Company: FMCCN
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001026214-25-000060
Chunk: 113

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 113
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                                (UPB in billions)                   (1)  Includes rental units financed by supplemental loans.         New Securitization Activity(2)                                             (UPB in billions)                (2)  Excludes resecuritizations.

Key Drivers: 

n    1Q 2025 vs. 1Q 2024 

l    While the UPB of our new business activity increased 11% year-over-year, both periods were adversely impacted by the high mortgage interest rate environment. Approximately 65% of this activity, based on UPB, was mission-driven affordable housing, exceeding FHFA's minimum requirement of 50%.

l    Total securitization issuance UPB increased 45% year-over-year, driven by a larger average securitization pipeline in 1Q 2025 compared to 1Q 2024. 

l    Fully guaranteed securitization issuance UPB increased, representing a larger percentage of total securitization issuance UPB in 1Q 2025 compared to 1Q 2024. 

n    Our index lock agreements and outstanding commitments to purchase or guarantee multifamily assets were $16.2 billion and $15.9 billion as of March 31, 2025 and March 31, 2024, respectively.

Freddie Mac 1Q 2025 Form 10-Q16

Management's Discussion and AnalysisOur Business Segments | Multifamily

Multifamily Mortgage Portfolio and Guarantee Exposure 

       Mortgage Portfolio                                              (UPB in billions)                                                                                                                                                                                               Guarantee Exposure                                             (UPB in billions)                                                                                                      

Key Drivers: 

n    March 31, 2025 vs. March 31, 2024 

l    Our mortgage portfolio increased 5% year-over-year, driven by our new business activity.

l    Our guarantee exposure increased by 6% year-over-year, as our new mortgage-related security guarantees outpaced paydowns.

l    The average guarantee fee rate on our guarantee exposures increased year-over-year, primarily due to continued growth of fully guaranteed securitization issuances for which we charge higher guarantee fee rates.

n    In addition to our Multifamily mortgage portfolio, we have investments in LIHTC fund partnerships with carrying values totaling $4.3 billion as of both March 31, 2025 and December 31, 2024. 

Freddie Mac 1Q 2025 Form