Exhibit 10.15.1

                     AMENDMENT NO. 1 TO EMPLOYMENT CONTRACT

     Agreed, as of the 3rd day of August 2004, between the Federal  Agricultural
Mortgage  Corporation  (FAMC) and Michael P.  Morris  (you),  that the  existing
employment  contract  between the parties  hereto,  dated as of October 31, 2003
(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, 2006 or
any earlier  effective date of  termination  pursuant to Paragraph 7 hereof (the
"Term").

     3 (a). Base Salary. As of June 1, 2004, you will be paid a base salary (the
Base Salary)  during the Term of Two Hundred  Thousand  Dollars  ($200,000)  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 June 1, 2006.

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


Federal Agricultural Mortgage Corporation            Employee



By:    /s/ Henry D. Edelman                     /s/ Michael P. Morris
---------------------------------          ---------------------------------
          President