US government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac have been criticised for exploiting their implicit government guarantee and for their risk management approaches. Those criticisms have in the past four months extended to a much smaller GSE, the Federal Agricultural Mortgage Corporation (Farmer Mac), which has been scrutinised by the New York Times and by Capital Markets Risk Consultants (CMRA), the New York consulting firm, which produced a critical report for a
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