POWER OF ATTORNEY
                                                           -----------------


         The undersigned constitutes and appoints Della Jones, Kevin, Feeley and
Heidi Steele, and each of them, as the undersigned's true and lawful
attorneys-in-fact and agents, with full power of substitution and
resubstitution, for the undersigned and in the undersigned's name, place and
stead, to sign any and all (1) Form 144s under the Securities Act of 1933 and
(2) Securities and Exchange Commission statements of beneficial ownership of
securities of Federal Agricultural Mortgage Corporation ("Company") on Forms 3,
4 and 5 as required under Section 16(a) of the Securities Exchange Act of 1934,
and to file the same with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, the Company
and the NASD, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each act and thing requisite and
necessary to be done under said Rule 144 and Section 16(a), as fully and to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, and each of
them, may lawfully do or cause to be done by virtue hereof.

         A copy of this power of attorney shall be filed with the Securities and
Exchange Commission. The authorization set forth above shall continue in full
force and effect until the undersigned revokes such authorization by written
instructions to the attorneys-in-fact.

         The authority granted hereby shall in no event be deemed to impose or
create any duty on behalf of the attorneys-in-fact with respect to the
undersigned's obligations to file Form 144 or Forms 3, 4 and 5 with the
Securities and Exchange Commission.

Dated:  February 13, 2004
      ------------------------------

                                                U.S. AGBANK, FCB

                                                /s/ Della Jones
                                                --------------------------------
                                                Signature of Reporting Person



                                                Della Jones, Corporate Secretary
                                                --------------------------------
                                                Name and Title