The Federal Agricultural Mortgage Corporation (Farmer Mac) is a stockholder-owned, federally chartered corporation that combines private capital and public sponsorship to serve a public purpose. Farmer Mac was created to establish a secondary market for agricultural real estate and rural housing mortgage loans. This secondary market was designed to increase the availability of long-term credit at stable interest rates to America's rural communities, farmers, ranchers and rural homeowners and to provide those borrowers with the benefits of capital markets pricing and product innovation. It conducts these activities through three programs: Farmer Mac I, Farmer Mac II and Rural Utilities. As of December 31, 2011, the total outstanding amount of the eligible loans included in all of Farmer Mac's programs was $11.9 billion. The loans eligible for the Farmer Mac secondary market include mortgage loans secured by liens on agricultural real estate and rural housing.