<ARTICLE>                     5

<LEGEND>                      Primary and fully diluted EPS shown are for 
                              Class C shares.  Primary and fully diluted EPS
                              for Classes A and B shares are $0.12 and $0.12.
</LEGEND>
<CIK>                                        0000845877                       
<NAME>                                 Federal Agricultural Mortgage Corporation
<MULTIPLIER>                                   1000  
       
                                          
<PERIOD-TYPE>                                  3-MOS
<FISCAL-YEAR-END>                              DEC-31-1997
<PERIOD-END>                                   SEP-30-1997
<CASH>                                         246,206
<SECURITIES>                                   1,084,524
<RECEIVABLES>                                  17,974
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               265,808
<PP&E>                                         120
<DEPRECIATION>                                 0
<TOTAL-ASSETS>                                 1,374,153
<CURRENT-LIABILITIES>                          965,593
<BONDS>                                        357,981
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    0
<COMMON>                                       4,174
<OTHER-SE>                                     46,405
<TOTAL-LIABILITY-AND-EQUITY>                   1,374,153
<SALES>                                        24,071
<TOTAL-REVENUES>                               24,071
<CGS>                                          0
<TOTAL-COSTS>                                  0
<OTHER-EXPENSES>                               2,079
<LOSS-PROVISION>                               260
<INTEREST-EXPENSE>                             20,768
<INCOME-PRETAX>                                1,224
<INCOME-TAX>                                   40
<INCOME-CONTINUING>                            1,184
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   1,184
<EPS-PRIMARY>                                  .35
<EPS-DILUTED>                                  .35