Company: FMCCN
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001026214-25-000116
Chunk: 11

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 11
Chunk 11
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vision for credit losses of $0.1 billion for 3Q 2025 was primarily driven by a credit reserve build attributable to new acquisitions. Benefit for credit losses of $0.1 billion for 3Q 2024 was primarily driven by a credit reserve release as a result of lower mortgage interest rates.

n    YTD 2025 vs. YTD 2024

l    Net income of $6.7 billion, down 1% year-over-year.

–Net revenues were $15.0 billion, up 2% year-over-year.

◦Net interest income was $14.7 billion, up 6% year-over-year, primarily driven by continued mortgage portfolio growth and lower funding costs, partially offset by lower yields on short-term investments.

◦Non-interest income was $0.3 billion, down from $0.8 billion for YTD 2024, primarily driven by interest rate and spread changes.

–Provision for credit losses of $1.0 billion for YTD 2025 was primarily driven by a credit reserve build attributable to new acquisitions, changes in estimated market values of single-family properties based on our internal house price index, and changes in forecasted house price growth rates. Provision for credit losses of $0.3 billion for YTD 2024 was primarily driven by a credit reserve build attributable to new acquisitions.

Freddie Mac 3Q 2025 Form 10-Q16

Management's Discussion and AnalysisOur Business Segments | Multifamily

Multifamily                                                                                                                                      

Business Results

The charts, tables, and related discussion below present the business results of our Multifamily segment.

New Business Activity and Securitization Activity  

     New Business Activity and Units Financed(1)                                                                                                                                                                  (UPB in billions)                (1)  Includes rental units financed by supplemental loans.         New Securitization Activity(2)                                             (UPB in billions)                (2)  Excludes resecuritizations.

Key Drivers: 

n    3Q 2025 vs. 3Q 2024 and YTD 2025 vs. YTD 2024

l    New business activity increased during the 2025 periods, primarily driven by a larger multifamily originations market, coupled with the execution of our competitive strategies. Approximately 68% of the YTD 2025 activity, based on UPB, was mission-driven affordable housing, exceeding FHFA's minimum requirement of