UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934


        Date of Report (Date of earliest event reported): August 3, 2005


                    Federal Agricultural Mortgage Corporation
                 ----------------------------------------------
             (Exact name of registrant as specified in its charter)


      Federally chartered
        instrumentality of
        the United States                   0-17440               52-1578738  
 (State or other jurisdiction of         (Commission          (I.R.S. Employer
  incorporation or organization)         File Number)        Identification No.)



  1133 21st Street, N.W., Suite 600, Washington, D.C.                20036     
  ---------------------------------------------------             ------------
     (Address of principal executive offices)                      (Zip Code)


       Registrant's telephone number, including area code: (202) 872-7700


                                    No change
                              --------------------
          (Former name or former address, if changed since last report)





Item 1.01.  Entry into a Material Definitive Agreement.

     On August 3, 2005, the Registrant's  Compensation  Committee authorized the
payment of annual incentive  compensation to certain members of management based
on the committee's final review of the Registrant's business performance for the
business  planning  year ending June 30,  2005.  The amounts of those  payments,
which  were  previously  approved  by the  Registrant's  Board of  Directors  as
disclosed  in a Current  Report on Form 8-K filed with the SEC on June 21, 2005,
were as follows: Henry D. Edelman,  $419,717; Nancy E. Corsiglia,  $196,695; Tom
D. Stenson, $146,959; Timothy L. Buzby, $90,759; and Michael P. Morris, $96,417.


Item 2.02.  Results of Operations and Financial Condition.

     On August 9, 2005,  the  Registrant  issued a press release to announce the
Registrant's  financial results for second quarter 2005 and a conference call to
discuss those  results and the  Registrant's  Quarterly  Report on Form 10-Q for
second  quarter  2005. A copy of the press release is attached to this report as
Exhibit 99 and is incorporated herein by reference.


Item 9.01.  Financial Statements and Exhibits.

      (a) Not applicable.

      (b) Not applicable.

      (c) Exhibits:

                  99    Press release dated August 9, 2005.







                                   SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                    FEDERAL AGRICULTURAL MORTGAGE CORPORATION



                                    By:   /s/ Jerome G. Oslick          
                                       ---------------------------------
                                        Name:   Jerome G. Oslick
                                        Title:  Vice President - General Counsel




Dated:      August 9, 2005






                                  EXHIBIT INDEX

Exhibit No.                   Description                           Page No.
-----------                   -----------                           --------

99                           Press Release Dated August 9, 2005         5