Freddie Mac set a record of $24 billion in volume for its multifamily whole loan and bond guarantee business (multifamily mortgage settlements) in 2008 – a more than 10% increase over the 2007 volume of $22 billion. This volume includes Freddie Mac's targeted affordable housing products, which finance apartments that receive some form of government subsidy.
In addition to the mortgage settlement volume, Freddie Mac purchased $1.4 billion in commercial mortgage-backed securities (CMBS) in 2008, compared to $22 billion in 2007, reflective of the inactive CMBS market. Freddie Mac's multifamily transactions financed approximately 418,000 apartment homes, the majority of which are affordable to families earning low or moderate incomes.
‘Freddie Mac's multifamily business had a solid year in 2008, in spite of considerable housing market and economic turmoil,’ says Mike May, senior vice president of Freddie Mac's multifamily division. ‘During the past several years, Freddie Mac has spent a considerable amount of time and resources to build its multifamily housing capabilities, and those efforts are enabling Freddie Mac to support the market, our customers and families from coast to coast in this difficult economic environment.’
The agency notes also that approximately $18.8 billion was settled through Freddie Mac's conventional programs, which included approximately $2 billion of conventional structured volume, and nearly $5.5 billion in targeted affordable housing products was transacted, including over $3.6 billion in targeted affordable housing-structured business;
SOURCE: Freddie Mac