Company: FMCCN
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001026214-25-000116
Chunk: 145

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 1
Chunk 145
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131)— Total CRT issuance$12,331 $558 $7,106 $451 $39,384 $2,042 $28,429 $1,932 

(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 outstanding maximum coverage provided by subordination in nonconsolidated VIEs was $34.4 billion and $37.4 billion, as of September 30, 2025 and December 31, 2024, respectively. 

Freddie Mac 3Q 2025 Form 10-Q28

Management's Discussion and AnalysisRisk Management

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 Portfolio September 30, 2025December 31, 2024(Dollars in millions)UPBDelinquency RateUPBDelinquency RateCredit-enhanced:Subordination$339,700 0.55 %$352,566 0.45 %MSCR/MCIP82,620 0.32 62,870 0.25 Other9,728 0.51 9,737 0.82 Total credit-enhanced432,048 0.51 425,173 0.43 Non-credit-enhanced47,916 0.51 41