Company: FMCCN
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001026214-25-000060
Chunk: 126

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 126
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ency RateCredit-enhanced:Subordination$350,519 0.53 %$352,566 0.45 %MSCR/MCIP73,781 0.24 62,870 0.25 Other9,780 0.67 9,737 0.82 Total credit-enhanced434,080 0.49 425,173 0.43 Non-credit-enhanced32,420 0.17 41,462 0.15 Total$466,500 0.46 $466,635 0.40 

The Multifamily delinquency rate increased to 0.46% at March 31, 2025, primarily driven by an increase in delinquent floating rate loans including small balance loans that are in their floating rate period. As of March 31, 2025, 98% of the delinquent loans in the Multifamily mortgage portfolio have credit enhancement coverage.

Freddie Mac 1Q 2025 Form 10-Q27

Management's Discussion and AnalysisRisk Management

The table below contains details on the loans underlying our Multifamily mortgage portfolio that are not credit-enhanced.

Table 24 - Credit Quality of Our Multifamily Mortgage Portfolio Without Credit EnhancementMarch 31, 2025December 31, 2024(Dollars in millions)UPBDelinquency RateUPBDelinquency RateMortgage loans held-for-sale$10,418 — %$11,856 — %Mortgage loans held-for-investment:  Held by Freddie Mac8,958 0.60 14,589 0.33   Held by consolidated trusts9,659 — 12,125 0.11 Other mortgage-related guarantees3,385 — 2,892 — Total$32,420 0.17 $41,462 0.15 

Credit Enhancement Recoveries 

Our expected recovery receivable from freestanding credit enhancements was $0.1 billion as of both March 31, 2025 and December 31, 2024.

Market Risk

Overview

Our business segments have embedded exposure to market risk, which is the economic risk associated with adverse changes in interest rates, volatility, and spreads. Market risk can adversely affect future cash flows, or economic value, as well as earnings and net worth. The primary sources of interest-rate risk are