Sec Form 4 Filing - MORRIS MICHAEL P @ FEDERAL AGRICULTURAL MORTGAGE CORP - 2005-09-14

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person MORRIS MICHAEL P 2. Issuer Name and Ticker or Trading Symbol FEDERAL AGRICULTURAL MORTGAGE CORP [ AGM] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) VP Agricultural Credit (Last) (First) (Middle) 1133 TWENTY FIRST ST NW STE 600 3. Date of Earliest Transaction (MM/DD/YY) 09/14/2005 (Street) WASHINGTON, DC20036 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class C Non-Voting Common Stock 09/14/2005 09/14/2005 M( 1 ) 3,726 A $ 19.86 3,726 D Class C Non-Voting Common Stock 09/14/2005 09/14/2005 S( 2 ) 3,726 D $ 25.5 0 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Employee Stock Option (right to buy) $ 19.86 09/14/2005 09/14/2005 M( 1 ) 3,726 ( 3 ) 08/11/2014 Class C Non-Voting Common Stock 11,180 $ 19.86 7,454 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other MORRIS MICHAEL P 1133 TWENTY FIRST ST NW STE 600 WASHINGTON, DC20036 VP Agricultural Credit Signatures Michael P. Morris 09/15/2005 Signature of Reporting Person Date

Explanation of Responses:

( 1 )This report reflects (on Table I) the acquisition of 3,726 shares of Class C Non-Voting Common Stock through the partialexercise of a previously unexercised employee stock option acquired by the reporting person in August 2004 and the sale of3,726 shares of Class C Stock; and (on Table II) the partial closing of the August 2004 employee stock option. The exerciseof the August 2004 employee stock option is exempt under Section 16(b) under Rule 16b-6, but is reported herein pursuant toRule 16a-4. ( 2 )Transaction pursuant to plan under Rule 10b5-1. ( 3 )The option was exercisable commencing May 31, 2005 with respect to 3,726 shares and is exercisable commencing May 31, 2006with respect to 3,727 shares, and commencing May 31, 2007 with respect to 3,727 shares.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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