Company: FMCCN
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001026214-25-000116
Chunk: 146

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 1
Chunk 146
---
,462 0.15 Total$479,964 0.51 $466,635 0.40 

The Multifamily delinquency rate increased to 0.51% at September 30, 2025, primarily driven by an increase in delinquent floating rate loans and small balance loans. As of September 30, 2025, 90% 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 Enhancement September 30, 2025December 31, 2024(Dollars in millions)UPBDelinquency RateUPBDelinquency RateMortgage loans held-for-sale$241 — %$11,856 — %Mortgage loans held-for-investment:  Held by Freddie Mac27,528 0.25 14,589 0.33   Held by consolidated trusts16,517 1.06 12,125 0.11 Other mortgage-related guarantees3,630 — 2,892 — Total$47,916 0.51 $41,462 0.15 

Credit Enhancement Recoveries 

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

Counterparty Credit Risk

Single-Family Sellers and Servicers

On October 1, 2025, Rocket Companies, Inc., the parent company of Rocket Mortgage LLC, announced that it had completed its acquisition of Mr. Cooper Group Inc. As a result of the acquisition, we anticipate that our Single-Family servicing concentration with entities controlled by Rocket Companies will increase.

Market Risk

Overview

Our business segments have embedded exposure to market risk, which is the economic risk associated with adverse changes in interest rates, volatility, and spreads. Market risk can adversely affect future cash flows, or economic value, as well as earnings and net worth. The primary sources of interest-rate risk are from our investments in mortgage-related assets, non-mortgage assets (including U.S. Treasury securities), the debt we issue to fund these assets, and our Single-Family guarantees. 

Interest-Rate Risk

Our primary interest-rate risk measures are duration gap and Portfolio