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The Federal Agricultural Mortgage Corporation (Farmer Mac) functions as a secondary market provider for various loans extended to U.S. borrowers. Its activities are organized into four key divisions: Farm & Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit. The Farm & Ranch division acquires and holds qualified mortgage loans secured by first liens on agricultural real estate. It also securitizes eligible mortgages, guaranteeing timely principal and interest payments on the resulting securities, and issues long-term standby purchase commitments (LTSPCs) for specific qualified mortgage loans. The USDA Guarantees segment purchases portions of certain agricultural and rural development loans that are guaranteed by the United States Department of Agriculture. The Rural Utilities division engages in buying and guaranteeing securities backed by electric or telecommunications facility loans made by cooperative lenders. It also directly purchases eligible rural utility loans, guarantees related securities, and offers LTSPCs for pools of such loans. Lastly, the Institutional Credit segment guarantees and acquires general obligations from lenders and other financial institutions, provided these obligations are secured by loan pools that qualify under Farmer Mac's Farm & Ranch, USDA Guarantees, or Rural Utilities business lines. Founded in 1987, the Federal Agricultural Mortgage Corporation is headquartered in Washington, D.C.