Company: FMCCN
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001026214-25-000040
Chunk: 45

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-02-13
Form: 10-K
Item: Item 12
Chunk 45
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2024 compared to 2023.

FREDDIE MAC  |  2024 Form 10-K44

Management's Discussion and AnalysisOur Business Segments | Multifamily

Multifamily Mortgage Portfolio and Guarantee Exposure 

               Mortgage Portfolio as of December 31,                                                                                                                                                                                                                                                                                                                                                                                             (In billions)                                                                                                                                                                                                     Guarantee Exposure as of December 31,  (In billions)                                         

n    Our Multifamily mortgage portfolio was $467 billion as of December 31, 2024, up 6% compared to December 31, 2023, primarily driven by our new business activity.

n    As of December 31, 2024, 83% of the loan UPB in our Multifamily mortgage portfolio was fixed-rate, while the remaining 17% was floating rate.

n    Our guarantee exposure was $399 billion as of December 31, 2024, up 5% compared to December 31, 2023, as new mortgage-related security guarantees outpaced paydowns. Our guarantee exposure includes guaranteed mortgage related securities that are consolidated on our balance sheet where income from guarantee fees is recognized in net interest income.

n    The average guarantee fee rate on our guarantee exposures increased as of December 31, 2024 compared to December 31, 2023, primarily due to continued growth of fully guaranteed securitization issuances for which we charge higher guarantee fee rates. The average remaining guarantee term was seven years as of both December 31, 2024 and December 31, 2023. The profitability of our guarantee activities may vary and will depend on the actual performance of the underlying collateral that we have guaranteed.

n    In addition to our Multifamily mortgage portfolio, we have investments in LIHTC fund partnerships with carrying values totaling $4.3 billion and $3.5 billion as of December 31, 2024 and December 31, 2023, respectively. 

FREDDIE MAC  |  2024 Form 10-K45