Company: FMCCN
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001026214-25-000086
Chunk: 128

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1
Chunk 128
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 vs. YTD 2024

l    New business activity increased during the 2025 periods. Approximately 72% of the YTD 2025 activity, based on UPB, was mission-driven affordable housing, exceeding FHFA's minimum requirement of 50%.

l    A larger percentage of new business activity was designated as held-for-investment during the 2025 periods to support increased issuances of fully guaranteed securitizations.

l    Total securitization issuance UPB increased, driven by a larger average securitization pipeline. 

n    Our index lock agreements and outstanding commitments to purchase or guarantee multifamily assets were $27.0 billion and $18.8 billion as of June 30, 2025 and June 30, 2024, respectively. The increase in outstanding commitments was primarily driven by a decline in interest rates during early 2Q 2025, a higher loan purchase cap, and the execution of our competitive strategies.

Freddie Mac 2Q 2025 Form 10-Q17

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    June 30, 2025 vs. June 30, 2024 

l    While our mortgage portfolio increased 4% year-over-year due to new business activity, our mortgage portfolio remained flat compared to December 31, 2024 and March 31, 2025 as a result of liquidations offsetting new business activity.

l    Our guarantee exposure increased 5% 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 $4.4 billion as of June 30, 2025, and $4.3 billion as of December 31, 2024. 

Freddie Mac 2Q 2025 Form 10-Q18

Management's Discussion and AnalysisOur Business Segments | Multifamily

Financial Results

The table below presents the results of operations for