MCLEAN, VA -- (Marketwired) -- 08/12/13 -- Freddie Mac (OTCQB: FMCC) is celebrating several milestones this year for its role in supporting affordable rental housing. Over 20 years, the company has provided $300 billion in apartment financing to help make homes affordable for more than six million renters.
Freddie Mac's Multifamily business achievements:
•Celebrating the 20-year anniversary of providing multifamily financing with its Program Plus lender network. •Providing affordable housing for six million renters, 60,000 apartment properties and $300 billion in funding since 1993. •Launching 50 K-Deals since 2009 and bringing more than $60 billion in capital to the market through the sale of multifamily mortgages for securitization, $9 billion of which back unguaranteed first loss bonds bought by private capital markets investors. •Achieving one of the industry's lowest delinquency rates at .09% as of June 30, 2013, compared to much higher rates in the industry for other lender and asset classes. •Purchasing $28.8 billion in Multifamily mortgages in 2012, compared to $900 million in 1993.
Quotes from David Brickman, Freddie Mac Senior Vice President of Multifamily:
•"We have an incredibly talented and dedicated staff of over 500 professionals and a great lender network that made all of these significant milestones possible."
•"Freddie Mac's consistent support for the multifamily rental housing market provides confidence to private apartment developers and construction lenders, and facilitates a strong constant flow of capital to the apartment sector. This helps ensure a strong and stable pipeline of new apartment communities to accommodate the growing demand for affordable rental housing."
•"Through our Multifamily securitization program we've sponsored transactions which have distributed more than $9 billion in unguaranteed subordinate securities and reduced taxpayers' risk by bringing substantial private capital back to the market. With our K-Deal structure, we transfer risk in our mortgages to private capital markets investors through the sale of unguaranteed subordinate securities."
Affordable housing is at the center of the company's business. The vast majority of the multifamily mortgages Freddie Mac finances support individuals or families earning at or below the local area median income. Many of the properties Freddie Mac finances would have trouble securing funding elsewhere because they are more than 10 years old, and many are in need of capital improvements.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com. Twitter: @FreddieMac
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