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Freddie Mac Sets New Multifamily Record for Business Transacted in 2006

McLean, VA – Freddie Mac announced today that it closed a record $28.8 billion in new multifamily business transactions in 2006, a 10 percent increase over the 2005 volume of $26.2 billion. This volume includes approximately $1.2 billion in targeted affordable housing products, which finance apartments that receive some form of government subsidy. All together, Freddie Mac's multifamily transactions financed approximately 478,000 apartment homes affordable to families earning low or moderate incomes.

"By streamlining our processes and enhancing many of our products and by being more flexible and innovative, Freddie Mac Multifamily division once again experienced another record-breaking year," said Michael C. May, senior vice president of Freddie Mac's Multifamily Sourcing Division. "We are very proud of our success, because by achieving these high levels of business, we managed to make our mission of providing access to decent, affordable housing more attainable in the years to come."

Highlights of Freddie Mac's multifamily business in 2006 are:

• Over $12 billion through Freddie Mac's flow programs, which included over $800 million of targeted affordable housing products and $9 billion of loans with its fixed-to-float feature;
• Over $2 billion through Freddie Mac's structured programs, including over $360 million in targeted affordable housing products and $1.4 billion in CMBS small loans volume;
• Over $480 million in Capped ARM flow financings and approximately $290 million in credit facilities included in Freddie Mac's flow and structured programs, most of which use Freddie Mac Reference Bills® securities as an index;
• Approximately $1.5 billion in seniors housing mortgages related to Freddie Mac's flow program;
• $500 million in low-income housing tax-credit investments;
• Over $14 billion in CMBS activity, excluding small loans volume; and
• Portfolio securitization volume of $947 million.

Since the introduction of the Freddie Mac Program Plus network of multifamily loan originators and servicers in 1993, Freddie Mac has provided financing for over 48,000 multifamily properties totaling more than $147 billion.

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage passthrough securities and debt instruments in the capital markets.  Over the years, Freddie Mac has made home possible for one in six homebuyers and more than four million renters. 

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