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SECURITIES AND EXCHANGE COMMISSION
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)
March 29, 2000
Farmer Mac Mortgage Securities Corporation
(Exact Name of Registrant as Specified in its Charter)
Delaware 333-80805 52-1779791
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
919 18th Street, N.W. 20006
Washington, D.C. -----------
--------------------- (Zip Code)
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code (202) 872-7700
No Change
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
Farmer Mac Mortgage Securities Corporation (the "Depositor") registered up
to $1,000,000,000 aggregate principal amount of guaranteed agricultural
mortgage-backed securities (issuable in series) under Rule 415 of the Securities
Act of 1933, as amended (the "Act"), pursuant to a Registration Statement on
Form S-3, including a prospectus (Registration Statement File No. 333- 80805)
(the "Registration Statement"). Pursuant to the Registration Statement, the
Depositor filed a Prospectus Supplement and a Prospectus, each dated March 29,
2000 (together, the "Prospectus"), relating to $20,611,498 aggregate principal
amount of Guaranteed Agricultural Mortgage-Backed Securities (the "Securities")
issued by the Federal Agricultural Mortgage Corporation. The Securities consist
of two classes: Class QM1010 and Class QS1010.
This Current Report on Form 8-K is being filed to update the description of
the Qualified Loans underlying Class QS1010 that appeared in Annex I to the
Prospectus Supplement. Capitalized terms used but not otherwise defined herein
have the meanings ascribed to them in the Prospectus. The Prospectus was filed
with the Securities and Exchange Commission pursuant to Rule 424(b)(2) on March
29, 2000.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Description of the Final QS1010 Qualified Loan Pool
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SIGNATURES
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.
FARMER MAC MORTGAGE SECURITIES
CORPORATION
By:__________________________
Name: Nancy E. Corsiglia
Title: Vice President
Dated: April 13, 2000
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EXHIBIT INDEX
Exhibit No. Description
99.1 Description of the Final QS1010 Qualified Loan Pool
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EXHIBIT 99.1
Description of the Final QS1010 Qualified Loan Pool
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DESCRIPTION OF POOL QS1010
The Qualified Loans in Pool QS1010 will have had individual principal
balances as of the Cut-off Date of not less than $95,000 and not more than
$2,400,000. None of the Qualified Loans in Pool QS1010 will have been originated
prior to July 12, 1999. None of the Qualified Loans in Pool QS1010 will have a
scheduled maturity prior to July 1, 2024 nor later than July 1, 2025. The
Qualified Loans in Pool QS1010 will have a weighted average Administrative Fee
Rate as of the Cut-off Date of approximately 1.350%.
None of the Qualified Loans in Pool QS1010 require the payment of a Yield
Maintenance Charge in connection with any principal prepayment, in whole or in
part.
Each Qualified Loan included in Pool QS1010 is an adjustable rate mortgage
loan that has an initial interest rate that will remain fixed for ten years from
the date of origination and then will adjust annually to an interest rate
determined by adding the margin indicated in the following schedule to the then
current average yield on U.S. Treasury securities, adjusted to a constant
maturity of one year, or one-year CMT.
All of the Qualified Loans in Pool QS1010 provide for the semi-annual
payment of principal and interest on a level basis to amortize fully each such
Qualified Loan over its stated term.
Zions First National Bank will be the central servicer with respect to all
of the Qualified Loans in Pool QS1010.
The following schedule provides specific information with respect to each
Qualified Loan in, and certain summary data with respect to, Pool QS1010.
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<TABLE>
<CAPTION>
Qualified Loan Schedule
Pool: QS1010
Cut-off Date: 03/01/2000
Loan Information:
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Cut-off Next Balloon- Total
Date Net Interest Loan-to- to- Debt
Next Pmt Next Pmt Principal Mortgage Mortgage Maturity Amort Reset Gross Value Value Coverage
Date Type(1) Balance Rate Rate Date Type (2) Date Margin Ratio Ratio(3) Ratio(4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CA 7/1/00 IO $1,540,000 9.000% 7.610% 7/1/2025 F 7/1/2010 3.500% 70% N/A 1.49
CA 7/1/00 PI $ 721,000 8.690% 7.485% 1/1/2025 F 1/1/2010 3.315% 69% N/A 1.81
CA 7/1/00 PI $ 685,000 8.760% 7.360% 1/1/2025 F 1/1/2010 3.510% 46% N/A 1.73
CA 7/1/00 PI $ 650,000 8.910% 7.485% 1/1/2025 F 1/1/2010 3.535% 65% N/A 1.72
CA 7/1/00 PI $ 445,000 8.790% 7.485% 1/1/2025 F 1/1/2010 3.415% 56% N/A 1.51
CA 7/1/00 PI $ 355,000 8.790% 7.485% 1/1/2025 F 1/1/2010 3.415% 48% N/A 1.71
CA 7/1/00 IO $ 195,000 9.250% 7.860% 7/1/2025 F 7/1/2010 3.500% 55% N/A 1.75
CA 7/1/00 PI $ 193,000 8.750% 7.235% 1/1/2025 F 1/1/2010 3.625% 57% N/A 3.48
CO 7/1/00 PI $2,400,000 8.700% 7.485% 1/1/2025 F 1/1/2010 3.325% 56% N/A 1.38
CO 7/1/00 IO $ 500,000 9.100% 7.735% 7/1/2025 F 7/1/2010 3.475% 37% N/A 1.45
CO 7/1/00 PI $ 350,000 9.000% 7.360% 1/1/2025 F 1/1/2010 3.750% 39% N/A 1.37
FL 7/1/00 IO $ 700,000 8.500% 7.610% 7/1/2025 F 7/1/2010 3.000% 49% N/A 2.27
IA 7/1/00 PI $ 260,000 8.650% 7.235% 1/1/2025 F 1/1/2010 3.525% 62% N/A 1.85
IA 7/1/00 PI $ 258,400 8.400% 7.360% 7/1/2024 F 1/1/2010 3.150% 57% N/A 1.34
IA 7/1/00 IO $ 205,000 9.010% 7.735% 7/1/2025 F 7/1/2010 3.385% 70% N/A 2.09
ID 7/1/00 IO $ 290,000 8.900% 7.735% 7/1/2025 F 7/1/2010 3.250% 56% N/A 1.94
ID 7/1/00 IO $ 290,000 8.790% 7.735% 7/1/2025 F 7/1/2010 3.165% 60% N/A 1.28
ID 7/1/00 PI $ 225,000 8.700% 7.360% 1/1/2025 F 7/1/2010 3.450% 62% N/A 1.42
ID 7/1/00 PI $ 95,000 9.100% 7.485% 1/1/2025 F 1/1/2010 3.725% 32% N/A 2.42
IN 7/1/00 IO $ 374,000 8.890% 7.735% 7/1/2025 F 7/1/2010 3.265% 51% N/A 1.29
IN 7/1/00 IO $ 230,000 8.900% 7.735% 7/1/2025 F 7/1/2010 3.275% 66% N/A 1.38
KS 7/1/00 IO $ 718,000 9.290% 7.735% 7/1/2025 F 7/1/2010 3.665% 70% N/A 1.90
MI 7/1/00 IO $ 450,000 9.250% 7.735% 7/1/2025 F 7/1/2010 3.625% 65% N/A 1.55
MO 7/1/00 PI $ 422,424 8.500% 7.360% 7/1/2024 F 1/1/2010 3.250% 53% N/A 1.89
MO 7/1/00 PI $ 150,000 8.620% 7.360% 1/1/2025 F 1/1/2010 3.370% 53% N/A 1.84
MT 7/1/00 IO $ 322,000 9.640% 7.735% 7/1/2025 F 7/1/2010 4.015% 67% N/A 1.36
MT 7/1/00 IO $ 213,000 9.740% 7.735% 7/1/2025 F 7/1/2010 4.115% 55% N/A 1.30
NM 7/1/00 IO $ 257,800 9.410% 7.860% 7/1/2025 F 7/1/2010 3.660% 70% N/A 1.53
SD 7/1/00 PI $ 425,000 9.240% 7.235% 1/1/2025 F 1/1/2010 4.115% 40% N/A 2.12
SD 7/1/00 PI $ 318,761 8.850% 7.360% 7/1/2024 F 1/1/2010 3.600% 55% N/A 1.42
UT 7/1/00 PI $ 725,000 8.290% 7.235% 1/1/2025 F 1/1/2010 3.165% 41% N/A 1.37
WA 7/1/00 IO $ 906,475 9.350% 7.610% 7/1/2025 F 7/1/2010 3.850% 43% N/A 1.36
WA 7/1/00 IO $ 350,000 8.810% 7.860% 7/1/2025 F 7/1/2010 3.060% 34% N/A 1.63
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Totals Count: 33 $16,219,860
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Summary Information:
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Cut-off Next Total
Date Net Administrative Interest Loan-to- Debt
Principal Mortgage Mortgage Fee Maturity Reset Gross Value Coverage
Balance Rate Rate Rate Date(5) Date Margin Ratio Ratio(4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Weighted Average $ 491,511 8.890% 7.539% 1.350% 7/1/2025 4/1/2010 3.460% 56% 1.62
Minimum $ 95,000 8.290% 7.235% 0.890% 7/1/2024 1/1/2010 3.000% 32% 1.28
Maximum $2,400,000 9.740% 7.860% 2.005% 7/1/2025 7/1/2010 4.115% 70% 3.48
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(1) PI= Principal and Interest for a full period. IO = The next payment will be interest only.
(2) Amortization Type - B = Balloon Loan, F = Fully Amortizing.
(3) The Balloon-to-Value Ratio is the percentage of the Balloon Payment of each Qualified Balloon Loan in the Pool to the
appraised value of the related Mortgaged Property.
(4) Total Debt Coverage Ratio is the ratio determined by dividing the borrower's total annual net income (net of living expenses
and taxes) from all sources by the borrower's total annual debt service obligations (including capital lease payments).
(5) The Weighted Average Maturity Date is rounded to the closest payment date.
</TABLE>
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<TABLE>
<CAPTION>
The following table provides information with respect to the commodities produced on
Mortgaged Properties securing Qualified Loans in Pool QS1010.
Pool - QS1010
Distribution by Commodity Group (1)
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Aggregate Principal Percentage of Aggregate
Number of Balance As of Cut-off Principal Balance As of
Commodity Group Loans Date Cut-off Date
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<S> <C> <C> <C>
Cotton/Tobacco 3 $ 593,000 3.7%
Dairy 4 $ 752,257 4.6%
Feed Grains 16 $ 2,960,378 18.2%
Food Grains 10 $ 2,512,311 15.5%
Greenhouse/ Nursery 1 $ 450,000 2.8%
Oilseeds 9 $ 2,485,874 15.3%
Permanent Plantings 5 $ 3,646,000 22.5%
Potatoes, Tomatoes, and Other Vegetables 8 $ 845,240 5.2%
Sheep, Lambs and Other Livestock 1 $ 500,000 3.1%
Sugarbeets, Cane and Other Crops 6 $ 1,474,800 9.1%
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Grand Total $ 16,219,860 100.0%
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(1) The number of loans in each commodity group will not equal the total number of loans
because a Mortgaged Property may be used to produce multiple commodities and thus the
related Qualified Loan may be allocated to more than one commodity group. As to any
Qualified Loan allocated to more than one commodity group, the principal balance thereof is
allocated among commodity groups based on the proportion of the Mortgaged Property used
for the production of each commodity.
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