Company: FMCCN
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001026214-25-000086
Chunk: 28

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 15
Chunk 28
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ollars in millions)UPBDelinquency RateUPBDelinquency RateCredit-enhanced:Subordination$348,454 0.55 %$352,566 0.45 %MSCR/MCIP72,822 0.25 62,870 0.25 Other9,776 0.36 9,737 0.82 Total credit-enhanced431,052 0.50 425,173 0.43 Non-credit-enhanced35,167 0.16 41,462 0.15 Total$466,219 0.47 $466,635 0.40 

The Multifamily delinquency rate increased to 0.47% at June 30, 2025, primarily driven by an increase in delinquent floating rate loans and small balance loans. As of June 30, 2025, 97% of the delinquent loans in the Multifamily mortgage portfolio have some form of credit enhancement coverage.

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 EnhancementJune 30, 2025December 31, 2024(Dollars in millions)UPBDelinquency RateUPBDelinquency RateMortgage loans held-for-sale$4,178 — %$11,856 — %Mortgage loans held-for-investment:  Held by Freddie Mac13,379 0.42 14,589 0.33   Held by consolidated trusts14,234 — 12,125 0.11 Other mortgage-related guarantees3,376 — 2,892 — Total$35,167 0.16 $41,462 0.15 

Credit Enhancement Recoveries 

Our expected recovery receivable from freestanding credit enhancements was $0.1 billion as of both June 30, 2025 and December 31, 2024.

Managing Our Portfolio, Including Loss Mitigation Activities

For our other securitization products and a smaller number of K Certificate securitizations, we serve as master servicer. On May 30, 2025, Fitch Ratings revised the Ratings Outlook of Freddie Mac's Multifamily division commercial master servicer rating of CMS1 and commercial special servicer