FEDERAL AGRICULTURAL MORTGAGE CORP
10-C, 1996-04-10
FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES
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Form 10-C
Securities and Exchange Commission
Washington, DC  20549

Report  by  issuer of securities quoted on The Nasdaq  Stock
Market,  filed  pursuant  to Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 and Rule 13a-17  or  15d-17
thereunder.

Exact  name  of  issuer as specified in charter: Federal Agricultural 
   Mortgage Corporation

Address  of principal executive offices:   919 18th Street, N.W., Suite 200,
   Washington, DC  20006

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

I.   Change in Number of Shares Outstanding
     Indicate  any change (increase or decrease) of five  percent or more
     in the number of shares outstanding:

1.   Title of security:  Class A Voting Common Stock
2.   Number  of  shares  outstanding  before  the  change:  670,000
3.   Number  of  shares  outstanding after the  change:  990,000
4.   Effective date of change:  April 10, 1996
5.   Method of change:  Negotiated purchase of stock

Specify   method  (such  as  merger,  acquisition,   exchange,
distribution, stock split, reverse split, acquisition of stock
for treasury, etc.)

Give  brief  description of transaction:  Purchase of  320,000
newley issued shares of Farmer Mac Class A Voting Common Stock

II.  Change in Name of Issuer

1.   Name prior to change:
2.   Name after change:
3.   Effective Date of charter amendment changing name
4.   Date of shareholder approval of change, if required


4/10/96  /s/ Michael T. Bennett
__________________________________________________________________________
Officer's signature and title:      Michael  T.  Bennett, Vice President
                                       General Counsel & Secretary



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