Federal Agricultural Mortgage Corp., the government-sponsored enterprise known as Farmer Mac, said it will take a $44 million charge to reflect the loss of value in its holding of Fannie Mae preferred stock.

As a result of the charge, Farmer Mac said Friday, it expects to report a third-quarter loss.

Several other financial services companies have disclosed hits on GSE preferred stock since this month's government takeover of Fannie and Freddie Mac.

Congress created Farmer Mac in 1988 to form a secondary market for agricultural and rural real estate loans and to provide long-term credit for rural residents.

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