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): May 6, 2002

                    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 21st 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 May 6, 2002.

Item 9.  Regulation FD Disclosure.

     On May 6, 2002,  the  Registrant  issued a press  release to  announce  its
issuance  of $35 million of fixed rate  cumulative  preferred  stock.  The 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:      May 7, 2002

                                  EXHIBIT INDEX

Exhibit No.                   Description                           Page No.
-----------                   -----------                           --------
   99                         Press Release Dated May 6, 2002          5

                                                                    Exhibit 99


 FOR IMMEDIATE RELEASE                                           CONTACT
 May 6, 2002                                                     Jerome Oslick

                        Farmer Mac Announces Issuance of
                         $35 Million in Preferred Stock

     Washington,  D.C. -- The Federal Agricultural  Mortgage Corporation (Farmer
Mac,  NYSE:  AGM and AGMA) today  announced  that it has issued $35 million (700
thousand  shares) of fixed rate perpetual  preferred stock that is cumulative as
to dividends--the Corporation's first-ever preferred stock issuance.

     The preferred stock,  designated  Series A, was offered to investors at $50
per share with a fixed dividend rate of 6.40%.  Dividends will be paid quarterly
starting on June 30, 2002,  and Farmer Mac will have the option to redeem all or
part of the shares at $50 per share  plus  accrued  dividends  at any time on or
after  June  30,  2012.  The  offering  is  structured  to be  eligible  for the
"Dividends-Received  Deduction" under current federal tax law. Proceeds from the
issue will be used for  general  corporate  purposes.  Bear,  Stearns & Co. Inc.
acted as the sole underwriter for the issue.

     The issuance, which has been under way for several months, increases Farmer
Mac's  regulatory core capital from $134.0 million as of March 31, 2002, to over
$169.0  million,  and more than $56.0  million in excess of its minimum  capital

     Farmer Mac President and Chief Executive Officer Henry D. Edelman observed,
"While our need for additional regulatory capital is not immediate, we found the
current interest rate  environment  attractive and deemed it an appropriate time
to enhance our capital  position in anticipation of a continuation of our recent
growth trends. The additional equity permits us to expand our capital base while
preserving our return on common equity."

     This press release does not  constitute an offer of sale.  Such an offer of
sale may only be made by means of an offering circular.

     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 is available on Farmer Mac's website at www.farmermac.com.