ABA, Farmer Mac Expand Alliance

The American Bankers Association and the Federal Agricultural Mortgage Corp. have announced an expansion of their alliance to include special pricing for Farmer Mac's Part-Time Farm program. The program involves loans secured by first liens on agricultural real estate in which a significant portion of the property's value comes from a rural residence where agricultural production is under way or planned, Farmer Mac said. The program is designed to enable rural homeowners on agricultural properties to obtain more flexible terms on their loans. "This program will give our members a real advantage because it provides an outlet for the sale of qualified mortgages on properties where the land exceeds the value of the improvements," said William Kroll, president of ABA Total Business Solutions. The organizations can be found online at http://www.aba.com and http://www.farmermac.com.