EXHIBIT 10.6.9

                     AMENDMENT NO. 9 TO EMPLOYMENT CONTRACT


            Agreed,  as of the  3rd  day  of  June  1999,  between  the  Federal
Agricultural  Mortgage Corporation (FAMC) and Michael T. Bennett (the employee),
that the existing employment contract between the parties hereto,  dated October
7, 1991,  as amended by Amendment  to  Employment  Contract  dated as of June 1,
1993,  Amendment  No. 2 to Employment  Contract  dated as of January 6, 1994 and
Amendment  No. 3 dated as of June 1, 1994,  Amendment  No. 4 dated as of June 1,
1995,  Amendment  No.  5 dated  as of  February  8,  1996,  Amendment  No.  6 to
Employment  Contract  dated as of June 13, 1996,  Amendment  No. 7 to Employment
Contract dated as of August 7, 1997, and Amendment No. 8 to Employment  Contract
dated as of June 4, 1998 (collectively, the Agreement), be and hereby is amended
as follows:

            Sections  1, 3 (a) and 7 (a) (3) 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,
2002 or any earlier effective date of termination pursuant to Paragraph 7 hereof
(the "Term").

             3 (a).  Base  Salary.  You  will be paid a base  salary  (the  Base
Salary)  during  the  Term  of Two  Hundred  Eleven  Thousand  Two  Hundred  and
Ninety-One Dollars ($211,291) per year, payable in arrears on a bi-weekly basis.

             7 (a) (3). Farmer Mac may terminate your employment without "cause"
at any time. Such  termination  shall become effective on the earlier of June 1,
2002, 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


          /s/ Henry D. Edelman                    /s/ Michael T. Bennett
By:  _______________________________              ________________________
     President