Farmer Mac, a secondary market agency for rural housing and agricultural real estate loans, achieved record volume in the first quarter, but its official earnings fell substantially from the first quarter of 2006.Farmer Mac reported GAAP income of $3.9 million for the first quarter of 2007, down from $15.1 million in the first quarter of 2006. But the company said its "core earnings," which excludes the impact of unrealized gains and losses on derivatives, were $6.2 million, unchanged from the year-earlier period. Farmer Mac's outstanding volume of guarantees and standby commitments totaled $8.3 billion at the end of the first quarter.

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