Company: FMCCN
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001026214-25-000040
Chunk: 4

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-02-13
Form: 10-K
Item: Item 4
Chunk 4
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The table below presents a rate and volume analysis of our net interest income. Our net interest income reflects the reversal of interest income accrued, net of interest received on a cash basis, related to mortgage loans that are on non-accrual status.

Table 4 - Net Interest Income Rate / Volume Analysis Variance Analysis2024 vs. 20232023 vs. 2022(In millions)Rate(1)Volume(1)Total ChangeRate(1)Volume(1)Total ChangeInterest-earning assets:Cash and cash equivalents$50 ($137)($87)$361 ($8)$353 Securities purchased under agreements to resell192 (244)(52)3,775 642 4,417 Investment securities312 186 498 127 (196)(69)Mortgage loans9,921 2,211 12,132 14,505 2,654 17,159 Other assets8 15 23 98 (53)45 Total interest-earning assets10,483 2,031 12,514 18,866 3,039 21,905 Interest-bearing liabilities:Debt of consolidated trusts(9,852)(1,672)(11,524)(13,058)(2,241)(15,299)Debt of Freddie Mac(331)536 205 (5,726)(343)(6,069)Total interest-bearing liabilities(10,183)(1,136)(11,319)(18,784)(2,584)(21,368)Net interest income$300 $895 $1,195 $82 $455 $537 

(1)    The total change variances are allocated between rate and volume based on the relative size of each variance.

Non-Interest Income

Non-interest income primarily consists of guarantee income and investment gains, net.

Guarantee income relates primarily to our Multifamily senior subordinate securitizations. We do not consolidate the trusts used in these transactions and therefore do not recognize the loans held by the trust or the debt securities issued by the trust on our consolidated balance sheets. Rather, we separately account for our guarantee to the trust and recognize the revenue from our guarantee as guarantee income. Guarantee income includes the amortization of our guarantee obligation as we are released from risk under our guarantee and changes in fair value of our guarantee assets, net of contractual guarantee fees received.

Net investment gains primarily consist of the gains on