The Federal Agricultural Mortgage Corp., reported core earnings of $7.9 million in the third quarter, a five-fold increase compared to the same period last year.
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The company, a GSE that provides liquidity for agricultural real estate and rural housing mortgages, reported $1.1 billion of new purchases and security issuances during the period.
However, the company expects continued stress on its portfolio as a result of loan delinquencies for the fourth quarter 2010 and first half of 2011.
