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ABA, Farmer Mac renew alliance
The American Bankers Association and the Federal Agricultural Mortgage Corporation (Farmer Mac) announced the renewal of the ABA-Farmer Mac Alliance. Under the exclusive agreement, ABA member banks enjoy pricing discounts for selected Farmer Mac products and AgPower customized loan packaging services. ABA members also benefit from a streamlined process through which they access Farmer Mac. The alliance was established in November of 2005. "Agricultural real estate lending is one of the fastest growing business areas for ABA member banks," said Ed Yingling, ABA President and CEO. "The renewal of our unique members-only alliance with Farmer Mac is a way that we can help our members meet their business challenges. The special pricing, customer assistance, and other benefits of the alliance will give ABA member banks a competitive edge they can use to meet the real estate financing needs of farmers and ranchers." "Farmer Mac is very pleased with the success of the alliance over the past two years and the positive response we've received from both the ABA staff and their member banks," said Henry Edelman, Farmer Mac President and CEO. ABA members that participate in the alliance have the freedom to choose not only from the special discounted products but also the usual Farmer Mac products, including: Competitively-priced long-term fixed-rate mortgages, up to 20 years; adjustable-rate mortgages (ARMs), including those with reset periods of one, three and five years; and long-term fixed-rate mortgages featuring both open and partial open prepayment options. Date: 11/6/07
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