Exhibit 10.3.17

                   AMENDMENT NO. 17 TO EMPLOYMENT CONTRACT

     AGREED, as of the 16th day of June 2005,  between the Federal  Agricultural
Mortgage  Corporation  (FAMC) and Nancy E.  Corsiglia  (you)  that the  existing
employment  contract between the parties hereto,  dated May 11, 1989, as amended
by letter dated December 14, 1989,  Employment  Agreement  Amendment No. 2 dated
February 14, 1991,  Amendment to Employment  Agreement dated as of June 1, 1993,
Amendment No. 4 to Employment Contract dated as of June 1, 1993, Amendment No. 5
to Employment  Contract dated as of June 1, 1994,  Amendment No. 6 to Employment
Contract dated as of June 1, 1995,  Amendment No. 7 to Employment Contract dated
as of February 8, 1996,  Amendment No. 8 to Employment Contract dated as of June
13, 1996,  Amendment  No. 9 to Employment  Contract  dated as of August 7, 1997,
Amendment No. 10 to Employment Contract dated as of June 4, 1998,  Amendment No.
11 to  Employment  Contract  dated  as of  June 3,  1999,  Amendment  No.  12 to
Employment  Contract  dated as of June 1, 2000,  Amendment  No. 13 to Employment
Contract dated as of June 7, 2001, Amendment No. 14 to Employment Contract dated
as of June 6, 2002,  Amendment No.15 to Employment  Contract dated as of June 5,
2003,  and  Amendment  No.16 to Employment  Contract  dated as of August 3, 2004
(collectively, the Agreement), be and hereby is amended as follows:

     Sections 1, 3 (a) and 8 (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, 2009 or
any earlier  effective date of  termination  pursuant to Paragraph 8 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 Three Hundred Twenty-Nine Thousand Eight Hundred
Dollars ($329,800) per year, payable in arrears on a bi-weekly basis; and

     8 (a) (iii).  Farmer Mac may terminate your  employment  without "cause" at
any time.  Such  termination  shall  become  effective on the earlier of June 1,
2009, 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/ Nancy E. Corsiglia
   -----------------------------               --------------------------
      President