12 U.S.C. § 2279aa: Definitions

is used for the production of one or more agricultural commodities or products; and consists of a minimum acreage or is used in producing minimum annual receipts, as determined by the Corporation; or any community having a population in excess of 2,500 inhabitants; and any dwelling, excluding the land to which the dwelling is affixed, with a value exceeding $100,000 (as adjusted for inflation). The term “Board” means the board of directors established under section 2279aa–2 of this title . an agricultural mortgage marketing facility that is certified under section 2279aa–5 of this title ; or the Corporation and any affiliate thereof. The term “Corporation” means the Federal Agricultural Mortgage Corporation established in section 2279aa–1 of this title . The term “guarantee” means the guarantee of timely payment of the principal and interest on securities representing interests in, or obligations backed by, pools of qualified loans, in accordance with this subchapter. The term “originator” means any Farm Credit System institution, bank, insurance company, business and industrial development company, savings and loan association, association of agricultural producers, agricultural cooperative, commercial finance company, trust company, credit union, or other entity that originates and services agricultural mortgage loans. that is secured by a fee-simple or leasehold mortgage with status as a first lien, on agricultural real estate located in the United States that is not subject to any legal or equitable claims deriving from a preceding fee-simple or leasehold mortgage; a citizen or national of the United States or an alien lawfully admitted for permanent residence in the United States; or a private corporation or partnership whose members, stockholders, or partners holding a majority interest in the corporation or partnership are individuals described in subclause (I); and of a person, corporation, or partnership that has training or farming experience that, under criteria established by the Corporation, is sufficient to ensure a reasonable likelihood that the loan will be repaid according to its terms; subsections (b) and (c) of section 2279aa–6 of this title , and sections 2279aa–8 and 2279aa–9 of this title, shall not apply to the portion of a loan guaranteed by the Secretary or to an obligation, pool, or security representing an interest in or obligation backed by a pool of obligations relating to the portion of a loan guaranteed by the Secretary; and the portion of a loan guaranteed by the Secretary shall be considered to meet all standards for qualified loans for all purposes under this chapter; or that is a loan, or an interest in a loan, for an electric or telephone facility by a cooperative lender to a borrower that has received, or is eligible to receive, a loan under the Rural Electrification Act of 1936 ( 7 U.S.C. 901 et seq.). The term “State” has the meaning given such term in section 2277a of this title . to establish a corporation chartered by the Federal Government; to authorize the certification of agricultural mortgage marketing facilities by the corporation; to increase the availability of long-term credit to farmers and ranchers at stable interest rates; to provide greater liquidity and lending capacity in extending credit to farmers and ranchers; and to provide an arrangement for new lending to facilitate capital market investments in providing long-term agricultural funding, including funds at fixed rates of interest; and to enhance the ability of individuals in small rural communities to obtain financing for moderate-priced homes.”