-----------------------------------------------------------------


                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                       SECURITIES AND EXCHANGE ACT OF 1934


                Date of Report (Date of earliest event reported)
                                October 29, 1996


                   Farmer Mac Mortgage Securities Corporation
              ----------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)



           Delaware                      333-6325                52-1779791
----------------------------            -----------          -------------------
(State or Other Jurisdiction           (Commission            (I.R.S. Employer
         of Incorporation)              File Number)         Identification No.)


     919 18th Street, N.W.                                         20006
        Washington, DC                                         -------------
---------------------------                                      (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)


        -----------------------------------------------------------------

<PAGE>


         Item 99.  Other Events
                   ------------

         Attached as Exhibit 99.1 to this Current  Report are certain  materials
(the "Computational  Materials")  furnished to the Registrant by Bear, Stearns &
Co.   Inc.   (the   "Underwriter")   in  respect  of   Guaranteed   Agricultural
Mortgage-Backed   Securities   Series   10/30/96   (the   "Certificates").   The
Certificates  are being  offered  pursuant  to a  Prospectus  Supplement,  dated
October  29,  1996,  which is being filed with the  Commission  pursuant to Rule
424(b)  under  the  Securities  Act of  1933,  as  amended  (the  "Act"),  and a
Prospectus,  dated  June 26,  1996,  which has  previously  been  filed with the
Commission  pursuant to Rule 424(b) under the (the "Act"). The Certificates have
been registered  pursuant to the Act under a Registration  Statement on Form S-3
(No. 333-6325) (the "Registration  Statement").  The Computational Materials are
incorporated by reference in the Registration Statement.

         The  Computational  Materials were prepared solely by the  Underwriter,
and the  Registrant  did not prepare or  participate  (other than  providing the
background  information  concerning the underlying pool of assets upon which the
Computational  Materials are based to the Underwriter) in the preparation of the
Computational Materials.

         Any statements or information contained in the Computational  Materials
shall be deemed to be modified or superseded  for purposes of the prospectus and
the  Registration  Statement  by  statements  or  information  contained  in the
Prospectus.

     Item 7.  Financial Statements; Pro Forma Financial Information and Exhibits

     (a)      Not applicable.

     (b)      Not applicable.

     (c)      Exhibits:

                      99.1     Computational Materials.





<PAGE>



                                   SIGNATURES


         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
                                                   CORPORATION



                                                  By:/s/ Christopher Dunn
                                                     ---------------------------
                                                     Name:    Christopher Dunn
                                                     Title:   Vice President




Dated:  October 30, 1996




















                                  EXHIBIT INDEX
                                  -------------


<PAGE>
  
Exhibit No.                         Description                         Page No.
-----------                         -----------                         --------

99.1                                Computational Materials
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 4659}]
{"company-data": {"conformed-name": "FARMER MAC MORTGAGE SECURITIES CORP", "cik": "0001017527", "assigned-sic": "6189", "irs-number": "521779791", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "005-39996", "film-number": "96651110"}, "business-address": {"street1": "919 18TH ST NW", "street2": "SUITE 200", "city": "WASHINGTON", "state": "DC", "zip": "20006", "phone": "202872-770"}, "mail-address": {"street1": "919 18TH ST NW", "street2": "SUITE 200", "city": "WASHINGTON", "state": "DC", "zip": "20006"}}
-----------------------------------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                       SECURITIES AND EXCHANGE ACT OF 1934

                Date of Report (Date of earliest event reported)
                                October 29, 1996

                   Farmer Mac Mortgage Securities Corporation
              ----------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)

           Delaware                      333-6325                52-1779791
----------------------------            -----------          -------------------
(State or Other Jurisdiction           (Commission            (I.R.S. Employer
         of Incorporation)              File Number)         Identification No.)

     919 18th Street, N.W.                                         20006
        Washington, DC                                         -------------
---------------------------                                      (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 99.  Other Events
                   ------------

         Attached as Exhibit 99.1 to this Current  Report are certain  materials
(the "Computational  Materials")  furnished to the Registrant by Bear, Stearns &
Co.   Inc.   (the   "Underwriter")   in  respect  of   Guaranteed   Agricultural
Mortgage-Backed   Securities   Series   10/30/96   (the   "Certificates").   The
Certificates  are being  offered  pursuant  to a  Prospectus  Supplement,  dated
October  29,  1996,  which is being filed with the  Commission  pursuant to Rule
424(b)  under  the  Securities  Act of  1933,  as  amended  (the  "Act"),  and a
Prospectus,  dated  June 26,  1996,  which has  previously  been  filed with the
Commission  pursuant to Rule 424(b) under the (the "Act"). The Certificates have
been registered  pursuant to the Act under a Registration  Statement on Form S-3
(No. 333-6325) (the "Registration  Statement").  The Computational Materials are
incorporated by reference in the Registration Statement.

         The  Computational  Materials were prepared solely by the  Underwriter,
and the  Registrant  did not prepare or  participate  (other than  providing the
background  information  concerning the underlying pool of assets upon which the
Computational  Materials are based to the Underwriter) in the preparation of the
Computational Materials.

         Any statements or information contained in the Computational  Materials
shall be deemed to be modified or superseded  for purposes of the prospectus and
the  Registration  Statement  by  statements  or  information  contained  in the
Prospectus.

     Item 7.  Financial Statements; Pro Forma Financial Information and Exhibits

     (a)      Not applicable.

     (b)      Not applicable.

     (c)      Exhibits:

                      99.1     Computational Materials.
SIGNATURES

         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
                                                   CORPORATION

                                                  By:/s/ Christopher Dunn
                                                     ---------------------------
                                                     Name:    Christopher Dunn
                                                     Title:   Vice President

Dated:  October 30, 1996

                                  EXHIBIT INDEX
                                  -------------
Exhibit No.                         Description                         Page No.
-----------                         -----------                         --------

99.1                                Computational Materials