FARMER MAC ANNOUNCES FOURTH POOLER CERTIFICATION
FARMER MAC ANNOUNCES FOURTH POOLER CERTIFICATION WASHINGTON, Nov. 4 /PRNewswire/ -- The Federal Agricultural
Mortgage Corporation (Farmer Mac), announced today that the John Hancock Mutual Life Insurance Company (John Hancock) has been certified as a "pooler" (Certified Facility) in the Farmer Mac I program. John Hancock was incorporated in 1862 under the laws of the state of Massachusetts. In addition to its prominence as a major insurance provider, John Hancock is one of the world's largest financial organizations involved in providing agricultural credit and managing mortgage loan assets.
John Hancock has over $50 billion in assets under management, of which nearly $12 billion is invested in mortgages. The Agricultural Investment Department manages the company's approximately $1.8 billion agricultural loan portfolio. The department's AgriFinance Group is actively involved in originating, underwriting and servicing agricultural production and real estate mortgage loans in all of Farmer Mac's 10 geographic regions. The AgriFinance Group, which well be the primary contact with Farmer Mac for the company's pooling activity, is headquartered in Boston, with major field operations and servicing offices located in Texas, Illinois, Georgia, Washington, Iowa, Colorado and California. "The certification of John Hancock as the fourth Farmer Mac pooler, represents another major step forward in the development of the agricultural secondary market," stated Farmer Mac President Henry Edelman. He continued, "We are very pleased to be making this announcement and welcome the opportunity to expand our working relationship with John Hancock as it assumes a new role as one of the Farmer Mac certified poolers." Information provided by John Hancock representatives indicates that considerable effort toward the formation of a Farmer Mac I loan pool has already been expended and that the submission of a pool for evaluation and guarantee by Farmer Mac is anticipated in the near future. "John Hancock's decision to seek pooler certification at this time is further indication of the growing interest in Farmer Mac among insurance industry lenders," noted Edelman. This demonstrates the industry's continued commitment to providing a stable source of credit to agricultural producers at competitive rates made possible through secondary market participation. John Hancock, a respected agricultural lender with many years of experience serving farmers and ranchers, has been actively involved in the Farmer Mac program since its inception. First as a member of the agricultural coalition that supported enactment of the 1987 Agricultural Credit Act and later through the service of William R. Gordon, senior vice president and head of the John Hancock Agricultural Investment Department, as a member of the Farmer Mac board of directors from March 1989 to June 1991. Poolers in the Farmer Mac I program will 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. -0- 11/4/91 /CONTACT: Thomas R. Clark of the Federal Agricultural Mortgage Corporation, 202-872-7700/ CO: Federal Agricultural Mortgage Corporation; John Hancock Mutual Life Insurance Company ST: District of Columbia IN: FIN SU: TW -- DC012 -- 0671 11/04/91 10:59 EST
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|Date:||Nov 4, 1991|
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