This code is used by the Federal Reserve for US Treasury and Agency securities and issues from International Organizations (such as the World Bank) which clear through the Federal Reserve's Fedwire Securities Service.
The CUSIP you have given as an example is for a bond which matured earlier this month -- Farmer Mac 4.875 maturing 1/14/2011, where "Farmer Mac" is the Federal Agricultural Mortgage Corporation, a federally chartered, private corporation which purchases loans backed by agricultural real estate and guarantees the timely repayment of principal an interest on securities back by those loans.
Here is a list of the Fed Class Codes for the various instruments issued by Farmer Mac:
However, "FFAR" indicates that this bond should have been an Adjustable Rate issue, which does not appear to be the case, as this was a fixed-rate bond.
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