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)
                                 March 16, 2005

                   Farmer Mac Mortgage Securities Corporation
             (Exact name of registrant as specified in its charter)

            Delaware                 333-80805         52-1779791  
   ---------------------------     ------------      --------------
   (State or other jurisdiction    (Commission       (IRS Employer
         of incorporation)         File Number)    Identification No.)

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

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

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

Item 8.01.  Other Events.

     The   Registrant   registered   issuances   of   Guaranteed    Agricultural
Mortgage-Backed Securities on a delayed or continuous basis pursuant to Rule 415
under  the  Securities  Act of  1933 by a  Registration  Statement  on Form  S-3
(Registration File No. 333-80805) (the "Registration Statement"). The Registrant
is filing, as Exhibit 23.6 attached hereto, the consent of Deloitte & Touche LLP
to the use of its  reports  dated  March  14,  2005  relating  to the  financial
statements of, and management's  report of the effectiveness of internal control
over financial reporting of, the Federal Agricultural Mortgage  Corporation,  of
which the  Registrant  is a wholly owned  subsidiary.  The reports of Deloitte &
Touche LLP are incorporated into the Registration Statement by reference.

Item 9.01.  Financial Statements and Exhibits.

      (a) Not applicable.

      (b) Not applicable.

      (c) Exhibits:

                  23.6  Consent of Independent Registered Public Accounting Firm


     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.

                                    FARMER MAC MORTGAGE SECURITIES

                                    By:   /s/ Nancy E. Corsiglia        
                                        Name:   Nancy E. Corsiglia
                                        Title:  Vice President

Dated:      March 17, 2005

                                  EXHIBIT INDEX

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

23.6           Consent of Independent Registered Public Accounting Firm       5