The Federal Agricultural Mortgage Corporation, commonly known as Farmer Mac, is a stockholder-owned, federally chartered corporation that was created by the U.S. Congress in 1988. Its mission is to build a strong and vital rural America by increasing the availability of and access to credit for the benefit of American agriculture and rural communities. Farmer Mac accomplishes this by purchasing or guaranteeing eligible loans from agricultural lenders, thereby replenishing their funds to make new loans and managing the credit risk. This secondary market helps to lower borrowing costs for farmers, ranchers, and rural businesses and utilities.