EXHIBIT 10.2.8

                     AMENDMENT NO. 8 TO EMPLOYMENT CONTRACT


            Agreed,  as of the  3rd  day  of  June  1999,  between  the  Federal
Agricultural  Mortgage  Corporation  (FAMC) and Henry D. Edelman (you), that the
existing employment  contract between the parties hereto,  dated May 5, 1989, as
amended  by  Employment  Agreement  Amendment  No.  1 dated  January  10,  1991,
Amendment to Employment  Agreement dated as of June 1, 1993,  Amendment No. 3 to
Employment  Contract  dated as of June 1, 1994,  Amendment  No. 4 to  Employment
Contract  dated as of February 8, 1996,  Amendment No. 5 to Employment  Contract
dated as of June 13, 1996,  Amendment No. 6 to Employment  Contract  dated as of
August 7, 1997 and Amendment No. 7 to  Employment  Contract  dated as of June 4,
1998 (collectively, the Agreement), be and hereby is amended as follows:

            Sections 1, 4 (a)  and 9 (a) (iii) of the Agreement are replaced in
their entirety with the following new sections:

            1. Term.  The Term of this  Agreement  shall  continue until June 1,
2003 or any earlier effective date of termination pursuant to Paragraph 9 hereof
(the "Term").

             4 (a).  Base  Salary.  You  will be paid a base  salary  (the  Base
Salary) during the Term of Three Hundred  Ninety-Six  Thousand Seven Hundred and
Twenty Dollars ($396,720) per year, payable in arrears on a bi-weekly basis; and

             9 (a)  (iii).  Farmer  Mac  may  terminate  the  employment  of the
Employee without "cause" at any time. Such termination shall become effective on
the  earlier  of June 1,  2003 or two  years  from  the date of  notice  of such
termination.

       As amended hereby, the Agreement remains in full force and effect.

Federal Agricultural Mortgage Corporation                 Employee

By:   /s/ C. Eugene Branstool                      /s/ Henry D. Edelman
      -------------------------                   ----------------------
      Chairman of the Board