Guarantees and Long Term Standby Purchase Commitments - Guarantees and Long-Term Standby Purchase Commitments (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of Guarantee Obligations Activity [Table Text Block]

The contractual terms of Farmer Mac's guarantees range from less than 1 year to 30 years. However, the actual term of each guarantee may be significantly less than the contractual term based on the prepayment characteristics of the related agricultural real estate mortgage loans. Farmer Mac's maximum potential exposure under these guarantees is comprised of the unpaid principal balance of the underlying agricultural real estate mortgage loans. Guarantees issued or modified on or after January 1, 2003 are recorded in the consolidated balance sheets. Farmer Mac's maximum potential exposure was $4.9 billion and $4.5 billion as of December 31, 2016 and 2015, respectively. Farmer Mac's maximum potential exposure for guarantees issued prior to January 1, 2003, which are not recorded on the consolidated balance sheets, was $40.1 million and $56.2 million as of December 31, 2016 and 2015, respectively. The maximum exposure from these guarantees is not representative of the actual loss Farmer Mac is likely to incur, based on historical loss experience. In the event Farmer Mac was required to make payments under its guarantees, Farmer Mac would have the right to enforce the terms of the loans, and in the event of default, would have access to the underlying collateral. For information on Farmer Mac's methodology for determining the reserve for losses for its financial guarantees, see Note 2(j) and Note 8. The following table presents changes in Farmer Mac's guarantee and commitment obligations in the consolidated balance sheets for the years ended December 31, 2016, 2015, and 2014:

Table 12.1



	For the Year Ended December 31,
	2016			2015			2014
	(in thousands)
Beginning balance, January 1	$	38,609		$	37,925		$	39,667
Additions to the guarantee and commitment obligation⁽¹⁾	6,725			8,207			4,966
Amortization of the guarantee and commitment obligation	(8,052		)	(7,523		)	(6,708		)
Ending balance, December 31	$	37,282		$	38,609		$	37,925


⁽¹⁾	Represents the fair value of the guarantee and commitment obligation at inception.

Schedule of Guarantor Obligations [Table Text Block]

The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of December 31, 2016 and 2015, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans:

Table 12.2



Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities
	As of December 31, 2016		As of December 31, 2015
	(in thousands)
Farm & Ranch:
Guaranteed Securities	$	415,441	$	514,051
USDA Guarantees:
Farmer Mac Guaranteed USDA Securities	103,976		10,272
Institutional Credit:
AgVantage Securities	983,214		984,871
Revolving floating rate AgVantage facility⁽¹⁾	300,000		300,000
Total off-balance sheet Farmer Mac Guaranteed Securities	$	1,802,631	$	1,809,194


⁽¹⁾	Relates to a revolving floating rate AgVantage facility subject to specified contractual terms. Farmer Mac receives a fixed fee based on the full dollar amount of the facility.

Schedule of Cash Flows Related To Transfer of Securitizations [Table Text Block]

Eligible loans and other eligible assets may be placed into trusts that are used as vehicles for the securitization of the transferred assets and the Farmer Mac-guaranteed beneficial interests in the trusts are sold to investors. The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations:

Table 12.3



	For the Year Ended December 31,
	2016			2015			2014
	(in thousands)
Proceeds from new securitizations	$	609,347		$	336,913		$	175,754
Guarantee fees received	3,552			4,028			4,612
Purchases of assets from the trusts	(2,118		)	(3,407		)	—

Farmer Mac has recorded a liability for its obligation to stand ready under the guarantee in the guarantee and commitment obligation on the consolidated balance sheets. This liability approximated $5.5 million as of December 31, 2016 and $8.3 million as of December 31, 2015. As of December 31, 2016 and 2015, the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities, excluding AgVantage securities, was 10.7 years and 11.3 years, respectively. As of December 31, 2016 and 2015, the weighted-average remaining maturity of the off-balance sheet AgVantage securities was 0.7 years and 1.7 years, respectively.

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Rental expense for Farmer Mac's office space for each of the years ended December 31, 2016, 2015, and 2014 was $1.3 million. The future minimum lease payments under Farmer Mac's non-cancellable leases for its office space and other contractual obligations as of December 31, 2016 are as follows:

Table 12.4



	Future Minimum Lease Payments		Other Contractual Obligations
	(in thousands)
2017	$	1,455	$	1,063
2018	1,447		481
2019	1,439		488
2020	1,427		498
2021	1,459		193
Thereafter	4,069		—
Total	$	11,296	$	2,723

Other contractual obligations in the table above include minimum amounts due under non-cancellable agreements to purchase goods or services that are enforceable and legally binding and specify all significant terms. These agreements include, among others, agreements for the provision of consulting services, information technology support, equipment maintenance, and financial analysis software and services. The amounts actually paid under these agreements will likely be higher due to the variable components of some of these agreements under which the ultimate obligation owed is determined by reference to actual usage or hours worked.