FARMER MAC ANNOUNCES FIFTH POOLER CERTIFICATION
FARMER MAC ANNOUNCES FIFTH POOLER CERTIFICATION WASHINGTON, Nov. 18 /PRNewswire/ -- The Federal Agricultural
Mortgage Corporation (Farmer Mac) announced today that Equitable Agri-Business, Inc., has been certified as a "pooler" in the Farmer Mac I agricultural loan securitization program. Equitable Agri- Business is headquartered in Atlanta and is a wholly-owned subsidiary of The Equitable Life Assurance Society of the United States and Equitable Real Estate Investment Management.
The Equitable has been a leading agricultural lender since 1912 and, as of Dec. 31, 1990, its $2.1 billion agricultural mortgage portfolio was the largest of any U.S. insurance company. Equitable Agri-Business was formed as a separate subsidiary in 1984 to manage Equitable's agricultural mortgage and equity investments and those of other insurance companies, banks and pension funds. Equitable Agri-Business operates in all 10 of Farmer Mac's geographic regions through its nationwide network of regional and local investment professionals. Regional offices are located in Walnut Creek, Calif.; St. Louis; Memphis, Tenn.; and Des Moines, Iowa. "The certification of Equitable Agri-Business as our fifth pooler is another major milestone for Farmer Mac," stated Farmer Mac President Henry D. Edelman. "This development is further evidence of the rapidly growing interest in Farmer Mac among agricultural lenders. Interest rates are at low levels unprecedented in decades, and the farmers and ranchers of this country deserve access to efficient financing based on these low rates. We are pleased with the recent surge in lender involvement in Farmer Mac, which we hope will translate quickly into attractive financing opportunities for agricultural borrowers." Equitable Agri-Business officials have stated that they intend to become active in the Farmer Mac secondary market. Extensive efforts are underway toward the formation of an Equitable Agri-Business loan pool to be securitized in the Farmer Mac program. "We are pleased to welcome Equitable Agri-Business to the growing family of Farmer Mac poolers and look forward to working closely with all of them as the secondary market for agricultural loans accelerates forward," Edelman concluded. Poolers in the Farmer Mac I program perform the central function of purchasing qualified agricultural real estate or rural housing loans from originators or originating loans themselves; assembling the loans into pools; and issuing securities backed by the pools of loans. Farmer Mac will guarantee timely payment of principal and interest on the "senior" securities backed by the pools. Equitable Agri-Business joins the Goldman Sachs Mortgage Co., John Hancock Mutual Life Insurance Company, Manufacturers Hanover Securities Corp. and Prudential Agricultural Credit, Inc., as the first poolers in the Farmer Mac I program. -0- 11/18/91 R /CONTACT: Thomas R. Clark of the Federal Agricultural Mortgage Corporation, 202-872-7700/ CO: Federal Agricultural Mortgage Corporation ST: District of Columbia IN: FIN SU: MH-DC -- DC013 -- 4621 11/18/91 16:34 EST
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|Date:||Nov 18, 1991|
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