Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported): January 24, 2003

                   Federal Agricultural Mortgage Corporation
              (Exact name of registrant as specified in its charter)

      Federally chartered
       instrumentality of
       the United States               0-17440              52-1578738
-------------------------------     ------------        ------------------
(State or other jurisdiction of     (Commission          (I.R.S. Employer
 incorporation or organization)     File Number)        Identification No.)

1133 Twenty-First Street, N.W., Suite 600, Washington, D.C.            20036
-----------------------------------------------------------         ------------
        (Address of principal executive offices)                     (Zip Code)

       Registrant's telephone number, including area code: (202) 872-7700

                                    No change
          (Former name or former address, if changed since last report)

Item 7.  Financial Statements and Exhibits.

      (a) Not applicable.

      (b) Not applicable.

      (c) Exhibits:

                  99    Press release dated January 24, 2003.

Item 9.  Regulation FD Disclosure.

     On January 24, 2003, the  Registrant  issued a press release to amplify the
Registrant's  earnings  release  for fourth  quarter  2002,  which was issued on
January 23,  2003.  The  January  24, 2003 press  release is filed as Exhibit 99
hereto and incorporated herein by reference.


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                    FEDERAL AGRICULTURAL MORTGAGE CORPORATION

                                    By:   /s/ Jerome G. Oslick
                                        Name:   Jerome G. Oslick
                                        Title:  Vice President - General Counsel

Dated:      January 24, 2003

                                  EXHIBIT INDEX

Exhibit No.                   Description                           Page No.
-----------                   -----------                           --------

99                           Press Release Dated January 24, 2003       5

                                                                   Exhibit 99

                                 FARMER MAC NEWS

FOR IMMEDIATE RELEASE                                       CONTACT
January 24, 2003                                            Jerome Oslick
  Farmer Mac Amplifies Earnings Release

           Met Analyst Expectations for 2002 Fourth Quarter and Year

     Washington,   D.C.  --  Yesterday,   the  Federal   Agricultural   Mortgage
Corporation  (Farmer Mac, NYSE:  AGM and AGMA)  announced it achieved net income
for fourth  quarter 2002 of $2.8 million,  or $0.23 per diluted  share,  and net
income of $21.3  million,  or $1.77 per diluted share,  for the year.  Excluding
extraordinary  gains and  losses,  net  income  was $4.1  million,  or $0.34 per
diluted share, and $20.4 million,  or $1.69 per diluted share for fourth quarter
2002 and the year,  respectively.  Later in this  release,  Farmer Mac  provides
supplemental  information about the impact of Statement of Financial  Accounting
Standards No. 133, Accounting for Derivative  Instruments and Hedging Activities
("FAS 133"), which reduced net income by $1.8 million in fourth quarter 2002 and
$2.5 million for the year.

     In response to market inquiries today, Farmer Mac is amplifying its January
23, 2003 earnings release with the following statement.

     Net income for fourth  quarter 2002 included the effects of FAS 133,  which
were a net reduction of $0.15 per diluted  share.  On that basis,  and excluding
the effect of  extraordinary  items,  diluted  operating  earnings per share - a
non-GAAP  measure - for the quarter were a record $0.49,  a 14 percent  increase
over  fourth  quarter  2001  diluted  operating  earnings  per  share of  $0.43.
Operating  income  reached a record $5.9 million for the fourth quarter 2002 and
$22.9 million for the year ($1.90 per diluted  share),  compared to $5.2 million
and $17.1 million ($1.45 per diluted share) for the same periods in 2001.

      Forward-Looking Statements

     In   addition   to   historical   information,    this   release   includes
forward-looking  statements that reflect  management's  current expectations for
Farmer  Mac's  future  financial   results,   business  prospects  and  business
developments.  Management's  expectations  for Farmer Mac's  future  necessarily
involve  assumptions,  estimates and the evaluation of risks and  uncertainties.
Various  factors could cause actual events or results to differ  materially from
those expectations.  Some of the important factors that could cause Farmer Mac's
actual  results to differ  materially  from  management's  expectations  include
uncertainties  regarding:  (1) the rate and direction of the  development of the
secondary  market  for  agricultural  mortgage  loans;  (2)  the  effect  on the
agricultural  economy resulting from low commodity prices,  weak demand for U.S.
agricultural products and crop damage from natural disasters;  (3) the effect on
the agricultural  economy of federal assistance for agriculture  provided for in
the Farm Bill  enacted last Spring;  (4) the possible  effect of the  risk-based
capital  requirement which could, under certain  circumstances,  be in excess of
the  statutory  minimum  capital  level;  (5)  the  possible   establishment  of
additional legislative or regulatory restrictions on Farmer Mac; (6) the outcome
of the pending analysis of Farmer Mac by the General  Accounting Office; and (7)
Farmer Mac's continuing access to the debt markets at favorable rates and terms.
Other  factors are  discussed in Farmer Mac's Annual Report on Form 10-K for the
year  ended  December  31,  2001,  as filed  with the  Securities  and  Exchange
Commission  ("SEC") on March 27, 2002, and Farmer Mac's Quarterly Report on Form
10-Q for the quarter ended September 30, 2002, as filed with the SEC on November
14, 2002. The forward-looking statements contained herein represent management's
expectations as of the date of this release. Farmer Mac undertakes no obligation
to  release  publicly  the  results  of any  revisions  to  the  forward-looking
statements included herein to reflect events or circumstances after today, or to
reflect the occurrence of unanticipated  events, except as otherwise mandated by
the SEC.

     Farmer Mac is a  stockholder-owned  instrumentality  of the  United  States
chartered  by Congress to  establish a secondary  market for  agricultural  real
estate and rural housing mortgage loans and to facilitate capital market funding
for USDA guaranteed farm program and rural development loans. Farmer Mac's Class
C and Class A common stocks are listed on the New York Stock  Exchange under the
symbols AGM and AGMA, respectively.  Additional information about Farmer Mac (as
well as the Form 10-K and Form 10-Q  referenced  above) is  available  on Farmer
Mac's website at www.farmermac.com.  The conference call to discuss Farmer Mac's
fourth  quarter 2002  earnings and this press  release will be webcast on Farmer
Mac's website  beginning at 11:00 a.m. eastern time,  Friday,  January 24, 2003,
and an audio  recording of that call will be  available  for two weeks on Farmer
Mac's website after the call is concluded.