GAO Is Urged to Probe Farmer Mac
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A Senate committee urged the General Accounting Office to investigate the financial stability of Federal Agricultural Mortgage Corp., a buyer of agricultural and rural real estate mortgages.
The request comes in the midst of a 40% decline in the company’s stock since April 26. The shares tumbled after a report that the company, known as Farmer Mac, was mismanaging its debt and stock option programs.
In a letter filed with the Securities and Exchange Commission, Sens. Tom Harkin (D-Iowa) and Richard Lugar (R-Ind.)asked the GAO “to ensure that Farmer Mac’s mission continues to be met in a financially sound manner.”
Farmer Mac shares fell 75 cents to close at $26.25 on the NYSE.
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