Company: FMCCN
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001026214-25-000040
Chunk: 77

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-02-13
Form: 10-K
Item: Item 15
Chunk 77
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ization and CRT products. 

CategoryProductsCRTCoverage TypeAccounting Treatment for Credit EnhancementSubordinationK CertificatesYesBack-endGuaranteeOther securitization products:• Securitizations of purchased collateralYesBack-endGuarantee• Securitizations of collateral contributed by third partiesNoFront-endGuaranteeMSCRMSCR notesYesBack-endFreestandingSCR debt notesYesBack-endDebtMCIPMCIPYesBack-endFreestandingLender risk-sharingLoss sharingYesFront-endFreestanding

FREDDIE MAC  |  2024 Form 10-K66

Management's Discussion and AnalysisRisk Management

Multifamily Mortgage Portfolio CRT Issuance 

The table below provides the UPB of the multifamily mortgage loans covered by CRT transactions issued during the periods presented as well as the maximum coverage provided by those transactions. We evaluate and update our risk transfer strategy as needed depending on our business strategy, market conditions, and regulatory requirements.

Table 34 - Multifamily Mortgage Portfolio CRT Issuance Year Ended December 31,202420232022(In millions)UPB(1)Maximum Coverage(2)(3)UPB(1)Maximum Coverage(2)(3)UPB(1)Maximum Coverage(2)(3)Subordination$27,873 $1,670 $34,034 $2,250 $49,799 $3,334 MSCR17,504 412 17,026 407 11,487 193 MCIP33,243 703 15,860 340 11,487 399 Lender risk-sharing1,081 119 808 104 1,072 159 Less: UPB with more than one type of CRT(33,243)— (15,860)— (11,487)— Total CRT Issuance$46,458 $2,904 $51,868 $3,101 $62,358 $4,085 

(1)    Represents the UPB of the assets included in the associated reference pool or securitization trust, as applicable.

(2)     For subordination, represents the UPB of the securities that are held by third parties at issuance and are subordinate to the securities we guarantee. For MSCR transactions, represents the UPB of securities held by third parties at issuance. For MCIP transactions, represents the aggregate limit of insurance purchased from third parties at