
               
                  3300
                  Private Equity
                  â58,757
                  â47,337
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  3999
                  Total net position
                  13,891
                  25,311
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  2,454,071
                  2,937,984
               
               
                  
                     
                  
               
            
         
      
         Mortgage-backed SecuritiesStatus of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 914â4989â0â4â371
                  2021 actual
                  2022 est.
                  2023 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  2,459,232
                  3,025,320
                  3,025,320
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  1,445,268
                  
                  
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â879,180
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  3,025,320
                  3,025,320
                  3,025,320
               
               
                  
                     
                  
               
            
         
      
      
         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
                  2021 actual
                  2022 est.
                  2023 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  547,118
                  406,234
                  406,234
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  3,037,651
                  
                  
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â3,172,665
                  
                  
               
               
                  1264
                  Other adjustments, net (+ or -)
                  â5,870
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  406,234
                  406,234
                  406,234
               
               
                  
                     
                  
               
            
         
      
      
         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 6,600 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 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
                  2020 actual
                  2021 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Federal assets:
               
               
                  
                  Investments in U.S. securities:
               
               
                  1102
                  Treasury securities, par
                  62,060
                  40,574
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Investments in non-Federal securities, net
                  270,730
                  254,233
               
               
                  1206
                  Accounts receivable
                  1,271
                  921
               
               
                  1401
                  Net value of assets related to direct loans receivable: Direct loans receivable, gross
                  547,070
                  406,211
               
               
                  
                  Other Federal assets:
               
               
                  1801
                  Cash and other monetary assets
                  9,988
                  6,805
               
               
                  1803
                  Property, plant and equipment, net
                  
                  
               
               
                  1901
                  Other assets
                  3,345
                  3,470
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  894,464
                  712,214
               
               
                  
                  LIABILITIES:
               
               
                  2101
                  Federal liabilities: REFCORP and Affordable Housing Program
                  1,064
                  933
               
               
                  
                  Non-Federal liabilities:
               
               
                  2202
                  Interest payable
                  928
                  776
               
               
                  2203
                  Debt
                  821,933
                  641,954
               
               
                  2207
                  Deposit funds and other borrowing
                  14,952
                  4,190
               
               
                  2207
                  Other
                  4,116
                  15,563
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  842,993
                  663,416
               
               
                  
                  NET POSITION:
               
               
                  3100
                  Invested capital
                  51,471
                  48,798
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  894,464
                  712,214
               
               
                  
                     
                  
               
            
         
      
      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. The Federal Agricultural Mortgage Corporation (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.
         
          System entities are regulated and examined by the Farm Credit Administration (FCA), an independent Federal agency. The administrative
            costs of FCA are financed by assessments on System institutions, including Farmer Mac. 
         
         System banks finance loans primarily from sales of bonds to the public and their own capital funds. The System bonds issued
            by the banks are not guaranteed by the U.S. Government as to either principal or interest. The bonds are backed by an insurance
            fund, administered by the Farm Credit System Insurance Corporation (FCSIC), an independent Federal Government-controlled corporation
            that collects insurance premiums from member banks to fund insurance reserves. All of 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
                  2021 actual
                  2022 est.
                  2023 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  111,985
                  119,056
                  126,405
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  531,680
                  558,533
                  586,743
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â524,613
                  â551,139
                  â580,315
               
               
                  1263
                  Write-offs for default: Direct loans
                  
                  â45
                  â43
               
               
                  1264
                  Other adjustments, net (+ or -)
                  4
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  119,056
                  126,405
                  132,790
               
               
                  
                     
                  
               
            
         
      
      
         CoBank, Agricultural Credit Bank, which is headquartered near Denver, Colorado, provides funding to eligible cooperatives
            nationwide and agricultural credit associations (ACAs) in its chartered district.  CoBank is the only ACB in the System. An
            ACB operates under statutory authority that combines the authorities of an FCB and a bank for cooperatives (BC).  CoBank is
            the only System bank with the authorities of a BC.  In exercising its FCB authority, CoBank's charter limits its lending to
            20 ACAs located in the northeast, central, and western regions of the country. And, in exercising its BC authority, 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)
         
            
               
                  
                     
                        
                     
                  
                  
                      
                     2020 act.
                     2021 act.
                     2022 est.
                     2023 est.
                  
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     Beginning balance of net worth
                     10,447,308
                     11,679,369
                     11,989,797
                     12,703,629
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Capital stock and participations issued
                     121,516
                     203,577
                     750,000
                     35,000
                  
                  
                     Capital stock and participations retired
                     34,792
                     37,474
                     401,907
                     645,652
                  
                  
                     Net income
                     1,194,308
                     1,395,511
                     1,229,315
                     1,303,053
                  
                  
                     Cash/Dividends/Patronage Distributions
                     â607,179
                     â791,028
                     â735,817
                     â751,140
                  
                  
                     Other, net
                     558,208
                     â460,158
                     â127,759
                     â137,009
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of net worth
                     11,679,369
                     11,989,797
                     12,703,629
                     12,507,881
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
         Financing Activities (in thousands of dollars)
         
            
               
                  
                     
                        
                     
                  
                  
                      
                     2020 act.
                     2021 act.
                     2022 est.
                     2023 est.
                  
                  
                     
                        
                     
                  
                  
                     
                  
                  
                     Beginning balance of outstanding system obligations
                     122,493,375
                     132,426,345
                     138,073,631
                     148,925,971
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Consolidated systemwide and other bank bonds issued
                     78,143,926
                     70,689,889
                     74,260,203
                     78,010,842
                  
                  
                     Consolidated systemwide and other bank bonds retired
                     67,723,738
                     64,124,193
                     63,401,665
                     69,165,072
                  
                  
                     Consolidated systemwide notes, net
                     â471,800
                     â908,676
                     0
                     0
                  
                  
                     Other (Net)
                     â15,418
                     â9,734
                     â6,198
                     â4,437
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of outstanding system obligations
                     132,426,345
                     138,073,631
                     148,925,971
                     157,767,304
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
      
      Balance Sheet (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 912â4991â0â4â351
                  2020 actual
                  2021 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Cash and investment securities
                  34,486
                  34,430
               
               
                  1206
                  Accrued interest receivable on loans
                  412
                  382
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Direct loans, gross
                  111,984
                  119,055
               
               
                  1603
                  Allowance for estimated uncollectible loans and interest (-)
                  â631
                  â631
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  111,353
                  118,424
               
               
                  1803
                  Other Federal assets: Property, plant and equipment, net
                  2,100
                  1,538
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  148,351
                  154,774
               
               
                  
                  LIABILITIES:
               
               
                  2104
                  Federal liabilities: Resources payable to Treasury
                  2,179
                  2,401
               
               
                  
                  Non-Federal liabilities:
               
               
                  2201
                  Consolidated systemwide and other bank bonds
                  132,426
                  138,074
               
               
                  2201
                  Notes payable and other interest-bearing liabilities
                  1,716
                  2,008
               
               
                  2202
                  Accrued interest payable
                  351
                  301
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  136,672
                  142,784
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Cumulative results of operations
                  11,679
                  11,990
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  148,351
                  154,774
               
               
                  
                     
                  
               
            
         
      
         Farm Credit BanksStatus of Direct Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 912â4992â0â4â371
                  2021 actual
                  2022 est.
                  2023 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of direct loans outstanding:
               
               
                  1210
                  Outstanding, start of year
                  153,942
                  168,327
                  180,806
               
               
                  1231
                  Disbursements: Direct loan disbursements
                  270,509
                  278,299
                  288,067
               
               
                  1251
                  Repayments: Repayments and prepayments
                  â256,124
                  â265,802
                  â276,051
               
               
                  1263
                  Write-offs for default: Direct loans
                  
                  â18
                  â10
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  1290
                  Outstanding, end of year
                  168,327
                  180,806
                  192,812
               
               
                  
                     
                  
               
            
         
      
      
         The Agricultural Credit Act of 1987 (1987 Act) required the federal land banks (FLBs) and federal intermediate credit banks
            (FICBs) to merge into an 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, 2021: 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, 2021, 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
            (1971 Act).
         
         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)
         
            
               
                  
                     
                        
                     
                  
                  
                      
                  
                  
                     
                        
                     
                  
                  
                     
                        
                     
                  
                  
                      
                     2020 act.
                     2021 act.
                     2022 est.
                     2023 est.
                  
                  
                     
                        
                     
                  
                  
                     
                        
                     
                  
                  
                      
                  
                  
                     
                        
                     
                  
                  
                     Beginning balance of net worth
                     10,559,072
                     11,405,805
                     11,843,457
                     12,286,453
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Capital stock and participations issued
                     947,216
                     405,252
                     326,697
                     713,255
                  
                  
                     Capital stock and participations retired
                     446,022
                     69,968
                     16,751
                     305,935
                  
                  
                     Surplus Retired
                     118
                     2,254
                     1,460
                     0
                  
                  
                     Net income
                     1,347,161
                     1,449,394
                     1,347,538
                     1,302,829
                  
                  
                     Cash/Dividends/Patronage Distributions
                     â1,138,345
                     â1,315,316
                     â1,181,789
                     â1,103,034
                  
                  
                     Other, net
                     136,841
                     â29,456
                     â31,239
                     â216,894
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of net worth
                     11,405,805
                     11,843,457
                     12,286,453
                     12,676,675
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
         Financing Activities (in thousands of dollars)
         
            
               
                  
                     
                        
                     
                  
                  
                      
                  
                  
                     
                        
                     
                  
                  
                     
                        
                     
                  
                  
                      
                     2020 act.
                     2021 act.
                     2022 est.
                     2023 est.
                  
                  
                     
                        
                     
                  
                  
                     
                        
                     
                  
                  
                      
                  
                  
                     
                        
                     
                  
                  
                     Beginning balance of outstanding system obligations
                     160,146,949
                     176,239,909
                     190,764,160
                     202,962,898
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Consolidated systemwide and other bank bonds issued
                     293,432,765
                     267,995,223
                     236,935,100
                     231,294,955
                  
                  
                     Consolidated systemwide and other bank bonds retired
                     277,598,044
                     253,607,721
                     224,749,651
                     219,647,768
                  
                  
                     Consolidated systemwide notes, net
                     0
                     0
                     0
                     0
                  
                  
                     Other (Net)
                     258,239
                     136,749
                     13,289
                     â54,809
                  
                  
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                     
                        
                     
                  
                  
                     Ending balance of outstanding system obligations
                     176,239,909
                     190,764,160
                     202,962,898
                     214,555,276
                  
                  
                     
                  
                  
                     
                        
                     
                  
               
            
         
      
      Balance Sheet (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 912â4992â0â4â371
                  2020 actual
                  2021 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Cash and investment securities
                  34,631
                  35,853
               
               
                  1206
                  Accrued Interest Receivable
                  686
                  669
               
               
                  
                  Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:
               
               
                  1601
                  Direct loans, gross
                  153,946
                  168,327
               
               
                  1603
                  Allowance for estimated uncollectible loans and interest (-)
                  â69
                  â71
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1699
                  Value of assets related to direct loans
                  153,877
                  168,256
               
               
                  1803
                  Other Federal assets: Property, plant and equipment, net
                  1,040
                  965
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  190,234
                  205,743
               
               
                  
                  LIABILITIES:
               
               
                  2104
                  Federal liabilities: Resources payable to Treasury
                  674
                  572
               
               
                  
                  Non-Federal liabilities:
               
               
                  2201
                  Consolidated systemwide and other bank bonds
                  176,240
                  190,764
               
               
                  2201
                  Notes payable and other interest-bearing liabilities
                  1,545
                  2,230
               
               
                  2202
                  Accrued interest payable
                  369
                  334
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  178,828
                  193,900
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Cumulative results of operations
                  11,406
                  11,843
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  190,234
                  205,743
               
               
                  
                     
                  
               
            
         
      
         Federal Agricultural Mortgage CorporationStatus of Guaranteed Loans (in millions of dollars)
      
         
            
               
                  
                     
                  
               
               
                  Identification code 912â4993â0â4â351
                  2021 actual
                  2022 est.
                  2023 est.
               
               
                  
                     
                  
               
               
                  
                  Cumulative balance of guaranteed loans outstanding:
               
               
                  2210
                  Outstanding, start of year
                  21,989
                  23,119
                  23,119
               
               
                  2231
                  Disbursements of new guaranteed loans
                  6,831
                  
                  
               
               
                  2251
                  Repayments and prepayments
                  â5,701
                  
                  
               
               
                  
                  
                  
                     
                  
                  
                     
                  
                  
                     
                  
               
               
                  2290
                  Outstanding, end of year
                  23,119
                  23,119
                  23,119
               
               
                  
                     
                  
               
               
                  
                  Memorandum:
               
               
                  2299
                  Guaranteed amount of guaranteed loans outstanding, end of year
                  2,723
                  
                  
               
               
                  
                     
                  
               
            
         
      
      
            Farmer MacFarmer Mac is authorized under the Farm Credit Act of 1971 (as amended by the 1987 Act) to create a secondary market for agricultural
            real estate and rural home mortgages. The Farmer Mac title of the 1971 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.  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.
            Most recently, the Agricultural Improvement Act of 2018, increased the acreage exception provided in section 8.8(c)(2) of
            the Farm Credit Act of 1971 from 1,000 acres to 2,000 acres.  The change became effective on June 18, 2020.
         
         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 legislation, 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 considered 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 through FCA's 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
                  2020 actual
                  2021 actual
               
               
                  
                     
                  
               
               
                  
                  ASSETS:
               
               
                  
                  Non-Federal assets:
               
               
                  1201
                  Investment in securities
                  3,577
                  3,742
               
               
                  1206
                  Receivables, net
                  106
                  73
               
               
                  
                  Net value of assets related to direct loans receivable:
               
               
                  1401
                  Direct loans receivable, gross
                  19,252
                  19,886
               
               
                  1402
                  Interest receivable
                  153
                  144
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1499
                  Net present value of assets related to direct loans
                  19,405
                  20,030
               
               
                  1801
                  Other Federal assets: Cash and other monetary assets
                  911
                  899
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  1999
                  Total assets
                  23,999
                  24,744
               
               
                  
                  LIABILITIES:
               
               
                  
                  Non-Federal liabilities:
               
               
                  2201
                  Accounts payable
                  55
                  68
               
               
                  2202
                  Interest payable
                  93
                  83
               
               
                  2203
                  Debt
                  22,882
                  23,356
               
               
                  2204
                  Liabilities for loan guarantees
                  39
                  40
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  2999
                  Total liabilities
                  23,069
                  23,547
               
               
                  
                  NET POSITION:
               
               
                  3300
                  Invested capital
                  930
                  1,197
               
               
                  
                  
                  
                     
                  
                  
                     
                  
               
               
                  4999
                  Total liabilities and net position
                  23,999
                  24,744