Freddie Mac Facts
In 2007, Freddie Mac continued our commitment to making home possible for Americas families by providing a stable source of home mortgage funding throughout the housing downturn; helping financially stressed families avoid foreclosure; financing sustainable, affordable homeownership options for borrowers; enhancing our homeownership education tools; and raising funds to reduce family homelessness, among other efforts.
The years highlights include:
- Freddie Mac madeand surpasseda commitment to buy $20 billion in consumer-friendly mortgages for subprime borrowers seeking to refinance out of problematic loans. Freddie Mac has purchased roughly $43 billion of conventional conforming mortgages that financed borrowers who otherwise might have been limited to subprime mortgages.
- Freddie Mac and our servicers helped nearly 47,000 borrowers avoid foreclosure and keep their homes in 2007. In the majority of cases, the borrowers were able to stay in their homes through a repayment plan, a loan modification or forbearance.
- Freddie Macs Multifamily business processed record volumes of transactions in 2007, as the company expanded our efforts to finance affordable apartment properties. Over the years, Freddie Mac has financed properties that provide homes for more than 4 million renters.
- Dont Borrow Trouble® community campaigns debuted in California, New York, Pennsylvania, Texas and Virginia. Freddie Mac has brought the campaign to more than 50 communities across the country to combat predatory lending practices and help consumers learn about foreclosure alternatives.
- To continue rebuilding New Orleans and helping put families back into their homes, Freddie Mac helped establish a $4.5 million home renovation reserve for hurricane-damaged homes, bringing total contributions made following Hurricanes Katrina and Rita to more than $17 million.
- Freddie Mac enhanced its CreditSmart® multilingual financial literacy curriculum by adding new material on homeownership preservation, including preventing foreclosure and avoiding financial traps. CreditSmart Asian was introduced to address the needs of the Asian-American homebuyer.