Company: FMCCN
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001026214-25-000060
Chunk: 125

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 125
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 mortgage loans covered by CRT transactions issued during the periods presented as well as the maximum coverage provided by those transactions. 

Table 22 - Multifamily Mortgage Portfolio CRT Issuance1Q 20251Q 2024(In millions)UPB(1)Maximum Coverage(2)(3)UPB(1)Maximum Coverage(2)(3)Subordination$6,604 $384 $6,598 $399 MSCR11,574 279 — — MCIP11,574 215 — — Lender risk-sharing147 8 — — Less: UPB with more than one type of CRT(11,574)— — — Total CRT issuance$18,325 $886 $6,598 $399 

(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 issuance. For lender risk-sharing, represents the maximum amount of loss recovery that is available subject to the terms of counterparty agreements at issuance.

(3)     The credit risk positions to which the maximum coverage applies may vary on a transaction-by-transaction basis. 

Multifamily Mortgage Portfolio Credit Enhancement Coverage Outstanding

While we have obtained various forms of credit protection in connection with the acquisition, guarantee, and/or securitization of a loan or group of loans, our principal credit enhancement type has been subordination, which is created through our senior subordinate securitization transactions. Our maximum coverage provided by subordination in nonconsolidated VIEs was $36.3 billion and $37.4 billion, as of March 31, 2025 and December 31, 2024, respectively. 

The table below presents the UPB and delinquency rates for both credit-enhanced and non-credit-enhanced loans underlying our Multifamily mortgage portfolio.

Table 23 - Credit-Enhanced and Non-Credit-Enhanced Loans Underlying Our Multifamily Mortgage PortfolioMarch 31, 2025December 31, 2024(Dollars in millions)UPBDelinquency RateUPBDelinqu