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    FEDERAL HOME LOAN MORTGAGE (FMCC)

    Q3 2024 Earnings Summary

    Reported on Jan 4, 2025 (Before Market Open)
    Pre-Earnings Price$1.32Last close (Oct 29, 2024)
    Post-Earnings Price$1.33Open (Oct 30, 2024)
    Price Change
    $0.01(+0.76%)
    • Strong Financial Performance: Freddie Mac reported a net income of $3.1 billion for the third quarter of 2024, an increase of $420 million or 16% year-over-year ,. The company's net worth increased to $56 billion, representing a 26% increase year-over-year ,.
    • Growth in Mortgage Portfolio: The total mortgage portfolio grew 2% year-over-year, ending the quarter at $3.5 trillion. The single-family mortgage portfolio increased 2% year-over-year to $3.1 trillion, while the multifamily mortgage portfolio increased 5% year-over-year to $452 billion ,.
    • Commitment to Affordable Housing and Social Impact: Freddie Mac helped 415,000 families purchase, refinance, or rent a home in the quarter. 51% of the primary home purchases financed supported first-time homebuyers, and 51% of eligible purchase and refinance loans were affordable to low and moderate-income families. On the multifamily side, 94% of the eligible rental units financed were similarly affordable.
    • Increase in Delinquency Rates: The single-family serious delinquency rate increased by 4 basis points this quarter to 54 basis points, up from 50 basis points last quarter. Similarly, the multifamily delinquency rate rose to 39 basis points, which is 1 basis point higher than last quarter and 15 basis points higher than the end of September 2023.
    • Decreased Benefit for Credit Losses: The benefit for single-family credit losses decreased significantly to $99 million this quarter, compared to a benefit of $304 million in the prior year quarter, primarily due to smaller credit reserve releases.
    • Flat Home Price Forecast: The company forecasts that home prices will remain flat over the next 12 months, which may indicate limited appreciation in their mortgage portfolio's collateral value.

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