Exhibit 10.15.2

                    AMENDMENT NO. 2 TO EMPLOYMENT CONTRACT

     AGREED, as of the 16th day of June 2005,  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,
and Amendment No. 1 dated as of August 3, 2004 (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, 2008 or
any earlier  effective date of  termination  pursuant to Paragraph 7 hereof (the
"Term").

     3 (a). Base Salary. As of July 1, 2005, you will be paid a base salary (the
Base Salary) during the Term of Two Hundred Fifteen Thousand Dollars  ($215,000)
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 the earlier of June 1, 2008, 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/ Henry D. Edelman                        /s/ Michael P. Morris
   ------------------------------                --------------------------
      President