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)
                                November 21, 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  5. 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 11/26/96 (the  "Certificates").  The  Certificates  are being
offered pursuant to a Prospectus  Supplement,  dated November 21, 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/  Nancy E. Corsiglia
                                         ------------------------
                                         Name: Nancy E. Corsiglia
                                         Title:   Vice President




Dated:  November 22, 1996










<PAGE>

                                  EXHIBIT INDEX


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


99.1                    Computational Materials
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 4270}]
{"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": "96671479"}, "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)
                                November 21, 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  5. 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 11/26/96 (the  "Certificates").  The  Certificates  are being
offered pursuant to a Prospectus  Supplement,  dated November 21, 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/  Nancy E. Corsiglia
                                         ------------------------
                                         Name: Nancy E. Corsiglia
                                         Title:   Vice President

Dated:  November 22, 1996
EXHIBIT INDEX

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

99.1                    Computational Materials